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The best TFSA savings accounts in Canada

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Rates updated:

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  • all account types
  • high interest
  • RRSP
  • TFSA
  • youth
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with a balance of
  • $1,000
  • $5,000
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  1. Featured

    2.65%$133 first year return based on$5,000 balance
    Monthly fee
    $0.00
    Transaction fees
    $3.00
    E-transfer
    $0.00
  2. Featured

    1.65%$83 first year return based on$5,000 balance
    Monthly fee
    $0.00
    Transaction fees
    $0.00
    E-transfer
    $0.00
  3. Featured

    1.50%$75 first year return based on$5,000 balance
    Monthly fee
    $0.00
    Transaction fees
    $0.00
    E-transfer
    $0.00
  4. CIBC Tax Advantage Savings Account

    2.75%$138 first year return based on$5,000 balance
    Monthly fee
    $0.00
    Transaction fees
    $0.00
    E-transfer
    $1.50
  5. Canadian Western Bank WestEarner®TFSA Account

    0.70%$35 first year return based on$5,000 balance
    Monthly fee
    $0.00
    Transaction fees
    $0.00
    E-transfer
    $0.00
  6. Scotiabank Savings Accelerator Account (TFSA)

    0.55%$28 first year return based on$5,000 balance
    Monthly fee
    $0.00
    Transaction fees
    $5.00
    E-transfer
    $0.00

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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:

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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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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.

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