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!
| Purchase interest rate | Bank account | Included | Additional fees | 1st year return | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2.15% |
Implicity Financial TFSA Savings Account
|
Unlimited deposits, 1 free withdrawal per month, $1 per additional withdrawal |
$0
Transaction
$0
Internal transfer
|
$108 | Get this rate Get more details | ||||||||||||||
| 2.8% 1.5% after 182 days |
Meridian Credit Union TFSA Good to Grow High Interest Savings Account (GTG TFSA)
|
Unlimited |
$0
Transaction
$0
Internal transfer
|
$107 | Get this rate Get more details | ||||||||||||||
| 2.1% |
Alterna Bank TFSA eSavings Account
|
unlimited bill payments, transfers & debits |
$0
Transaction
$0
Internal transfer
|
$105 | Get this rate Get more details | ||||||||||||||
| 2.75% 1.25% after 182 days |
Tangerine Tax-Free Savings Account
|
unlimited transfers |
$0
Transaction
$0
Internal transfer
|
$100 | Get this rate Get more details | ||||||||||||||
1.8%
Interest rate tiers
|
Motive Financial Motive® TFSA Savings Account
|
unlimited withdrawals and transfers |
$0
Transaction
$0
Internal transfer
|
$90 | Get this rate Get more details | ||||||||||||||
| 1.5% |
Parama Credit Union TFSA Daily Interest Savings
|
none |
$0
Transaction
$0
Internal transfer
|
$75 | Get this rate Get more details | ||||||||||||||
| 1.3% |
La Capitale Stow & Grow TFSA
|
Unlimited |
$0
Transaction
$0
Internal transfer
|
$65 | Get this rate Get more details | ||||||||||||||
| 1.25% |
Simplii Financial Tax-Free Savings Account
|
unlimited internal transfers |
$0
Transaction
$0
Internal transfer
|
$62 | Get this rate Get more details | ||||||||||||||
1%
Interest rate tiers
|
TD Bank High Interest TFSA Savings Account
|
None |
$0
Transaction
$0
Internal transfer
|
$50 | Get this rate Get more details | ||||||||||||||
| 0.85% |
CIBC Tax Advantage Savings Account
|
None |
$0
Transaction
$0
Internal transfer
|
$42 | Get this rate Get more details | ||||||||||||||
0.8%
Interest rate tiers
|
Scotiabank Savings Accelerator Account (TFSA)
|
Unlimited no-fee self-service transfers to your other Scotiabank accounts |
$5
Transaction
$0
Internal transfer
|
$40 | Get this rate Get more details | ||||||||||||||
| 0.6% |
Bank of Montreal BMO® TFSA Savings Account
|
none |
$0
Transaction
$0
Internal transfer
|
$30 | Get this rate Get more details | ||||||||||||||
|
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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.
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.
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.
Canadians 60 and over can take advantage of seniors savings accounts that have lower transaction fees and other perks just for seniors.
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.