Compare TD savings account options

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.

Compare TD savings accounts

Savings account	Monthly fee	Minimum balance to earn interest	Standard interest rate	Promotional rate
TD Every Day Savings Account	$0	$0	0.01%	Earn a 4% bonus interest rate for 90 days when you open a new TD Savings Account and make a new deposit. Valid until January 29, 2027.
TD Growth Savings Account	$0	$10,000	Standard posted rates (boosted rates available): $0 to $9,999.99: 0.5% $10,000 to $99,999.99: 0.4% $100,000 to $499,999.99: 0.55% $500,000 and over: 0.65%	Earn a 4% bonus interest rate for 90 days when you open a new TD Growth Savings Account and make a new deposit. Valid until January 29, 2027.
TD ePremium Savings Account	$0	$10,000	0% – 0.45%	Earn a 4% bonus interest rate for 90 days when you open a new TD Savings Account and make a new deposit. Valid until January 29, 2027.

Finder independently collects TD Bank savings account info. TD Bank savings accounts are not available through this site.

What is the best TD savings account?

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:

• Tax-Free Savings Account (TFSA)
• Registered Retirement Savings Plan (RRSP)
• Registered Education Savings Plan (RESP)
• Registered Retirement Income Fund (RRIF)
• Registered Disability Savings Plan (RDSP)
• First Home Savings Account (FHSA)

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Requirements to open a TD savings account

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.

Related: Explore TD chequing accounts

How to open a TD savings account

You can open a TD savings account online or in a branch near you. To open an account online as a new TD customer, follow these steps:

1. Head to TD’s website and compare the three savings account options.
2. When you choose one, click Open account.
3. Enter your details manually or log in with your existing bank to verify your identity.
4. If you choose to enter your details manually, you’ll need to upload a copy of your government-issued ID when prompted.
5. Review TD’s terms and conditions and submit your application.
6. You’ll receive a confirmation email with account details you can use to set up online banking on TD EasyWeb or the TD Canada app.

Related: Check out new bank account offers & promotions

Alternative to opening a savings account with TD

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.

Some top alternatives to TD savings accounts

Bottom line

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

• What are TD savings interest rates?

  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.

• Is there a TD youth account for savings?

  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.

• Can I open a TD companion savings 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.

• Can I open a TD joint savings account?

  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.