Best TFSA Savings Accounts for Canadians
Wealthsimple TFSA
Wealthsimple TFSA stands out as the best registered high-yield savings account in Canada for its tax-free growth potential, high interest on idle cash, and seamless integration with automated investing—all with no monthly fees or minimum balance requirements. It’s ideal for Canadians who want their savings to grow faster while remaining accessible and fully protected within a TFSA structure.
Rating: ★★★★★ (4.8/5)
Monthly Fee: $0
Interest Rate:
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Base rate: ~4.00–4.50% on cash (varies slightly by market conditions)
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Tax-free status: All interest earned is completely tax-free
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No minimum balance required: Start with as little as $1
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Automated features: Auto-deposit and smart rebalancing available
Best For: Canadians looking for a hands-off, tax-free way to grow short- and long-term savings with better-than-bank interest rates
Best TFSA Savings Accounts for Canadians
Best for: All Traders
Min . Deposit
$250
Questrade Registered Retirement Savings Plan (RRSP)
Monthly Fee
$0
Bonus Offer
Interest rate
0%
$150 CAD
Questrade RRSP stands out as one of the best self-directed retirement accounts in Canada thanks to its low trading fees, commission-free ETF purchases, and flexible investment options. It's ideal for investors who want full control of their RRSP portfolio while minimizing costs and maximizing long-term tax-deferred growth.
Our Rating: ★★★★☆ (4.7/5)
Monthly Fee: $0
Investment Features:
ETF trades: Buy any ETF commission-free; stocks from $4.95–$9.95
Tax-deferred growth: Keep capital gains and dividends sheltered until withdrawal
Broad investment options: Access to stocks, ETFs, mutual funds, FX, and more
Low minimum: Start trading with just $250
Registered support: RRSP, TFSA, FHSA, LIRA, and more available
Best for: Simple, trusted big bank
Min . Deposit
$0
Wealthsimple Registered Retirement Savings PlanAccount (RRSP)
Monthly Fee
$0
Bonus Offer
Interest rate
0%
N/A
Wealthsimple RRSP stands out as one of the top automated retirement investing solutions in Canada due to its zero-fee structure, effortless investing, and interest-earning features. It’s perfect for Canadians who prefer a hands-off, fully managed approach to long-term retirement savings—without sacrificing performance or flexibility
Our Rating: ★★★★★ (4.8/5)
Monthly Fee: $0
Investment Features:
Automated portfolios: Fully managed with rebalancing and auto-deposits
Interest on cash: Earn up to 2.75% on uninvested balances (with premium plan)
Tax-deferred growth: All earnings grow sheltered until RRSP withdrawal
No minimum to start: Get started with as little as $1
Clean digital interface: Easy to use on desktop and mobilefunds into managed investments if desired