Opening a TFSA before February 28

[derp90]

I want to open a TFSA before the end of this tax year.

I went on Coronation to sign up but then got to a section that stated that the lump sum EFT is subject to a 14-day clearance period.

Does this mean that the investment will only reflect in next year's tax year?

If so, which TFSA provider can I choose that will reflect sooner (before February 28)?

Thanks

 

[Hamster]

Your bank, probably.

EasyEquities should be pretty quick as well.

 

[derp90]

Your bank, probably.

EasyEquities should be pretty quick as well.

I could then easily transfer it at a later stage?

 

[Hamster]

I could then easily transfer it at a later stage?

Probably. Don't know why you would want Coronation over EasyEquities for this.

 

[backstreetboy]

Probably. Don't know why you would want Coronation over EasyEquities for this.

Because EE is a mickey mouse outfit?

 

[Sideshow Bob]

Because EE is a mickey mouse outfit?

I like coronation but it takes them at least 3 weeks to process if it is a new application. I thought it was once off but then SO also experienced the same.

 

[mr_norris]

Because EE is a mickey mouse outfit?

They have their faults, but you are wrong.

 

[Sideshow Bob]

I want to open a TFSA before the end of this tax year.

I went on Coronation to sign up but then got to a section that stated that the lump sum EFT is subject to a 14-day clearance period.

Does this mean that the investment will only reflect in next year's tax year?

If so, which TFSA provider can I choose that will reflect sooner (before February 28)?

Thanks

Bank should be the quickest.

 

[backstreetboy]

They have their faults, but you are wrong.

Not at all. They regularly do maintenance during trading hours or the site is just inaccessible due to a misconfiguration. Not to mention the cockups they had in the past like wrong dividend payouts etc. Also seems they are moving into new markets (Property, Insurance) without focussing/fixing their core products first. Mobile app that's just a web wrapper. One can go on and on.

I like coronation but it takes them at least 3 weeks to process if it is a new application. I thought it was once off but then SO also experienced the same.

Sygnia took just a few days to open a new TFSA for me a few weeks ago but I have other accounts with them as well.

 

[Sideshow Bob]

Sygnia took just a few days to open a new TFSA for me a few weeks ago but I have other accounts with them as well.

Sygnia also takes 3+ weeks (they took more time than coronation for me) for first time if you don't have account with them. Sygnia & coronation process anything else within 2 days if you already have account with them. Only 10x has been great (3 days or less I think) for first time account.