Opening a TFSA at your bank – MoneySense

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M A K I N G   B A N Kbank tfsa stress_FBWhat would you rather do with your money? Put it away in a bank account and let it sit, or put it into a TFSA and watch it grow? OK, silly question. We all want to see our money make money (and there is no better way to do that than through a TFSA), but what’s the process of making that happen?Opening an account sounds simple—and it is—but there are few curves that may throw you. Let’s say for a moment you’re intimidated and/or lazy and decide to go with a bank TFSA. The first step is simple: Call your local bank branch and set up a meeting with someone to talk about investing in your TFSA (or opening one, depending on how far you’ve gotten.)What you can do with your TFSA really depends on where you open it. If you get a TFSA with your bank but are not signed up with their brokerage arm or direct investing service, you might be pretty limited in what you can invest in. It’s kind of like going to a candy store, then being told you can only pick jellybeans and only the green and licorice ones at that.

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