If you’re looking to grow your money with one of Canada’s biggest banks, you might be considering opening a TD savings account. Here’s what you need to know about your TD savings account options, including fees, features and alternatives to consider.
The TD Every Day Savings Account is for those who are just starting to save or want frequent access to their money. This account comes with a 0.01% interest rate, a $0 monthly fee and unlimited free transfers to your other TD deposit accounts. Other types of transactions cost $3.00 each, but you get 1 free transaction per month.
The TD Growth Savings Account offers tiered interest rates, so the more you save, the more you can earn. It has a $0 monthly fee and allows unlimited free transfers to other TD deposit accounts, with options for automated savings. You can even earn a boosted interest rate on balances of $5,000 or more if you have an eligible TD chequing account and use it to complete two out of three qualifying monthly transactions.
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 pays 0.45% interest on balances over $10,000. However, the interest rate for balances of $9,999.99 or less is 0%. The TD ePremium Savings Account comes with free TD to TD transfers (otherwise $5 each).
The TD Growth Savings Account stands out as the best TD savings account because it offers the highest interest rates. Its standard interest rates range from 0.40% to 0.65%, increasing as your balance grows, and customers can earn a boosted interest rate of 0.50% to 1.50% by holding an eligible TD chequing account and completing two of the following transactions each month:
Direct deposit from an employer, pension provider or the government
Online bill payment
Pre-authorized debit payment
With no monthly account fee and unlimited free transfers to your other TD deposit accounts, the TD Growth Savings Account is a flexible and cost-effective way to grow your savings.
Advantages of opening a TD savings account
No monthly fees. All TD savings accounts come with zero monthly fees.
Automated Savings program. Set up pre-authorized daily, weekly or monthly transfers to your account.
TD mobile cheque deposit. Take a picture of the front and back of your cheques to deposit via TD’s mobile app.
Online banking (EasyWeb) and the TD Canada mobile app. View account balances, transfer funds, deposit cheques, pay bills and more through EasyWeb or the TD Canada app.
TD Online and Mobile Security Guarantee. You’ll receive a full reimbursement from TD for losses due to unauthorized account activity as long as you’ve met your security responsibilities (such as using up-to-date browsers and security software).
TD Fraud Alerts. TD account holders who have provided a current phone number will get immediate notifications of any suspicious account transactions.
CDIC insured. In the unlikely event that TD Bank fails, your deposits will be covered. For deposits held in one name, the maximum coverage is $100,000 per bank per depositor.
Easy transfers between TD accounts. Unlimited free internal transfers make TD savings accounts convenient if you already bank with TD.
Disadvantages of opening a TD savings account
Transaction fees. Although transfers to your TD deposit accounts are free, you’ll likely have to pay up to $5 for all other transactions.
Interest may require a high balance. Some TD accounts only pay interest once you maintain a minimum balance. For example, the TD ePremium Savings Account only offers interest for balances above $10,000.
No promotional interest rates. Unlike other traditional and online banks, TD currently has no promotional interest rates for its savings accounts, so you may find higher rates elsewhere.
What other types of savings options does TD offer?
In addition to its three standard savings accounts, TD provides registered and goal-oriented savings options that can be linked to TD Direct Investing. These accounts are tax-efficient, allowing your investments to grow either tax-deferred or tax-free. Within them, you can hold stocks, ETFs, mutual funds, bonds and GICs.
These are the other savings options that TD offers:
Before you open an account with TD, make sure you meet the eligibility requirements, which generally include:
Age. You must be at least the age of majority in your province or territory (18 or 19 years old).
Residency. You have to provide proof that you’re a resident of Canada, which could include a utility bill, credit card statement or bank statement showing your name and address.
SIN. For tax reporting purposes, you’ll be asked to provide your Social Insurance Number.
If you’re open to alternatives, digital and online banks can be a strong contender. Online banks typically offer higher interest rates because they have lower overhead costs than traditional big banks like TD. Many also charge no monthly fees, no transaction fees and no minimum balance requirements, making them appealing for everyday and long-term savings.
The Tangerine Savings Account is a no-fee, online savings account with no minimum balance and a competitive interest rate of 4.50% for 5 months, then 0.30% thereafter. It also offers features like automatic transfers to help grow your savings effortlessly. Compared with the TD Every Day Savings Account, Tangerine provides higher interest rates, though it doesn't offer in-branch services.
The EQ Bank Notice Savings Account is a high-interest online savings account with no monthly fees, no minimum balance and no transaction charges. Earn 2.75% interest if you choose a 30-day withdrawal notice period or 2.35% interest if you choose a 10-day notice period. Unlike TD savings accounts, EQ Bank doesn't have physical branches and withdrawals require advance notice, so this account is best for savers who don't need frequent immediate access to their savings.
High interest rates
CDIC-insured deposits
No monthly fees, minimum balance or transaction fees
The Simplii High Interest Savings Account is an online savings account offering no monthly fees, no minimum balance and no transaction charges. Earn 4.50% for the first 5 months then 0.3%–0.7% thereafter, depending on your balance. With its competitive interest rates, this account is a strong alternative to big bank savings accounts like TD's, especially for rate-focused savers who prefer digital banks.
The Scotiabank MomentumPLUS Savings Account is a high-interest savings account with no monthly fees or minimum balance requirements and unlimited transfers between Scotiabank accounts. New customers can earn up to 4.75% for 3 months, 0.40% thereafter with rates increasing the longer you leave your money untouched through tiered premium periods. Although Scotiabank is another Big Five Bank, it offers higher promotional rates and rewards long-term saving.
No monthly fee or minimum balance
Promotional and premium interest options
Unlimited transfers to other Scotiabank accounts
Additional rate boosts with Ultimate or Preferred Package
TD offers a range of savings accounts, from the Every Day Savings Account for basic access to the Growth Savings Account and the ePremium Savings Account for higher interest on larger balances. While TD savings accounts are convenient and secure, their interest rates are generally lower than those of digital banks like Tangerine or Simplii Financial, which also offer no fees. So if you want to maximize your earnings, you may want to consider these alternatives alongside TD’s traditional options.
Frequently asked questions about TD savings accounts
The TD Every Day Savings Account offers an interest rate of 0.01%, regardless of your balance. The TD Growth Savings Account offers a standard rate of 0.40%–0.65% and a boosted rate of 0.50%–1.50%, depending on your balance. The TD ePremium Savings Account offers a rate of 0.45% for balances above $10,000.
Although the TD Youth Savings Account is no longer available, students and youth can open a TD Student Chequing Account, which comes with unlimited transactions, free Interac e-Transfers, $0 overdraft protection (interest applies) and 0.01% interest paid on all balances.
Plus, TD Canada Trust student chequing account holders can begin earning 50% more Starbucks Stars by linking their TD Visa Debit card to their Starbucks Rewards account.
No, the TD companion savings account is no longer offered, but you can explore other TD bank plans. For example, the TD Every Day Savings Account comes with a $0 monthly fee, a 0.01% interest rate and unlimited free transfers to your other TD deposit accounts. Other types of transactions cost $3.00 each, but you get 1 free transaction per month.
Yes. To set up a TD Canada Trust joint account, you and the person you want added to your account must visit a TD branch in person. The person being added to your account must bring two pieces of ID, one of which must be a photo ID.
Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel.
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Our TD ePremium Savings Account review tells you how you can earn high interest on your savings for no monthly fee with this online TD bank account.
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