All Questions
3
questions
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1
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242
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How can a bank offer a higher interest rate for a savings account than for a GIC?
At this link on rates offered by ICICI, the TFSA savings account rate currently being offered is 1.8% but the GIC rate being offered is 1.75%.
But why would anyone put money in a GIC and lock it up ...
- 16k
1
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2
answers
1k
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Does the interest rate on a savings account always fluctuate? What about for a TFSA?
When we say 'Savings Account', does it automatically mean that the interest rate can go up and down? So by that definition, the interest rate on TFSA can go up and down any time?
- 16k
1
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1
answer
403
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Compounding difference between these TFSA Savings Account & TFSA GIC interest rates?
From the brochure of my bank, here is an excerpt:
Interest on the TFSA Savings Account is calculated daily and paid monthly.
Interest on TFSA GICs is compounded annually and paid at the end of ...
- 16k