If you currently have a Tax Free Savings Account (TFSA) at a financial institution but you would prefer to have it somewhere else, the good news is that you are able to transfer it; The bad news is that most (if not all) financial institutions will charge you a transfer out fee ranging from $50 to $100.
There are ways that you can avoid this transfer out fee. Check out the tips below to see if one of these will work for you.
Are you still using the same bank account that you had when you were a child? If so, it’s time for you to review your bank accounts. This is also a good idea for anyone who hasn’t done a review of his/her bank accounts for a long time. You may be surprised to discover that you have been spending a lot of money on service fees simply because you don’t have the right banking package, or you could be forfeiting earning interest because you don’t have an interest bearing account.
The key is to be proactive. The best way to ensure you are using the best banking package to suit your needs, is to get a hold of a copy of the statement of fees for your financial institutions holding your accounts and determine what fees you are being charged on a regular basis. You can often find fee information online as well. Also, most accounts set up for children pay a very low interest rate, so if you are still using one, you should contact your financial institution and get it changed over to an interest-bearing account.