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TD Every Day Savings Account review

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TD Every Day Savings Account
Promotional Rate
N/A
Regular Interest Rate
0.01%
Transaction Fee
unlimited free transfers to your other TD deposit accounts
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Our verdict

Pay no monthly fees to earn interest on every dollar you hold in the basic TD Every Day Savings Account.

The TD Every Day Savings Account gives you a very small return on interest and offers no monthly fees. You'll also get one free transaction every month and free unlimited internal transfers to other TD bank accounts. Just be aware that you'll have to pay a $3 fee for every additional debit you make. This account is best for customers who are just starting to grow their savings or want regular access to their funds.

Pros

  • No monthly fees
  • Earn interest on every dollar
  • Unlimited transfers to other TD accounts

Cons

  • Low interest rates
  • Transaction fees
  • ATM fees

In this guide

  • Our verdict
  • Your reviews
There are no minimum balance thresholds that you'll need to meet before you start earning interest on your savings.

The TD Every Day Savings Account comes with no monthly fees and lets you earn 0.01% interest on every dollar you hold in your account. You’ll also get unlimited free transfers to your other TD accounts so that you can easily move your money back and forth. Learn more about how you can benefit from the TD Every Day Savings Account and sign up today to get started.

What are the benefits of the TD Every Day Savings Account?

The TD Every Day Savings Account comes with a number of benefits:

  • No monthly fees. There are no monthly fees eating away at your savings balance.
  • Earn interest on every dollar. There are no minimum balance thresholds that you’ll need to meet before you start earning interest on your savings.
  • Unlimited transfers to other TD accounts. It’s possible to send funds between your TD accounts as much as you want for no additional fee.
  • One free debit per month. You’ll get one debit transaction per month, which can include bill payments, ATM withdrawals or debit purchases.
  • Automated savings. It’s easy to set up automatic withdrawals from your other TD accounts to feed regular deposits into your TD Every Day Savings Account.
  • Easy mobile banking. TD offers a comprehensive mobile banking app to help you manage your savings on the go.
  • Apply online. You can apply to open a TD Every Day Savings Account online in a matter of minutes.

Alternative: Neo Money

Earn 4% interest on your savings, plus earn a high rate of cashback on your spending. No account or transaction fees. Earn 4% interest on your balance + get up to 15% cashback on first-time purchases with your Neo Money card. CDIC insured up to $100,000 balance.

What should I look out for with the TD Every Day Savings Account?

There are some drawbacks with the TD Every Day Savings Account you may want to keep in mind:

  • Low interest rates. You’ll only earn an interest rate of 0.01% on your savings, which is quite low by industry standards.
  • Transaction fees. You’ll only qualify for one free withdrawal per month before you incur a $3 fee per additional debit.
  • ATM fees. You’ll have to pay an additional charge of $2 to withdraw money at non-TD ATMs (or $3 from US and Mexico ATMs and $5 from international ATMs).
  • Very few additional benefits. This is a bare bones account that includes relatively few benefits such as free cheques, unlimited transactions or credit card rebates.

Compare the TD Every Day Savings Account with other savings accounts

1 - 5 of 5
Name Product Promo Rate Regular Interest Rate Transaction Fee 1 Year Return Offer
EQ Bank Personal Account
EQ Bank Personal Account
4.00% for 12 months
2.50%
$0
$400.00
Simplii High Interest Savings Account
Simplii High Interest Savings Account
6.00% for 5 months
0.40%
$0
$269.89
Neo High Interest Savings Account
Neo High Interest Savings Account
N/A
4.00%
$0
$400.00
KOHO Earn Interest
KOHO Earn Interest
N/A
5.00%
$0
$500.00
Scotiabank MomentumPLUS Savings Account
Scotiabank MomentumPLUS Savings Account
6.05% for 3 months
1.30%
$5.00
$246.78
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How do I open a TD Every Day Savings Account?

You can follow these steps to sign up for a TD Every Day Savings Account:

  1. Visit TD’s main website and hover over the “Products” tab at the top of the page.
  2. Select “Bank accounts” from the dropdown list and then select “Savings accounts” from the following page.
  3. When the next page loads, you can select the TD Every Day Savings Account and click “Open account”.
  4. Enter your personal information such as your full name, date of birth, Social Insurance Number, employment information and email address.
  5. Double-check your information and click submit.

Eligibility requirements

To apply for a TD Every Day Savings Account, you need to meet the following criteria:

  • Be a Canadian citizen or resident who is at least 18 years old (19 in some provinces)
  • Be opening a sole account in your name

Required documents and information

  • Your name, residential status and contact information
  • Your Social Insurance Number (optional) and date of birth
  • Your email address and phone number

How do I deposit or withdraw my money from the TD Every Day Savings Account?

You’ll want to avoid withdrawing money on this account as every transaction beyond your first monthly debit will cost you $3. This money can add up fast if you’re regularly using your debit card to make purchases or withdraw cash. That said, you can use these methods as needed if you’re willing to incur a fee. You can also transfer money out of this account into your TD chequing account for free if you want easier access to it.

To put funds into your account, you can deposit a cheque or bring cash into an ATM or a branch location. You’ll also be able to transfer money in from your other TD accounts, which includes setting up automatic withdrawals from your chequing accounts. It’s also easy to move your money around using the TD mobile app.

How can I get in touch with customer service?

You’ll be able to contact TD through a number of channels:

  • By phone. You can get in touch with a TD customer service agent over the phone.
  • In person. It’s possible to visit a TD branch in person if you want to speak to an agent directly about your account.
  • By mail. If you have a non-urgent request, you may want to send your inquiry via the post to TD headquarters in Toronto or to a local branch if this makes more sense.
  • By email. You can easily send a secure message through your online banking or email TD’s customer support inbox.

Frequently asked questions about the TD Every Day Savings Account

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