Effective 1 January 2016, the TFSA Variable* rate will be 2.15% on new deposits. All new money deposited into a TFSA Variable* starting January 1st 2016 will earn 2.15%. Your existing TFSA Variable* on deposits made prior to 1 January 2016 will be grandfathered in the new year at 3.15% Variable* and you will still have access to these funds at any time, they are not locked in.
TECU TFSA Deposits made on or before 31 December 2015
- All Variable* TFSA funds deposited before 31 December 2015 will continue to earn 3.15%, compounded daily, paid monthly.
- All Variable* TFSA funds deposited before 31 December 2015 do not have to be locked in to earn that rate. You will be able to withdraw any of the grandfathered TFSA funds to use as you wish.
- Any withdrawals made from grandfathered TFSA funds will count toward your total TFSA contribution room and you will be able to put funds back into your TFSA butyou will earn the new TFSA Variable* rate of 2.15%.
TECU TFSA Deposits made on or after 1 January 2016
- All Fixed TFSA funds locked into a 3 year term after 1 January 2016 will earn 3.15% – Minimum Deposit of $500.00.
- All Variable* TFSA funds deposited after 1 January 2016 will earn 2.15%, You do not have to lock in funds, no minimum deposit.
You can still make your TFSA deposits in a variety of ways. You can choose to make your contribution as one lump sum. You can have an automatic deposit made to your TFSA from your payroll or account on a regular basis. You can also transfer your TFSA funds to the Energy CU from another institution. Please touch base with a TECU staff member to see how easy it can be to earn 3.15%. If you have any questions about how you can maximize the rate you are receiving for your TFSA please do not hesitate to contact our offices at 416-238-5606.
*Subject to change at the discretion of The Board of Directors, not geared to the Credit Union’s Prime Rate.
