In the last 3 months, the TSX has lost 32% and I have witnessed my RRSP portfolios lose 12% of its value. The financial crisis has spread from the US to around the globe as central banks attempt to pump liquidity into the banking system. It is not a good time for risky investments such as Mutual Funds. Currently I’m looking to saving my money in Savings Accounts, GICs and the upcoming TFSA.

ING just couldnt wait until Jan 1st 2009 to start their TSFA. From Oct 4th to December 31st, any interest earned within that time period will be doubled and automatically moved into a TSFA. Their current rate is 3.0%.

Visit their site for more information http://www.ingdirect.ca/en/save-invest/tfsa/index.html

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