If you’re looking to grow your money with one of Canada’s biggest banks, you might be considering opening a TD bank account. Here’s what you need to know about your TD savings account options including fees, features and alternative options to consider.
Learn more about the following TD accounts for saving:
The TD Every Day Savings Account is for those who are just starting to save or those who 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. International students get a 0.25% bonus interest rate with this account.
Earn between 0.4% and 1.25% (depending on your balance) with the Simplii High Interest Savings Account. Offered by Simplii Financial, an online bank owned by CIBC, this account comes with a $0 monthly fee, $0 unlimited transfers and transactions and no minimum balance requirement. Learn more here.
If you have a more ambitious savings goal, you might get there with the TD High Interest Savings Account. You’ll earn 0.05% interest if you have $5,000+ in your account. Balances of $4,999.99 of less earn 0% interest. Each transaction costs $5 unless you keep a minimum balance of $25,000, in which case, these fees are waived.
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 1.85% interest on balances of $10,000+. However, the interest rate for balances up to $9,999.99 is 0%.
The TD ePremium Savings Account comes with free online transfers to other TD Canada Trust deposit accounts, but other types of transactions cost $5.00 each. International students get a 0.25% bonus interest rate with this account.
Offered by Neo Financial — an online bank founded in Calgary, Alberta in 2019 — the Neo Money Account is a chequing and savings account rolled into one. Earn 2.25% interest on every dollar you save, plus get cashback on purchases made at 10,000+ partner retailers. The monthly fee is $0, and the minimum balance is $0. Learn more here.
Scotiabank MomentumPLUS Savings Account
Interest Rate
5.60% for 3 months, 1.3% thereafter
Transaction Fee
$5
e-Transfer Fee
$0
Minimum Balance
$0
EQ Bank Savings Plus Account
Interest Rate
2.50% - 3.00%
Transaction Fee
$0
e-Transfer Fee
$0
Minimum Balance
$0
Simplii High Interest Savings Account
Interest Rate
6.00%
Transaction Fee
$0
e-Transfer Fee
$0
Minimum Balance
$0
Looking for alternatives to TD savings accounts? The Neo Money Account pays 2.25% interest and comes with $0 transactions and a $0 monthly fee. You can score an even higher rate of 2.5% with a EQ Bank Savings Plus Account, which also comes with $0 transactions and a $0 monthly fee.
Look for high bonus rates and promotional offers to grow your money faster. For instance, the Simplii High Interest Savings Account is offering 6.00%, after which you’ll continue to earn at the regular interest rate of 0.4%.
It’s common to find accounts with low or no fees offered by online banks, which are federally regulated and usually backed by the CDIC (Canada Deposit Insurance Corporation), just like Canada’s Big Banks.
Depending on the TD bank account you have, the interest rate can vary from 0% for balances under $5,000 with the TD High Interest Savings Account to 1.85% for balances of $10,000+ with the TD ePremium Savings Account. Here are regular, non-promotional TD bank savings account interest rates as of March 2, 2023.
| Account | Regular minimum rate | Regular maximum rate |
|---|---|---|
TD Every Day Savings Account | 0.01% | N/A |
TD High Interest Savings Account | 0% | 0.05% |
TD ePremium Savings Account | 0% | 1.85% |
TD savings accounts come with the following perks:
Before you open an account online with TD, make sure you meet the eligibility requirements. Generally, the eligibility requirements for TD bank accounts include:
After checking that you’re eligible for the TD savings account you want, provide your full name, address and contact information as well as an acceptable form of ID such as a driver’s license or permanent resident card.
Get a decent return on interest and no monthly fees when you sign up for this mid-level savings account.
Teach your children the value of saving with this fee-free account designed for youth aged 18 and under.
Earn interest on your savings and get unlimited free transfers between your TD accounts with this basic savings account.
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.