In Canada today, one of the selling points of many online-only banks is the higher interest rates they offer on savings and investment accounts.
However, this doesn’t necessarily mean that some older big banks do not have their type of high-interest savings accounts.
One of the big banks offering high-interest savings accounts in Canada is the popular TD Canada Trust.
The bank currently boasts of having 10 million+ customers and many branches spread across Canada.
In this post, I will discuss all the important features of the TD High-Interest Savings account.
You will also get to know more about other Savings account types offered by TD Canada Trust.
And towards the end of this article, I will compare TD bank’s savings rate to that of some of the largest banks in Canada.
Read on to find out!
Table of Contents
About TD Canada Trust Bank
The Toronto-Dominion Bank (TD Bank Group) does commercial banking operations in Canada under the official name TD Canada Trust.
With more than 10 million customers in Canada, the bank has built a good reputation for itself for 167 years since it was founded in 1855.
TD Bank Group was established in 1855 but it only acquired Canada Trust in 2000. It was after this acquisition and merger that the bank got rebranded to TD Canada Trust.
However, it is observed that the bank has been slowly phasing out the “Canada Trust” part of its name in adverts, stationery, and logo since 2012.
One interesting fact about TD Canada Trust is that it currently boasts of having 2,600 ATMs and 1,100 branches all over Canada.
It is also a known fact that TD Bank Group is among the Big Five and Big 6 banks in Canada to date.
TD High-Interest Savings Account types
TD Bank offers a wide range of high-interest financial products among which are High-Interest Savings accounts.
As of today, TD Canada Trust offers two types of High-Interest Savings accounts with different interest rates.
The two high-interest savings account types are named as follows:
- TD High-Interest Savings Account
- TD ePremium Savings Account
Let’s discuss each of these accounts and their features separately so that you can determine which one is best for you.
1. TD High-Interest Savings Account
The TD High-Interest Savings Account as the name implies is an account that offers you high interest on your savings.
However, this particular account type comes with a tiered interest rate that goes up to 0.05% on savings of $5,000 or more. This means the higher you save, the higher the interest rate you will get.
Check out this table below to see the current interest rate attached to each account balance range for the TD High-Interest Savings Account type:
| Daily Closing Account Balance | Interest Rate |
| $0 — $4,999.99 | 0.00% |
| $5,000.00 — $49,999.99 | 0.05% |
| $50,000.00 — $99,999.99 | 0.05% |
| $100,000.00 — $249,999.99 | 0.05% |
| $250,000.00 — $1,000,000.00 | 0.05% |
| Daily closing balance portion of $1,000,000.01 and above | 0.05% |
From the above table, you can see that having an account balance of less than $5,000 will yield zero interest when using a TD High-Interest Savings Account.
Key Features
Some of the key features of the TD High-Interest Savings Account include:
- No monthly fee
- Waived transaction fees with a minimum monthly balance of $25,000
- Automated savings
- Free “paperless” record keeping / online statements
And below is a table showing the respective bank charges and account fees for the TD HISA.
| Title | Fee |
| Paper Statement Fee | $2.00 per month No Fee with a minimum monthly balance of $25,000 |
| Foreign ATM Fee (Mexico and U.S.A) | $3.00 each |
| Foreign ATM Fee (in all other foreign countries) | $5.00 each |
| Non-TD ATM Fee (within Canada) | $2.00 each |
| Transaction Fee | $5.00 each No Fee with a minimum monthly balance of $25,000 |
2. TD ePremium Savings Account
The TD ePremium Savings Account offers the highest savings rate you can get on any TD bank account.
However, this high-interest rate only applies to customers with a balance of $10,000 or more.
This means you won’t enjoy the high interest if you save less than $10,000 in the account.
The TD ePremium Savings Account is not for starters but instead for anyone with a larger fund looking to save it for a higher interest.
Take a look at the table below to see the interest rate you will get for different ranges of account balances with a TD ePremium Savings account.
| Daily Closing Account Balance | Interest Rate |
| $0 — $9,999.99 | 0% |
| $10,000.00 — $49,999.99 | 1.40% |
| $50,000.00 — $99,999.99 | 1.40% |
| $100,000.00 — $249,999.99 | 1.40% |
| $250,000.00 — $1,000,000.00 | 1.40% |
| Daily closing balance portion of $1,000,000.01 and over | 1.40% |
Key Features
The TD ePremium Savings Account also comes with other interesting features listed below.
- Unlimited free transfer to your other TD deposit accounts
- No monthly fee
- Free “paperless” record keeping / online statements
- Automated savings
Also, check out the table below to see a list of account fees that specifically applies to the TD ePremium Savings account.
| Title | Fee |
| Foreign ATM transaction fee (Mexico and U.S.A) | $3.00 each |
| Foreign ATM transaction fees (in all other foreign countries) | $5.00 each |
| Non-TD ATM fee (within Canada) | $2.00 each |
| Transaction fee | $5.00 each |
Other TD Bank Savings Account types
Aside from the two high-interest savings account types discussed above, TD Canada Trust also offers two other types of accounts that are good for saving money as well.
The two other TD Bank savings account types are.
- TD Every Day Savings account
- TD Student Account
Let’s discuss each of these TD accounts one after the other.
TD Every Day Savings Account
This is a type of low-interest savings account offered by TD Canada Trust. It is ideal for anyone who is just starting to save money but still wants frequent access to their funds.
Out of all the savings account types offered by TD Canada Trust, the Every Day Savings Account currently gives the lowest interest rate.
Regardless of how low your account balance is, the TD Every Day savings account currently offers a flat interest rate of 0.01% to all customers.
This is clearly a direct contrast to the TD HISA which only gives interest to customers with an account balance of $5,000 and above.
Key Features
With all that said, check out the other key features of the TD Every Day Savings Account below:
- Free transfer to your other TD deposit accounts
- Zero monthly fee
- Automated savings
- Free “paperless” record keeping / online statements
TD Student Account
Even though this account type is officially called a TD Student chequing account, it offers some features of a typical TD savings account.
One key feature of the TD Student chequing account is a flattened interest rate of 0.01% on any account balance.
It is more like a hybrid account that combines the benefits of a savings and chequing account into one.
Key Features
Other interesting features of the TD Student Chequing account included the following:
- Zero monthly fee
- Unlimited transactions per month
- Free Paper or online statement
- Free Interac e-Transfer
- No minimum monthly balance for monthly fee rebate
- No fee for additional transactions
READ ALSO: Best TD Student Credit Cards
TD High-Interest Savings Accounts Rate vs Online-One Banks Rate
If you are looking for the best high-interest savings account in Canada, you should probably check out online-only banks.
Some popular digital banks like Simplii Financial, Neo Financial, Tangerine and EQ Bank offer higher interest rates for their savings account types.
Other Financial institutions and Fintech companies like Saven Financial AcceleRate Financial and Wealthsimple also give a much higher savings rate than TD Canada Trust.
Check out this table below to see how TD High-Interest Savings Account compares to that of some popular online banks and institutions.
| Feature | TD High-Interest Savings account | TD ePremium Savings account | EQ Bank Savings Plus account | Tangerine Savings account | Neo Financial Neo Money account | Simplii High-Interest Savings account |
| Interest Rate | Up to 0.05% | Up to 1.40% | 2.50% | 1.00% | 2.25% | 0.40 to 2.00% |
| Minimum balance (to earn interest) | $5,000 | $10,000 | None | None | None | None |
| Monthly fee | Zero | Zero | Zero | Zero | Zero | Zero |
| No. of Free transactions | None (except if you save $25,000 or more) | Free transfers to your TD deposit accounts and $5 each for others | Unlimited Interac e-Transfers and bill payments | Free transfers (but no Interac e-Transfer) | Unlimited Interac e-Transfers and bill payments | Free transfers (but no Interac e-Transfer) |
| Other notable features | Automated Savings Mobile app | Automated Savings Mobile app | Mobile cheque deposits International money transfer Automated savings Mobile app | Mobile cheque deposits Automated Savings Mobile app | Automated Savings Cash back Credit Card Mobile app | Automatic deposits Mobile app |
TD Savings Accounts Rate Vs Other Big Banks Rate
Now that we are done comparing TD savings accounts rates to that of online-only banks, let’s also compare them to that of other big banks in Canada:
TD Savings Accounts vs RBC Savings Accounts Rate
It is no news that the Royal Bank of Canada popularly known as RBC is often considered the largest of all banks in Canada to date.
Royal Bank currently offers four unique types of Savings accounts with different interest rates applicable to each type.
Since Royal Bank of Canada (RBC) and TD Bank Group are among the Big Five and Big Six banks in the country, I think it is fair to compare their savings rate.
Check out this table below to see how TD’s savings rate compares to the RBC Royal Bank rate.
| Feature | TD High-Interest Savings account | TD ePremium Savings account | Other TD Savings account types | RBC High-Interest eSavings account | RBC U.S. High-Interest eSavings account | Other RBC Savings account type |
| Interest Rate | Up to 0.05% | Up to 1.40% | 0.01% | 1.30% | 0.25% | Tiered (up to 0.01%) |
| Minimum balance (to earn interest) | $5,000 | $10,000 | None | None | None | $1,000 |
RELATED:
Conclusion on TD High-interest Savings Account Review
If you are looking for a high-interest savings account with one of the big five banks in Canada, then TD bank is a good option.
The bank offers two types of savings accounts. The two accounts have different minimum balance requirements and offer different rates of return.
As a result of the different requirements attached to TD high-interest savings accounts, it is essential to decide which one is right for you based on your needs.
To make things easier for you, this article has discussed everything you need to know about the two TD high-interest savings accounts and also provided you with some alternatives.
Hopefully, now that you are done reading this article, you should now have a good understanding of the two different high-interest savings accounts that TD offers.
Also, you can now decide whether to go with any of the TD high-interest savings accounts or choose any of the alternatives provided above.
FAQs on TD High-interest Savings Account Review
Is TD Bank a good bank?
TD Canada Trust is a bank that is worthy of consideration because it has a very long history of great customer service and secure banking platforms.
The bank currently serves millions of customers and the bank has a physical presence in many parts of Canada.
Is TD Bank the same as TD Canada Trust?
TD Canada Trust is a subsidiary of TD Bank Group that is focused on the personal and small business banking needs of Canadian customers.
The name TD Canada Trust was revealed after TD Bank Group acquired Canada Trust in 2000.
What is the best savings account at TD?
The TD ePremium Savings Account gives the highest interest rate among all the savings account types offered by TD Canada Trust.
However, you need a minimum balance of $10,000 to enjoy the high-interest rate of the TD ePremium Savings Account.
What are the cons of TD Bank?
The interest rates offered on TD savings accounts are generally lower than other financial institutions in Canada, especially digital banks.
TD Bank also requires a minimum account balance before you can be paid interest on your savings with the bank.
How do I contact TD Bank Canada?
You can easily reach the customer care center of TD Canada Trust via the following means:
- Call: 1-833-259-5980
- Email: [email protected]
