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HomePersonal BankingWealth ManagementSmall BusinessCommercialCorporate & InstitutionalAbout BMO

Tax-Free Savings Account
(TFSA)

Learn More

Invest up to $5,500 a year without paying tax on the interest you earn.

Important TFSA features to note:

  • If you have any unused contribution room left from previous years, it is automatically carried forward. If 2014 is the first time you are contributing to a TFSA, you can add as much as $31,000 and grow your savings tax-free!
  • If you have previously withdrawn from your TFSA, you can re-contribute in the following calendar year.

Interest Rate

Up to $5,500.001 %
Over $5,500.001 %

1. Paid on the portion of the balance within each tier. Interest is calculated on the daily account closing balance, and paid monthly on the last business day of the month. Interest rates are calculated on a per annum basis. Interest rates and balance tiers are subject to change without notice. Interest rates are available online at bmo.com/rates, on display at all BMO Bank of Montreal branches where deposit accounts are kept and by calling 1-877-225-5266

Features

  • Invest up to a maximum of $5,500 - or more if you have any unused contribution room left from previous year.
  • Complete access to your money any time tax-free (excludes debit card access)
  • No fees for contributions to this account*
  • Eligible for CDIC deposit insurance up to applicable limits to protect your savings
  • Semi-annual or quarterly statements

Account Fees

  • You pay no fees on TFSA Savings Account transactions.*

Rates are calculated on a per annum basis. Rates shown are subject to change without notice.

* There is a $50 fee for transfers from this account to another financial institution.

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