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Anybody have TFSA that allows monthly contributions?

7213 Views 8 Replies 8 Participants Last post by  cautiousone
The title is my question. I've enrolled in a TFSA ('high-interest' savings account...oh, I know, I know, a ridiculous 1%) at my bank, although I have yet to make a contribution. I assumed that I could contribute monthly and take advantage of varying interest rates. However, the bank states I must deposit a lump sum amount because the TFSA is 'registered'. Well, an RRSP is registered, too, and I make monthly purchases of mutual funds, etc. Is any institution allowing regular ongoing contributions?
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There should be no reason why you can't make multiple deposits. Maybe the problem is they won't accept automatic monthly payments on this type of account?

Mind you, if you haven't deposited anything yet, maybe they have a minimum initial deposit requirement for the particular type of account you have? With people flipping TFSAs all the time maybe they want to see some real money to justify the paperwork they have to do for a registered account.
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