A Scotiabank TFSA is an easy way to take advantage of tax-free savings while investing with a trustworthy big bank. You’ll get a variety of options, including GICs (4 different types, in fact), mutual funds, portfolios, and cash savings accounts. You can also invest in stocks and bonds in your self-directed TFSA through Scotia iTrade.
- Lots of investing options
- 4 different types of GICs
- Lackluster return on TFSA savings account
- No special features and not much detail on the website
- Age of majority
- Canadian citizen
- Cashable
- Non-cashable
- Market linked
- Personal redeemable
A BMO TFSA can hold a variety of investment products, including GICs, stocks, ETFs, mutual funds, and cash savings accounts. So whether you prefer a hands-off or a DIY approach to investing, BMO may have an option for you though their various TFSA products.
- Backed by a good reputation
- Get guaranteed returns with BMO GICs
- Keep your money accessible with a savings account
- BMO InvestorLine for the DIY investors
- Leave investing to the experts with mutual funds and portfolios
- Low interest rate on the savings account
- Make sure you know the applicable fees of certain investment products
- Nothing special to set BMO apart from the big bank pack
- Age of majority
- Canadian citizen
- Redeemable
- Non-redeemable
- Income Builder
- Market-linked
RBC offers an impressive spread of TFSA investment options, appealing to hands-on and laid-back investors alike. If you prefer trading your money yourself, you can open a RBC Direct Investing TFSA. But if you prefer investing to be a bit more lowkey, you can choose to invest in TFSA GICs, mutual funds, portfolios, or even a registered savings account.
- A big name you know and trust
- Get guaranteed return with a wide variety of TFSA GICs
- Take control of your investments with RBC Direct Investing
- Invest in a professionally managed portfolio with RBC InvestEase
- Open a TFSA mutual fund
- High base rates for RBC Direct Investing
- Low rates on GICs and the savings account
- No current promotion for opening a RBC TFSA
- Nothing much to separate it from the crowd
- Age of majority
- Canadian citizen
- Have a Social Insurance Number (SIN)
- Redeem RBC Rewards points towards contributions to your TFSA
- Cashable
- Non-cashable
- Building Block
- Market-linked
- U.S Dollar
A TD TFSA gives you the flexibility to grow your savings tax-free while choosing from a wide range of investment options all under one roof. You can go the DIY route with TD Direct Investing and manage your own trades, or take a more hands-off approach with mutual funds, GICs, or even a simple savings account. That flexibility makes it easy to tailor your TFSA to your comfort level—whether you want guaranteed returns, a managed portfolio, or full control over your investments.
- Backed by a name you know
- Several investment options
- DIY investment option for seasoned investors
- Mutual funds available for hands-off investors
- Keep your TFSA money liquid in a savings account
- Get guaranteed returns with GICs
- High base fee of $9.99 per trade for DIY investments
- Low interest rate on TFSA savings accounts
- Currently no promotion for signing up
- Age of majority
- Canadian citizen
- Cashable
- Non-redeemable
- Market-linked
Questrade is a discount online brokerage tool that not only offers Canadian traders the ability to embark on DIY investing journeys, but also offers a more laid-back robo advisor option through Questwealth. Whichever option you choose, you can opt to open a Tax-Free Savings Account (TFSA), which lets you grow your money without worrying about taxes.
- Your money grows tax free
- ETFs and stocks are low cost
- Get guaranteed and tax-free return with a TFSA GIC
- Mutual funds available
- Let the pros do the work with Questwealth portfolios
- Get $50 off commission fees OR $10,000 managed free for a year
- No savings account available
- GICs and bonds have high minimum investments of $5,000
- Mutual funds are $9.95 a trade
- Canadian citizen
- Low cost investing
- ETFs are free to buy










