Back to Questions and Answers
I do know some banks charge a shelter transfer fee when money is moved to another bank's TFSA. Does TD charge any transfer fee for the same?
May 9, 2013 01:33:47 PM
Investing and Planning for Retirement, TFSA, Transferring Money
1 person recommended this |
In reply to Anand, Halifax
Thanks for joining the conversation here at TD Helps.
Depending on the type of TFSA you currently have with TD, there may be a charge for you to transfer it out. If you have a:
* TD High Interest TFSA Savings Account offered through TD Canada Trust: Assuming your funds were in cash, there is no fee to transfer your TFSA to another institution.
* TD Mutual Funds TFSA: There is no fee to transfer to another institution. However, please note that all TD Mutual Funds, with the exception of Money Market Funds, are subject to a 2% early redemption fee for funds sold within 30 days of purchase, including units purchased through a pre-authorized purchase plan.
* TD Direct Investing, formerly TD Waterhouse, TFSA: There will be a $135 transfer fee to transfer out to another institution.
We’d hate to see you move your TFSA, and if there’s anything we can do to keep your TFSA business at TD, please let us know.
I hope this helps, Anand. If you have any other questions, please feel free to write us back. Take care and enjoy your evening.
May 10, 2013 05:51:49 PM
3 people recommended this
In reply to Andrew, Toronto
Thanks a lot for your response. I gave been banking with TD for quite some time and I hate to move my TFSA. But unfortunately another institution is offering close to twice the interest rate and I think it would be unwise not to take advantage of that. Please let me know if you can do anything about this.
May 10, 2013 08:57:34 PM
Thanks for getting back to me and letting me know why you're considering switching. Believe me, we'd hate for you to move your TFSA!
With that said, given that there are many investment options available to you within the TFSAs available at TD, I recommend that you visit with a Financial Advisor in Halifax to ensure that you're fully informed regarding all of them prior to you moving your TFSA. Potentially, there may be another TFSA option that may benefit you more than the one you're in? To give you a head-start on what TD offers when it comes to the TFSA, check out this link: http://www.tdcanadatrust.com/products-services/investing/tax-free-savings-account/tax-free.jsp#what-does-td-offer.
If you'd like for me to co-ordinate an appointment for you at your local TD branch, feel free to reach out to me directly at: email@example.com. I'd be happy to do this for you.
Please let me know what you think. I look forward to hearing from you, Anand. Take care.
May 10, 2013 09:07:19 PM
that doesnt help
October 17, 2013 08:07:31 AM
1 person recommended this
In reply to jake, brantford
Hi Jake - sorry to hear the previous responses didn't answer your question.
Can you please clarify which areas you need clarification around?
Thanks so much and look forward to hearing from you soon.
October 17, 2013 09:47:30 AM