TFSA accounts enable a customer to save on income taxes.
Canadian Tire Bank offers two TFSA accounts:
- Tax-Free High-Interest Savings Account:
- % rate is paid annually
- no monthly commissions
- no minimal balances
- online depositing and withdrawal option
- 24/7 online access
- telephone banking is also available
- Tire Tax-Free GIC Account:
- fixed interest rate
- % rate is paid annually
- from 1 to 5 years deposit period
- 1 000 CAD – minimal level of investments
- 24/7 online access
- telephone banking is also available
Tax-Free High-Interest Savings Account
The Tax-Free High-Interest Savings Account is ideal for those seeking liquidity and easy access to their funds. Key features include:
- Competitive annual interest rate paid annually
- No monthly fees or minimum balance requirements
- Online deposits and withdrawals available 24/7
- Telephone banking support
This account is suitable for individuals looking to grow their savings while maintaining the ability to access their funds as needed.
Tax-Free Guaranteed Investment Certificate (GIC)
The Tax-Free GIC offers a fixed interest rate for those willing to lock in their savings for a predetermined term. Features include:
- Fixed interest rate paid annually
- Term options ranging from 1 to 5 years
- Minimum investment of $1,000
- Online account access and telephone banking support
This option is ideal for savers who prefer a guaranteed return over a fixed period and are not in need of immediate access to their funds.
Eligibility and Application
To open a TFSA with Canadian Tire Bank, you must:
- Be a resident of Canada
- Be of the age of majority in your province or territory
- Have a valid Social Insurance Number (SIN)
Applications can be completed online through the Canadian Tire Bank website, and once approved, you can manage your account via online banking or telephone services.