The best TFSA savings accounts in Canada
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Rates updated:
- Monthly fee
- $0.00
- Transaction fees
- $3.00
- E-transfer
- $0.00
- Monthly fee
- $0.00
- Transaction fees
- $0.00
- E-transfer
- $0.00
- Monthly fee
- $0.00
- Transaction fees
- $0.00
- E-transfer
- $0.00
CIBC Tax Advantage Savings Account
- Monthly fee
- $0.00
- Transaction fees
- $0.00
- E-transfer
- $1.50
Canadian Western Bank WestEarner®TFSA Account
- Monthly fee
- $0.00
- Transaction fees
- $0.00
- E-transfer
- $0.00
Scotiabank Savings Accelerator Account (TFSA)
- Monthly fee
- $0.00
- Transaction fees
- $5.00
- E-transfer
- $0.00
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The best overall savings accounts in Canada
EQ Bank
1.65%Joining EQ Bank gets you $150**
get this rateWyth Financial
2.25%Enjoy a great interest rate with a High Interest Savings Account while maintaining the flexibility to make deposits and withdrawals
get this rateOaken Financial
2.25%Oaken Financial Savings Account
get this rateSaven Financial
2.85%High Interest Savings Account
get this rate
TFSA FAQ
Anyone seeking to open a TFSA must be a Canadian resident, have a Social Insurance Number (SIN), and be at least 18 years old.
What is a TFSA?
How do TFSA contribution limits work?
TFSAs vs. RRSPs: Which one is right for you?
Want to maximize your TFSA by investing in stocks and ETFs? Consider:
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Mikael Castaldo
Other popular types of savings accounts
TFSAs savings account are a great option to grow your everyday savings - but not the only ones available to Canadians.
High-Interest Savings Accounts (HISAs)
Most high-Interest Savings Accounts (HISAs) offer interest over 1.00%. Unlike the TFSA, income tax is charged on interest earned, as it is a non-registered account. They do offer high-interest, however, and are excellent options to reach short-term savings goals.
Registered Retirement Savings Plan (RRSP)
A Registered Retirement Savings Plan (RRSP) is a savings plan which offers tax-benefits for retirement saving. Like a TFSA, it comes with a contribution limit.
Youth Savings Accounts
Some banks and credit unions offer exclusive savings accounts just for kids, allowing them to save their own money and learn how banking works. Interest is usually lower, and accessibility is typically limited.
Senior Savings Accounts
Canadians 65 and over can take advantage of seniors savings accounts that have lower transaction fees and other perks just for seniors.
Natasha Macmillan, Senior Business Manager of Everyday Banking
Natasha is the Business Director of Everyday Banking at Ratehub.ca. With over a decade of business, strategy and execution experience in the financial services industry, Natasha has worked with numerous public and private enterprises across North America. Her passion for finance and education brought her to Ratehub.ca, where she works closely with Canada’s top financial institutions - from banks to credit unions - to help ensure our over 1,200,000 monthly users get matched with the right credit cards and personal financing accounts.
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