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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

10 thoughts on “Best TFSA Savings Accounts Rates in Canada (Jan 2023)”

  1. Gravatar for devante

    What do you think about the TD TFSA saving account? the interest is too low?

    • Gravatar for Enoch Omololu

      @Devante: I checked and TD’s current TFSA rates are 0.95%. Many of the offers in this post more than double that!

  2. Gravatar for Richard Lepp

    Banks make millions, yet they can’t pay better interest.

  3. Gravatar for Matt

    I was wondering let’s say if I put $10000 how its work every month it will be calculated and i will get $200 extra or every year I’ll get 200? Sorry never had a savings account before 🙂

    • Gravatar for Enoch Omololu

      @Matt: If you fund your savings account with $10,000 at a 2% savings interest rate, your annual interest earned will be approximately $200. It is actually slightly higher than that when the interest rate is calculated daily and paid out monthly, however, that ballpark figure is very close. The $200 interest you get assumes that you do not make any additional contributions during the year.

  4. Gravatar for Sally

    Hello Enoch Omololu,

    Thank you for this information.

    I admit I have been struggling to make a decision if I should go ahead with TFSA or not. Actually, “TAX-FREE” is no such thing!!! How interesting people would fall for it. We actually have already paid tax through our pay cheques and then contribute to TFSA. 🙂 HOWEVER, if we win money or get money from someone else, then yes it is indeed tax-free saving if we contribute to TFSA.

    I agree with Richard Lepp’s comment. Why do big banks not increase better saving interest rate? AND they haven’t increased even competitions are out there. What is the catch here?

    I need to do something with my money better than sitting in my chequing account. I think perhaps TFSA would be good especially that we can withdraw at anytime when needed. The question is… is it safe to contribute money to elsewhere other than big banks? What difference is it elsewhere and big banks? For some reasons, I think big banks is more secure than elsewhere. Please correct me.

    Thank you!

    • Gravatar for Enoch Omololu

      @Sally: If the financial institution (e.g. online bank) is insured by Canada Deposit Insurance Corporation (CDIC), then your deposits are protected by up to $100,000 per insured category similar to the big banks.

  5. Gravatar for DonnaB

    If you are in western Canada, Canadian Western Bank (CWB) is offering TFSA and RRSP GICs at 1.70% for 18 months until March 2022. CWB rates are usually highest amongst the banks and they do offer promotional rates at specific times in the year.

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