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Nothing introduces you better to the world of online saving than the TD Every Day Savings Account. This TD account comes with minimal requirements and fees, offering account holders a hassle-free savings solution. So, what makes this the ideal savings option for Canadians?
The TD Every Day Savings Account offers unlimited transactions to other accounts and requires no monthly fees. It offers a 0.010% interest rate, online banking, and automated savings.
Individuals opening this account have to watch for its low interest rate and single free monthly transaction. Other savings account alternatives are the TD ePremium and High Interest Savings Account.
Here, you’ll learn all about this savings account and what makes it an ideal savings option.
TD Every Day Savings Account features
This TD account offers many exciting features for account owners, and they include:
- A daily interest rate of 0.010%
- Free online statements
- One free transaction each month
- Pre-authorized transfers to automate the savings process
- Online banking through the TD app
- Mobile cheque deposits through the TD app
The pros of the TD Every Day Savings Account
No Monthly Fee
The TD Every Day Savings Account has no monthly fee, so you don’t need to worry about paying to keep the account.
Unlimited Transfers to Other TD Deposit Accounts
Canadians who open this account can transfer funds to their other TD Trust deposit accounts for free. There’s no limit to the number of transactions allowed, either.
The cons of the TD Every Day Savings Account
Low Interest Rate
This TD savings account only offers a 0.010% interest rate, which might be too low for many people.
Only One Free Transaction a Month
Apart from one free transaction, all other transactions conducted on this account cost $3.00. So, all other transactions will be charged after one debit purchase, bill payment, or ABM withdrawal.
TD Every Day Savings Account fees
There are a few fees to keep in mind when you open the TD Every Day Savings Account, and they’re all shown below:
This TD savings account has no monthly fees and allows account owners to freely transfer funds to their other TD accounts. After using the free monthly transaction, all other transactions conducted on this account come with a $3.00 fee. All paper statements for this account come with a monthly fee of $2.00.
ABM transactions conducted in Canada on non-TD ABMs come with a $2.00 fee. ABM transactions conducted in Mexico and the US come with a $3.00 fee. On the other hand, ABM transactions undertaken in other countries demand a $5.00 charge.
TD Every Day Savings Account special offers
The TD Every Day Savings Account doesn’t have any special offers at the moment.
Other TD savings account options
Not sure if this account is the right option for your financial needs? Well, TD Bank offers many savings accounts that could meet your needs. These are some of the options available.
TD High Interest Savings Account
If you desire more daily interest on your funds, you may want to consider this account. With it, you’ll enjoy zero monthly fees, unlimited transactions, and an interest rate of 0.050%.
Of course, if you desire unlimited transactions, you’ll need to have a minimum balance of $25,000 in your account. You’ll also need a minimum daily closing balance of $5,000 to enjoy the interest on this account.
TD ePremium Savings Account
With this account, you get the highest interest rate yet, 1.700%. To qualify for this interest, you’ll need a minimum balance of $10,000 in your TD account. You also get unlimited transactions with this account.
How to open the TD Every Day Savings Account
With the simple steps listed below, you can open your Every Day Savings Account in minutes:
- Visit the TD Bank Website: When you enter the TD Bank Website, scroll to the savings account page. On this page, you’ll see the “TD Every Day Savings Account.” Click on it, and scroll down to select “Open Account.”
- Enter Your Personal Information: TD Bank can obtain your information from a bank like the Bank of Montreal if you have an account there. If not, you’ll have to enter them manually.
- This information features your email address, name, and employment status. To open an account, you must be the age of majority in your province. You will be prompted to provide information about your credit history at this point.
- You must upload a legitimate form of identification here for TD Bank to confirm your identity.
- Receive Your Account Number: Once your application has been approved, you’ll receive your account number and online banking details.
TD Every Day Savings Account conclusion
The TD Every Day Savings Account is the account for the newbie saver. It offers a low-cost option for opening a savings account, making it suitable for nearly everyone. Despite this account’s low interest rate, it has no monthly fees and offers unlimited transactions and online banking.
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