Compare TD savings account options

If you’re looking to grow your money with one of Canada’s biggest banks, you might be considering opening a TD bank account. Here’s what you need to know about your TD savings account options including fees, features and alternative options to consider.

Compare TD savings accounts

• Best for frequent transfers:
  TD Every Day Savings Account
• Best for balances of $5,000–$9,999:
  TD High Interest Savings Account
• Best for $10,000+ balances:
  TD ePremium Savings Account
• Alternative savings accounts

Finder independently collects TD Bank savings account info. TD Bank savings accounts are not available through this site.

TD Every Day Savings Account

The TD Every Day Savings Account is for those who are just starting to save or those who want frequent access to their money. This account comes with a 0.01% interest rate, a $0 monthly fee and unlimited free transfers to your other TD deposit accounts. Other types of transactions cost $3.00 each, but you get 1 free transaction per month.

Alternative: Simplii High Interest Savings Account

With the Simplii High Interest Savings Account, you can earn between 0.35% and 1.45% on balances up to $1,000,000 and 4.25% on balances above this. Offered by Simplii Financial, an online bank owned by CIBC, this account comes with a $0 monthly fee, $0 unlimited transfers and transactions and no minimum balance requirement.

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TD High Interest Savings Account

If you have a more ambitious savings goal, you might get there with the TD High Interest Savings Account. You’ll earn 0.05% interest if you have $5,000 or more in your account, but balances of $4,999.99 or less earn 0% interest. Each transaction costs $5.00 unless you keep a minimum balance of $25,000, in which case, this fee is waived.

Alternative: Scotiabank MomentumPLUS Savings Account

Earn up to 5.4% for 3 months on your first account opened. Continue earning interest at the regular rate of 1%. Plus, get a bonus rate of 0.35% to 0.65% when you leave funds in your account for 90-360 days without making any withdrawals. The monthly fee is $0, the minimum balance is $0 and you get free transfers between Scotiabank accounts.

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TD ePremium Savings Account

The TD ePremium Savings Account may be a good choice for those who enjoy earning a higher interest rate and prefer to do most of their banking online. This plan comes with a $0 fee and pays 1.3% interest on balances of $10,000+. However, the interest rate for balances of $9,999.99 or less is 0%.

The TD ePremium Savings Account comes with free online transfers to other TD Canada Trust deposit accounts, but other types of transactions cost $5.00 each.

Alternative: EQ Bank Notice Savings Account

Offered by a fully online bank, the EQ Bank Notice Savings Account pays an impressive interest rate and has no monthly fees or minimum balance requirement. Earn 3.65% interest if you choose a 30-day withdrawal notice period or 3.50% interest if you choose a 10-day notice period. Your deposits are insured by the CDIC (Canada Deposit Insurance Corporation), just like deposits held at major Canadian banks.

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Compare other savings accounts

Looking for alternatives to TD savings accounts? The Laurentian Bank High Interest Savings Account pays 3.75% interest and comes with a $1.00 transaction fee and a $0 monthly fee. You can also score a high rate of 3.50% - 3.65% with a EQ Notice Savings Account, which comes with $0 transactions and a $0 monthly fee.

Look for high bonus rates and promotional offers to grow your money faster. For instance, the Simplii High Interest Savings Account is offering 6.00%, after which you’ll continue to earn at the regular interest rate of 0.35%.

It’s common to find accounts with low or no fees offered by online banks, which are federally regulated and usually backed by the CDIC (Canada Deposit Insurance Corporation), just like Canada’s Big Banks.

TD savings account interest rates

Depending on the TD savings account you have, the interest rate can vary from 0% for balances under $5,000 with the TD High Interest Savings Account to 1.3% for balances of $10,000+ with the TD ePremium Savings Account. Here are regular, non-promotional TD bank savings account interest rates as of September 11, 2024.

Account	Regular minimum rate	Regular maximum rate
TD Every Day Savings Account	0.01%	N/A
TD High Interest Savings Account	0%	0.05%
TD ePremium Savings Account	0%	1.3%

The benefits of TD savings accounts

TD savings accounts come with the following perks:

• No monthly fees. All TD savings accounts come with zero monthly fees.
• Automated savings. Set up pre-authorized daily, weekly or monthly transfers to your account.
• TD mobile deposit. Take a picture of the front and back of cheques to deposit via mobile app.
• TD Canada Trust online banking (EasyWeb) and mobile app. View balances in your TD bank accounts. Transfer funds, deposit cheques, pay bills and more through TD Canada Trust online banking or via mobile app.
• TD Online and Mobile Security Guarantee. You will receive a full reimbursement from TD for losses due to unauthorized account activity as long as you’ve met your security responsibilities (such as using up-to-date browsers and security software).
• TD Fraud Alerts. TD account holders who have provided a current phone number will get immediate notifications of any suspicious account transactions.
• CDIC insured. In the unlikely event that TD bank fails, your deposits will be covered. For deposits held in one name, the maximum coverage is $100,000 per bank per depositor.

Related: Explore TD chequing accounts

How to open a TD savings account

Before you open an account online with TD, make sure you meet the eligibility requirements, which generally include:

• Age. You must be at least the age of majority in your province or territory (18 or 19 years old).
• Residency. You have to provide proof that you are a resident of Canada, which could include a utility bill, credit card statement or bank statement showing your name and address.
• SIN. For tax reporting purposes, you’ll be asked to provide your Social Insurance Number.

Information you’ll need for your application

After checking that you’re eligible for the TD savings account you want, provide your full name, address and contact information as well as an acceptable form of ID such as a driver’s license or permanent resident card.

Related: Check out new bank account offers & promotions

Frequently asked questions

• What are TD savings interest rates?

  TD bank savings account interest rates range from from $0 for balances under $5,000 with the TD High Interest Savings Account to 1.3% for balances of $10,000+ with the TD ePremium Savings Account. View all TD savings rates.

• What is the high interest savings account rate at TD?

  The interest rate for the TD High Interest Savings Account is 0% for balances up to $4,999.99 and 0.05% for balances of $5,000+.

• Is there a TD youth account for savings?

  Although the TD Youth Savings Account is no longer available, students and youth can open a TD Student Chequing Account, which comes with unlimited transactions, free Interac e-Transfers, $0 overdraft protection (interest applies) and 0.01% interest paid on all balances.

  Plus, TD Canada Trust student chequing account holders can begin earning 50% more Starbucks Stars by linking their TD Visa Debit card to their Starbucks Rewards account.

• Can I open a TD companion savings account?

  No, the TD companion savings account is no longer offered, but you can explore other TD bank plans. For example, the TD Every Day Savings Account comes with a $0 monthly fee, a 0.01% interest rate and unlimited free transfers to your other TD deposit accounts. Other types of transactions cost $3.00 each, but you get 1 free transaction per month.

• Can I open a TD joint savings account?

  Yes. To set up a TD Canada Trust joint account, you and the person you want added to your account must visit a TD branch in person. The person being added to your account must bring two pieces of ID, one of which must be photo ID.