A TFSA can be a savings account, a GIC account, a self-directed brokerage account or a managed investment 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. Each provider sets its own rates, fees and minimums, and posted rates can change without notice.
Types of TFSA Accounts
How the three types differ
| TFSA Type | Return | Deposit insurance (CDIC) |
|---|---|---|
| High-interest savings | Posted rate; the bank can change it without notice | Eligible deposits at a member institution, up to the limit; HISA ETFs and HISA mutual funds are not covered |
| GIC | A fixed or variable rate set out in its terms; the amount invested comes back at the end of the term | GICs issued by a member institution, up to the limit |
| Investment account | Varies with markets; can lose value | Not covered: stocks, bonds, mutual funds and ETFs are not eligible |
Not sure how much room you have? Use our TFSA contribution room calculator.
TFSA savings accounts compared
High-Interest TFSA Comparison
| Bank | Rate | Minimum | Monthly Fee |
|---|---|---|---|
| EQ Bank TFSA | 1.50% | $0 | $0 |
| Oaken Financial | 2.80% | $0 | Not tracked here |
| Tangerine | Variable* | $0 | $0 |
| Simplii Financial TFSA | 0.40% (as of October 5, 2026) | Not tracked here | Not tracked here |
| TD High Interest TFSA Savings Account | 0.30% (as of October 5, 2026) | Not tracked here | Not tracked here |
| CIBC TFSA Tax Advantage Savings Account | 0.25% (as of October 5, 2026) | Not tracked here | Not tracked here |
| Desjardins TFSA savings | 0.35% (as of October 5, 2026) | Not tracked here | Not tracked here |
| Other big banks | Not tracked here | Not tracked here | Not tracked here |
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.
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.
TFSA GICs compared
TFSA GIC rates by term
| Provider | 1-Year | 3-Year | 5-Year |
|---|---|---|---|
| EQ Bank | 3.70% | 4.15% | 4.30% |
| Oaken | 3.80% | 4.30% | 4.50% |
| Tangerine | Not tracked here | Not tracked here | Not tracked here |
| Big banks | Not tracked here | Not tracked here | Not tracked here |
*Registered (TFSA) GIC rates: EQ Bank as of October 5, 2026, Oaken in effect since October 2, 2026.
How GICs work inside the account is covered in holding a GIC in a TFSA.
TFSA investment accounts compared
How ETFs and index funds work is covered in the ETFs and index funds guide.
Self-directed brokerage accounts
| Brokerage | Trading Fee | Account Fee |
|---|---|---|
| Wealthsimple Trade | $0 | $0 |
| Questrade | $0 | $0 |
| TD Direct Investing | $9.99 | $25/qtr* |
| RBC Direct Investing | $9.95 | $0 (no account fee) |
*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.
More brokers are compared in the online brokers guide.
TFSA robo-advisors compared
| Provider | Management Fee |
|---|---|
| Wealthsimple managed investing | 0.50% (Core, under $100,000) |
| Questwealth | 0.25% (balances from $250 to under $100,000) |
| CI Direct Investing | 0.60% (first $150,000) |
Fees fall at higher balances with each provider, and fund MERs are charged on top.
The TFSA growth calculator projects a balance at a rate of return you choose.
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.
What a TFSA can hold
What a TFSA can hold, and how savings, GICs, bonds, funds and stocks differ inside one, is in TFSA investment options.
Over-contributing and frequent trading
| Situation | What happens |
|---|---|
| Over-contributing | 1% per month on the excess (penalty calculator) |
| Frequent trading | The CRA may tax gains as business income (see the TFSA guide) |
How withdrawals affect your room is covered in TFSA withdrawal rules.
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
- CIBC: Data table
- cifinancial.com: Investment Account Pricing | CI Direct Investing
- desjardins.com: Savings Accounts: Set Money Aside for What Matters - Desjardins
- eqbank.ca: Personal Account | EQ Bank
- eqbank.ca: Notice Savings Account | EQ Bank
- eqbank.ca: RRSP Savings Account | EQ Bank
- oaken.com: Oaken Financial - Our Savings account rates
- online.simplii.com: Data table
- questrade.com: Trading Fees & Commissions | Questrade Pricing | Questrade: Tilt finance in your favour
- questrade.com: Questwealth Portfolios | Questrade
- RBC: Commissions, Fees and Rates - RBC Direct Investing
- simplii.com: High Interest Savings Account | Simplii Financial
- simplii.com: TFSA | Investments | Simplii Financial
- Tangerine: Data table
- Tangerine: Savings Account Interest Rates | Tangerine
- TD: Bank Account Interest Rates | TD Canada Trust
- TD: Pricing | TD Direct Investing
- wealthsimple.com: Compare Generation, Premium, and Core Plans & Fees | Wealthsimple