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TFSA Best Rate and no Transfer Fees
December 23, 2018
2:52 pm
gaby1
Canada
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Please any one can advise which union or Bank have good rate and when transfer to your account or your TFSA have no Fees, and transfer time is not long than 3 days.
As Peoples Trust is having a lower rate 1.65%. I prefer not to have a long term as 1 or 2 or 3 years as if need the money for any emergency.
Also any idea where to have a successor form. Thanks.

December 23, 2018
3:04 pm
Retep
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Not sure about the 3 day turn around. Especially when no charge.
Peoples Trust
Oaken
Hubert

Consider a 5 year ladder to get best rates and access to a 5th of your funds every year.

It is a worth while effort to turn on ALERTS on your Credit Cards and Bank/Credit Union Accounts.

December 23, 2018
3:42 pm
Loonie
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You won't be able to get a 3 day transfer, so you might as well forget about that idea. Two weeks is the best I've seen. Transfers are a manual process. You send in the form , the new bank writes to the old bank, and the old bank sends the transfer by mail. That's 3 mail deliveries that you are waiting for plus however long it takes staff to deal with the request. And sometimes something goes wrong along the way and it doesn't happen in a timely manner. None of them will guarantee a time frame.

December 23, 2018
4:59 pm
Rick
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gaby1 said
Please any one can advise which union or Bank have good rate and when transfer to your account or your TFSA have no Fees, and transfer time is not long than 3 days.
Thanks.  

When I ditched Peoples I just transferred the funds into my regular savings account on Dec 31, yanked em from my receiving bank and set up/deposited a TFSA there in the new year. Got double interest for 2 or 3 days and no lag time waiting for them to submit paperwork via snailmail for 3 to 6 weeks. Even transferred the December interest before I closed it.

December 23, 2018
6:54 pm
Retep
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Rick said
When I ditched Peoples I just transferred the funds into my regular savings account on Dec 31, yanked em from my receiving bank and set up/deposited a TFSA there in the new year. Got double interest for 2 or 3 days and no lag time waiting for them to submit paperwork via snailmail for 3 to 6 weeks. Even transferred the December interest before I closed it.  

I have done similar but usually do in late November as one of the FI's I did it with requires a form mailed to them before they will move matured GIC funds that moved to a Savings Account. That can take the time in the mail plus sitting in someone's in basket. It was with OF and they also allow you to put a date when you want the withdrawal done and dumb me didn't think to do it on the first day of the month to clear all funds out....so here I sit with 56 cents in my TFSA account. And the other issue is....if your GIC matures in July, do you let it sit in the savings account till you request a transfer out?

I believe I did one with PT too and did not take more than 2 weeks.

if you wish to clean out all cash you would have to say to pull out the first of the month or say you are closing the account. But not sure if you would want to do the latter if you still had some GICs yet to mature.

It is a worth while effort to turn on ALERTS on your Credit Cards and Bank/Credit Union Accounts.

April 20, 2019
8:19 am
butterflycharm
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Guys, Meridian is literally enjoying my money and eating the profits and giving me 1.4%.

What is the best rate around? I asked DUCA but they won't give the 3% to TFSA / what a shame.

April 20, 2019
8:33 am
Doug
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Legally speaking, unless they're a provincially regulated credit union not subject to such voluntary agreement on such matters, registered plan transfers have to occur within 21 calendar or business days (can't remember which) otherwise they can be subject to administrative penalties imposed by FCAC. However, you're unlikely to find a fee-free transfer. The only true way to realistically be assured of a fee-free transfer is to withdraw the funds in December and re-contribute in January of the next year when you can re-contribute any previous year's withdrawals. If transferring to a self-directed discount brokerage at least $15-25,000, you can usually get your transfer fees rebated up to $150 per account of that transfer value minimum, but in terms of TFSA savings or GIC account fee reimbursements, you're unlikely to get the receiving institution to rebate those if they're just another bank or credit union. I've only seen brokerages and mutual fund dealers rebate transfer fees.

Having said that, if you're a brand new client, you could look to an institution to see if they have a "new customer" or "new member" cash promotion. Often you can get between $50-150 for becoming a new client, so you could think of that as a reimbursement, of sorts, of your transfer fees.

Cheers,
Doug

April 20, 2019
8:35 am
Nehpets
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butterflycharm said
Guys, Meridian is literally enjoying my money and eating the profits and giving me 1.4%.

What is the best rate around? I asked DUCA but they won't give the 3% to TFSA / what a shame.  

You may want to consider Hubert Financial in Manitoba.

Despite current rate decreases across the board, Hubert may be a good option at this time for a TFSA deposit...either in a TFSA savings account at 2.3% or in their one year, quarterly cashable GIC that averages 2.85% for the year. (step rated):

The first three months: 2.70%.
Months four to six: 2.80%.
Months seven to nine: 2.90%.
The last three months: 3.00%.

Hubert is a joy to deal with, and does not charge a transfer out fee if and when you need to move your money out. Conversely they will not reimburse a transfer out fee charged by the FI from which you are moving your funds.

Either way, you would be earning more than Meridian is currently paying, and you can have flexibility to move your money easily if and when circumstances change.

Stephen

April 20, 2019
8:47 am
Top It Up
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Steinbach Credit Union would be a good option

https://www.scu.mb.ca

https://www.scu.mb.ca/rates/savings-rates

https://www.scu.mb.ca/rates/investments

PLUS -

We are pleased to offer our members one free transfer from a TFSA once per calendar month. Subsequent transfers from your TFSA will be subject to a fee.

https://www.scu.mb.ca/personal-accounts/personal-services-fees

April 21, 2019
3:20 am
Loonie
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Not sure if OP is still listening to this thread, but a key question is what they meant by "transfer". Did they mean a withdrawal of funds or a transfer of the TFSA to another financial institution? I had assumed the latter, but perhaps that's not what was meant.

Steinbach does appear to have the best TFSA savings rate currently, at 2.85%, with one free withdrawal per moth and a $50 transfer-out fee.
https://www.scu.mb.ca/personal-accounts/personal-services-fees

Since these rates are always subject to change, the transfer-out fee is a consideration.

I would say it depends on how much you have in your TFSA. If you have it maxed out, you will make up the $50 transfer fee fairly quickly if the rate retains its advantage. But if you only have, for example, $10,000, then it will take a year and is not worth the risk.

Alternatively, I might go with either Hubert's one-year quarterly GIC as explained above (now at 2.85% average for the year) or, if you can't tie it up for 3 months, Achieva's daily rate of 2.4%. Neither of these charges a transfer-out fee. Hubert's daily rate would also be fine. It's only 2.35% right now, but tends to be as good as any over the longer term.

On the other hand, you probably don't want to have to transfer it, so what you want is a financial institution which tends to have relatively stable rates which are usually quite competitive. With that in mind, you might consider Ideal, which is currently at 2.5% and has been holding good rates for a while now.

All the ones I have mentioned are credit unions based in Manitoba and insured by that system. If you want something insured by CDIC, then I would look at either the new motusbank (2.5% but has not yet established a track record of rates) or AlternaBank, currently at 2.3% but tends to be relatively stable. Both of these have the advantage of offering a fairly complete set of various kinds of accounts, should you need them in future.

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