Tax-Free Saver Account
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 Any interest earned won't be taxed when withdrawn.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 | Get a 2% bonus on top of the regular interest rate on new contributions until June 30, 2023.* |
| Interest earned | See current rates |
| Fees | No fees |
| Minimum balance | No minimum balance |
| Minimum monthly contribution | $0 ($25 recommended)2 |
| Cashable | Yes |
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.
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When it comes to replacing the funds that you have withdrawn this calendar year, you can only replace all (or a portion of) those funds in the same calendar year if you have remaining contribution room.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.
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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 $6,500 TFSA annual contribution limit is effective January 1, 2023. 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.
*The bonus offer is available on net new funds deposited into a new or existing Tax-Free Saver Account between January 9, 2023 and June 30, 2023. Interest will be calculated daily and paid out monthly. This offer is subject to change without notice and cannot be combined with other offers.
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.