Canadian High Interest Savings Bank Accounts

It really depends how low of a rate you can get and weather or not RRSPs are for you. Remember – RRSPs are for tax deferral vehicle – they are not a "tax free" vehicle so make sure that putting money into your RRSPs is going to be the best case scenario for you to begin with. If your annual income is under $40,000, it may be a better idea to "save for retirement" through a TFSA.

It also depends on what type of investments you plan to put in the vehicle (stocks, bonds, mutual funds, GICs etc.). Your banker may provide you with a reasonable loan – financial advisors can usually get better rates through 3rd party organizations (i.e.: B2B Trust). I know my answer is very ambiguous – there are a lot of variables and it's best to sit down to either do some research (which I see you're doing) or work with professional on this. I hope this helps a bit – good luck.

AH, comparing TFSAs and RRSPs are comparing apples to oranges. TFSAs can be used to save for retirement as well – it really depends on which tax bracket you are in, how much assets you already have, and how much longer you have until retirement. kilarney made a very good point – you never know what tax rates will be like when you retire – so it may be wise to use some of your TFSA room for retirement as well. RRSP/RRIF withdrawals/payments can also affect other factors such as OAS/GIS – talk to a qualified professional to plan for these things. You're doing the right thing by doing some research.