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TD High Interest Savings Account Review

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TD High Interest Savings Account
3.5
★★★★★
Finder score
Promotional Rate
N/A
Interest Rate
0.05%
Transaction Fee
$5.00
Minimum Balance
$0

Our verdict

Get a high return on interest when you hold over $5,000 in this mid-level savings account.

The TD High Interest 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 transactions if you can keep a minimum balance of $25,000. If you're unable to do so, you'll have to pay a $5 fee per transaction. You'll also pay additional fees for ATM withdrawals regardless of whether you meet minimum balance requirements.

Pros

  • No monthly fees
  • Decent return on interest
  • No minimum balance required

Cons

  • No interest below $5,000
  • Transaction fees
  • High fee waiver requirements

In this guide

  • Our verdict
  • Your reviews
You'll earn 0.05% interest on any savings you have over $5,000.

The TD High Interest Savings Account gives you a 0.05% 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 unless you keep a minimum balance of $25,000, in which case all transaction charges will be waived.

What are the benefits of the TD High Interest Savings Account?

You can take advantage of the following benefits with the TD High Interest 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 keep a minimum balance of $25,000.
  • Decent return on interest. You'll earn 0.05% interest on any savings you have over $5,000.
  • 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 High Interest 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 keep a minimum balance of $25,000 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

1 - 5 of 5
Name Product CAFSA Promo Rate Regular Interest Rate Monthly Account Fee 1 Year Return Offer
EQ Bank Notice Savings Account
Finder Score: 4.3 / 5: ★★★★★
EQ Bank Notice Savings Account
N/A
3.65%
$0
$350.00
Earn 3.65% interest with a 30-day withdrawal notice period, or 3.50% interest with a 10-day notice period.
Simplii High Interest Savings Account
Finder Score: 3.9 / 5: ★★★★★
Simplii High Interest Savings Account
6.00% for 5 months
0.35%
$0
$273.00
Earn 6.00% interest for 5 months on up to $1,000,000 in savings. Apply by January 31, 2025.
Scotiabank MomentumPLUS Savings Account
Finder Score: 4 / 5: ★★★★★
Scotiabank MomentumPLUS Savings Account
5.40% for 3 months
1.00%
$0
$210.00
Earn a savings rate of up to 5.4% for 3 months when you open a Scotiabank MomentumPLUS Savings Account and a Scotiabank Ultimate Chequing Account.
KOHO Earn Interest
Finder Score: 4.1 / 5: ★★★★★
KOHO Earn Interest
N/A
5.00%
$0
$500.00
Pick one of four KOHO plans and opt-in to earn up to 5% interest, plus earn up to 5% cashback on spending with your KOHO prepaid card.
Laurentian Bank High Interest Savings Account
Finder Score: 3.7 / 5: ★★★★★
Laurentian Bank High Interest Savings Account
N/A
3.75%
$0
$275
Earn 2.75% on balances under $100,000, and 3.75% on balances over.
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How do I open a TD High Interest Savings Account?

It’s easy to open a TD High Interest Savings Account when you follow these steps:

  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 page that populates.
  3. When the next page loads, you can select the TD High Interest 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 High Interest 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 unless you keep a minimum balance of $25,000 in your account.

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 High Interest Savings Account

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