What is the range of interest rates for an RRSP Catch Up Loan? | Tangerine Bank | Discussion forum

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What is the range of interest rates for an RRSP Catch Up Loan?
February 22, 2024
9:45 pm
althisa
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TNG offers 6.99% interest for an RRSP catch up loan
Wondering about other alternatives.

February 23, 2024
8:09 am
cgouimet
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I don't know. Borrowing for an RSP is not something I'd do.

Instead, I would make regular contributions to a HISA or short GIC's then late in the next tax season, move that accumulation to your RSP. I would then add my tax refund to my continuing HISA contributions for next year's contributions ...

CGO
February 23, 2024
8:26 am
Norman1
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6.99% is Tangerine's Prime (7.2%) minus 0.21%. That's comparable to other banks.

RBC Royal Bank is offering RRSP loans at Prime (7.2%) plus 0%. Same from CIBC.

February 23, 2024
1:35 pm
althisa
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Norman1 said
6.99% is Tangerine's Prime (7.2%) minus 0.21%. That's comparable to other banks.

RBC Royal Bank is offering RRSP loans at Prime (7.2%) plus 0%. Same from CIBC.  

Thank you. Thats what I found doing initial research as well.

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