If I have $3000 sitting in an account with a 0.5% interest rate

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Anonymous
2016-06-23 06:20:29 Post No. 1330304
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Anonymous 2016-06-23 06:20:29 Post No. 1330304 [Report]

If I have $3000 sitting in an account with a 0.5% interest rate compounded daily, does that mean it will only make $15 in 1 year?

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Anonymous 2016-06-23 06:27:30 Post No.1330315
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Anonymous 2016-06-23 06:27:30 Post No.1330315 [Report]

>>1330304
http://www.moneychimp.com/calculator/compound_interest_calculator.htm

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Anonymous 2016-06-23 06:30:50 Post No.1330318
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Anonymous 2016-06-23 06:30:50 Post No.1330318 [Report]

>>1330315
I used the calculator

I'm wondering why the return is so shit if it's a "high interest TFSA"

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Anonymous 2016-06-23 06:30:52 Post No.1330320
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Anonymous 2016-06-23 06:30:52 Post No.1330320 [Report]

>>1330304
holy fuck that's trippy

i stared at that gif for 5 minutes wondering when it would land already

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Anonymous 2016-06-23 06:31:56 Post No.1330322
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Anonymous 2016-06-23 06:31:56 Post No.1330322 [Report]

>>1330318
you are suppose to buy equities with a TFSA because it's sheltered from taxes you would have to pay

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Anonymous 2016-06-23 06:35:54 Post No.1330324
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Anonymous 2016-06-23 06:35:54 Post No.1330324 [Report]

>>1330322
Fug, why the hell do they advertise it as an alternative for a RSP?