First-up. Congratulations are in order. You’re in the right place.
The fact that you’re reading this means you’re considering moving your Tax Free Savings Account (TFSA) to a platform which holds multiple awarda for Top Tax-Free Savings Account Provider according to the Intellidex Top Stockbroker’s awards.
In doing so, you’ll be:
- Minimizing fees – critical for any long-term wealth creation,
- Choosing a fast, flexible and intuitive platform you can access on the go, and
- Accessing a breadth of accounts (Investment, TFSA, US Dollar and Retirement Annuity) and features (EasyFX, Recurring Investments, Bundles etc) you won’t find anywhere else.
So stop deliberating already. It’s time to make the move!
What’s your type?
Before you transfer a TFSA account, it’s important to share some info on the two distinct types of TFSA accounts in the market as they may influence your transfer process slightly.
- Bank TFSA’s – these are accounts that hold your funds in cash and you earn interest on the cash over time. No shares or Exchange Traded Funds (ETFs) are bought.
- Investment TFSA’s – these are different accounts in which funds / cash are typically invested in assets in the form of various instruments (eg. shares, ETF’s or funds).
The transfer of a bank product TFSA is slightly easier, as the funds are in cash and therefore no transfer of instruments is required.
Now to the transfer process. It’s a simple one that involves just a few easy steps:
- Complete Section A (Investor Details) of this EasyEquities TFSA transfer form.
- Transfer Type – if transferring from a bank-type TFSA, you are likely to be transferring a Rand value. If transferring from another Investment-type TFSA, it may be units only or the combination of shares and cash. Pick the appropriate option
- Transfer Amount - if you are not transferring your entire TFSA account from the other provider, then you need to select a partial transfer (rather than a 100% / full transfer) and complete Appendix A.
- Enter your EasyEquities UserID into the blocks provided in Section B (Transfer To) of the form. You can find your User ID by following these instructions – How do I find my EE Number / UserID?
- Email the form to your existing broker as well as to firstname.lastname@example.org
How long does it take?
While we do our very best to limit the timeframe to as short as possible, due to the various parties involved and the complexity of transferring a TFSA account, transfers usually take between 2-4 weeks.
That complexity is brought on because of the annual contribution limits that apply to a TFSA account. In order for EasyEquities to take on the details of an account correctly, the broker that is ‘losing’ the account, has to issue a certificate in which they specify to us the details of how much money you invested in each of the years that your account was active.
But please don’t worry. We’ll do all the hard yards. Just follow steps 1-3 above and our excellent Transfers Department will keep you updated on your transfer along the way.