Canadian Imperial Bank of Commerce allows your earnings and withdrawals to be tax free. With the CIBC Tax Free Savings Account (TFSA) Tax Advantage Savings Account you are given a good daily interest savings account option.
With the TFSA Tax Advantage Savings Account you earn a competitive, high interest rate, all tax free; you will be able to access your money at any time, no matter what reason you have for doing so.
To take full advantage of your annual TFSA contribution limit, you can set up regular contributions.
Currently there is a CIBC TFSA Tax Advantage Savings Account bonus interest offer which runs from January 4th 2010 to April 30th 2010; the bonus interest offer allows you to earn an interest rate of 2% on new balances.
If you happened to open a CIBC TFSA Tax Advantage Savings Account before the bonus period, then you will earn the bonus interest rate on the portion of the account’s daily closing balance that exceeds the closing balance as at December 31st, 2009.
The restrictions include bonus interest not be paid on funds that are transferred from an existing CIBC TFSA Savings Account to another existing or new CIBC TFSA Savings Account; the last restriction is that you cannot combine this offer with any other offer, with CIBC having the sole discretion to change any conditions or disqualify any customer.