If you’re someone who doesn’t need to make a lot of transactions throughout the month and wants a simple way to save, the TD Every Day Savings Account could be a great option for you. TD Every Day Savings Account holders earn interest on every dollar for no monthly fee, and the account includes one free transaction per month. Additionally, it offers the convenience of free unlimited transfers between TD accounts, making it easy to use this account for savings and a chequing account for day-to-day banking.
However, it's important to note that after the included monthly transaction, additional transactions will cost you $3 each. Using non-TD ATMs in Canada and abroad will also charge you fees ranging from $2 to $5. Overall, the account offers some benefits for basic savings needs, but potential users should consider the add-on fees before determining whether this is the right account for them.
TD Every Day Savings Account features
So what does the TD Every Day Savings Account have to offer clients? Let’s take a look.
Why You Want It
Unlimited transfers to another TD account + Automated savings feature.
Special Features
- Automated savings feature
- Free transfers to other TD accounts
Provinces
ALL
Interest Rates
Any balance
0.01%
Features
# Of Free Transactions
1
# Of Free Interac E-Transfers
N/A
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
TD Every Day Savings Account rating: 3.7 stars
TD Every Day Savings Account holders can earn interest on every dollar saved, and there's no monthly fee to worry about. Plus, being able to move money between TD accounts for free is pretty handy. It’s a good choice for people who plan to deposit their savings into this account and leave it there, without making multiple transactions throughout the month.
On the flip side, if you use your savings account to make more than one transaction a month, the extra fees can add up very quickly. Speaking of fees, if you use ATMs that aren't TD, especially when you're travelling, you could end up with a hefty bill at the end of the month. So, while there are things to like about this account, there are also a few details to consider before choosing this account.
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 TD Every Day Savings Account
Here are some of the best things about the TD Every Day Savings Account:
Pros
Free to have this account
Nobody likes paying bank fees, and when you’re working hard to build your savings, losing some of that money to a monthly account fee is never welcomed. However, it’s fairly standard to not have a monthly fee for a savings account, so it’s not exactly a unique feature.
No fees to transfer to other TD accounts
It’s free to transfer funds from this account into your other TD accounts. This means that if you want to pay a bill from the money you’ve saved, you can simply transfer money from your TD Every Day Savings Account into your TD chequing account and pay the bill from your there.
Earn 0.01% interest on your savings
One of the benefits of a savings account over a chequing account is the amount of interest you earn. With the TD Every Day Savings Account, you’ll earn 0.01% interest on every dollar saved, regardless of your account balance. Not the highest interest rate, but it’s better than nothing.
The cons of TD Every Day Savings Account
There are some drawbacks to the TD Every Day Savings Account. Here are a few of the most obvious ones:
Cons
Only one free transaction per month
This account only includes one free transaction per month, and every additional transaction will cost you $3. Those can add up fast if you’re a person who plans to make multiple transactions per month, so consider this carefully before choosing your account.
Fees for additional transactions and ATM use
This is a basic account that charges additional fees for each transaction you make (after the one free transaction per month). Account holders are charged $3 per transaction, plus an additional $2 for use of non-TD ATMs in Canada, $3 for use of ATMs in the U.S. or Mexico, and $5 for use of ATMs in other foreign countries. If these are services you plan to use regularly, take the time to compare this account with others that prioritize these transactions.
Low interest rate that doesn’t increase with tiers
The 0.01% interest rate offered by this account isn’t great, especially since the rate doesn’t increase along with your account balance. This means account holders with a $250 balance earn the same interest rate as account holders with a $25,000 balance, which is a definite negative for high-balance users.
TD Every Day Savings Account alternatives
What else is out there? Take a look at some alternatives to the TD Every Day Savings Account:
 |  |  | |
|---|---|---|---|
| Account | Motive Savvy Savings Account | RBC Day To Day Savings account | Tangerine Savings Account |
| Genius Rating | |||
| Why You Want It | One of the best interest rates available at 2% + Free transactions. | $0 monthly fee + Free and instant e-Transfers to RBC accounts. | Start out strong with 4.5% interest + No minimum balance. |
| Interest Rates |
|
|
|
| # Of Free Transactions | Unlimited | 1 | 0 |
| # Of Free Interac E-Transfers | Unlimited | 0 | 0 |
| Max Promotion Rate | N/A | N/A | 4.5% |
| Welcome Bonus Value | N/A | N/A | N/A |
| Promo End Date | N/A | N/A | October 31, 2025 |
| Open an account See more motive financial products Compare | Learn More See more RBC products Compare | Open an account See more Tangerine products Compare |
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FAQ
What is the TD Every Day Savings Account minimum balance?
There is no minimum balance that TD Every Day Savings Account holders need to maintain. They pay the same monthly fee ($0) and earn the same amount of interest (0.01%) regardless of their balance.
What is the TD Every Day Savings Account interest rate?
TD Every Day Savings Account holders earn 0.01% interest on every dollar saved, regardless of their account balance. Interest is calculated daily and paid monthly. The interest rate is slightly higher with the TD High Interest Savings Account at up to 0.05%.
What are the TD Every Day Savings Account account fees?
There is no monthly fee associated with the TD Every Day Savings Account. However, account holders are only eligible for one free transaction per month, after which each additional transaction costs $3. There are also additional fees associated with using non-TD ATMs as well as ATMs in foreign countries.
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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