Best TD Savings Accounts - Comparewise

Best TD Savings Accounts

If you’re looking to save money and earn interest while at it, you’re likely curious about the best TD savings accounts. The Canadian bank TD Bank provides one of the most remarkable savings accounts with a high interest rate.

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Last Updated: May 24, 2024

Compare 3 Best TD Savings Accounts

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#1 Choice
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TD ePremium Savings Account

$0
Monthly Fee
0%
Interest Rate
  • No monthly fee
  • High interest rate on balances of $10k+
  • Unlimited free online transfers to TD accounts
Pros & Cons
Extra Details
Popular
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TD Every Day Savings Account

$0
Monthly Fee
0.01%
Interest Rate
  • No monthly fee
  • Every dollar earns interest calculated daily
  • 1 transaction per month
Pros & Cons
Extra Details
Best Value
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TD High Interest Savings Account

$0
Monthly Fee
0.%
Interest Rate
  • No monthly fee
  • High interest rate on balances of $5+
  • Unlimited free online transfers to TD accounts
Pros & Cons
Extra Details

Best TD Savings Accounts

However, three TD accounts are available in savings accounts, and everyone wants to pick the best one.

The best TD savings accounts offer good interest, an acceptable minimum balance, and acceptable account fees. There are three savings accounts to choose from at TD: the ePremium savings account, the Every Day savings account, and the High Interest savings account.

There are a few key differences between these accounts. And the one that’s best for you will depend on what you’ll utilize it for.

Thankfully, we won’t leave you guessing which savings account suits you. We’ll tell you what all savings accounts from TD have to offer and how to choose the best option.

What is TD Bank?

As one of the top banks in Canada, TD is committed to improving the financial well-being of its clients. The Canadian public has a lot of faith in this financial organization because it provides an array of financial and investment products.

The savings accounts this bank offers are competitive with the best in Canada. This firm’s savings account has a spending tracker, online statements, and other valuable features.

You can also use the TD Online Banking service to manage your savings account without visiting a bank branch. So, even if you’re not in the country, you can use the TD sign-in or TD login processes to manage your account.

Types of TD savings accounts

TD offers three savings accounts for Canadians, and they are all designed to meet customer needs. Below are the savings accounts that you’ll find at this financial institution.

TD ePremium Savings Account

This is one of the best TD savings accounts, and it’s known for its free online transfers and high interest rate. You can also use the automated savings feature that comes with this account to make saving funds easier. This account also provides a free online statement of account.

Features

  • No monthly fee
  • High interest of 1.6% when your balance is $10,000 or more
  • Unlimited free online transfers to the TD Canada Trust deposit accounts that you may have
  • $5 transaction fee
  • $2 fee for all non-TD ATM transactions in Canada
  • $3 fee for all non-TD ATM transactions in the United States or Mexico
  • $5 fee for all non-TD ATM transactions in other foreign countries

Why Should You Choose the TD ePremium Savings Account?

This is one of the best TD savings accounts you can consider when you want the benefits of high interest. If you can meet the minimum balance of $10,000, you’ll enjoy a 1.6% interest rate, which is the highest.

TD Every Day Savings Account

Another option on our list of the best TD savings accounts is the TD Every Day Savings Account. It’s the ideal option when you require frequent access to your funds. The daily interest this account provides will allow you to earn for each day your funds are in this financial institution.

You can access their automated savings service when you open this TD Bank savings account. You can also request free online statements of account when you open this account.

Features

  • No monthly fee
  • Unlimited free online transfers to the TD Canada Trust deposit accounts that you may have
  • This savings account earns interest on every dollar that you save
  • One free transaction every month
  • $3 on every other transaction after the free transaction has been used
  • $2 for every paper statement of account that you request
  • $2 fee for all non-TD ATM transactions in Canada
  • $3 fee for all non-TD ATM transactions in the United States or Mexico
  • $5 fee for all non-TD ATM transactions in other foreign countries

Why Should You Choose the TD Every Day Savings Account?

Simply put, it’s one of the best TD savings accounts to go for when you’re new to owning a savings account. Its TD savings account interest rate also makes it perfect for people who frequently withdraw funds from their accounts.

TD High Interest Savings Account

If you’re looking for one of the best TD savings accounts with a high interest rate, this is one of the finest options. With this savings account, you can access your money in various ways, including in a branch and online. It also provides an automated savings program that can simplify the money-saving process.

Features

  • No monthly fee
  • High-interest rate of 0.05% when your balance is $5000 or more
  • Transaction fees are waived when your TD savings account minimum balance is $25,000
  • Free online and paper statement of account for a minimum balance of $25,000
  • $5 transaction fee for each transaction you make
  • $2 fee for all non-TD ATM transactions in Canada
  • $3 fee for all non-TD ATM transactions in the United States or Mexico
  • $5 fee for all non-TD ATM transactions in other foreign countries
  • $2 fee for a paper statement of account when your monthly balance is less than  $25,000

Why Should You Choose the TD High Interest Savings Account?

If you want a high interest rate on your savings, this is one of the best TD savings accounts to open. High interest is available on balances up to $5,000, unlike the TD ePremium savings account.

best td savings accounts - comparewise

How to choose the best TD savings accounts

Although there’s no TD welcome bonus for opening an account with this firm, their savings accounts are good options for any Canadian. The following is a guide to help you choose the right one for your requirements:

Minimum Balance

Two TD bank savings accounts mentioned in this article require you to keep a minimum balance to earn interest. While the interest you’ll make is high, you won’t get anything if that minimum balance isn’t there. If you can’t keep that minimum balance, go for the savings account without that requirement.

Fees

Although the non-ATM transfer fees for all TD savings accounts are the same, regular transaction fees differ. Some accounts charge for them, while others don’t charge under certain conditions.

You might also need to pay a paper statement of account fee, depending on the savings account that you open. So, you should consider all these fees before you make your choice.

Interest Rate

The interest rates for all savings accounts are different. Two TD accounts offer high interest when you keep a minimum balance in your account. At the same time, the other pays interest for every dollar. So, decide if you want interest on every dollar or a high interest rate when you deposit specific amounts.

Alternatives to the TD savings accounts

If you think that a TD account won’t serve your savings account needs, you can consider other options. Some of the reliable financial institutions with savings accounts include:

TD vs Tangerine

This Scotiabank subsidiary is another financial institution that offers good savings accounts with high interest rates. Tangerine offers a savings account where you earn 5.00% interest for the first five months of opening an account.

When you open an account with this firm, you can also get the opportunity to earn bonus funds worth $400. These funds are awarded to any new customer that opens a Tangerine savings account and chequing account within 30 days.

After the first five months, your interest will return to 1.00%, which is still fair. A Tangerine savings account also offers an automated savings feature, no monthly fees, and unlimited self-serve transactions. There’s no minimum balance requirement to enjoy the benefits of their savings account.

TD vs Meridian

With a history of more than 75 years behind it, Meridian is a credit union that offers top-tier savings accounts. A savings account from this financial institution offers 2.50% interest, which can be calculated daily, weekly, or monthly. When you open a savings account with this firm, you can also access unlimited transactions.

TD vs Simplii Financial

This financial institution is operated by CIBC, which offers one of the best High Interest Savings Accounts (HISA) in Canada. A Simplii Financial savings account doesn’t come with any welcome offers, but it can offer a high interest rate of 5.25%. Nonetheless, the standard interest rate for their savings account is 0.40%.

A Simplii Financial savings account has no monthly fees, transaction fees, or minimum balance requirements. When you open a savings account with this institution, you can also activate their automated savings service.

Best TD savings accounts conclusion

TD Bank offers one of the best savings accounts for Canadians. They all come with high interest and many exciting features. If you want to choose the best options between the three savings accounts from this bank, you’ll have to consider many things.

This includes their minimum balance, interest rate, and bank fees. With these criteria and the information provided in this article, you should be able to choose the best TD savings account.

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FAQs about the best TD savings accounts

Will my automated savings work if the amount in my account is not enough?

No, when the amount of funds in your chequing account is insufficient, this automated savings feature won't work. You can choose to deposit more funds into your account for the feature to work. If you don't want to do this, you can also change the settings for the feature so it works with smaller funds.

How can I open a TD savings account?

To open a TD Bank savings account, you'll need to be at the age of majority in your province or above it. You'll also need to provide personal details like your social insurance number, date of birth, address, phone number, and email. You can open your savings account online or at a physical branch.

What is the best TD savings account?

The most incredible TD savings account is the one that can serve your needs best. So it can be the TD ePremium savings account, the TD Every Day savings account, or the TD High Interest savings account. Go through each account's interest rates, minimum balances, and fees to make the best choice.

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