Enjoy a high interest rate and flexibility
If you want anytime access to the money in your tax-free savings account (TFSA), choose an account that pays a high interest rate with the flexibility to deposit and withdraw whenever you want with no fees.
Our TFSA gives you:
- A high interest rate on every dollar you invest
- No taxes on interest earned or withdrawals2
- No minimum investment
Is our Tax-Free Advantage Account right for you?
Yes, if you:
- Are at least 18 years old
- Want to invest within a TFSA
- Don’t want your money locked-in
Benefits of a TFSA
Rates
Our Tax-Free Advantage Account offers a high interest rate on all your money:
Fees
With our Tax-Free Advantage Account, there are no fees to open an account, make deposits or withdraw funds. Other services and fees include:
| Services | Fees |
|---|---|
| Transferring money from your account at another financial institution | no charge |
| Mail in a cheque | no charge |
| Services | Fees |
|---|---|
| Transferring money to your account at another financial institution | no charge |
| Registered fund transfer | no charge |
Additional services such as an Official Cheque (in lieu of a certified cheque) are also available. Please review our Services and Fee Guide for a complete list of all services and associated fees.
All fees are presented on a per item basis, unless otherwise stated.
*3.00% promotional interest is for new deposits to Tax-Free Advantage Accounts and Registered Advantage Accounts. The promotional interest rate is made up of the regular posted variable annual interest rate of 1.20% and the variable annual promotional rate of 1.80%. Interest is calculated daily and paid monthly from December 1, 2019 to April 30, 2020 on net new deposits to the account received from December 1, 2019 to March 13, 2020 to a maximum of $100,000. Any change to the regular interest rate will result in a corresponding change to the promotional interest rate. The offer and rates are as at December 1, 2019 and subject to change without notice. Visit manulifebank.ca for full terms and conditions and for our current rates.
1 The variable annual interest rate is applied to all funds in the account. Interest is calculated daily on the total closing balance and paid monthly. Rate is subject to change.
2 Individual tax situations and tax deductibility will vary. Tax laws are subject to change and therefore, tax treatment of Manulife Bank products cannot be guaranteed. Clients should consult their own tax and legal advisors with respect to their particular circumstance.
Manulife Bank is a member of the Canada Deposit Insurance Corporation (CDIC), which means your deposits are eligible for CDIC deposit insurance protection. Visit cdic.ca for information on eligible deposits.
Resources
FAQ
There are three ways you can deposit money into your Tax-Free Advantage Account. You can link an account from another bank and transfer funds, you can mail us a cheque, or you can ask your advisor to make your deposit for you. There are no fees for deposits.
There are two ways you can withdraw money from your Tax-Free Advantage Account. You can link an account from another bank and transfer funds or you can ask us to write you a cheque. There are no fees for withdrawals.
If you're already a Manulife Bank customer, you can open an TFSA online. Simply sign into online banking, then select open an TFSA in the left-side column. You'll be prompted to answer a couple questions, and your account will be set up right away.
If you don't have an account with us yet, you'll need to speak to your advisor. You can find an advisor here or send us an email with your request and your postal code and we'll help you find an advisor in your area.
Consider also
Registered advantage account
Reduce investment ups and downs and keep your money accessible within your registered retirement savings plan (RRSP). The Registered Advantage Account has no minimum investment, and no fees for set-up, maintenance, deposits or withdrawals. Keep in mind that withdrawals from an RRSP are taxable so we may withhold an amount for taxes when you withdraw.
Retirement Income Advantage Account
Convert your retirement savings into a steady stream of income to help support you in retirement. Held within your registered retirement income fund (RRIF), the Retirement Income Advantage Account has no fees for set-up, maintenance or withdrawals.
Get a high interest rate with guaranteed investment certificates (GIC)
If you don’t need to access your money in the near future, consider a short-term deposit or long-term GIC. Choose a term between 30 days and 5 years – in general, the longer the term, the higher your interest rate.