Compare Canadian TFSA Accounts and Rates for 2026

Tax-Free Savings Accounts (TFSAs) are flexible, government-registered accounts that let Canadians hold cash, guaranteed investment certificates (GICs), stocks, bonds, exchange-traded funds (ETFs) or mutual funds and keep all investment earnings tax-free. Choosing the best TFSA depends on your financial goals, whether you also use an RRSP, how comfortable you are investing on your own, and your overall wealth-building plan.

Scroll on to see top TFSA rates and accounts, and read our straightforward guide to how TFSAs work in Canada.

Best TFSA savings account rates

A TFSA can function as a high-interest savings account (HISA), earning tax-free interest on cash deposits. For 2024 and 2025 the annual TFSA contribution limit is $7,000. If you prefer cash savings over market investing, choose a TFSA that offers a competitive interest rate and provides federal protection.

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EQ Bank TFSA Savings Account

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• Interest rate: 1.50%
• Minimum balance: None
• Insurance: CDIC

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EQ Bank’s TFSA savings account has no fees and no minimum balance. Withdrawals and deposits are free, and deposits are CDIC-insured up to $100,000. Note EQ Bank allows only one open TFSA per customer and a maximum account limit set by the provider.

Home Trust High Interest Savings Account

• Interest rate: 1.90%
• Minimum balance: $1,000
• Insurance: CDIC

Rates can change without notice.

Home Trust offers 1.90% on its HISA TFSA with a $1,000 minimum deposit and CDIC coverage on eligible deposits. The institution has been operating for decades and accepts higher maximum deposits compared with many online banks.

Hubert Financial TFSA

• Interest rate: 2.30%
• Minimum balance: None
• Insurance: Unlimited, by the Deposit Guarantee Corporation of Manitoba

Rates can change without notice.

Hubert Financial is an online-only institution offering TFSA savings accounts with no monthly fees and no minimums. Deposits are fully guaranteed by the Deposit Guarantee Corporation of Manitoba, which can be attractive for savers seeking strong provincial protection.

Achieva Financial TFSA Savings Account

• Interest rate: 1.95%
• Minimum balance: None
• Insurance: Unlimited, by the Deposit Guarantee Corporation of Manitoba

Rates can change without notice.

Achieva Financial’s TFSA pays interest with no monthly fees or minimum balance. Customers who opt in to electronic communications may also receive small monthly bonuses. Deposits are provincially guaranteed through Manitoba’s deposit protection.

Best big bank TFSA savings account rate

Big banks often offer convenience and in-branch service, though their interest rates are typically lower than online banks. If you want branch access or prefer a familiar brand, a major bank TFSA could suit you.

National Bank — Cash Advantage Solution

• Interest rate: From 0.55% (balances under $10,000) to 2.25% (balances $500,000+)
• Minimum balance: $1
• Insurance: CDIC

Rates can change without notice.

National Bank’s Cash Advantage Solution provides flexible TFSA access with tiered rates based on balance and a minimal $1 opening amount, making it a practical choice for registered cash savings.

RBC Registered Savings Deposit

• Interest rate: 0.35%
• Minimum balance: None
• Insurance: CDIC

Rates can change without notice.

RBC’s Registered Savings Deposit is a practical option to park money in a registered account while keeping it accessible; there are no transfer fees within RBC and no minimum balance.

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Best TFSA GIC rates in Canada

Best TFSA GIC rates (1-year term)

TFSA accounts can hold GICs, which lock in your deposit for a fixed term and interest rate. GICs often offer higher guaranteed returns than savings accounts for the same level of security.

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EQ Bank TFSA GIC

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• Interest rate: 3.30%
• Term: 1 year
• Insurance: CDIC

Rates can change without notice.

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EQ Bank’s one-year TFSA GIC is a strong option for savers seeking a short-term guaranteed return; accounts are easy to open online and deposits are CDIC-protected up to applicable limits.

Oaken Financial TFSA GIC

• Interest rate: 3.50%
• Term: 1 year
• Insurance: CDIC

Rates can change without notice.

Oaken Financial frequently offers competitive GIC rates. Its one-year TFSA GIC typically requires a minimum deposit and is CDIC-insured to applicable limits.

Best TFSA investment accounts

While holding cash in a TFSA is safe and simple, you can pursue higher long-term returns by investing in stocks, bonds, ETFs or mutual funds through robo-advisors or self-directed online brokers.

Robo-advisors like Questwealth and Wealthsimple invest according to your risk profile and rebalance automatically. Questwealth typically charges lower fees on large balances, while Wealthsimple offers an intuitive interface and features like dividend reinvestment and round-ups.

Questwealth Portfolios

Questwealth builds diversified portfolios based on a short questionnaire about your goals and risk tolerance. Conservative portfolios emphasize fixed income and cash; more aggressive options aim for higher long-term returns. Fees are generally low, which helps maximize your net gains.

Wealthsimple Invest

Wealthsimple offers automated investing with a clean user experience, several risk levels, and options for socially responsible or halal investing. Management fees are competitive for passive portfolios, and features such as automated rebalancing make it easy for beginners.

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A self-directed TFSA at an online broker gives you full control over your asset mix and can reduce trading costs compared with full-service advisors. Remember that all investing carries risk and that contribution limits still apply.

Questrade

Questrade is a low-cost online brokerage that lets you buy ETFs without purchase fees and trade stocks at a low per-share commission. There are typically no account maintenance fees for active users, making it a strong choice for DIY investors.

Wealthsimple Trade

Wealthsimple Trade offers commission-free trades on many ETFs and stocks and is ideal for investors who prefer a simple mobile experience. It’s a straightforward, low-cost way to manage a TFSA, though advanced analytics and mutual funds may be limited on the platform.

Qtrade

Qtrade is known for excellent customer service and robust research tools. It also allows free mutual fund purchases and provides sophisticated analytics for investors who want those features. Fee structures and account minimums vary, so compare providers based on your needs.

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What is a tax-free savings account (TFSA)?

A TFSA is a government-registered savings or investment account available to Canadians 18 and older. Contributions are made with after-tax dollars, and investment growth and withdrawals are tax-free. TFSAs can hold cash, high-interest savings, GICs, stocks, bonds, ETFs or mutual funds.

TFSAs are flexible: use them for short-term goals like a vacation or a car, or for long-term goals like retirement. Withdrawals are tax-free and generally do not affect income-tested benefits.

What is my TFSA limit?

The annual TFSA contribution limit for 2024 is $7,000. If you’ve never contributed and were 18 or older in 2009, your cumulative contribution room can be substantial. Use an up-to-date contribution room calculator to determine your available TFSA room before contributing.

When did the TFSA program start in Canada?

The TFSA program launched on January 1, 2009, to give Canadians additional tax-free savings space for short- and long-term goals. Since then the TFSA has become a widely used, flexible savings vehicle.

TFSA vs. RRSP: Which should you choose?

The key difference is taxation: TFSA withdrawals are tax-free, while RRSP withdrawals are taxed. RRSP contributions offer an immediate tax deduction. Choose based on current and expected future tax rates, savings goals, and how you want to use the account. Many Canadians use both to diversify tax advantages across their long-term plan.

Can you have more than one TFSA?

Yes, you may open multiple TFSAs at different institutions, but all of them share one combined contribution limit. You can use separate accounts for different purposes—one for cash savings and another for investments—but avoid moving funds manually between accounts in ways that could create accidental overcontributions. Instead, request an institution-to-institution transfer when moving TFSA holdings.

How to open a TFSA

Opening a TFSA is straightforward and can typically be completed online. Choose the account type—savings, GIC, robo-advisor, or self-directed brokerage—complete identity verification, and fund the account from an existing bank account. If you need branch assistance, many providers offer in-person help or phone support.

Read more about TFSAs

• What types of TFSA products are available?
• How to decide between a TFSA and an RRSP
• When you might not want to contribute to a TFSA
• Rules about day trading inside a TFSA