CIBC Tax Advantage Savings Account

I visited the CIBC page today and apparently its TSFA account is being dubbed as a “Tax Advantage Savings Account” and you can read more about it at

As you can see on the page, it does indicate that you must invest at least $25 into the account. What caught my attention though is that on the page it says that there is a $100 fee should you decide to transfer some or all of your TFSA funs to another financial instruction.

A little high don’t you think? If that is the case and you decided to switch, I don’t see why you can’t just take the money out manually and then just deposit that into a different bank. I must say, this is the least enthusiastic plan I have seen thus far.

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