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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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I have a TFSA at TD Waterhouse. I made a lump contribution ($5000) this year, but I imagine that I could have made any size of contribution over the course of the year if I had wanted to. (Just like my self-directed RRSP account.)
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