4 thoughts on “How to Contribute to Your TFSA Savings Account at Tangerine

  1. I was thinking of transferring my TFSA account at Tangerine to People’s Trust because of the higher interest there. The fee Tangerine is going to start charging for transferring was just the nudge I needed. I’ve closed my Tangerine TFSA at the end of last year and now filling out the on-line form to open TFSA at People’s Trust. Thanks, Tangerine (or should I say: “Thanks, BNS”)! Still keeping my chequing account at Tangerine though (at least until they start charging some silly fee on it too).

    • Yes, I can understand why you might want to move if you’re keeping your TFSA funds in a cash savings account. Tangerine is offering an annual interest rate of 2.5% but only till March 31 and only on new contributions above the previous year’s holdings in the TFSA Savings Account. I have seen better rates at several credit unions although I don’t know how long those rates will apply.

      I’m glad to hear you withdrew your contributions in 2014 so you could put them back in as of January 1 2015. That way there was no transfer fee and no problem with over-contributing.

      If people like “Couch Potato” investing but only have a small amount to invest, Tangerine’s balanced funds still provide a good choice for a TFSA, according to the Canadian Couch Potato website. For those investors, making a contribution to the Tangerine Savings Account and then shifting it into the Balanced Funds when they are ready might be a good choice.

      I have a Savings Account, a US dollar savings account, and a Chequing Account at Tangerine and I like them. I have also had a TFSA in the past, and I still have a RRSP with a long-term GIC in it.

      • That’s my emergency fund. So it’s strictly in cash. Savings for long term goals, retirement and kid’s education are at TD Waterhouse (TFSAs, RRSPs and RESPs).

        I did invest into an ING Balanced Fund when they just become available and I agree completely that they’re good for smaller portfolios or for someone who wants the simplicity of a one fund portfolio.

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