All the interest without any of the taxes
Earn premium interest
Save your money in a high interest rate account that grows your savings tax-free. Any interest earned won't be taxed when withdrawn.
No minimum balance required
Invest annually, based on your contribution limit, and access your funds at any time.
No upper age limit
The Tax-Free Saver Account is open to anyone 18 years of age or older with a valid Canadian social insurance number (SIN).
Key product details
|Limited time offer||Earn 2% bonus interest on top of the regular rate on new deposits into an ATB Tax-Free Saver Account between January 15, 2020 and July 31, 20201|
|Interest earned||See current rates|
|Minimum balance||No minimum balance|
|Minimum monthly contribution||$0 ($25 recommended)2|
Frequently Asked Questions
A Tax-Free Saver Account is a way to accumulate money, over a period of time, and contribute to your government-registered Tax-Free Savings Account (TFSA). The interest you earn on your saved money is tax free.
A Tax-Free Savings Account (TFSA) is a government program designed to help individuals save money tax-free throughout their lifetime. Individuals (Canadian residents 18 years of age or older with a valid Social Insurance Number) are allowed to deposit a set amount3 each year to offset their taxes.
An ATB Tax-Free Saver Account acts as a cash account portion within a TFSA. It can help you save money on a regular basis. Then, if you wish, you can deposit those funds into investments like GICs to get the maximum benefit each tax year.
Unfortunately the Tax-Free Saver Account can only be held as an individual account. As the sole account holder, only you can make contributions, withdrawals and decide how to invest the funds.
You cannot make contributions on behalf of other individuals, but you can give others, such as your spouse or common-law partner, money to contribute towards their own Tax-Free Saver Account.
You can withdraw funds from your ATB Tax-Free Saver Account at any time.
When it comes to replacing the funds that you have withdrawn this calendar year, you can only replace all (or a portion of) those funds in the same calendar year if you have remaining contribution room. Otherwise you will have to wait until the next calendar year when the contribution room is re-calculated.
Find the right tax-free savings investment for you.
* The 2% interest rate bonus is only eligible on new deposits made into an ATB RRSP Builder Account, ATB RRSP Daily Interest Account or ATB Tax-Free Saver Account between January 15, 2020 - July 31, 2020.
New deposits that will receive the interest rate bonus are any eligible funds above the end-of-day balance on January 14, 2020 in the eligible account. (Sorry, funds deposited into an eligible account from an account closure, like redeeming an ATB GIC before it matures or closing an ATB deposit account, will not count as new deposits and will not be eligible for the 2% bonus.)
The bonus interest is calculated starting on January 15, 2020. For the ATB Tax-Free Saver Account and ATB RRSP Daily Interest Account, regular interest and bonus interest is calculated based on the daily closing balance and paid out at the end of each month starting January 2020. For the ATB RRSP Builder Account, regular interest and bonus interest is calculated based on the lowest daily balance, accrued monthly and paid out semi-annually on June 30 and December 31.
Funds not eligible for the bonus will still continue to receive the regular interest rate of that account.
Offers and rates are subject to change without notice. See current interest rates.
Tax implications may be associated with this offer. Please consult with your tax advisor about your situation.
We recommend that you set up regular pre-authorized transfers (PAT) to help build your savings. The minimum amount for a PAT is $25. Remember, a little goes a long way when it comes to savings.
The $6,000 TFSA annual contribution limit is effective January 1, 2019. Check out TFSA contribution limits to see what you qualify for. Keep in mind, How much you can contribute also depends on when you turned 18.
Taxes may be withheld on funds when you cash in, make withdrawals, or receive payments from your RRSP. Under specific circumstances (if you have the HBP or LLP) you can withdraw funds from your RRSP and without taxes being withheld.