TFSA Savings Account Fast-track your savings goals with 1.75% tax-free interest*
Open a TFSA
What is a TFSA?
Investment options
Eligibility
TFSA vs. RSP
What is a TFSA?
A Tax-Free Savings Account (TFSA) is a registered account designed to help you save for your goals—long- or short-term, big or small—with high interest and zero tax on your investment growth or withdrawals.
Grow your savings, tax free.
Tax-free withdrawals.
No fees or minimum balance.
Your high-interest, no-fee investment options.
Earn 1.75%* on your cash savings
Every dollar in your TFSA Savings Account earns tax-free high interest.
TFSA GICs
Take your savings further. Explore the full range of rates and term options for GICs.
Is our TFSA right for you?
It’s right for you if:
- You’ve reached the age of majority in the province you reside.
- You need an all-purpose solution with the flexibility to save for many goals in one account.
- You expect to have annual contribution room that’s not based on your earned income.
- You want your savings to grow over time tax-free, with the ability to withdraw your money whenever you need it.
- You’re looking for an account that’s eligible for CDIC protection.
- You're looking for a completely digital banking experience.
It’s not right for you if:
- You don’t have available TFSA contribution room.
- You want to make tax-deductible contributions.
Open your TFSA online
Log in or become an EQ Bank customer in a few clicks.
Head to Products, scroll to TFSA and open an account.
Start earning 1.75% tax-free interest* on your savings.
How do TFSAs compare to RSPs?
| Account Details | TFSA | RSP |
|---|---|---|
If you're saving for... | Vacation, emergency fund, etc. | Retirement |
2025 tax year contribution deadline | December 31, 2025 | March 1, 2026 |
2025 tax year contribution limit | $7,0001 | Get limit info |
Are contributions tax-deductible? | No | Yes |
Are withdrawals taxed? | No | Yes |
| Open a TFSA | Explore RSP |
Visit our FAQ for more details about TFSAs.
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