Tangerine Tax-Free Savings Account

With a Tangerine Tax-Free Savings Account (TFSA), you can increase your savings by earning high interest tax-free! You earn money even faster in a TFSA compared to a regular savings account because you don't pay tax on the interest earned. Add this benefit to the already existing benefits of a Tangerine Savings Account - like no minimums, no service charges and no fees while you save with us - and you have a Savings Account that can't be beat.

As of January 1, 2016, all Canadian residents who are at least 18 years of age can contribute up to $5,500 annually†† (as a combined total for all TFSAs held at all institutions). Up to $10,000 of unused contributions can be carried over from 2015, up to $5,500 per year from 2013-2014, and up to $5,000 per year from 2009-2012.

Features at a glance:

  • Tax-free
  • Great rate
  • No fees or service charges while you're saving with us
  • No minimum balance required
  • Automatic Savings Program
Current interest rate:
Current per year interest rate since 07/24/2015

Special offer: Become a new Client and earn 2.40% interest on your first Tangerine Tax-Free Savings Account for 6 months and earn up to $50 in Bonuses‡‡. Learn more

Tax-free: The interest you earn in a Tangerine Tax-Free Savings Account will not be taxed. This means the power of compound interest works faster to grow your money.

Great rate: Our rates are among the best on the market.

No fees or service charges while you save with us: Because we know that every penny counts, we don't believe in unfair fees or service charges*.

No minimum balances: You earn the same great rate on every dollar in your Savings Account.

Automatic Savings Program: One of the best features of our Tangerine Tax-Free Savings Account is the Automatic Savings Program (ASP). You decide how much you want to save on a regular basis and the ASP moves the money from your other bank account into your Tangerine Account. It's the easiest way to make sure you maximize your tax-free savings every year and fully benefit from compound interest.

Safe and secure: Tangerine Bank is a member of the Canada Deposit Insurance Corporation (CDIC), which means deposits up to $100,000 are eligible for CDIC deposit insurance.

Easy access: We're always open so you can bank with us online at any time. Also, if you need to talk to someone, you can reach us by phone 24/7 at 1-800-464-3473.

Canadian residents 18 years of age or older can use a TFSA to save for a variety of short and long-term goals, while sheltering their investment earnings and withdrawals from tax.

You can open savings accounts, GIC's and Investment Funds tax-free.

Unlike an RSP, money you put into your Tax-Free Savings Account cannot be deducted from your income on your tax return.

As of January 1, 2016, all Canadian residents who are at least 18 years of age can contribute up to $5,500 annually†† (as a combined total for all TFSAs held at all institutions). Up to $10,000 of unused contributions can be carried over from 2015, up to $5,500 per year from 2013-2014, and up to $5,000 per year from 2009-2012.

If you take money out of your Tax-Free Savings Account, you don't lose the contribution room. You just need to wait until the following year to re-contribute the withdrawn amount. Just like an RSP, when you file your tax return each year, the government will determine your remaining available Tax-Free Savings Account contribution limit for the coming year. Any unused contribution room gets carried over to the following year.

You can have more than one Tax-Free Savings Account and you can also have Tax-Free Savings Accounts with more than one financial institution. Just keep track of how much you've contributed so you don't exceed your limit.

Unlike an RSP, you don't have to pay any tax on money you take out of your Tax-Free Savings Account, and withdrawals don't affect your ability to qualify for federal benefits - so you're not penalized for saving.


Switch to Tangerine: A Tangerine Tax-Free Savings Account isn't just easy to use; it's easy to open and set up too.

Open the Account in minutes, and then choose your Account activation method. With a quick trip to your nearest Canada Post outlet or Tangerine Café, followed by a couple simple steps to link your chequing account at your other bank, you can have your Account all set up and ready to use. Or, if you prefer, you can send us your initial deposit cheque to activate your Account – which you can do from the comfort of your home, thanks to the Cheque-In® feature of our Mobile Banking app.

Ready to enroll?

Enrolling online is simple, fast and safe. Just click the Enroll now button to get started. Or, if you like, you can also enroll over the phone by calling us at 1-866-700-0314.

Savings Account, Chequing Account, and GIC rates are annualized and are current as of today's date and are subject to change without notice. Interest is calculated daily and paid monthly in the case of our Savings and Chequing Accounts; and is calculated daily and paid at maturity on a GIC.

*TFSAs have no fees while you’re saving with us. If at some point you decide to transfer your funds to another financial institution, a $45 fee will apply.

 The Tangerine New Client Interest Offer of 2.40% (the "Offer") is available to new Tangerine Clients who become a Client on or after May 28, 2016 and who open a Tangerine Savings Account (“Savings”), Tangerine Tax-Free Savings Account (“TFSA Savings”) or Tangerine RSP Savings Account (“RSP Savings”) (collectively "Applicable Accounts") within 90 days of becoming a Client. Eligible Clients will receive the Offer on all deposits made to Applicable Accounts for a duration of 182 days from the date the first Applicable Account is opened, up to a maximum of $500,000 per Account registration type. Offer will only be applicable to Accounts where the new Client is the Primary Account Holder. The Offer is current as of May 28, 2016 and is calculated by adding “Additional Interest” of 1.60% to the Bank’s current applicable posted rate ("Posted Rate") for the Applicable Account. The Posted Rate and Additional Interest are annualized rates, calculated daily and paid monthly. Interest at the Posted Rate will be paid at the end of each month. Additional Interest is payable and paid on all open Applicable Accounts at the start of the following month, and assumes the Applicable Account was not closed prior to the payment of Additional Interest. The Offer and interest rates are subject to change without notice. For full details, please visit tangerine.ca/specialrate/termsandconditions.

‡‡ To earn the first $25 Bonus, you must become a New Tangerine Client using the promoted Orange Key and successfully open your first Tangerine Savings Account, Tangerine RSP Savings Account or Tangerine Tax-Free Savings Account with a minimum deposit of $100 by November 1, 2016. Accounts are deemed successfully opened when you have satisfied the Account Terms and Conditions and the Account is without restrictions. Bonus deposits will be made to your first opened Tangerine Account within thirty days of Account opening. This offer cannot be combined with other New Client cash Bonus offers. To earn the second $25 Bonus, the ASP amount must total $100 or more per month, for 6 continuous months. The New Client must set up their ASP by the end of the next calendar month following their Savings Account opening date. The Account is considered open once it is free of any and all restrictions. $25 Bonus will be deposited into the same Account as the ASP, within 30 days from the 6th month that the ASP is in place. Only 1 Bonus per New Client.

Six months equals to 182 days from the date the first Applicable Account is opened.

†† Annual limit based on proposed legislation current as of January 4, 2016, subject to potential future change.

The 'Tangerine' trademarks are owned by The Bank of Nova Scotia and used under licence. Forward Banking is a registered trademark of Tangerine Bank.