Mackenzie Investments has launched a tax-free savings account that gives investors additional incentive to save.

The Mackenzie TFSA High Interest Cash Builder, launched on Wednesday, offers an interest rate higher than many bank accounts and short-term GICs, according to the company.

“Safety, growth and tax free are three things investors like to hear, and the TFSA is one of the most flexible savings vehicles available to Canadian investors,” said Wilmot George, specialist on tax and estate planning with Mackenzie Investments. “Financial advisors are in the best position to help Canadians determine how to make the best use of both the TFSA High Interest Cash Builder and their Tax-Free Savings Accounts.”

The Cash Builder will be available for purchase, only within a TFSA, beginning Jan. 2. It features no account fees and no minimum deposit requirements, and deposits will be eligible for insurance by Canada Deposit Insurance Corporation.

Investors can now apply for TFSAs at Mackenzie Investments through their financial advisors.