With high transaction fees and zero interest on balances under $10,000, the TD ePremium Savings Account is pretty lacklustre. Its main draw is that it's with one of the biggest and most reliable banks in Canada.
While you'll pay no monthly fee, you won't earn any interest until your balance is above $10,000 or higher. And even then the interest rate is a disappointing 0.85% – higher than you'll see from other big banks, but a fraction of what you can earn with high interest savings accounts at more modern, online-only banks.
TD ePremium Savings Account features
Here's what you'll get if you sign up for this savings account:
Why You Want It
Free online transfers from your TD accounts + Automated savings.
Eligibility
- Age of majority in your province or territory
Provinces
ALL
Interest Rates
$0 - $9,999.99
0%
$10,000+
0.85%
Features
# Of Free Transactions
0
# Of Free Interac E-Transfers
N/A
Max Promotion Rate
N/A
Welcome Bonus Value
$150
Promo End Date
May 28, 2025
TD ePremium Savings Account product rating: 3.3 stars
The TD ePremium Savings Account has no monthly fee, but that's true of the vast majority of savings accounts in Canada. While it does charge $5 every time you touch your savings, this feature can definitely encourage you to avoid spending.
To earn interest here, you need to maintain a balance of $10,000 or more, but even then you'll only earn 0.85% interest. You also don’t get any free transactions, except for moving money to and from other TD personal bank accounts.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of a TD ePremium Savings Account
There are some upsides to this savings account – take a look:
Pros
No monthly fee
It's common for savings accounts in Canada to be fee-free, but it's still worth noting. You won't pay any annual or monthly costs to hold a TD ePremium Savings Account, giving you a few extra dollars to tuck away for later.
No fee to transfer money between TD accounts
You won't pay any fees to transfer money to and from other personal TD bank accounts, so you can transfer your savings to a chequing account without incurring any extra costs. While you might think this is a standard feature, this isn't always the case, making it something to note.
The peace of mind a big bank provides
TD is one of Canada's biggest banks, which means it's also one of the most established and safest places available to hold your money. There's a huge suite of financial products to choose from too, making it very convenient to keep all your money under one roof.
The cons of a TD ePremium Savings Account
This account is far from perfect and has a number of downsides to watch out for:
Cons
No interest on balances under $10,000
The only way to earn interest in this account is to deposit $10,000 or more and leave it there. This isn't an exaggeration – if your balance is below $10,000, your interest rate is 0%.
Low interest on balances over $10,000
If you do have $10,000 to stash in a savings account, it will only earn 0.85% interest here, and only as long as the balance stays above the $10,000 threshold. If you’re looking for a higher return, you should consider investing it or choosing a high interest savings account.
No free transactions
While many savings accounts come with at least one free transaction per month (and others are unlimited), the TD ePremium Savings Account doesn’t offer this. Except for transfers to and from other TD bank accounts, you will pay for every transaction you make with this account.
High per-transaction fees
This account charges fees, and they’re high fees compared to competitors. Most transactions cost $5 each – which, to be fair, does encourage you to save rather than spend, and that's the whole point of a savings account.
TD ePremium Savings Account alternatives
But how does this big bank savings account measure up to some other options on the Canadian market? Here's a side-by-side comparison:
 |  |  |  | |
|---|---|---|---|---|
| Account | TD ePremium Savings Account | Neo Savings Account | EQ Bank Personal Account | Scotiabank MomentumPLUS Savings Account |
| Genius Rating | ||||
| Why You Want It | Free online transfers from your TD accounts + Automated savings. | Earn one of the best rates in Canada (2.9%) + No monthly fees. | One of the highest interest rates at 2.75%* + Free Interac e-Transfers. | Get up to 4.75%* interest on your money + No monthly fees. |
| Interest Rates |
|
|
|
|
| # Of Free Transactions | 0 | N/A | Unlimited | 0 |
| # Of Free Interac E-Transfers | N/A | N/A | Unlimited | 0 |
| Max Promotion Rate | N/A | N/A | N/A | 4.75% |
| Welcome Bonus Value | $150 | N/A | N/A | N/A |
| Promo End Date | May 28, 2025 | N/A | N/A | See Issuer for Details |
| Open an account See more TD products Compare | Open an account See more Neo Financial products Compare | Open an account See more EQ Bank products Compare | Open an account See more Scotiabank products Compare |
FAQ
What's the interest rate on a TD ePremium Savings Account?
The base interest rate for the TD ePremium Savings Account is 0%. If your account balance is $10,000 or higher, however, you'll earn 0.85%, as long as the balance remains above $10,000.
What is the TD ePremium Savings Account?
The TD ePremium Savings Account is a bare bones savings account offered with no free transactions, high transaction fees, and no interest unless the balance is $10,000 or higher. Other savings accounts offer much better features and rates.
What is the best TD savings account?
There are only two savings accounts to choose from, but TD Every Day Savings Account is the best choice. It provides one free transaction per month, a relatively low transaction fee of $3 thereafter, and 0.01% interest.
How much interest will I earn on $1,000 in a TD ePremium Savings Account?
Unfortunately, $1,000 in this account earns 0% interest. You must have have at least $10,000 in this account to earn any interest at all, and even then the rate is merely 0.85%. Other accounts offer much more.
Is the TD ePremium Savings Account good?
The TD ePremium Savings Account has some good features, but it’s not the best savings account out there. This account charges $5 for transactions, only earns interest on balances of $10,000+, and doesn't have a welcome offer.
What is the monthly fee for TD ePremium Savings Account?
The TD ePremium Savings Account charges no monthly or annual fee, but you do have to watch out for transaction fees. Most transactions will cost $5, which is frustrating but does encourage you to save rather than spend.
Is TD Bank a good bank for savings?
TD Bank is a reputable bank is a well-established and reputable institution, offering excellent security – but not the best interest rates. If you want to earn high rates, consider an HISA from an online bank instead.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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