Compare the top Tax-Free Savings Account rates from Canadian digital banks. Updated monthly.
Oaken Financial leads the TFSA savings table at 3.40% ongoing — no tricks, that's just the rate, with a $1,000 minimum. EQ Bank pays 1.50% with no minimum at all, and periodically runs limited-time promotional rates worth checking before you park a lump sum. Both are CDIC-insured — the rate is what varies here, not the deposit safety.
Centsable's editorial team, fact-checked and updated July 2026.
Our editors' top picks from the full list below, based on rate, fees, and real-world value.
Oaken's 3.40% is one of the highest flat TFSA rates in Canada -- no promo period required, no gimmicks. The $1,000 minimum is the only real catch.
EQ Bank's TFSA pays a 1.50% base rate, well behind Oaken -- the appeal here is the everyday-banking features (e-transfers, bill pay) bundled into the same no-fee account rather than the rate itself.
All providers we track, sorted by rate. Click any column header to re-sort.
| Provider | Rate | Promo Rate | Annual Fee | Min. Balance | CDIC | Apply |
|---|---|---|---|---|---|---|
| Oaken Financial | 3.40% | None -- rate is always competitive | $0 | $1,000 | Yes (Home Bank) | Open → |
| EQ Bank | 1.50% | EQ Bank periodically runs limited-time promotional rates -- confirm current offers before assuming this is the only rate available | $0 | None | Yes | Open → |
| Tangerine | 0.30% | 4.60% for 5 months on new deposits | $0 | $0 | CDIC insured | Open → |
Rates as of July 23, 2026. Promotional rates apply to eligible new deposits only.
Ranked by rate, fees, CDIC coverage, and overall value for Canadians.
Oaken Financial Oaken's 3.40% is one of the highest flat TFSA rates in Canada -- no promo period required, no gimmicks. The $1,000 minimum is the only real catch.
Open Account →
EQ Bank EQ Bank's TFSA pays a 1.50% base rate, well behind Oaken -- the appeal here is the everyday-banking features (e-transfers, bill pay) bundled into the same no-fee account rather than the rate itself.
Open Account →
Tangerine Rates as of July 23, 2026. Rates subject to change without notice. Promotional rates apply to new eligible deposits only. Centsable may earn a commission if you apply through our links — this does not affect our ratings.
Our full take on each pick — who it's for, what we like, and what to watch out for.
Oaken's 3.40% is one of the highest flat TFSA rates in Canada -- no promo period required, no gimmicks. The $1,000 minimum is the only real catch.
Best for: Consistent top rate, no promo games | Rate: 3.40% | Fee: $0 | CDIC: Yes (Home Bank)
EQ Bank's TFSA pays a 1.50% base rate, well behind Oaken -- the appeal here is the everyday-banking features (e-transfers, bill pay) bundled into the same no-fee account rather than the rate itself.
Best for: All-in-one digital banking | Rate: 1.50% | Fee: $0 | CDIC: Yes
Best for: | Rate: 0.30% | Fee: | CDIC: CDIC insured
Everything you need to know, answered clearly.
A Tax-Free Savings Account (TFSA) lets Canadians grow money tax-free — interest, dividends, and capital gains inside a TFSA are never taxed, even when withdrawn. Any Canadian resident aged 18+ with a valid SIN can open one. You can hold cash, GICs, stocks, ETFs, and mutual funds inside a TFSA.
The 2026 TFSA contribution limit is $7,000. If you've never contributed and were 18+ in 2009 (when TFSAs launched), your lifetime cumulative room is $95,000 as of 2026. You can check your exact available room on the CRA My Account portal.
As of June 2026, Oaken Financial offers 3.40% with no promo period — the highest flat ongoing rate. EQ Bank offers 3.00% (5.00% promo for 3 months), and Tangerine offers 5.50% for 5 months on new deposits. Best choice depends on whether you want a promotional boost or a consistently high rate.
No. Interest, dividends, and capital gains earned inside a TFSA are completely tax-free — even when you withdraw. This is what makes TFSAs more powerful than a regular savings account for most Canadians.
Yes, if you hold your TFSA at a CDIC member institution (which includes most major Canadian banks and many digital banks like EQ Bank and Tangerine). CDIC covers eligible deposits up to $100,000 per category. Credit union TFSAs are covered by provincial deposit insurance instead.
Yes. You can hold TFSAs at multiple institutions simultaneously. However, your total contributions across ALL TFSAs cannot exceed your available contribution room. Over-contributing triggers a 1% per month penalty tax.
If your total TFSA contributions exceed your available room, CRA charges a 1% penalty tax per month on the excess amount until it's withdrawn. Always verify your available room at CRA My Account before making a large deposit.
Our editorial team researches and updates this page on a monthly basis. We evaluate products on five criteria: interest rate (weighted most heavily), fees and minimums, CDIC deposit insurance, ease of use, and additional account features. We do not accept payment to rank products — our recommendations are editorially independent. We may earn a commission if you apply through our links; this does not influence our ratings or which products appear on this page.
Data sources: We pull rates directly from each institution's website and verify them on the date shown. Promotional rates are noted separately and sourced from the institution's published offers at time of writing.
Read our full ratings methodology or browse our related guides.