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A Tax-Free Savings Account is an investment vehicle designed to help you save money without incurring any tax obligations. With a High-Interest Savings Account from Meridian Credit Union, you can enjoy the benefits of a TFSA while earning a competitive interest rate on your savings.
Whether you’re saving for retirement or looking for a way to grow your money without the stress of taxes, Meridian Credit Union’s TFSA High-Interest Savings Account is a great option. Keep reading to learn more about this account’s benefits and how it can help you protect your savings.
What is Meridian Credit Union?
Meridian Credit Union is a financial institution in Canada. It provides services that are comparable to those offered by large banks but with a more personalized touch.
Meridian provides its customers with advantages that large banks may need help to match, such as reduced interest rates on loans and mortgages and more tailored offerings.
Meridian offers various banking services, so its customers may meet almost all their banking needs.
The credit union also offers cutting-edge chequing and savings accounts, mortgages, loans, financing options, investments, etc., to its members in-branch and online.
In order to have a positive impact in the areas where it operates, Meridian Credit Union provides financial support to non-profits and actively promotes employee participation in volunteer efforts.
What is the Meridian Credit Union TFSA High-Interest Savings Account?
A tax-free savings account, also known as TFSA, is a savings program that is registered with the federal government and is available to Canadian citizens who are at least 18 years old and have a valid SIN number. The program aims to provide a tax-free environment in which individuals may save and invest.
TFSA allows people to save and grow their money in a tax-free environment. The money you put into your TFSA is protected from taxes, and the growth of any interest or dividends earned there is not subject to taxation. Further, you won’t owe any taxes on the money you take out of your TFSA.
You can access the money in your account at any time and for any purpose. When you take money out of an investing account, you won’t have to pay taxes on any of the profits that the account has brought in.
Features of a Meridian Credit Union TFSA High-Interest Savings Account
Interest Rate
With. High-Interest Savings Account, you enjoy an interest rate of 2.50% per dollar.
Unlimited Free Transactions
You are not charged any fees for any limitless deposits or withdrawals you make.
Zero monthly fees
When you use Meridian TFSA High-Interest Savings Account, you have to pay no money for monthly fee. You get to enjoy most of the benefits without spending a dime.
Free ATM access
Over 43,000 surcharge-free ATMs in North America are available to Meridian cardholders via The Exchange Network in Canada and the Allpoint Network in the United States.
Why you should have a TFSA High-Interest Savings Account
Various investment options
You may finance your tax-free savings account (TFSA) with any number of investments and savings vehicles, such as mutual funds, guaranteed investment certificates (GICs), etc.
High-Interest Rates
High-interest savings accounts for tax-free savings accounts (TFSA) often provide interest rates that are greater than those offered by traditional savings accounts.
This is due to the fact that more individuals are seeking methods to grow their money in tax-free environments, which has led to an increase in the demand for these accounts.
Tax-free investment
When you invest money in a tax-free savings account (TFSA), you are exempt from paying taxes on the interest that your money produces. This indicates that your money has the potential to grow at a rate higher to that which it would achieve in a traditional savings account.
Easy withdrawal
Accounts held in a tax-free savings account (TFSA) provide great flexibility. You are free to access your funds at any time without incurring any fees, and you can also add more funds to your tax-free savings account.
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