Tax-free saving designed for real life

Whether you’re looking to put money aside for a rainy day fund, a retirement in the sun, or any life things in between, we think saving for major milestones should be painless. From 2.30% interest* (please note: our rate will be changing to 1.25%* effective May 26th, 2021) to easy online sign-up, no fees, and lots more good stuff, our TFSA is a faster and simpler way to bring you closer to your life goals.

The smart way to save for just about anything

Tax-free income

When it comes to TFSAs, anything you contribute (within your annual limit) and earn in interest is 100% yours—now, that’s smart.

Worry-free withdrawals

Your money’s here when you need it. Access as much as you want, whenever you like, without paying any taxes or penalties.

EQ Bank TFSA: Lots to love. More to gain.

Say hello to high interest

Saving money is great, but growing it’s even better—especially when you’ll earn 2.30% interest*(please note: our rate will be changing to 1.25%* effective May 26th, 2021), tax-free. No promos. No withdrawal fees. No hassles.

Life goals on auto

Pair your TFSA seamlessly with your Savings Plus Account or external bank account for easy one-time or recurring deposits. Sit back and watch your savings roll in.

Secured & insured

Keep those savings coming, we’ve got you covered. All deposits in EQ Bank products are eligible for Canada Deposit Insurance Corporation (CDIC) protection.

Open a TFSA in a matter of clicks

Not yet an EQ Bank customer? No problem. Start by opening a Savings Plus Account first (it’s really easy). From there, opening your TFSA is a breeze. Get started

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

Earn guaranteed interest with a TFSA GIC

Why not guarantee your interest, tax-free? Choose from our flexible GIC options to lock in your savings, grow your money at a guaranteed rate—and pay no taxes on the interest. All in a matter of clicks.

EQ Bank TFSA GIC terms & rates
Term Rate** Start Investing
6 Month GIC 1.80% Get rate
9 Month GIC 1.65% Get rate
1 Year GIC 1.50% Get rate
15 Month GIC 1.30% Get rate
2 Year GIC 1.30% Get rate
27 Month GIC 1.30% Get rate
3 Year GIC 1.40% Get rate
4 Year GIC 1.60% Get rate
5 Year GIC 1.80% Get rate
6 Year GIC 1.85% Get rate
7 Year GIC 1.95% Get rate
10 Year GIC 2.25% Get rate

We’ve got standard GICs, too—you can find them here.

Know your limits

All Canadians aged 18 and over can contribute up to $6,0001 annually, as a combined total of TFSAs held at all institutions.

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 $69,500, which means all of your unused contributions since 2009 carry over.

Watch those contributions! If you over-contribute, you’ll be penalized 1% on the excess every month, until you withdraw it.

If you want to replace money you’ve withdrawn, you’ll have to wait until the following year to regain the contribution room.

Visit our FAQ for more details about TFSAs.

Ready to reach your biggest goals, tax-free?

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Deposit Protection Des Dépôts

Equitable Bank is a member of CDIC. EQ Bank is a trademark of Equitable Bank.

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