How to Get the Most From Your Access Credit Union TFSA

A tax-free savings account is a great product to save for both short and long-term goals.

Sometimes just having an account isn’t enough: the tactics you use to save are just as important.

If you are already an Access Credit Union member, you can use digital banking features to help make your saving efforts more successful and convenient. 

Learn how to rename your accounts, set up automatic transfers, and open new terms in order to save more effectively for your goals.

How to rename your account

Naming your accounts can help you keep track of your goals. They can be a visual reminder of what you are saving towards and how close you are to reaching it. Take a step in the right direction by assigning a name to your TFSA!

1. From your online banking home screen navigate to the “Accounts” tab and click on “Customize accounts”.
2. Click on the pencil icon beside your new TFSA term deposit.
3. Type in the new name you would like and click “Save”.
4. At the bottom of the screen click “Save” again.

How to set up automatic transfers

We live in a busy world, and it can become easier and easier to forget things. That’s why automatic transfers are a convenient way to set it and forget it! Setting up automatic transfers gives you peace-of-mind that your investments are always working towards your goals. Even small, consistent contributions add up in the long-run.

1. From your online banking home screen navigate to the “Transfers & Payments” tab and click on “Transfer funds”. If you are using your mobile phone click on the hamburger menu at the top left, select “Transfers” then “Transfer Funds”.
2. From this screen:
   a. Choose which account you would like funds transferred from.
   b. Select Transfer to “My account” and choose your TFSA.
   c. Enter the amount you would like transferred.
   d. Select Recurring as the transfer type.
   e. Choose the Frequency, Start Date, and End Date.
3. Click or press continue
4. Confirm the transfer details and click or press Continue again to confirm the recurring transfer.

How to open a new TFSA term

Already have a TFSA but want to open a new term? TFSA terms can be opened through digital banking for members who already have a registered plan open. Learn about Laddering in our other blog post to see how TFSA terms can be used effectively.

To open a new TFSA term account from digital banking:

1. From your online banking home screen navigate to the “Accounts” tab and click on “Open account”.
2. Click on “Check the accounts” under TFSA Term Deposit.
3. Click on “Open account” next to the term you would like to open.
4. Select the correct TFSA plan and Account you would like to transfer from.
5. Ensure the details are correct including the deposit amount and whether you would like it renewed or payed out at maturity.
6. Click Continue
7. Confirm the details and click continue again.
8. TFSA term successfully opened.

Would you like to open a variable TFSA with Access Credit Union?