Thursday, January 28, 2010

Tax Free Savings Account TFSA 3% Interest Rate @ ING DIRECT Canada

ING DIRECT Canada is offering 3% interest rate for your Tax Free Savings Account TFSA.

What is TFSA? TFSA is a Tax Free Savings Account, an account that is registered with Government of Canada, and allows you to put maximum $5000 every year. Any interest earned in this account is tax free. That is you will not pay any tax on it even if you double your money. Start saving now, this is a really good option to have because you can take this money out anytime, for example in case of emergency. Note that some banks will charge you fee for taking money out, some offer one free withdrawal a year, and some charge none. Ensure to ask these questions.