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Just realized my plain savings account beat my TFSA for 2 years and I feel silly
Everyone pushes the TFSA like it is always the smart move, but for my situation the regular high interest savings account did better. I kept $8,000 in a TFSA at 0.9% for almost two years, and my EQ Bank savings account was paying 2.5% the entire time. The difference came down to the fact that I was nowhere near my contribution room limit, so the tax free part of the TFSA was worth nothing to me. My friend in Halifax argued with me about this at a BBQ last summer, but the math is the math. Has anyone else actually run the numbers on their own accounts instead of just following the usual advice?
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keith90015d ago
Duh, TFSA only wins if you're maxed out.
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