Recently, Tangerine sent me a big package in the mail offering me a cash incentive if I transferred my RRSP savings to them. My first reaction was “Why could they afford to send me this ad, but not afford to send me a letter advising me of their new $45 fee to transfer a RRSP or TFSA out from Tangerine to another bank?” After feeling miffed for a while, I read through the package to see whether their RRSP transfer offer was a good deal or not: here’s what I decided.
Most Places Charge You a Fee to Transfer Out Your RRSP
The first thing you should be wary of if you are considering transferring some or all of your RRSP to Tangerine is that most banks, credit unions and brokerages charge you a fee if you transfer out your RRSP assets. (When this was written, People’s Trust did not charge a fee: so there are some good guys out there.) Continue reading →
The online discount brokerages know that the beginning of the year is when many people finally decide to open a brokerage account. They are either opening a RESP, TFSA or RRSP or are “upgrading” their existing one to allow themselves to purchase and hold more types of investments. Some other people have resolved to take more control of their finances and are opening non-registered trading accounts. Whatever the reason for the new account, all of the brokerages want your business. CIBC Investor’s Edge has rolled out a bin of specials and offers to try to entice you to deal with them including cash back incentives, free stock trades and even free ETF trades, although everything comes with conditions of course.
What’s the New Offer for 2015 at CIBC Investor’s Edge?