There are many so-called deals out on the Tax Free Savings Account market, but beware of banks offering high rates only to scale them back after you sign up! The rates have plummetted from as high as 4.0% by 0.5-1.0% consistently every month since the TFSA’s conception.

Whenever you sign up for any financial product, especially an account, make sure you read the fine print. It is your responsibility to check for hidden stipulations, management fees and transfer penalties. You need to act quickly to secure the best tax-free interest rate and consider locking in before rates fall any further.

Note, rates may have changed by the time you read this!

Here are the “Big 5″ banks as of the week of July 2nd, 2009.

HSBC

Pays 1.05 per cent.

President’s Choice Financial

ING Direct

For more information, or to check out the latest in price plans please visit:

http://www.TaxFreeSavingsAccountPlan.com