Skip to main content
Ratehub logo
Ratehub logo

The best TFSA savings accounts in Canada

Compare accounts

Rates updated:

Toronto, ON
×

Viewing

TFSA

with a balance of

$5,000

Featured

1.25%

$63 first year return based on

$5,000 balance

Monthly fee
$0.00
Transaction fees
$0.00
E-transfer
$0.00
0.05%

$3 first year return based on

$5,000 balance

Monthly fee
$0.00
Transaction fees
$0.00
E-transfer
$1.50
0.05%

$3 first year return based on

$5,000 balance

Monthly fee
$0.00
Transaction fees
$0.00
E-transfer
$0.00
0.05%

$3 first year return based on

$5,000 balance

Monthly fee
$0.00
Transaction fees
$5.00
E-transfer
$0.00

Why Ratehub.ca?

A few things we're proud of

  • 1,200,000

    monthly users

  • 9 years

    young

  • Over 1M

    better choices made

  • Trusted partner

    to Canada’s top financial institutions

The best overall savings accounts in Canada

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:

The knowledge bank

A wealth of knowledge delivered right to your inbox

By submitting your email address, you acknowledge and agree to Ratehub.ca‘s Terms of Use and Privacy Policy. Contact us for more information. You can unsubscribe at any time.

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.

Mikael Castaldo, Senior Business Manager of Everyday Banking

Mikael is a Senior Business Manager at Ratehub.ca and the driving force behind our Everyday Banking Team. He knows everything there is to know about the best credit cards and bank accounts, and 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 plastic. A numbers guy at heart, having worked as a strategy consultant at the Boston Consulting Group, he’s found himself right at home as a personal finance expert at Ratehub.ca.

About Ratehub

We help you find better financial products for your specific needs. Whether you need a mortgage, credit card, savings account, or insurance coverage, we get you the information you need to choose better.

How does Ratehub.ca make money?

Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.