If you ever wanted an example of a very fast interest rate drop and how they can change at anytime, I guess Scotiabank is a good example of that. It has been a little over a week since I posted about its initial interest rate increase from 1.75% to 2.6%. Just today, I was told that it dropped to 2.4% as you can see here:
Now you might be asking if there is anything you can do about these crazy fluctuating rates when it comes to a TFSA plan correct? Well, one immediate thing that comes to mind is that a lot of the banks and financial institutions actually offer you the option to get a TFSA GIC plans which would lock the interest rate.
Course, the main drawback is similar to a regular GIC the intent is to keep it locked in for X amount of years. But it’s an option.