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 bank account. Here’s what you need to know about your TD savings account options including fees, features and alternative options to consider.

Compare TD savings account options

Learn more about the following TD accounts for saving:

• Best for transferring frequently: TD Every Day Savings Account
• Best for $5,000 – $9,999 balances: TD High Interest Savings Account
• Best for $10,000+ balances: TD ePremium Savings Account

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

TD Every Day Savings Account

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.

Alternative: Simplii High Interest Savings 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.

TD High Interest Savings Account

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 $5.00 unless you keep a minimum balance of $25,000, in which case, these fees are waived.

Alternative: Scotiabank MomentumPLUS Savings Account

Earn up to 6.05% for 3 months on your first account opened. Continue earning interest at the regular rate of 1.2%. Plus, get a bonus rate of 0.75% – 1.45% when you leave funds in your account for 90 – 360 days. The monthly fee is $0, the minimum balance is $0 and you get free transfers between Scotiabank accounts. Learn more here.

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 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.

Alternative: Neo Everyday Account

Offered by Neo Financial — an online bank founded in Calgary, Alberta in 2019 — the Neo Everyday Account is a chequing and savings account rolled into one. Earn 1% 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.

Compare other savings accounts

Looking for alternatives to TD savings accounts? The Neo Everyday Account pays 1% interest and comes with $0 transactions and a $0 monthly fee. You can also score a high rate of 4.50% - 5.00% with a EQ Notice Savings Account, which 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 5.90%, 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.

TD bank interest rates on savings accounts

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%

The benefits of TD savings accounts

TD savings accounts come with the following perks:

• No monthly fees. All TD savings accounts come with zero monthly fees.
• Automated savings. Set up pre-authorized transfers to your account on a daily, weekly or monthly basis.
• TD mobile deposit. Take a picture of the front and back of your cheque, and deposit it via mobile app.
• TD Canada Trust online banking (EasyWeb) and mobile app. View balances for your TD bank accounts. Transfer funds, deposit cheques, pay bills and more through TD Canada Trust online banking or via mobile app.
• TD Online and Mobile Security Guarantee. You will 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.

Related: TD chequing accounts

How to open a TD savings account

Before you open an account online with TD, make sure you meet the eligibility requirements. Generally, the eligibility requirements for TD bank accounts include:

• Age. You must be at least the age of majority in your province or territory (18 or 19 years old).
• Student proof. You have to provide proof that you are a full-time post-secondary student to open a TD Student Chequing Account.

Information you’ll need for your application

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.

Frequently asked questions about TD savings accounts

• What are TD savings interest rates?

  TD bank savings account interest rates range from 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.

• What is the high interest savings account rate at TD?

  The interest rate for the TD High Interest Savings Account is 0% for balances up to $4,999.99 and 0.05% for balances of $5,000+.

• 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, which 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 2 pieces of ID, one of which must be photo ID.