TD Growth Savings Account Review
- Promotional Rate
- 0.50%
- Interest Rate
- 0.4%
- Transaction Fee
- $5.00
- Minimum Balance
- $10,000
Our verdict
Get a high return on interest when you hold over $5,000 in this mid-level savings account.
The TD Growth Savings Account is a mid-level savings account that lets you earn interest on any balance over $5,000. This account also gives you unlimited free transfers to all of your TD deposit accounts. You'll have to pay a $5 fee per transaction. You'll also pay additional fees for ATM withdrawals.
Pros
-
Earn 0% - 0.65% interest
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No monthly account fee
Cons
-
No interest below $5,000
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Transaction fees
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High fee waiver requirements
The TD Growth Savings Account gives you a 0% return on interest when you hold a balance over $5,000. It also comes with no monthly account fees and unlimited transfers to your other TD bank accounts. Just be aware that you’ll have to pay $5 every time you make a withdrawal on this account.
What are the benefits of the TD Growth Savings Account?
You can take advantage of the following benefits with the TD Growth Savings Account:
- No monthly fees. This account comes with no monthly fees, though you’ll need to pay for every transaction you make unless you transfers to other TD accounts.
- Decent return on interest. You'll earn 0% interest on any savings you have over $5,000.
- Boosted rate. Customers with an eligible TD Chequing Account can earn 0.05% on balances between $5,000 and $9,999.99, 1.00% on balances between $10,000 and $99,999.99, 1.30% on balances between $100,000 and $499,999.99, and 1.50% on balances over $500,000 with the Boosted Rate instead of the Standard Posted Rate.
- No minimum balance required. You won’t need to keep a minimum balance in your account to keep it active.
- Automated deposits. You can set up automatic withdrawals from your other TD accounts to feed regular deposits into your TD Growth Savings Account.
- Simple mobile banking. You can easily manage your savings on the go with TD’s mobile app and online banking platform, EasyWeb.
What should I look out for?
While this account can be a good investment for some customers, there are a handful of drawbacks that you may want to watch out for:
- No interest below $5,000. You won’t earn interest on any amount below $5,000 and this applies even if your account is $1 short.
- Transaction fees. You’ll have to pay $5 for every transaction you make on your account, which includes bill payments, ATM withdrawals and debit purchases.
- High fee waiver requirements. You’ll need to in your account to qualify for a waiver on your transaction fees.
- ATM fees. You’ll pay an additional charge of $2 to withdraw money at non-TD ATMs (plus $3 from US/Mexican ATMs and $5 from international ATMs).
- Very few additional benefits. You won’t get extras such as free bank drafts or credit card rebates when you sign up for this account.
Compare TD with other savings accounts
- Earn up to 2.75% interest
- Unlimited free transactions
- $0 account fee
- Zero everyday banking fees
- No min. balance required
- CDIC protection for balances up to $100,000
- Earn up to 4.75% for 3 months, 0.40% thereafter
- Can earn interest rate boosts
- No account fee
- No minimum balance required
- CDIC protection up to $100,000
- Earn 4.50% for 5 months, then 0.30% thereafter
- No monthly account fee
- Automatic savings option
- Free access to Scotiabank ABM network
- CDIC Deposit insurance up to $100,000
How do I open a TD Growth Savings Account?
It’s easy to open a TD Growth Savings Account when you follow these steps:
- Visit TD’s main website and hover over the “Products” tab at the top of the page.
- Select “Bank accounts” from the dropdown list and then select “Savings accounts” from the page that populates.
- When the next page loads, you can select the TD Growth Savings Account and click “Open account”.
- Enter your personal information such as your full name, date of birth, Social Insurance Number, employment information and email address.
- Double-check your information and click submit.
Eligibility requirements
To apply for a TD Growth Savings Account, you’ll 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?
To withdraw your funds from this account, you can send an internal transfer to another TD account for free. You can also pay $5 to withdraw money using an ATM or by making a purchase on your debit. You can also authorize an automatic withdrawal on this account, such as for a bill payment.
To put money in your account, you can cash a cheque or deposit cash into your savings account by visiting a TD branch. You can also transfer money directly from an external bank account or your TD chequing account. Just keep in mind that you may have to pay a $5 fee for many of these transactions.
How can I get in touch with customer service?
You can get in touch with TD by using a number of different channels:
- By phone. It’s easy to dial into TD’s customer service hotline to get assistance with your account.
- In person. You can visit a TD branch in person to register for an account or speak to an agent about your needs.
- By mail. It’s possible to mail a request into 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 Growth Savings Account
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