EQ Bank TFSA Review

EQ Bank Personal Account

Reviewed by Jen, founder of MoneyMint · Updated September 25, 2026

EQ BankTFSA

EQ Bank TFSA (Tax-Free Savings Account)

Our take: A no-fee, fully digital TFSA that pays 1.50% tax-free on cash savings — a reasonable all-purpose registered account, though EQ Bank’s own non-registered Notice Savings Account currently pays more if you don’t need the tax shelter.

At a glance1.50% tax-free · $0 fees · $0 minimum balance
View EQ Bank TFSA

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A Tax-Free Savings Account shelters both your contributions and any growth from tax, whether you’re saving for a vacation, an emergency fund, or just building a cushion with no fixed purpose. EQ Bank’s TFSA keeps that idea simple: no fees, no minimum balance, a straightforward 1.50% rate on cash held in the account, and the option to add TFSA GICs if you want a locked-in rate on part of your balance. It’s entirely digital, opened and managed through EQ Bank’s app or website.

At a Glance

Monthly Fee

$0no fees, no minimum balance

Interest Rate

1.50%tax-free, on cash held in the TFSA

2026 Contribution Limit

$7,000set by the federal government, not EQ Bank

Lifetime Limit

$109,000cumulative room if you’ve never contributed since 2009

Withdrawals

Tax-free, current-datedno recurring/scheduled withdrawals supported

Availability

All provinces including QuebecEQ Bank’s RRSP is not available in Quebec

The 1.50% rate applies to cash sitting in the TFSA; EQ Bank also offers TFSA GICs if you want to lock in a rate on part of your balance for a fixed term. Contribution limits are set by the federal government ($7,000 for 2026, $109,000 lifetime if you’ve never contributed and have been eligible since 2009) and apply across every TFSA you hold at any institution — over-contributing triggers a 1% monthly penalty on the excess. Verified against eqbank.ca on September 17, 2026.

Pros & Cons

Pros

  • No fees and no minimum balance to open or maintain the account
  • All growth and withdrawals are completely tax-free
  • Unlike EQ Bank’s RRSP, the TFSA is available to Quebec residents
  • TFSA GICs are available if you want a locked-in rate on part of your balance
  • Fully digital account opening and management through EQ Bank’s app or website
  • Eligible for CDIC protection

Cons

  • 1.50% is lower than EQ Bank’s own Notice Savings Account (up to 2.75%) or Personal Account (up to 2.75%) for money that doesn’t need the tax shelter
  • Only current-dated withdrawals are supported — you can’t schedule a recurring automatic withdrawal
  • You’re responsible for tracking your own contribution room across every institution; over-contributing costs 1% per month on the excess
  • If you withdraw money, you don’t regain that contribution room until the following calendar year
  • Rates aren’t guaranteed and can change at any time

Who It’s For

Best For

  • Anyone who wants an all-purpose, tax-free savings account for goals ranging from an emergency fund to a vacation
  • Savers who have TFSA contribution room available and want a no-fee digital account to use it
  • Quebec residents, since EQ Bank’s TFSA (unlike its RRSP) is available there

Not For

  • Retirement-specific saving where an RRSP’s tax deduction would be more valuable, depending on your tax situation
  • Anyone who has already maxed out their TFSA contribution room elsewhere, since over-contributing triggers a monthly penalty
  • Savers who want the highest possible EQ Bank rate and don’t need the tax shelter, since the Notice Savings Account currently pays more
InstitutionEQ Bank
Monthly Fee$0
Interest Rate1.50% tax-free
2026 Contribution Limit$7,000

View EQ Bank TFSA

Rate and contribution limits confirmed on eqbank.ca on September 17, 2026. Contribution limits are set annually by the federal government; check the CRA for your personal contribution room.

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EQ Bank TFSA (Tax-Free Savings Account)

Rate confirmed September 25, 2026

View EQ Bank TFSACompare all accounts

J

Jen, founder of MoneyMint

Reviewed by Jen. We verify every rate, fee and offer term against the financial institution’s own published material before we publish it, and we re-check on a set schedule.

Rates and contribution limits in this review were confirmed on eqbank.ca on September 17, 2026. TFSA contribution limits are set annually by the Government of Canada and apply across all TFSAs you hold at every institution. EQ Bank’s interest rate is not guaranteed and can change. This is general information, not financial or tax advice — confirm your personal contribution room with the CRA and current rates on EQ Bank’s own page before you contribute.

Frequently Asked Questions

What interest rate does the EQ Bank TFSA pay?

As of September 25, 2026, cash held in an EQ Bank TFSA earns 1.50% tax-free interest. TFSA GICs are also available if you want a locked-in rate on part of your balance.

How much can I contribute to a TFSA in 2026?

The 2026 annual TFSA contribution limit is $7,000, set by the federal government. If you’ve never contributed and have been eligible since 2009, your cumulative lifetime limit is $109,000. This limit applies across every TFSA you hold at any institution, not per account.

What happens if I over-contribute to my TFSA?

The CRA charges a penalty of 1% per month on the excess amount until it’s withdrawn. If you withdraw contribution room, you don’t get it back until the following calendar year.

Is the EQ Bank TFSA available in Quebec?

Yes. Unlike EQ Bank’s RRSP, the TFSA and TFSA GICs are available to Quebec residents.

Are there any fees on the EQ Bank TFSA?

No. EQ Bank advertises no fees and no minimum balance on the TFSA.