TD Every Day Savings Account review

The TD Every Day Savings Account comes with no monthly fees and lets you earn 0.01% interest on every dollar you hold in your account. You’ll also get unlimited free transfers to your other TD accounts so that you can easily move your money back and forth. Learn more about how you can benefit from the TD Every Day Savings Account and sign up today to get started.

What are the benefits of the TD Every Day Savings Account?

The TD Every Day Savings Account comes with a number of benefits:

• No monthly fees. There are no monthly fees eating away at your savings balance.
• Earn interest on every dollar. There are no minimum balance thresholds that you’ll need to meet before you start earning interest on your savings.
• Unlimited transfers to other TD accounts. It’s possible to send funds between your TD accounts as much as you want for no additional fee.
• One free debit per month. You’ll get one debit transaction per month, which can include bill payments, ATM withdrawals or debit purchases.
• Automated savings. It’s easy to set up automatic withdrawals from your other TD accounts to feed regular deposits into your TD Every Day Savings Account.
• Easy mobile banking. TD offers a comprehensive mobile banking app to help you manage your savings on the go.
• Apply online. You can apply to open a TD Every Day Savings Account online in a matter of minutes.

What should I look out for with the TD Every Day Savings Account?

There are some drawbacks with the TD Every Day Savings Account you may want to keep in mind:

• Low interest rates. You’ll only earn an interest rate of 0.01% on your savings, which is quite low by industry standards.
• Transaction fees. You’ll only qualify for one free withdrawal per month before you incur a $3 fee per additional debit.
• ATM fees. You’ll have to pay an additional charge of $2 to withdraw money at non-TD ATMs (or $3 from US and Mexico ATMs and $5 from international ATMs).
• Very few additional benefits. This is a bare bones account that includes relatively few benefits such as free cheques, unlimited transactions or credit card rebates.

Compare with other savings accounts

How do I open a TD Every Day Savings Account?

You can follow these steps to sign up for a TD Every Day Savings Account:

1. Visit TD’s main website and hover over the “Products” tab at the top of the page.
2. Select “Bank accounts” from the dropdown list and then select “Savings accounts” from the following page.
3. When the next page loads, you can select the TD Every Day Savings Account and click “Open account”.
4. Enter your personal information such as your full name, date of birth, Social Insurance Number, employment information and email address.
5. Double-check your information and click submit.

Eligibility requirements

To apply for a TD Every Day Savings Account, you need to meet the following criteria:

• Be a Canadian citizen or resident who is at least 18 years old (19 in some provinces)
• Be opening a sole account in your name

Required documents and information

• Your name, residential status and contact information
• Your Social Insurance Number (optional) and date of birth
• Your email address and phone number

How do I deposit or withdraw my money from the TD Every Day Savings Account?

You’ll want to avoid withdrawing money on this account as every transaction beyond your first monthly debit will cost you $3. This money can add up fast if you’re regularly using your debit card to make purchases or withdraw cash. That said, you can use these methods as needed if you’re willing to incur a fee. You can also transfer money out of this account into your TD chequing account for free if you want easier access to it.

To put funds into your account, you can deposit a cheque or bring cash into an ATM or a branch location. You’ll also be able to transfer money in from your other TD accounts, which includes setting up automatic withdrawals from your chequing accounts. It’s also easy to move your money around using the TD mobile app.

How can I get in touch with customer service?

You’ll be able to contact TD through a number of channels:

• By phone. You can get in touch with a TD customer service agent over the phone.
• In person. It’s possible to visit a TD branch in person if you want to speak to an agent directly about your account.
• By mail. If you have a non-urgent request, you may want to send your inquiry via the post to TD headquarters in Toronto or to a local branch if this makes more sense.
• By email. You can easily send a secure message through your online banking or email TD’s customer support inbox.

Frequently asked questions about the TD Every Day Savings Account

• Will I get a promotional interest rate when I sign up?

  Unfortunately, TD doesn’t offer a promotional interest rate with this account. You’ll get a flat interest rate of 0.01% on all of the money you invest as soon as you sign up. This will remain the same for the duration of your account ownership, unless TD lowers or increases its interest rates across the board.

• Do I need to pay fees with this account?

  No. This account doesn’t come with any monthly fees and you won’t need to hold a minimum balance to keep it active. That said, you will be required to pay a fee of $3 every time you exceed your withdrawal limit each month. You’ll also have to pay an additional fee for taking money out at a non-TD ATM.

• Is my money safe with TD?

  Your money is definitely safe with TD. This is because it’s one of Canada’s largest banks and a member of the Canada Deposit Insurance Corporation (CDIC). This means that any money you put into your account will be protected up to $100,000 if TD goes bankrupt.

• Can I apply online?

  Yes. You can apply by filling out an application on TD’s website. You can also call in or visit a branch in person to get help with setting up your account.

• Can I withdraw from a TD savings account?

  Yes. You can take advantage of unlimited free transfers to your other TD deposit accounts, while you also get one free debit transaction per month. However, subsequent debits will incur a $3 fee.

• What type of savings accounts does TD Bank offer?

  In addition to the TD Every Day Savings Account, TD also offers its High Interest Savings Account and ePremium Savings Account. Find out more about the features of these accounts in our guide to TD savings accounts.