Editorial Note: Comparewise is supported by our readers. When you find products and services through links on our site, we may earn commission.
Customers can manage their savings online thanks to the TD ePremium Savings Account and digital savings account that TD Bank offers. It provides a convenient and secure platform for individuals looking to grow their money while maintaining easy access to their funds.
Basically, the TD ePremium Savings Account allows you to earn 1.6% interest on balances over $10,000. But you won’t be charged any interest if your balance drops below that threshold. It also lets you move money between other TD bank accounts for free and without limits.
This article will explore the features, benefits, drawbacks, and fees of this TD Savings Account. You will also discover alternatives to this savings Account and learn how to sign up.
TD ePremium Savings Account features
When opening this savings account, you’ll have access to these great features:
- No monthly fees: You won’t be charged a monthly fee to maintain and use this account.
- Earn interest on your savings: For balances over $10,000, you can earn a competitive interest rate of 1.6%.
- No minimum deposits: You don’t have to retain any specific amount in your account to keep it open.
- Free and unlimited online transfer
- Unlimited transfers to other TD accounts: There are no fees or restrictions on moving money between your TD accounts.
Pros of the TD ePremium Savings Account
Automated Savings
One of the standout benefits of the ePremium Savings Account is the option to set up automatic withdrawals from your other TD accounts. You can establish a system linking your accounts where a predetermined amount is regularly transferred from your primary account to your ePremium Savings Account.
Simple Mobile Banking
Managing your savings account becomes incredibly convenient with TD’s mobile app. The app’s straightforward layout makes it simple to view account information, make transfers, and keep tabs on spending whenever and wherever you like.
Cons of the TD ePremium Savings Account
No Interest Below $10,000
The ePremium Savings Account does not pay interest on balances under $10,000, a significant drawback. Even if your account falls short by just $1, you won’t receive any interest on the balance.
Transaction Fees
Unlike other savings accounts, the ePremium Savings Account does not offer free debits for transactions, except for internal transfers between TD accounts. Each time you dip into your savings and withdraw or transfer to an external account, you incur a $5 transaction fee.
ABM Fees
Additional charges apply for withdrawals from the ePremium Savings Account when using non-TD ABMs. These fees are $2 per transaction at non-TD ABMs and $3 and $5 at US, Mexican, and foreign ABMs, respectively.
TD ePremium Savings Account fees
No monthly fee is associated with the account, making it an attractive choice for those seeking to avoid recurring charges. But it’s important to remember that there are transaction fees.
Each transaction costs $5.00. This fee applies to withdrawals or transfers made from the account, except for free online transfers, which are unlimited.
Additionally, when using non-TD ABMs within Canada, a fee of $2.00 is charged per transaction. For ePremium Savings Account holders who need to withdraw money while travelling in the United States or Mexico, a foreign ABM fee of $3.00 is applicable for each transaction.
A higher foreign ABM fee of $5.00 is imposed per transaction for withdrawals made in any other foreign country.
Other TD Bank account options
TD Bank also offers the TD Unlimited Chequing Account. It’s a common choice for people with high transaction volumes. With this account, you can enjoy unlimited transactions, including withdrawals, debit purchases, bill payments, and online transfers, without worrying about transaction fees.
Those who want their savings to grow while being easily accessible can open a TD Every Day Savings Account. It offers competitive interest rates on your savings balance. And it allows unlimited online transfers between your TD accounts at no additional cost.
How to open a TD ePremium Savings Account
- Visit TD’s website and select “Bank Accounts” under the “Products” tab.
- Choose “Savings accounts” and click on the TD ePremium Savings Account.
- Enter personal information like name, date of birth, SIN, employment, and email.
- Review the details and apply.
Eligibility Requirements
- At least 18 years old (or 19, in some jurisdictions) and a Canadian citizen or permanent resident to apply.
- Open a sole account in your name.
Required Documents and Information:
- Name, residential status, and contact details
- Optional SIN and DOB
- Valid phone number and email address.
TD ePremium Savings Account conclusion
This TD Savings Account is an attractive option for high-earners who can maintain a balance exceeding $10,000. Its competitive interest rate allows for significant interest on larger deposits.
This account is especially beneficial for individuals seeking high-interest returns and the convenience of easy mobile banking, making it a viable choice for those looking to maximize their savings potential.
You might also like…
