It was inevitable that everyone’s rates dropped and I must say it took awhile for HSBC to drop its TFSA interest rates. It seems as though its highest offering now has shrunk to the 1.5% rate level.

This is the bank with what I find the confusing plans still with its “TFSA High Rate Savings Account” and “Direct TFSA” plan. How many people can use an option of a 1.5% interest rate on balances over $100,000 considering the limit is $5000 for the year?