Meridian Good to Grow TFSA Savings Account Info & Reviews

Information about the Meridian Good to Grow TFSA Savings Account

Product Name	Meridian Good to Grow TFSA Savings Account
Available In	Canada (Only in Ontario)
Offered By	Meridian Credit Union
Product Page	Meridian Good to Grow TFSA Savings Account
Interest Rate	1.3 %  Interest Rate Decreased from 2.85 % to 1.3 % on July 23, 2019 1 Year 3 Years 5 Years 10 Years All Data
Minimum Balance	$0
Withdrawal Fee	$0
Other Fees	Account Closure (within 90 days of opening): $25.00 Dormant Account: $30.00 per year after 3 years of inactivity. Quarterly statments: $1.50 per statement. Transfer of TFSA to another financial institution: $50.00 (or $100.00 if the trnasfer is done within 90 days of opening the account)
Fund Transfers	Transfer to/from a Meridian chequing account.
Account Transfer Out Fee	$50
Deposit Insurance	DICO
Additional Notes	Interest is now paid on every dollar with no minimum monthly balance (previously, this account only paid interest if the account balance was over $5,000 or if the client enrolled in one of the automatic savings programs offered by the Meridian Credit Union.) The following automatic savings programs are available with the TFSA Good to Grow account: 1) Have between $1 and $5 added to your savings account each time you perform a debit card transaction from your Meridian chequing account. OR 2) Have a certain percentage of each deposit to your Meridian chequing account automatically transferred to your Meridian online advantage savings account. You must fund a new account with at least $25.00 and must be at least 18 years of age or older to open this account.

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Bill on January 9, 2019
It seems that the rate shown (3.25%) is only good for 4 months. The Meridian website indicates: "Earn 3.25% interest for 4 months* on your first registered (TFSA or RRSP) High Interest Savings Account, and our always competitive posted rate of 1.50% thereafter." Link: https://www.meridiancu.ca/Personal/Meridian-Rates-Fees.aspx