A TFSA can be a savings account, a GIC account, a self-directed brokerage account or a robo-advisor account. This page compares providers of each type. How the account itself works is in the complete TFSA guide, and the steps to open one are in how to open your first TFSA. Rates and fees below change often; confirm current terms with each institution.
Types of TFSA Accounts
Choose Based on Your Goal
| TFSA Type | Best For | Return |
|---|---|---|
| High-interest savings | Short-term, emergency fund | Posted variable rate; changes often |
| GIC | Guaranteed return | Fixed rate for the term |
| Investment account | Long-term growth | Varies with markets; can lose value |
Not sure how much room you have? Use our TFSA contribution room calculator.
Best TFSA Savings Accounts
High-Interest TFSA Comparison
| Bank | Rate | Minimum | Monthly Fee |
|---|---|---|---|
| EQ Bank TFSA | 1.50% | $0 | $0 |
| Oaken Financial | 2.80% | $0 | Confirm with the bank |
| Tangerine | Variable* | $0 | $0 |
| Simplii Financial TFSA | 0.40% (as of October 5, 2026) | Confirm with the bank | Confirm with the bank |
| TD High Interest TFSA Savings Account | 0.30% (as of October 5, 2026) | Confirm with the bank | Confirm with the bank |
| CIBC TFSA Tax Advantage Savings Account | 0.25% (as of October 5, 2026) | Confirm with the bank | Confirm with the bank |
| Desjardins TFSA savings | 0.35% (as of October 5, 2026) | Confirm with the bank | Confirm with the bank |
| Other big banks | Confirm with the bank | Varies | Varies |
EQ Bank rate as of October 5, 2026; Oaken rate in effect since October 2, 2026.
*Tangerine posts a variable TFSA savings rate and, as of September 2026, advertises a limited-time promotional rate; confirm the current offer.
TFSA deposits at a CDIC member have their own coverage category, separate from non-registered deposits; the limits are in our CDIC deposit insurance guide. Non-registered savings rates at the same institutions are compared in our savings account rate table.
Best TFSA GICs
Top TFSA GIC Rates
| Provider | 1-Year | 3-Year | 5-Year |
|---|---|---|---|
| EQ Bank | 3.70% | 4.15% | 4.30% |
| Oaken | 3.80% | 4.30% | 4.50% |
| Tangerine | Confirm current rate | Confirm current rate | Confirm current rate |
| Big banks | Confirm current rate | Confirm current rate | Confirm current rate |
*Registered (TFSA) GIC rates: EQ Bank as of October 5, 2026, Oaken in effect since October 2, 2026. Rates change frequently, so confirm current rates directly with each institution before locking in.
How GICs work inside the account is covered in holding a GIC in a TFSA.
Best TFSA Investment Accounts
For help deciding what to invest in, see our guide to ETFs and index funds for Canadian investors.
For DIY Investors
| Brokerage | Trading Fee | Account Fee | Best For |
|---|---|---|---|
| Wealthsimple Trade | $0 | $0 | Beginners |
| Questrade | $0 | $0 | DIY investors |
| TD Direct Investing | $9.99 | $25/qtr* | TD customers |
| RBC Direct Investing | $9.95 | $0 (no account fee) | RBC customers |
*TD charges this maintenance fee on accounts under $15,000 and waives it in several cases, including combined household assets above $15,000, a monthly pre-authorized contribution of $100 or more, or three or more commission-generating trades a quarter.
Compare all options in our online brokers guide.
Best TFSA Robo-Advisors
Hands-Off Investing
| Provider | Management Fee | Best For |
|---|---|---|
| Wealthsimple managed investing | 0.50% (Core, under $100,000) | Beginners |
| Questwealth | 0.25% (balances from $250 to under $100,000) | Fee-conscious investors |
| CI Direct Investing | 0.60% (first $150,000) | Good features |
Fees fall at higher balances with each provider, and fund MERs are charged on top. Confirm each provider’s minimum before opening.
Robo-Advisor Pros & Cons
| Pros | Cons |
|---|---|
| Automatic rebalancing | Higher fees than DIY |
| Simple to use | Less control |
| Professional management | Limited customization |
Expected Returns Comparison
| TFSA Type | 10 Years | 20 Years | 30 Years |
|---|---|---|---|
| Savings (3%) | $13,439 | $18,061 | $24,273 |
| GIC (4%) | $14,802 | $21,911 | $32,434 |
| Investing (7%) | $19,672 | $38,697 | $76,123 |
*Starting with $10,000, no additional contributions
Contribution Room and Multiple Accounts
Every TFSA you hold shares one contribution limit, so opening accounts of different types does not add room: $30,000 at one institution and $30,000 at another is $60,000 of room used. The rules are in holding more than one TFSA, and your own available room in how much TFSA room do I have. An existing TFSA can be moved to a new provider without using room through a direct transfer.
Maximizing Your TFSA
Best Investments for TFSA
| Investment | Why in TFSA |
|---|---|
| High-growth ETFs | Max benefit from tax-free growth |
| REITs | Distributions tax-free |
| US stocks | Dividends face 15% withholding tax in a TFSA, unlike an RRSP; see US dividend withholding tax in a TFSA |
Avoid These Mistakes
Common TFSA Errors
| Mistake | Consequence |
|---|---|
| Over-contributing | 1% per month on the excess (penalty calculator) |
| Frequent trading | The CRA may tax gains as business income (see the TFSA guide) |
| Leaving cash uninvested at a very low rate | Missing growth |
Related Resources
Sources
The figures and rules on this page come from these sources, last checked against them between September 14, 2026 and September 23, 2026. How we check facts.
- Canada Revenue Agency: If you owe tax on excess TFSA amounts
- CIBC: Data table
- CIBC: Savings accounts
- CIBC: Data table
- Department of Finance Canada: Convention between Canada and the United States of America with Respect to Taxes onβ¦
- desjardins.com: Savings accounts
- eqbank.ca: Personal account
- eqbank.ca: Notice savings account
- eqbank.ca: Rrsp
- oaken.com: Savings account rates
- online.simplii.com: Data table
- simplii.com: High interest savings
- simplii.com: Tax free savings
- Tangerine: Data table
- Tangerine: Savings account rates
- TD: Account rates