COVID-19 has changed the way many of us operate and function on a day to day basis. Back in 2009, when looking back, times seemed simpler, the government introduced Tax Free Savings Accounts. We were ahead of the curve then, offering a whopping 3% on our TFSA variable accounts to our members. In 2010 we increased that variable rate to 3.15% and we were able to hold it there until 2016 when we grandfathered this rate to many members who chose us as their TFSA provider at that time. Due to the unprecedented situations arising from the current COVID-19 pandemic, The Energy Credit Union has found it necessary to reduce our Grandfathered TFSA Variable rate to 2.9%. Our TFSA Variable rate will change to 2.40%. This unprecedented rate change will become effective today, 3 April 2020.
If you would like to take advantage of our still very competitive TFSA rates it’s not too late! Call our offices today at 416-238-5606. Please see below for additional rate changes. Please contact our offices if you ave any questions.
TFSA Grandfathered (Daily Savings) – 2.90%
TFSA Variable – 2.40%
Business Savings – 2.40%