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Email this2:51 pm
Hi there,
I am new to the TFSA scene. I have a very small amount that I just want to leave somewhere for a few years but continue to deposit to (up to $5000 annual allowance, that is).
I have seen some on here express distrust of Peoples Trust -- what's the scoop/concern? Their interest rates seem good and I don't mind not having easy withdrawal access as long as I can make regular deposits. I live in Vancouver area so can do occasional transactions in person. I prefer online access but for a better rate, them's the breaks -- unless there are major concerns?
If People's Trust is not the one to go with, what are some recommendations for new TFSA-er with small deposit amount to leave for a while? Any concerns if credit-union-association insured rather than CDIC?
Thanks.
7:14 pm
I'm not sure if they take deposits in person. They are not a regular bank that you normally walk into off the street. You had better check if they charge a fee for walk ins. They may not want to deal with cash transactions.
9:37 pm
November 8, 2009
Offline
it all depends on where you are on your "moneycycle".... If you have lots of cash and not much debt you would go in a different direction than if you are carrying debt without much free cash. Pay off debt as best you can before dumping money into TFSA,s with such low interest.
9:37 pm
dear noclue, its very good to know actually that you're onto the "saving movement." we might be of the same financial plan actually. right now, its only the TFSA that i am trying to save/invest. and yes, $5K/year is a good start. though actually that is one hard thing to do in my case. haha. anyway, try canadian direct financial (like me) if you have some reservations with peoples trust. both banks right now have same rate (3.0%) currently, i have TFSA both with coastcapital and scotiabank and this 2011, i will definitely TFSA invest via canadian direct financial. try to read the post of Prag/Doug about canadian direct financial for some additional info.
7:19 pm
belated thanks for all of this information. Appreciated.
9:55 am
If you have $100 to invest in a TFSA, try ING Direct Canada. You sign up for an account with a $100 deposit and they give you $25 into your account. --- Referral code removed: please do not post referral codes --- I just opened my account with them last week and there it was $100 of my own, plus $25.00 of theirs! They also offer a great customer referral plan to people who sign up using this referral code. I don't know about you, but to me it's a win-win situation.
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