TD Bank Savings Accounts

February 11, 2021 | Editorial Team

Compare TD Bank Savings Accounts

TD Canada Trust has four savings account options in addition to their various chequing accounts available.

The first savings account is the TD High-Interest Savings Account. This account is aptly named as it offers the highest interest rate TD offers of 0.50% to help you reach your goals faster. This interest rate, however, is only available when you have a minimum balance of $5,000 in your account.

Thankfully, there is no monthly fee. Transactions and transfers are also free if you have a minimum balance of $25,000. Otherwise, each transaction is $5.00.

The next account is the TD High-Interest TFSA is perfect for those who want to save more as the interest you earn in this account will not be taxed. There are also no fees for transactions, internal transfers or ATM withdrawals.

The TD Youth Savings Account is for Canadians under the age of 19. The TD Youth Account offers an interest rate of 0.010%, transactions are free, and so are internal transfers.

The last account is the TD Every Day Savings Account which we’ll discuss in more detail later on. But, there is no monthly fee or ATM fee, one free debit transaction, and internal transfers are free.

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Is TD Bank Good For Savings Accounts?

As TD Canada Trust offers savings accounts with no monthly fees, this bank can be a good option for a savings account. The savings account that TD Bank offers work best paired with a TD chequing account. Most of the accounts offer free transfers between TD accounts. This means you will be able to easily access the money in your savings account by transferring it to a TD bank account.

If you don’t bank with TD Canada Trust, there may be better options for savings accounts that will help you reach your goals faster. TD does not offer high savings account interest rates. Even the high-interest savings account only has an interest rate of 0.50%.

Most of TD’s accounts are also quite limited in how you can use them. Each account has transaction fees or limitations, so you will have to pay for things like an Interac e-transfer.

The main benefit of banking with TD is how reliable, safe, and readily available it is. With over 2,800 ATMs and 1,241 branches, you can always access your money and customer support. TD Canada trust is also insured by a corporation called Canada Deposit Insurance (CDIC). The insurance CDIC provides will protect your money up to $100,000.

What is The Best TD Savings Account?

The best TD Savings Account is the high-interest rate savings account. It is the best way to make savings part of your everyday life. With the TD Canada Trust high-interest rate savings account, you will earn 0.50% once you have a minimum balance of $5,000 in your account.

As there is no monthly fee with this account, you can just focus on saving rather than spending. There are, however, some transaction fees with this account. Each transaction is $5.00. If you have over $25,000 in your account, though, this transaction fee will be waived, and you will receive unlimited transactions. This could be a good incentive for you to save even more.

If you want an account you can access more frequently, the Every Day Savings Account from TD Canada Trust may be a better option. The interest rate is lower, but you will receive a free transaction each month. Let’s take a deeper look into that account.

What is The TD Everyday Savings Account?

The TD Every Day Savings Account is the perfect account for those who want to save but still want to access their funds frequently. This account has no monthly fee and interest rates of 0.010%. You also get unlimited free transfers to your other TD accounts. This makes it a great option for customers who already have TD deposit accounts.

Even if you don’t already have a TD account, you get one free transaction a month. All other banking transactions are $3.00 each. You will receive free online statements to monitor your account, and paper statements are available at $2.00 per month.

Like with all TD accounts, you can use the TD app called TD Myspend for efficient banking. On the app, you can also deposit cheques as soon as you receive them by simply taking a picture of them on the app.

To open the Every Day Savings account, you can complete an online application within 10 minutes. Alternatively, you can book an appointment with a TD banking specialist in person or on the phone.

The Bottom Line

As TD Canada Trust is one of the Big Five Bank in Canada, it is one of the most well-known banks. With this reputation comes great account options for any Canadian. Choose from four great savings accounts: a high-interest savings account, a TFSA savings account, a youth savings account, and an everyday savings account.

Each type of account we covered has its own unique benefits. If you want to earn interest, go for the high-interest savings account. If you want to save money tax-free, go for the TFSA. If you are under 19, go for the youth account. Finally, if you want to access your savings easier, go for the everyday account.

Banking with TD allows you to access 2,800 ATMs and 1,241 branches to make sure your banking needs are always met. You can also use the TD app called TD Myspend to track your accounts easily from your phone.

It is just important to note that each account comes with different fees and different interest rates. Booking an appointment with a banking specialist should help you determine which account is the best for you and your needs.

Ultimately, As TD is a reputable, safe bank, your money is in good hands no matter which account you pick. Book an appointment online or call TD today for more information or to open your account now.