So I was asked by a few people on what I personally think the best banks to open up a tax free savings account plan with is so far. In my personal opinion, based on what I see I would say the Bank of Montreal and ING Direct seems like the best choices overall so far.
The reason is pretty straight forward. Both of these financial institutions actually offer the same interest rate at 3%. When you compare that to others overall, it is a very good rate as most others that have a higher rate currently will drop it after the promotional period as its regular rates are say 2.75%. While that doesn’t guarantee that these two places won’t drop its rates too, 3% is the regular rate for them.
Another big reason for selecting these two is that they both indicate that they do not have fees associated with the account including not having a transfer fee should you decide to use a different bank/provider. That way, you can be more assured that you won’t have to go through a costly process should you decide that you would like to change it up with a different provider.
While there may be different and better incentives coming in the future for those who are still holding out, in my opinion the best choices for a tax free savings account plan right now based on rates and fees is the Bank of Montreal and ING Direct.