Watch your savings grow while you’re abroad

10.1.15 For those of you thinking of leaving a cash stash at home before going to Australia (or any other country), or those of you simply looking to hop onto the savings bandwagon… this Bud’s for you. Well it’s not a Bud (sorry), it’s a blog post. Enjoy.

If you’ve been following my blog you know I’m a fan of the mighty TFSA (Tax Free Savings Account). A tad over six years ago the Canadian market welcomed the newborn account into the financial game. At that time you were allowed to contribute a max of $5 000 annually to collect interest. In 2015, Harper bumped the max annual contribution to $10 000. What’s the big deal? You’re allowed to make a withdrawal at any time TAX FREE, and you gain that contribution room back the following January.

As of right now I’m sticking to my TFSA with Tangerine (ING Direct). I also still have a Savings Account with Tangerine (no minimum balance or monthly fees). They’re currently offering new customers six months of tripled interest with a new savings account! You can read more about that here. Another promo they have going is $100 for switching your payroll deposits over by the end of October 2015 (click here for more info).

Cherry on top? For those of you interested in opening an account with Tangerine, you could make an extra $50 by using my Orange Key referral number (Orange key: 36234874S1). This would also make me an extra $50. Win win. You can compare their savings accounts here.

After finally coming home from Australia I can tell you this: I am soo glad I left a little Canadian coin here at home. While abroad I hardly touched it, which forced me to get going and make some money when I was running near empty in Oz. If you’re leaving the country for a while and have the opportunity to lock some money up before leaving, you’ll be grateful you did.

Tangerines aside, I was thinking of doing another sweep and comparing the best Canadian banks and their interest rates (for everyday savings accounts, TFSAs etc). As well to look at the best credit cards… namely for travelling, but maybe I’ll throw in a few more (one’s with the best cash back rates and/or lowest interest rates). Stay tuned…

Do you know of any banks offering above average interest rates for savings or TFSA’s at the mo? Comment below!


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