Compare the Best TFSA Savings Accounts

Want to have unrestricted access to your savings as they grow? Tax-free savings accounts allow Canadians to earn investment income and withdraw money tax-free. Input your estimated account balance, then compare and find the best rate available for you!

Savings Accounts that are eligible for a promotional offer are marked throughout the comparison chart with a promotional offer icon such as or . Click this box to show only Savings Accounts that contain free promotional offers. For gift card FAQs and Terms & Conditions click here.
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Purchase interest rate Bank account Included 1st year return
2.75% None $138 Get this rate Get more details
2.3% Unlimited deposits, 1 free withdrawal per month, $1 per additional withdrawal $115 Get this rate Get more details
2.25% $112 Get this rate Get more details
2.75% 1.1% after 180 days unlimited transfers $96 Get this rate Get more details
1.6% n/a $80 Get this rate Get more details
1.3% Unlimited $65 Get this rate Get more details
1% Interest rate tiers
If balance is Rate
$0.00 - $249,999.00 1.00%
$250,000.00 or more 1.10%
tiered interest rate
Unlimited no-fee self-service transfers to your other Scotiabank accounts $50 Get this rate Get more details
0.85% None $42 Get this rate Get more details
0.75% Unlimited transactions, plan restrictions apply with regards to when and how much one can contribute $38 Get this rate Get more details
For a limited time, you will receive a promotional offer from if your application is approved. Terms and conditions apply. Click here for details.
Interest rate tiers tiered interest rate
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What is a tax-free savings account?

A tax-free savings account (TFSA) is a type of Canadian tax shelter that allows you to earn interest on a number of investments without having to pay income tax on the money earned. You can hold many kinds of investments including a traditional savings account as a TFSA. Tax-free savings accounts typically offer lower interest rates than non-registered high interest savings accounts, but interest is earned tax-free. Because there are tax implications and contribution limits, TFSAs are best used for long-term savings goals. TFSAs can only be opened by Canadians who are 18 years of age and older.

Other types of savings accounts

High interest savings accounts

You have to pay income tax on interest earned in non-registered high interest savings accounts, but they often pay higher interest rates making them excellent options to reach short-term savings goals.

Youth savings accounts

Some banks and credit unions offer special savings accounts just for kids, giving them an opportunity to save their own money and learn how banking works.

Senior savings accounts

Canadians 60 and over can take advantage of seniors savings accounts that have lower transaction fees and other perks just for seniors.

How to choose the right tax-free savings account

When choosing a tax-free savings account, there are a few features you should pay attention to, starting with the interest rate. Some accounts offer “teaser” rates that are higher to start, but your money will likely earn more interest in a TFSA that offers an everyday high interest rate. Other features to consider include whether the account charges a monthly fee or transaction fees. You should also be aware of whether the account allows you to easily transfer money back and forth with your regular chequing account.

Best Savings Account Providers