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The TD High Interest Savings Account offers one of the best combinations of high interest and easy savings. It’s a savings account from TD Bank that makes earning daily interest possible.
This savings account requires no monthly fees and offers a savings automation system. You can bank online with this account, enjoy free online statements, and save every time you use your TD Access Card.
This account’s high interest rate and transaction fee waiver require minimum balances of $5,000 and $25,000, respectively.
You’ll learn all the other features of this TD account as you read ahead and find alternative savings accounts to suit your needs.
TD High Interest Savings Account features
When you open the TD High Interest Savings Account, you’ll be able to enjoy the features shown below.
- No Monthly fees.
- Free online statement
- Pre-authorized Transfer Service: Allows account owners to automate their daily, monthly, or weekly savings.
- Simply Save Program: Allows account owners to grow their savings each time they use the TD Access Card.
- TD App: Makes online banking easy.
- TD MySpend: This makes tracking all spending easier and allows account owners to manage their spending habits.
- TD Mobile Deposit: Allows account owners to deposit cheques using their smartphones.
The pros of the TD High Interest Savings Account
High Interest
Canadians who open this account earn 0.050% interest, which is calculated daily. This interest rate is available as long as the account owner’s total daily closing balance is $5,000 or more.
Waived Transaction Fees
As long as this high-interest savings account has a minimum monthly balance of $25,000, all transaction fees are waived. So, the account owner will be able to transfer funds to and from their TD account without worrying about fees.
No Monthly Fee
The TD High Interest Savings Account doesn’t charge any fees for opening the account. So, any Canadian that meets the requirements for opening the account can enjoy its benefits.
The cons of the TD High Interest Savings Account
High Fee Waiver Requirement
While all high-interest savings account owners have the opportunity to waive all transaction fees, it requires a minimum balance of $25,000. This is a considerable amount of money, and it isn’t something that many account owners will always have sitting in their accounts.
No Interest for Balances Lower than $5,000
While this account’s 0.050% daily interest is decent, it requires a daily closing balance of at least $5,000. So, anyone with $4,999 or less in their account won’t earn any interest.
High Transaction Fees
Compared to many savings accounts out there, this TD account charges a high amount for each transaction—$5.00. So, regardless of the amount an account owner transfers, they’ll have to pay $5.00.
TD High Interest Savings Account fees
Opening the TD High Interest Savings Account subjects you to a few fees, and they’re all shown below:
- There is no monthly cost associated with this TD account. However, there is a $5 transaction fee. Nonetheless, this fee will be eliminated if your account has a minimum balance of $25,000.
- Conducting transactions at ABMs: All transactions conducted at Non-TD ABMs in Canada come with a $2.00 fee. ABM transactions in the US and Mexico come with a $3.00 fee, while it’s $5.00 in other countries.
- Although online statements are free, paper statements are $2.00. Of course, this fee can be waived if you have $25,000 in your account.
TD High Interest Savings Account special offers
At the moment, there is no special offer that comes with opening this high interest savings product from TD Bank. Nonetheless, the numerous benefits of this account are enticing enough.
Other TD savings account options
Are you unsatisfied with the features offered by the TD High Interest Savings Account? Then you can consider the TD Bank accounts below:
TD ePremium Savings Account
This is another TD savings account that requires no monthly fees and also offers a transaction fee waiver. The interest rate for this account is higher at 1.700%, but it requires a higher minimum balance of $10,000 to qualify.
TD Every Day Savings Account
Although the interest rate on this account is lower at 0.010%, it has no minimum balance requirement. So, you can enjoy this interest alongside free transfers to other TD deposit accounts.
TD Unlimited Chequing Account
You can switch to this chequing account if you are interested in unlimited transactions. While there are no transaction fees, this account comes with a $16.95 monthly fee ($11.95 for seniors over 59). However, this fee can be waived if you have a minimum balance of $4,000.
How to open the TD High Interest Savings Account
You can open your TD High Interest Savings Account in a few minutes by following the guide shown below:
- Start the Online Application: The first step is visiting the TD Bank website and heading to their savings account section. There, you can choose this TD High Interest Savings Account and click on “Open Account.”
- Provide Personal information: At this point, you’ll have to indicate your work status and provide your name, email address, and other personal information.
- Confirm Credit History: Here, you’ll need to answer some essential questions related to your credit history.
- Confirm Your Identity: In this step, you must confirm your identity by providing identifying documents.
Once you’ve gone through all these steps, your account will be activated, and an account number will be given to you.
TD High Interest Savings Account conclusion
Although the TD High Interest Savings Account doesn’t offer the best interest rates around, it still comes with many benefits. It requires no monthly fees and also allows account owners to waive transaction fees with a minimum balance requirement.
You’ll enjoy its high interest as long as you meet the TD High Interest Savings Account daily closing balance requirements.
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