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Email this7:44 am
May 4, 2014
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Some of these institutions charge a transfer out fee for registered accounts (RRSP, TFSA).
Ex. PC Financial, AcceleRate, Canada Direct charges $50 to transfer out of RRSP, TFSA
People's Trust, Tangerine (ING Direct) do not.
This is equivalent to a long time earning interest at today's rates, so is significant. And its certain that we will be paying this sometime.
For an account to be used for short term savings linked to an investment account, this charge will make it not viable.
Ideally this should appear in the chart. Alternatively, it should be on the profile page of each institution.
Also, RRSP rate would be good to see.
12:43 pm
May 13, 2014
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Excellent suggestion for either the Comparison chart or the Services chart.
3:16 pm
May 1, 2014
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Seconded, I once had to pay a fee transferring out of an RBC TFSA when I was younger and it was half my accumulated interest
4:07 pm
October 27, 2013
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It should be expected there would be transfer out fees. It costs the company time and resources to process transfer outs (gov't mandated forms, human intervention and prossibly paper and a stamp)and they get nothing in return. To the extent a few do not charge fees, consider that remarkable and a gift.
6:13 pm
February 17, 2013
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A quote from my Coast Capital rep:
"Yes, we reimburse transfer fees up to $50.00. Almost everyone does, it's just a scheme to get you not to transfer"
Ask your bank BEFORE you set up a transfer. Not many will refuse you fifty bux to get hold of your cash. I just photocopied my statement, submitted it to my new bank, and the fee was reimbursed.
4:33 pm
May 15, 2007
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Thanks for the suggestion and sorry to be so slow to act on this.
I've added a row for "TFSA/RRSP transfer out fees" to our "Services Chart" here:
https://www.highinterestsavings.ca/comparison-of-services-offered-by-high-interest-savings-banks/
Please note any extra info and/or changes on that issue in this forum. If you'd like to be made an editor on that Google Doc, let me know!
10:27 pm
October 21, 2013
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Thanks, Peter.
I don't want to be an editor but can provide the following information for the chart, some of which you have:
No fee:
Achieva (confirmed by email this week)
Oaken
Peoples Trust
Tangerine
$50 fee:
Accelerate
CDF
Outlook
$75 fee:
MAXA
Hubert and Implicity do not offer RRSPs, so you could replace the question mark with N/A, I suppose.
Please write your comments in the forum.