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.
But Scotiabank doesn’t offer anything special for their TFSAs – no sign up bonus or alternative ways to invest. It’s all pretty straightforward, which can arguably be a good thing if you’re looking for some no-hassle investing. And the bank covers all the bases, making it an option for every type of investor.
Scotiabank TFSA features
If you want to invest with a Scotiabank TFSA, you have 4 major options at your disposal.
Why You Want It
Grow your money tax free + Get plenty of flexibility for your investments.
Eligibility
- Age of majority
- Canadian citizen
Provinces
ALL
GIC Rates
Cashable
1 Year
2%
Non-Cashable
1 Year
2.5%
18 Months
2.55%
2 Years
2.6%
3 Years
2.6%
4 Years
2.7%
5 Years
2.79999%
Savings
Any balance
0.24999%
Features
Self-directed TFSA Platform
Scotia iTrade
Self-directed Base Fee
N/A
TFSA GICs List
- Cashable
- Non-cashable
- Market linked
- Personal redeemable
Self-directed Available?
TFSA GICs Available?
TFSA Mutual Funds?
TFSA Portfolios?
TFSA Savings Account?
Min TFSA Savings Account Interest Rate
0.25%
Max TFSA Savings Account Interest Rate
0.25%
Promotion
N/A
Promotion End Date
N/A
Average Mutual Fund MER
See Issuer for Details
Investment Portfolios Fees
N/A
Scotiabank TFSA product rating: 5.0 stars
As a big bank, it’s no surprise that Scotiabank offers a boat load of options for investing in a TFSA. Having so much flexibility is the major reason this bank earned a 5.0 Genius Rating. You can choose from 4 different types of GICs, a self-directed account, a more laidback portfolio plan, or a straightforward savings account.
But Scotiabank TFSAs lost some points for a general lack of details available on the website, low interests on the savings account, and no special incentives to open an account.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of the Scotiabank TFSA
Most of the pros of a Scotiabank TFSA come from the sheer amount of options you have.
Pros
Lots of investing options
No matter what type of investor you are, Scotiabank has an option for you. If you prefer hands-on investing, you can open a TFSA account with their online brokerage, Scotia iTrade. But if you prefer to put some money in an account and see it grow hands-off, then you can open a portfolio, invest in a savings account, or buy a GIC. Scotiabank has all the bases covered.
4 different types of GICs
If you decide a Guaranteed Investment Certificate is right for your TFSA, you have 4 options from Scotiabank, including both of the main types: cashable and non-cashable. You can also get a market linked GIC, which is connected to the stock market and has higher potential return. Finally, Scotiabank also offers personal redeemable GICs.
The cons of the Scotiabank TFSA
But as a big bank, you can expect low return on GICs and savings accounts – and high fees on self-directed trading.
Cons
Lackluster return on TFSA savings account
Big banks aren’t known for high returns – they’re known for reliability. And that shows through with their pitiful 0.01% interest rate on their savings account. You can find better returns with online banks, though not all of them offer registered accounts.
Beware of Scotia iTrade fees
Scotia iTrade can be a powerful investment tool, but you’ll also be faced with a lot of different fees. Most trades will cost you $9.99 each, but that varies based on what you’re trading. And when you transfer your funds out, expect to pay $150 per transfer.
No special features and not much detail on the website
Besides what we covered here, Scotiabank doesn’t offer much information on their website. In fact, most of it was vague, hard to find, or not there at all. If you’re seriously considering investing in a Scotiabank TFSA, I suggest calling your local branch for personalized information.
Scotiabank TFSA alternatives
Here’s how the Scotiabank TFSA options compares to others on the market – as you can see, most big banks offer very similar options.
 |  |  |  | |
|---|---|---|---|---|
| Account | Scotiabank TFSA | Questrade TFSA | BMO TFSA | TD TFSA |
| Genius Rating | ||||
| Why You Want It | Grow your money tax free + Get plenty of flexibility for your investments. | Exclusive: Get $50 off commission fees + ETFs are always free to buy. | Grow your money tax free + Get backed by the trusted reputation of a big bank. | Choose from several investment options + Trusted bank with expert help. |
| GIC Rates | Cashable
Non-Cashable
Savings
| See Issuer for Details | Cashable
Non-Cashable
| Cashable
Non-Cashable
|
| Self-directed TFSA Platform | Scotia iTrade | Questrade | BMO InvestorLine | TD Direct Investing |
| Self-directed Base Fee | N/A | N/A | N/A | $9.99 |
| TFSA GICs List |
| N/A |
|
|
| Self-directed Available? | | | | |
| TFSA GICs Available? | | | | |
Show More | ||||
| Open an account See more Scotiabank products Compare | Open an account See more Questrade products Compare | Learn More See more BMO products Compare | Learn More See more TD products Compare |
FAQ
How can I invest in a Scotiabank TFSA?
If you want to invest in a Scotiabank TFSA, you have several options: 4 types of GICs, a savings account, opening an investment account with Scotia iTrade, and investing in a portfolio. Click here for more.
Are there any fees associated with a Scotiabank TFSA?
It depends what kind of accounts you’re opening. There are no fees associated with the savings account or GICs, but you’ll pay $9.99 on most trades on your self-directed Scotia iTrade account.
What’s the current Scotiabank TFSA interest rate?
The current Scotiabank TFSA savings account rate is 0.1%. This rate is subject to change at any time, so be sure to check the site for the most up-to-date information.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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