Best TD savings accounts
Updated: August 29, 2024
If you live in Canada, you likely grew up with a TD Bank location near you, and you likely have grown to trust the brand over time. While the big banks in Canada aren't traditionally known for offering high interest rates on basic savings accounts, they can be adequate destinations for storing your funds while you decide what to do next with your money.
Since TD Bank offers a variety of products, from insurance (home and auto) to mortgages, you may want to consider opening a savings account to have your funds readily accessible when you’re ready for the next stage of your finances.
It’s also worth noting that TD was ranked the “Best Consumer Digital Bank” in North America by Global Finance for the third consecutive year in 20231. With an extensive mobile banking app and plenty of account options, you may want to think about trusting TD Bank for your savings account.
TD Bank offers the following savings accounts:
- TD ePremium Savings Account
- TD Every Day Savings Account
- TD High Interest Savings Account
In this review, we will go through the savings accounts offered by TD Bank.
My top pick
Of all the savings accounts offered by TD Bank, the TD Every Day Savings Account is my top pick because you earn interest on every dollar you invest since you don’t have to reach a certain balance to unlock a higher rate. While the interest rate isn’t the best, you can use the Automated Savings service to have money come off your direct deposit pay and unlimited transfers to other TD accounts.
This account best serves someone looking to keep their funds in a safe destination as they figure out what to do next or save towards a major goal (like a down payment on a home or a wedding).
NOTE: You may want to compare the below content with our page on the best high-interest savings accounts to see what you're missing out on.
Best TD savings accounts
TD Bank offers numerous savings account options for different financial levels. We'll examine different accounts to determine which one would be ideal for your situation.
TD ePremium Savings Account
- Monthly fee: $0
- Minimum to avoid fee: You can’t avoid the transaction fee
- Number of transactions: You have to pay $5 per transaction fee
- Interest rate: 1.650% for balances of $10,000 or more. Zero interest rate for any balance below this threshold
Pros
-
You don’t have to pay any monthly fees
-
You have unlimited transfers to other TD accounts
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No minimum is required to open an account
Cons
-
You need to have a balance of $10,000 to access the higher interest rate
-
You can’t waive the transaction fees with a certain balance
-
You don’t get any free transactions
The TD ePremium Savings Accounts offer the highest interest rate (1.650%) if you have a balance of over $10,000. The transaction fee is $5 per transaction, but there are no fees for transfers from this account to any other TD chequing or savings account when you use EasyWeb or the TD app. There are no transaction fees for pre-authorized transfer services.
Here are some of the other account fees:
- Non-TD ATM fee in Canada: $2
- Foreign ATM fee in the U.S. or Mexico: $3
- Foreign ATM fee in any other country: $5
The general sentiment online about this savings account is that the interest rate isn’t high enough. Reddit user @journalctl says:
“The retail TD Savings Accounts do not pay competitive interest rates. You are better off ignoring them completely.”
If you value you're TD loyalty, the TD ePremium Savings Account is ideal for someone looking to maximize its savings as they get the highest rate. However, you have to keep in mind that there are unavoidable transaction fees.
TD Every Day Savings Account
- Monthly fee: $0
- Minimum to avoid fee: N/A
- Number of transactions: 1 per month
- Interest rate: 0.010%
Pros
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Ideal for those new to saving or who want to access their money frequently
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You can use the automated savings tool to set it and forget it when it comes to your financial planning
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Unlimited transfers to other TD accounts
Cons
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Very low interest rate compared to other accounts
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You have to pay a $3 transaction fee after you pass the monthly limit of one free transaction
The TD Every Day Savings Account doesn’t have any monthly fees but also comes with a very low interest rate. You can make one monthly transaction, and every additional transaction is $3. However, you can make unlimited transactions from this account to another TD chequing or savings account, as transfers and pre-authorized transfer services don’t come with a charge.
Here are some of the other account fees:
- Non-TD ATM fee in Canada: $2
- Foreign ATM fee in the U.S. or Mexico: $3
- Foreign ATM fees in any other country: $5
- Paper statement fee: $2 per month
This account is ideal for those who have just started saving up and are looking to build up an emergency fund that they can access easily while they decide what to do with their savings. You don’t want to leave your money in this account for too long since the interest rate is negligible.
TD High Interest Savings Account
- Monthly fee: $0
- Minimum to avoid fee: N/A
- Number of transactions: $5 per transaction unless you have a balance of $25,000
- Interest rate: Zero interest on balances under $5,000. If your balance is $5,000 or more, you earn 0.050%
Pros
-
You get a higher interest rate (0.050%) if you have a balance of $5,000 or more
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There are no monthly fees, and you get access to the savings tools so that you can easily transfer your money in
Cons
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You have to leave $25,000 in your savings account to waive the $5 transaction fee
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The interest rate is disappointing and the $5 transaction fee can add up quickly
The TD High Interest Savings Account has no monthly fee, and if you keep a balance of $25,000, your $5 transaction fee will be waived.
Here are some of the other account fees:
- Non-TD ATM fee in Canada: $2
- Foreign ATM fee in the U.S. or Mexico: $3
- Foreign ATM fee in any other country: $5
- Paper statement fee: $2 per month unless you have a balance of $25,000
The TD High Interest Savings Account is ideal if you have a decent chunk of change sitting around as you wait to make a major purchase. One Reddit user was shocked to find out that they weren’t earning any interest in this account because the balance was below the $5,000 limit. As always, you’ll want to read the fine print to ensure that you’re making the best move for your financial situation.
Bundle/everything package
You may want to consider bundling a TD chequing account with a savings account to handle all of your banking needs under one umbrella. TD Bank currently offers a bundle package when selecting chequing account options that could lead to an extra $600 in bonuses if you open a combination of chequing and savings accounts.
Here’s how you can get up to $600 in bonuses with TD Bank right now:
Open an eligible chequing account. By opening either a TD All-Inclusive Banking Plan or a TD Unlimited Chequing Account by September 26, 2024, you can get $400. Once you open an account, you have until November 30, 2024, to complete two of the following: Set up a recurring direct deposit, set up a recurring authorized debit payment, or make an online bill payment.
Add a savings account to earn an additional $200. You must deposit $10,000 into a new eligible savings account within 30 days of opening the account and then maintain the balance for 150 days. You can also earn additional cash back offers.
- $50 for $2,500 deposit
- $100 for $5,000 deposit.
- $200 for $10,000 deposit
- $500 for $25,000 deposit
- $750 for $50,000 deposit
- $1,000 for $100,000+ deposit
Summary of best TD savings accounts
| Name | Monthly fee (cost to avoid monthly fee) | How many transactions you get (cost if you go over your limit) |
|---|---|---|
| TD ePremium Savings Account | No monthly fee | You have to pay $5 for every transaction unless it’s a TD account |
| TD Every Day Savings Account | No monthly fee | You get one transaction per month and then it’s $3 per every transaction, unless it’s a TD account |
| TD High Interest Savings Account | No monthly fee | Unlimited transactions if you have a balance of $25,000. Otherwise, it’s $5 per transaction |
TD savings accounts reviews
The general sentiment online regarding the savings accounts offered by TD Bank is that the rates simply aren’t competitive enough. If you want to keep up with inflation, you’ll want to look into online banks with better offers so that your money works for you.
One Reddit user @Deltatux, said the following:
“Since Big Banks don't need to attract your deposits (their brand alone does that already), they have no incentive to compete with better savings rate.”
However, on the RedFlagDeals forum, many users admitted to switching over to capitalize on the current promotional offer. If you’ve been thinking about switching bank accounts and want to earn $600, this may be the right time.
Another Reddit user shared this:
“People consider them to be high interest enough to keep their money with TD. That is basically it. Canadian consumers refuse to move their money, so TD has no incentive to pay a good rate.”
- The TD Canada bank app has a 4.5-star rating in the Apple Store
- The TD Canada banking app has a 4.1-star rating in the Google Play Store
- TD Bank Financial Group has a 1.28/5 star rating with the Better Business Bureau
- TD Bank has a rating of 1.4/5 rating on Trust Pilot
How to open a TD savings account
If you're already a customer, you can open a TD savings account through EasyWeb by clicking on the Open Account link once you’ve logged in. You can also open an account in person at a branch near you.
Here’s how you can open any TD savings account:
- Ensure you meet the eligibility criteria (the age of majority in your province or territory)
- Provide a valid passport or one piece of valid Canadian government-issued photo ID (permanent resident card or your driver’s license)
- Provide your Social Insurance Number for tax purposes
The good news is that there’s no minimum opening deposit for a savings account with TD Bank so you can get started even if you’re new to saving.
FAQs about TD savings accounts
These are some of the most common questions about the savings accounts offered by TD Bank.
Martin Dasko has been helping millennials make sense of their finances without missing out on life since 2008. Martin started his financial writing career as a business major in Ryerson when he realized that there was so much school didn't teach us about managing money. Martin covers topics ranging from investing in real estate to trying to build your credit score without letting life pass you by.
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