Canadian Tire Bank Review

Canadian Tire Bank Review and FAQs

The provision of online and digital banking services has always been the responsibility of Canada’s top financial institutions. Canadian Tire Bank (CTB) is one of many trusted and credible financial service providers in Canada, with a network of financial products including credit card issuance, TFSA account, HISA account, and investment accounts (GIC).

Canadian Tire Bank’s services span across different financial products and quality banking that can be accessed online from any remote location.

Disclaimer: Rates and product offerings are always changing so this article might not reflect the current market situation. Please contact your financial advisor before making any financial decisions.

About Canadian Tire Bank

Canadian Tire Bank (CTB) was established as a subsidiary and financial services arm of the Canadian Tire Corporation Limited, one of Canada’s most recognized retail chains. Canadian Tire Bank, a Schedule 1 domestic deposit-taking and federally regulated bank in Canada, was founded in 2003 to take over the financial services that are previously provided by its predecessor, the Canadian Tire Financial Services (CTFS).

The Canadian Tire Bank has provided several financial products and services to Canadians since its establishment, including MasterCard credit card services, tax-free savings account, high-interest savings account, GIC investment accounts, and coverage services.

In 2014, Scotiabank acquired a 20 percent stake in Canadian Tire Bank and provided credit facilities worth $2.25 billion, which currently expires in October 2022.

Company NameCanadian Tire Bank
IndustryBanking and Financial Services
Parent CompanyCanadian Tire Corporation Ltd (80%) and Scotiabank (20%)
HeadquartersOakville, Ontario
Founded2003
Available to Québec residentsNo
Websitehttps://www.myctfs.com/ ; https://www.ctfs.com/
RegulationsCDIC
OperationsOnline and Telephone Banking

Canadian Tire Bank Products and Services

Canadian Tire Bank is an arm of one of Canada’s most trusted and market-leading brands, serving Canadian customers from coast to coast. The following are some of the financial services and products offered by Canadian Tire Bank (CTB):

Canadian Tire Bank Deposit and Investment Accounts

Customers of the Canadian Tire Bank can save and earn interest rates through its savings and investment accounts.

Canadian Tire Bank Savings Account (HISA)

Known as the money magnet, the Canadian Tire Bank offers a High-Interest Savings Account (HISA) that comes with zero minimum balance. Like other HISA, this account offers a high annual interest rate of 1.80%.

Other features of the Canadian Tire High-Interest Savings Account include:

  • No monthly fees.
  • No lock-in period
  • No minimum deposit or balance is required.
  • Easy funds transfer online or by phone.
  • 24/7 online banking.
  • A high annual interest rate of 1.80% is calculated daily and paid monthly.
  • Available to Canadian residents (except Québec) of at least 12 years of age with valid Social Insurance Number (SIN).
  • CDIC insurance coverage of $100,000 eligible deposits.

Canadian Tire Bank Guaranteed Investment Certificates (GICs)

The Canadian Tire Guaranteed Investment Certificates (GICs) comes with risk-free guaranteed high-interest savings. The Canadian Tire Bank’s GIC comes in one year, two years, three years, four years, and five-year terms, with competitive rates.

Features of the Canadian Tire Bank Guaranteed Investment Certificates include:

  • A guaranteed interest rate for the entire term.
  • Terms from one year to five years.
  • The minimum investment is $1000.
  • High annual interest rate.
  • 24/7 online and telephone banking.
  • Annual interest rate range of 0.50% and 1.79% depending on your GIC term.
  • Available to Canadian residents (except Québec) of at least 12 years of age with a valid Social Insurance Number (SIN).

Canadian Tire Bank Tax-Free Savings (TFSA)

The Canadian Tire tax-free savings account lets you earn and save your money tax-free to reach your goals faster. A tax-free savings financial product is an exceptional way to save for many financial goals, such as vacation, car purchase, home renovations, and more.

Canadian Tire TFSA comes in two distinct options:

  • Canadian Tire Tax-Free High-Interest Savings Account with an annual interest rate of 1.80%
  • Canadian Tire Tax-Free GIC of one to five-year terms.

Features of the TFSA account include:

  • A high annual interest rate.
  • Grow your money tax-free.
  • 24/7 online and telephone banking service.
  • Canadian Tire tax-free HISA comes with an annual contribution limit of $6000.
  • TFSAs are available to Canadian residents of 18 years of age or older, with valid Social Insurance Number (SIN).

Canadian Tire Credit Cards

The Canadian Tire chain of credit cards come in different formats and benefits, with each of them embedded with MasterCard features.

Canadian Tire’s Triangle MasterCard

With the famous Triangle MasterCard from Canadian Tire Bank, you can earn 15% back in Canadian Tire Money (CT Money) when you make the first purchase at any participating retailers and activate your new Triangle credit card as a new cardholder. For every dollar you spend at Canadian Tire, you’ll get 4% back in Canadian Tire Money.

Features of the Triangle MasterCard include:

  • Earn an 11% (or $50 Canadian Tire Money) bonus as a new cardmember.
  • Earn 1.5% in CT Money on grocery purchases on the first $12,000 per year (excluding Costco and Walmart)
  • Get 4% in CT Money on eligible purchases at Canadian Tire, Sport Chek, Atmosphere, Party City, Sports Rousseau, and other participating retail stores.
  • Collect 5₵ per litre in CT Money at Gas+ and participating Husky stations on every gas purchase.
  • No interest financing on qualifying purchases of $150 or more at participating stores.
  • 24/7 customer service.
  • Redeem your CT Money at Canadian Tire, Sport Chek, Mark’s/L’Equipeur, and other affiliate stores.
  • An annual interest rate of 19.99% on purchases.
  • An annual interest rate of 21.99% on balance transfer.

Canadian Tire’s Triangle World MasterCard

The Triangle world MasterCard comes with no annual fee and is currently available by invite-only. This credit card comes with a 4% bonus in Canadian Tire Money when you make purchases at Canadian Tire and participating retail stores.

Other features of the CTB Triangle world MasterCard include:

  • No interest financing on qualifying purchases of $150 or more at participating stores.
  • An annual interest rate of 19.99% on purchases.
  • An annual interest rate of 21.99% on balance transfer.
  • Collect 7₵ per litre in CT Money on premium fuel and 5₵ per litre on all other fuel types at participating gas stations.
  • Earn 4% in CT Money on qualifying purchases at Canadian tire and other participating stores.
  • Redeem your CT Money at Canadian Tire and participating retail stores.

Canadian Tire’s Triangle World Elite MasterCard

The Triangle world elite MasterCard earns you the highest interest Canadian Tire Money, and it comes with no annual fee.

Features of this credit card include:

  • Personal 24/7 concierge services.
  • An annual interest rate of 19.99% on purchases.
  • An annual interest rate of 21.99% on balance transfer.
  • Earn 4% in CT Money on qualifying purchases at Canadian Tire and other participating retail outlets.
  • Earn 3% in CT Money on shopping at grocery stores on the first $12000 per year (excluding Costco and Walmart).
  • Earn 7₵ per litre in CT Money on premium fuel and 5₵ per litre on all other fuel types at participating stations.
  • Redeem your CT Money at Canadian Tire and other participating stores.

CTB Gas Advantage MasterCard

With the gas Advantage MasterCard, when you make purchases at Canadian Tire Gas Bar locations, your price per litre gets reduced automatically. You can save from 2₵ to 10₵ per litre on everyday purchases.

Features of the Gas Advantage MasterCard include

  • Earn 2X gas discount with Canadian Tire and Mark’s store purchases. For instance, in any billing period, if your purchases totalled $500, it will be assumed that you spent $1000.
  • No fee and no interest financing on $150 or more.
  • Tap and Go checkout technology.
  • No annual fees.
  • An annual interest rate of 19.99% on Purchases.
  • An annual interest rate of 21.99% on Balance Transfer.
  • Save up to 10₵ per litre on gas instantly at Canadian Tire Gas Bars.

CTB Cash Advantage MasterCard

With the cash Advantage MasterCard from Canadian Tire Bank, you can earn up to 3% Cash Back rewards at Canadian Tire stores unlimited every year.

Features of the Cash Advantage MasterCard include:

  • No annual fees are required to earn rewards.
  • Tap and Go technology.
  • An annual interest rate of 19.99% on purchases.
  • An annual interest rate of 21.99% on balance transfer.
  • No interest financing. 
  • Earn up to 1.5% cash back on eligible purchases and get 2x the cashback (up to 3%) on purchases at Canadian Tire stores, Canadian Tire Gas Bars, and Mark’s.
  • Earn limitless cashback rewards on eligible purchases.

Canadian Tire Bank Optional Products

The optional products offered by Canadian Tire Bank protect your credit cards and make simple the payment of your Canadian Tire bank-issued credit cards. These optional products are available with every Canadian Tire MasterCard. They include:

  • Total disability coverage
  • Involuntary unemployment coverage.
  • Life and dismemberment coverage.
  • Terminal illness coverage.

Canadian Tire Bank Interest Rates

ProductsAnnual Rates
High-Interest Savings
Canadian Tire Bank High-Interest Savings1.80%
Canadian Tire Bank GICs
1 Year Term0.50%
2 Years Term0.75%
3 Years Term 0.85%
4 Years Term0.95%
5 Years Term1.79%
Canadian Tire Bank Tax-Free Savings
Tax-Free HISA1.80%
1 Year Tax-Free GIC 0.50%
2 Years Tax-Free GIC 0.75%
3 Years Tax-Free GIC 0.85%
4 Years Tax-Free GIC 0.95%
5 Years Tax-Free GIC 1.79%

Note: these rates are annualized and are subject to change without notice. Check with the provider for current rates.

Canadian Tire Bank Safety Regulations

As a Canada Deposit Insurance Corporation (CDIC) member, all eligible deposits with the Canadian Tire Bank are insured up to $100,000. Besides, the bank has outlined several steps to protect its customers.

Canadian Tire Bank Banking Options

Canadian Tire Bank customers can operate their savings and investment accounts and credit cards using the online and telephone banking options. With the CTB’s online and telephone banking, you can:

  • Check your account balance.
  • View your account transactions.
  • Transfer funds in or out of your savings accounts.
  • Get details of other financial products
  • Access rates information.

Canadian Tire Bank Contact

For questions, feedbacks, and other Help areas, contact the Canadian Tire customer service team through:

Phone:       1-866-681-2837

Email:         Use the Contact Us on-screen form

Mail:          Canadian Tire Bank

                   P. O. Box 3000

                   Welland, Ontario

                   L3B 5S5

Canadian Tire Bank Editor’s Review

Canadian Tire Bank has several amazing products for its customers to earn rewards and interests and save their money. As a federally chartered bank, CTB is one of the reliable digital banking services in Canada. However, unlike other virtual banks with a mobile app and web access, Canadian Tire Bank customers are limited to telephone and online banking.

Canadian Tire Bank FAQs

How do I pay my Canadian Tire credit card bill?

You can pay your Canadian Tire credit card bill at a Canadian Tire store or many financial institutions across Canada.

What is the minimum credit score for Canadian Tire MasterCard?

There is no minimum credit score to apply for the Canadian Tire MasterCard. The credit card also comes with no minimum annual income.

As an existing CTB customer, do I have to fill out another application to open a Canadian Tire High-Interest Savings account?

No. If you’re already a Canadian Tire Bank customer, you can set up your Canadian Tire High-Interest Savings account immediately through online banking. However, Canadian Tire MasterCard holders will need to fill out a full application to open a HISA account.

How can I apply for a Canadian Tire Bank issued credit card?

You can apply for a Canadian Tire credit card online through the Canadian Tire Bank’s website or apply in any Canadian Tire store. Alternatively, you can walk into any Canadian Tire gas bars Customer Service and fill out an application for your credit card.

How can I open a CTB joint TFSA with my spouse?

The Canadian Government rules do not permit joint TFSA accounts. You can only open individual accounts.

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