If I deposit $25,000 in a tax free savings account and also a high yield savings account, what is the rate of return on each account?
7/2/2025 02:26am
For a tax-free savings account with a $25,000 deposit, the rate of return would be:
1. **Manulife Bank Tax-Free Advantage Account**: The interest rate is 4.80%.
2. **Tangerine Tax-Free Savings Account**: The interest rate is 4.50%.
3. **Saven Financial TFSA**: The interest rate is 3.50%.
4. **Steinbach Credit Union TFSA Variable Savings**: The interest rate is 3.50%.
5. **National Bank Cash Advantage Solution TFSA**: The interest rate ranges from 0.60% to 3.25%.
6. **Canadian Tire Tax Free® High Interest Savings Account**: The interest rate is 3.00%.
7. **Motive Financial TFSA Savings Account**: The interest rate is 2.50%.
For a high yield savings account with a $25,000 deposit, the rate of return would be:
1. **EverBank**: The annual percentage yield (APY) is 4.30%.
2. **The Rising Bank High Yield Savings Account**: The APY is 4.26%.
3. **TAB Bank Save account**: The APY is not available, but it offers a competitive interest rate and no monthly maintenance fees or minimum balance requirements.
4. **CIBC Bank USA Agility High-Interest Savings Account**: The interest rate is 4.51% on all balances above $0.01.
It's important to note that interest rates can change over time, so it's a good idea to check the current rates with the bank or financial institution before opening an account. Additionally, high-yield savings accounts may have higher minimum balance requirements or other fees to watch out for.