Banking help? Should I open a tax free account?? other options available??

[Grey]

There are good investments for as low as $25 a month, or even $10 per month, & all are no fee. You should not be paying any fee, to administer your account.

Wealth is always created over time. A regular deposit of a smaller amount is the easiest way of wealth creation, without affecting you budget.
Say $10 a month over the next 25years, do the math at 6% interest rate & see the value (you will be shocked to see how much it becomes).

What is this investment that has a guaranteed interest rate of 6%?

[kduever]

my current bank wants me to close one of my accounts before they will let me open a TFSA...sooo now can I just go open one at another bank without having a normal account with them or will I have to set up another bank account before being allowed to set up a TFSA??

That is very strange! There is no reason why you would have to close one account to open another - perhaps the sales person at the bank stands to gain more commission from you that way?

I suggest finding somewhere else to open it.

[ashedfc]

What is this investment that has a guaranteed interest rate of 6%?

Have a look at this one. This is just 1 option, there a couple more. I beleive, ot rather I'm sure your Banking consultant might not be aware of this one. They are there only for their salary, their personal revenue is not affected by your account performance, that is why they tend to stay away from professional advice.

http://www.theglobeandmail.com/globe...mary/?id=64568

[email protected]
Financial Advisor (Licensed only for Ontario, Alberta & Manitoba).
If you are outside from any of these 3 province, then, the above statement is for information purpose only.

[Grey]

Have a look at this one. This is just 1 option, there a couple more. I beleive, ot rather I'm sure your Banking consultant might not be aware of this one. They are there only for their salary, their personal revenue is not affected by your account performance, that is why they tend to stay away from professional advice.

http://www.theglobeandmail.com/globe...mary/?id=64568

[email protected]
Financial Advisor (Licensed only for Ontario, Alberta & Manitoba).
If you are outside from any of these 3 province, then, the above statement is for information purpose only.

You left out the part where it says "Minimum initial investment: $25,000".

[ashedfc]

You left out the part where it says "Minimum initial investment: $25,000".

NO they have reduced the minimum to $1000. However, if you do a PAC they wive the initial minimum requirement. It all depends on who is the financial advisor, & which dealer is representing the account.

[Grey]

NO they have reduced the minimum to $1000. However, if you do a PAC they wive the initial minimum requirement. It all depends on who is the financial advisor, & which dealer is representing the account.

That's good to know then.