Earn up to 3.75% tax-free interest on your savings. Compare the top TFSA savings accounts and maximize your $7,000 contribution room.
The 2026 annual TFSA limit is $7,000. If you've never contributed, your total cumulative room since 2009 is $102,000 (if you were 18+ in 2009 and a Canadian resident). Unused room carries forward every year.
EQ Bank offers the highest guaranteed TFSA rate among major digital banks in Canada. Every dollar of interest earned is completely tax-free, and deposits are CDIC-insured up to $100,000 per depositor per category. No minimum balance, no monthly fees, no catch.
KOHO combines a TFSA savings account with a full daily banking experience — Mastercard, cashback on every purchase, and credit building. Earn 3.0% tax-free interest on your TFSA balance while spending and saving from the same app. New users earn a $100 cash bonus with referral code 45ET55JSYA.
Wealthsimple offers the best TFSA investing platform for Canadians — buy ETFs, stocks, and crypto inside your TFSA and pay zero commission. Historically, a balanced ETF portfolio inside a TFSA has returned 6–8% annually. Note: Wealthsimple TFSA is an investment account, not a CDIC-insured savings account. Protected by CIPF (Canadian Investor Protection Fund).
Neo Financial currently offers the highest CDIC-insured TFSA rate at 4.0% through Concentra Bank. Neo is a newer Canadian fintech with a growing user base. Ideal for maximizing savings rate if you don't need daily banking features.
The First Home Savings Account (FHSA) is newer than the TFSA and offers both a tax deduction on contributions AND tax-free withdrawals for a qualifying home purchase. If you're a first-time homebuyer under 71, the FHSA is strictly better than a TFSA for home-purchase savings. Max $8,000/year, $40,000 lifetime.
Use your FHSA first (better tax treatment for home purchase), then fill TFSA with remaining room. Both can hold 3.75% savings at EQ Bank.
Tangerine's TFSA offers a competitive 3.0% rate backed by Scotiabank (CDIC insured). If you already bank with Tangerine, it's a convenient way to add TFSA savings. The Tangerine World Mastercard offers 2% cashback on select categories.
The Big 5 banks offer TFSAs but at significantly lower interest rates (0.01–0.05%). On a $50,000 TFSA balance, that's $5–$25/year vs $1,875/year at EQ Bank. The only advantage is convenience if you already bank there — and for TFSA investing (stocks/ETFs), RBC Direct Investing and TD Direct Investing are competitive.
* Investment returns (6%) are illustrative only. Actual market returns vary. CDIC-insured savings accounts show guaranteed rates. Tax savings assume 40% marginal rate for illustration.
| Account | Rate | CDIC? | Monthly Fee | Best For |
|---|---|---|---|---|
| EQ Bank TFSA | 3.75% | ✅ Yes | $0 | Best savings rate |
| KOHO TFSA | 3.0% | ✅ Yes | $0–$19 | Daily banking + cashback |
| Wealthsimple TFSA | Market (~6–8%) | ❌ CIPF | $0 | Long-term investing |
| Neo Financial TFSA | 4.0% | ✅ Yes | $0 | Highest CDIC rate |
| Tangerine TFSA | 3.0% | ✅ Yes | $0 | Existing Tangerine users |
| Big Bank TFSA | 0.01–0.05% | ✅ Yes | $0 | Branch access only |
| Year | Annual Limit | Cumulative (since 2009) |
|---|---|---|
| 2009–2012 | $5,000/yr | $20,000 |
| 2013–2014 | $5,500/yr | $31,000 |
| 2015 | $100 | $41,000 |
| 2016–2018 | $5,500/yr | $57,500 |
| 2019–2022 | $6,000/yr | $81,500 |
| 2023 | $6,500 | $88,000 |
| 2024 | $7,000 | $95,000 |
| 2025 | $7,000 | $102,000 |
| 2026 | $7,000 | $102,000 |
* Cumulative total if you were 18+ and a Canadian resident since 2009, and have never contributed. Check your exact room at My CRA Account (canada.ca).
The 2026 TFSA annual limit is $7,000. If you have never contributed since 2009 and were 18+ when you became a Canadian resident, your total cumulative room is $102,000. Withdrawals made in a previous calendar year are re-added to your contribution room the following January 1.
Neo Financial currently offers 4.0% on their TFSA savings account (CDIC insured via Concentra Bank). EQ Bank offers 3.75% and is the more established option with better banking features. Both have no fees and no minimum balance.
Wealthsimple's Cash account (including the TFSA version) is a money market fund — it is NOT CDIC-insured. Instead, it is protected by CIPF (Canadian Investor Protection Fund) up to $1 million if Wealthsimple became insolvent. The money market fund typically yields ~4%, but this can change with interest rates. For guaranteed, insured savings, use EQ Bank or Neo Financial instead.
Yes. You can have TFSAs at multiple institutions, but your total contributions across all accounts cannot exceed your cumulative room. For example, you can have an EQ Bank TFSA for savings and a Wealthsimple TFSA for investing — just track your total contributions carefully.
The CRA charges a 1% per month penalty on the over-contribution amount. For example, $100 over-contributed for 3 months = $300 penalty. Avoid this by checking your exact room at My CRA Account (canada.ca) before contributing, especially if you've withdrawn and re-contributed in the same calendar year.
Use the FHSA first if you're a first-time homebuyer. The FHSA gives you a tax deduction on contributions (like an RRSP) AND tax-free withdrawals for a qualifying home purchase (like a TFSA). You can contribute $8,000/year up to $40,000 lifetime. After maxing your FHSA, fill your TFSA with remaining savings.
Open an EQ Bank TFSA for the highest savings rate, or get KOHO for daily banking + TFSA + $100 signup bonus. Both are free with no monthly fees.