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I know, I know, I'm not exactly early to the TFSA party but other financial commitments (such as RRSP contributions) took precedence this year. Nevertheless, I'm looking to open a TFSA account and I'm looking for a savings account to keep emergency funds. I'm *not* investigating TFSA brokerage accounts.
I have narrowed down my search to two options:
1. Outlook Financial offers cashable GICs at attractive interest rates. The early redemption interest rate is 2% and today a 5-year GIC is offered at 3.85%. The only negative is the absence of CDIC guarantee, which in my opinion is much stronger than the Credit Union Deposit Guarantee Corporation.
2. ING Direct. Offers a savings account with a 3% interest rate until Oct. 1, 2009 that may or may not be extended. They also have attractive GIC rates but early redemption interest rate is 0.5%, so a GIC ladder might be an option.
What have folks here done with their TFSA accounts? I'd be interested to hear your opinions / experiences.
I have narrowed down my search to two options:
1. Outlook Financial offers cashable GICs at attractive interest rates. The early redemption interest rate is 2% and today a 5-year GIC is offered at 3.85%. The only negative is the absence of CDIC guarantee, which in my opinion is much stronger than the Credit Union Deposit Guarantee Corporation.
2. ING Direct. Offers a savings account with a 3% interest rate until Oct. 1, 2009 that may or may not be extended. They also have attractive GIC rates but early redemption interest rate is 0.5%, so a GIC ladder might be an option.
What have folks here done with their TFSA accounts? I'd be interested to hear your opinions / experiences.