TD savings accounts
Learn about TD savings accounts to save cash and earn interest, even in U.S. dollars.
TD Canada Trust has six savings account plans to help you save your money, so there should be an option to meet your needs.
Below is our guide of all the savings accounts TD offers, including the features and benefits of each. Find out how to apply for the savings account that is right for your banking needs.
Compare TD savings accounts
TD Every Day Savings Account
TD Canada Trust promotes the TD Every Day Savings Account for those who are just starting to save or those who want frequent access to their money. With this account, you’ll pay a $0 fee per $0 and you will receive unlimited, free transfers to your other TD deposit accounts. You will also earn interest on every dollar you have in this account.
TD High Interest Savings Account
If you have a more ambitious savings goal, you might be able to accomplish it with the TD High Interest Savings Account. You’ll earn a higher return on your dollars provided that you have more than $5,000 in your account. There are a number of transaction fees associated with this account, but those fees can be waived if you have a minimum monthly balance of $25,000.
TD ePremium Savings Account
The TD ePremium Savings Account may be a good choice for those who enjoy earning a higher interest rate and prefer to do most of their banking online. This plan comes with a $0 fee and offers higher interest rates on balances of $10,000 or more. You also get free online transfers to other TD Canada Trust deposit accounts.
TD Youth Account
If you or your child have been saving up the money earned over those summers working as a camp counsellor, the TD Youth Account is a solid choice to help grow your money. Interest is earned on every dollar.
TD Borderless Plan
If you’re a Canadian who frequently travels down to the US and requires quick access to your American funds, you might want to consider the TD Borderless Plan. Unfortunately, this plan does not afford you the chance to earn an interest rate on the balance in your account. However, it does offer you easy access to your American dollars. The plan comes with a monthly fee of US$4.95, but TD will waive that fee if you have a minimum balance of US$3,000 or more. You’ll also receive an annual $39 U.S. fee rebated on a TD U.S. Dollar Visa Card.
Available TD savings account options
TD offers a number of options with its savings accounts in an effort to provide a savings plan for everyone’s needs. Here are the options that are available with TD savings accounts.
- Interest. TD’s savings accounts offer you the chance to increase your money by earning interest. Depending on the plan you sign up for, and provided you meet the conditions to earn interest, each account offers different interest rates.
- Minimum monthly balance. For a few savings accounts, particularly those that offer a higher interest rate, you will need to have a minimum monthly balance in order to begin earning interest. The minimum amount varies with each savings account plan.
- Transactions per month. Some plans offer unlimited transactions per month while others only offer a fixed number.
- No monthly fee. TD’s savings accounts do not come with monthly account fees, except for the TD Borderless Plan which comes with a monthly fee of US$4.95. The bank will waive this fee if you have US$3,000 or more in your account.
- Free transfers. Signing up for a TD savings account will enable you to transfer money free of charge between your other TD accounts.
The benefits of banking with TD
Like most big banks, you can expect a high level of customer service with TD Canada Trust as well as the following benefits:
- Pre-authorized transfer service. Automatically transfer funds to your savings account on a schedule that works best for you (daily, weekly or monthly).
- TD mobile app. If you’re constantly on the go, you can do your banking and trading from the secure TD mobile app.
- TD MySpend. When used in conjunction with the TD app, TD MySpend keeps track of your monthly spending and helps improve your spending habits.
- TD mobile deposit. Take a picture of your cheque and deposit it into your savings account using the TD mobile app.
- Online statements. Have your monthly or yearly savings account statements either emailed to you or made available to view online on the TD EasyWeb portal.
How to open a TD savings account
Before you get started on your application, you should make sure that you meet the eligibility requirements for the specific savings account that you are interested in. Furthermore, make sure you have the necessary documents on hand so that you can correctly fill out the application form. Eligibility requirements might vary between savings account plans but generally include the following:
- Age. You should be the age of majority in your province or territory of residence.
- Student proof. If you’re trying to open a TD Youth Savings Account, you’ll need to provide proof that you are a student. You will need to do this in-person at a TD branch.
Information you will need for your application
After checking that you are eligible for the savings account you want, you will need to provide your address and contact information as well as an accepted form of identification, such as your driver’s licence number or passport, in order to verify your identity.
Frequently asked questions about TD savings accounts
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