TFSA Savings Account Tax-free make. None of the take.

Open a TFSA to earn 3.00%^* tax-free interest with flexible withdrawals and zero fees.

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High interest? Win. Tax-free high interest? Win-win.

Benefits of an EQ Bank TFSA:

Earn 3.00% tax-free interest^*.
Open a TFSA online. Zero paperwork or phone calls.
Zero fees. Free and flexible withdrawals.
Easy set-up of recurring contributions from your Personal Account or an external one.
All deposits are eligible for (CDIC) protection^†.

Open a TFSA online

Want higher tax-free interest? Lock in a TFSA GIC.

Explore our other great rates and range of term options.

Featured TFSA GIC rates

1 Year

5.35%^**

Get this rate

2 Year

5.00%^**

Get this rate

Contribution limit

$7,000¹: the amount you can contribute in 2024—as a combined total of TFSAs held at all institutions.
Each year, unused contribution room carries over to the next year, going back to 2009 or the year you turned 18 (whichever came later).

Lifetime contribution limit

If you've never contributed to a TFSA, and you were eligible to contribute since they were introduced in 2009, you can contribute a total of up to $95,000.

Sign up in a matter of clicks

Not yet an EQ Bank customer? No problem. Start by opening a Personal Account and then open a TFSA in minutes.

Get started

If you’re already an EQ Bank customer, you can open a TFSA from your web browser or mobile app in a few simple steps. Sign in

You can also easily transfer money from an existing TFSA to EQ Bank (learn more about making transfers).

Common questions answered

Who can open an EQ Bank TFSA?

What’s my contribution room for a TFSA each year?

In general, the table below outlines your TFSA contribution limits for all TFSAs held in your name across all financial institutions.

TFSA contribution limits for all TFSAs held in your name across all financial institutions


Year	Annual contribution limit	TFSA cumulative limit
2024	$7,000	$95,000
2023	$6,500	$88,000
2022	$6,000	$81,500
2021	$6,000	$75,500
2020	$6,000	$69,500
2019	$6,000	$63,500
2018	$5,500	$57,500
2017	$5,500	$52,000
2016	$5,500	$46,500
2015	$10,000	$41,000
2014	$5,500	$31,000
2013	$5,500	$25,500
2012	$5,000	$20,000
2011	$5,000	$15,000
2010	$5,000	$10,000
2009	$5,000	$5000

What happens if I over-contribute to my TFSA?

Are TFSA contributions tax-deductible?

Do I need to have a particular income level to take advantage of a TFSA?

Are TFSAs available in Quebec?

Visit our FAQ for more details about TFSAs.

Footnotes

Footnote *: Interest is calculated daily on the total closing balance and paid monthly. For the EQ Bank Card, interest is paid into the linked Personal Account. Rates are per annum and subject to change without notice.

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Footnote **: EQ Bank GICs are non-redeemable. For GIC terms of less than one year, simple interest is calculated on a per diem basis and paid at maturity. For GIC terms equal to one year, simple interest is calculated on a per annum basis and paid at maturity. For GIC terms of over one year, not including 15 and 27 month terms, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually). For GIC terms of 15 and 27 months, interest is calculated on a per annum basis, compounded annually and paid solely at maturity. In all cases, interest is accrued for the entire GIC term. Unlimited TFSA GICs per customer. TFSA investment limit is $200,000 (across TFSA Savings Account and TFSA GIC). The rates shown are in effect as of the date of this email. Rates are calculated on a per annum basis and are subject to change at any time.

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Footnote †: Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank. Deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor.

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Footnote 1: Annual limit based on legislation as of January 1, 2024. Limits are subject to change year to year.

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Footnote: EQ Bank does not offer the following products in the province of Quebec: US Dollar Account, International Money Transfers, RSP Savings Accounts, RSP GICs, FHSA Savings Account, and FHSA GICs. Additionally, the EQ to EQ transfers feature is not available in Quebec.

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