TD Canada High Interest Savings Account Review and Comparison

If you're looking for a high-interest savings account in Canada, TD Canada is definitely worth considering. Their high interest savings account offers a competitive interest rate of 2.25% interest rate on balances up to $100,000.

TD Canada's high interest savings account has a low minimum balance requirement of just $1 to open, making it accessible to a wide range of customers. This is a great option for those who want to start saving with a small amount of money.

Interest is compounded daily and credited monthly, which means you'll earn interest on your interest. This can help your savings grow faster over time.

The account also comes with a free TD EasyWeb chequing account, which is convenient for managing your finances online.

Discover more: Td Canada Chequing Account

One of the most attractive features of the TD Canada High Interest Savings Account is that it comes with no monthly fees. This means you can save money without worrying about extra charges.

You can also set up automated savings, which allows you to transfer funds to your account on a daily, weekly, or monthly basis. This can help you stay on top of your finances and reach your savings goals.

The TD mobile deposit feature is another convenient perk, allowing you to deposit cheques using your mobile app. Simply take a picture of the front and back of the cheque, and the funds will be deposited into your account.

Here are some of the key benefits of the TD Canada High Interest Savings Account at a glance:

If you have a balance of $5,000 or more in your account, you'll earn 0.050% interest, which is calculated daily. This can help your savings grow over time.

The TD High Interest Savings Account comes with no monthly fees, which is a big plus for anyone looking to save money. This means you won't have to worry about any extra charges eating into your savings.

One of the features I appreciate is the Pre-authorized Transfer Service, which allows you to automate your daily, monthly, or weekly savings. This can be a game-changer for those who struggle to save regularly.

You'll also get a free online statement, which is convenient for keeping track of your account activity. And with the TD App, online banking is made easy.

The Simply Save Program is another great feature, allowing you to grow your savings each time you use the TD Access Card. This can be a great motivator for those who want to save more.

Here are some of the key features of the TD High Interest Savings Account:

With TD Mobile Deposit, you can deposit cheques using your smartphone, which is super convenient. And with TD MySpend, tracking your spending is made easy, allowing you to manage your spending habits.

Worth a look: TD Canada Trust

If you're looking for a notice savings account with a high interest rate, EQ Bank's Notice Savings Account is definitely worth considering. It pays an impressive 3.05% interest if you choose a 30-day withdrawal notice period.

You won't have to worry about monthly fees or minimum balance requirements with this account. It's a fully online bank, so you can manage your money from anywhere.

The EQ Bank Notice Savings Account also has the added security of CDIC insurance, just like major Canadian banks.

To open a TD Canada High Interest Savings Account, you'll need to provide some personal and financial information, including your name, date of birth, and Social Insurance Number.

You can fund your account with a one-time deposit or set up a recurring transfer from your existing bank account.

The minimum opening balance for a TD Canada High Interest Savings Account is $0, but you'll need to deposit at least $1 to start earning interest.

You can access your account online or through the TD mobile app, making it easy to manage your finances on the go.

The account offers a competitive interest rate, currently 2.00% for balances up to $1,000 and 1.00% for balances over $1,000.

Curious to learn more? Check out: Bread Savings Certificate of Deposit

To open a TD High Interest Savings Account, you'll need to meet some requirements.

The account has no monthly cost, but you should be aware of the transaction fees associated with it. A $5 transaction fee is charged, unless you have a minimum balance of $25,000, in which case it's waived.

Conducting transactions at ABMs also incurs fees. In Canada, non-TD ABM transactions cost $2.00, while in the US and Mexico, they cost $3.00, and in other countries, it's $5.00.

If you prefer paper statements, be prepared for a $2.00 fee, which can also be waived if you have $25,000 in your account. Online statements, on the other hand, are free.

Here's a breakdown of the fees you might encounter:

To get the most out of your TD Canada High Interest Savings Account, consider the account's requirements for earning interest. The interest is calculated daily when your account balance is $5,000 or more.

If you plan to keep a large balance, you'll also want to think about transaction fees. With a minimum monthly balance of $25,000, transaction fees are waived, which can save you money in the long run.

To help you manage your account, the TD Canada High Interest Savings Account offers flexibility in how you access and manage your savings. You can bank in branch, at home, or on the go, giving you total freedom to do things your way.

Here's an interesting read: Minimum Saving Account Balance in Axis Bank

When comparing savings accounts, it's essential to consider your transfer frequency and balance amount.

If you're making frequent transfers, the TD Every Day Savings Account is a great option. This account is designed for those who need to move money in and out of their account regularly.

For balances between $5,000 and $9,999, the TD High Interest Savings Account offers a competitive interest rate. This account is a good choice for those who want to earn more interest on their savings.

If you have a balance of $10,000 or more, the TD ePremium Savings Account is worth considering. This account offers a higher interest rate for larger balances.

Alternatively, you can explore other savings accounts offered by TD Canada Trust. Each of their savings accounts is insured by CDIC, providing an added layer of security for your deposits.

Here's a quick summary of the options:

If you're looking for a savings plan that earns interest, you'll want to consider a high interest rate. With a balance of $5,000 or more, your interest is calculated daily.

One of the benefits of this plan is that transaction fees are waived with a minimum monthly balance of $25,000. This can save you money on fees.

The plan also offers automated savings services, which can help you make saving a habit. By automating your savings, you can ensure that you're setting aside money regularly.

You'll also enjoy additional account benefits, including free paperless record keeping or online statements. This can make it easier to keep track of your finances.

Here are the key benefits of this plan at a glance:

When choosing a TFSA, consider the fees associated with it. The TD High Interest TFSA Savings Account doesn't charge transaction fees on internal transfers or ATM withdrawals.

You can save money with a TFSA by avoiding unnecessary fees. The TD High Interest TFSA Savings Account is a good option for this.

If you have multiple accounts with the same bank, a TFSA with no internal transfer fees can be a convenient choice. The TD High Interest TFSA Savings Account is one such option.

Interest rates on TFSAs can vary between banks, so shop around for the best rates. The interest rates offered on the TD High Interest TFSA Savings Account aren't as competitive as other financial institutions.

Discover more: Citibank Interest Rates on Saving Account

The TD Canada High Interest Savings Account has some notable features. It offers an interest rate of 0.55% on balances over $5,000, but 0% on balances under $5,000. You'll need to deposit at least $5,000 to get that rate.

If you're looking for a higher interest rate, you might consider other options. For example, the Scotiabank Momentum Savings Account offers a rate of 1.50%, and the BMO Bank of Montreal Savings Builder Account offers a rate of 1.25%. The TD account's rate is also lower than some other financial institutions, with a rate of 2.40% available for new clients for the first 182 days.

One advantage of the TD account is that it doesn't have a monthly fee. However, there are some transaction fees to be aware of. Here are the details:

If you can maintain a minimum monthly balance of $25,000 or more, all of your debit transaction fees are waived.