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.
What makes TD stand out is the convenience of keeping everything in one place with a bank you already know and trust. While trading fees ($9.99 per trade for most stocks and ETFs) and interest rates on savings accounts are higher and lower respectively than some competitors, the strength of TD’s reputation, wide assortment of investment choices, and nationwide branch access make its TFSA a strong option for Canadians who value both security and choice.
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TD TFSA features
Here are all the TD products that are available under a TFSA.
Verified on August 29, 2025
Why You Want It
Choose from several investment options + Trusted bank with expert help.
Eligibility
- Age of majority
- Canadian citizen
Provinces
ALL
GIC Rates
Cashable
1 Year
2%
Non-Cashable
1 Year
2.5%
2 Years
2.5%
3 Years
2.6%
4 Years
2.7%
5 Years
3.15%
Features
Self-directed TFSA Platform
TD Direct Investing
Self-directed Base Fee
$9.99
TFSA GICs List
- Cashable
- Non-redeemable
- Market-linked
Self-directed Available?
TFSA GICs Available?
TFSA Mutual Funds?
TFSA Portfolios?
See Issuer for Details
TFSA Savings Account?
Min TFSA Savings Account Interest Rate
0.4%
Max TFSA Savings Account Interest Rate
0.4%
Promotion
N/A
Promotion End Date
N/A
Average Mutual Fund MER
See Issuer for Details
Investment Portfolios Fees
N/A
TD TFSA product rating: 4.6 stars
As a big bank, TD offers plenty of options for you if you want to start investing in a TFSA – and that's the major selling point. You can go the DIY route through TD Direct Investing, or keep things low key by buying a GIC or mutual fund. And if you prefer having next to 0 risk, you can also opt for a registered savings account.
But, like most big banks, you could find better rates and fees elsewhere. The major pro of TD TFSAs is you can invest in several different ways, but keep it all at one institution.
Learn more about our rating methodology.
The pros of a TD TFSA
Here's what there is to love about opening a TD TFSA.
Pros
Backed by a name you know
As a big bank, TD has the force of their entire reputation behind them. If you don't already bank with TD, you've at least seen their branches around. And if you do bank with TD, you may already be familiar with your local branch and the staff there – making it easier to take the next step of investing with them.
Several investment options
Another benefit of sticking with a big bank is they offer a wide assortment of investment options. Instead of having to open several different TFSAs at different institutions, it's possible to diversify the types of investments in your portfolio while sticking with the same bank.
DIY investment option for seasoned investors
If you prefer to make all the trades yourself, you can open a TFSA with TD Direct Investing. The fees are a fairly high $9.99 per trade for most things (namely stocks and ETFs), but at least it's easy to keep track of.
Mutual funds available for hands-off investors
If you'd rather let someone else look over your investments, you could open a TD TFSA mutual fund. These are ways for investors to pool their money together in an account that's overseen by a portfolio manager.
Keep your TFSA money liquid in a savings account
If you'd like to keep as little barrier between you and your money as possible, keeping it in a savings account is one of the best ways to do that – as long as you don't care too much about high returns.
Get guaranteed returns with GICs
TD also has TFSA GICs available, which is a way to set a lump sum of money aside to earn a guaranteed return.
The cons of a TD TFSA
And here are a few things to keep in mind before choosing to invest with a TD TFSA.
Cons
High base fee of $9.99 per trade for DIY investments
Investing with TD Direct Investing can be expensive. The base fee is $9.99, which you'll have to pay every time you need to make a trade. There are several discount online brokers that have fees much lower than that (like Questrade, which has a minimum of $4.95 to buy stocks and $0 to buy ETFs).
Low interest rate on TFSA savings accounts
The interest rate on TD's tax free savings accounts is currently 0.4%. This is significantly lower than what you can earn elsewhere, especially with online banks.
Currently no promotion for signing up
TD is currently not running a promotion which would incentivize you to sign up for their TFSA accounts.
TD TFSA alternatives
Here's how TD compares to other TFSA options on the market.
 |  |  |  | |
|---|---|---|---|---|
| Account | TD TFSA | Scotiabank TFSA | Questrade TFSA | BMO TFSA |
| Genius Rating | ||||
| Why You Want It | Choose from several investment options + Trusted bank with expert help. | 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. |
| GIC Rates | Cashable
Non-Cashable
| Cashable
Non-Cashable
Savings
| See Issuer for Details | Cashable
Non-Cashable
|
| Self-directed TFSA Platform | TD Direct Investing | Scotia iTrade | Questrade | BMO InvestorLine |
| Self-directed Base Fee | $9.99 | N/A | N/A | N/A |
| TFSA GICs List |
|
| N/A |
|
| Self-directed Available? | | | | |
| TFSA GICs Available? | | | | |
Show More | ||||
| Open an account See more TD products Compare | Open an account See more Scotiabank products Compare | Open an account See more Questrade products Compare | Learn More See more BMO products Compare |
FAQ
How much interest does a TFSA earn from TD?
The TD tax free savings account currently earns 0.4% interest on the amount you save. This is easily eclipsed by other accounts, like the EQ Bank TFSA Savings Account (which currently earns 1.5% interest).
How does a TD TFSA work?
If you want to open a TD TFSA, you actually have several options. You can either invest in a savings account, buy a GIC, contribute to a mutual fund, or place trades in a registered trading account. These all work just like the non-registered options, except you'll have to make sure you're mindful of your TFSA contribution limits (and you won't accrue tax on your contributions or capital gains).
Does TD have good TFSAs?
TD has a lot of options for opening a TFSA, which is their major strength. You can diversify your portfolio by having several different types of investments, while keeping everything at one institution. Unfortunately, the rates and fees on their products are not the best, so you're paying a bit for the convenience. Learn more here.
Can you lose money in a TD TFSA?
You can't lose money in TD's registered tax free savings accounts, or their TFSA GICs. These investment types are insured by the CDIC or guarantee, respectively.You can, however, lose money in a TD TFSA mutual fund or while trading on TD Direct Investing.
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.
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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