The TD High Interest Savings Account is one of 3 savings accounts you can get at TD Bank. It comes with no monthly fee, the ability to waive transaction fees, and automated savings options. Besides that, this account has a disappointing 0.05% max interest rate and doesn’t include any unique benefits to make it stand out.
TD Bank is a well-known and respected financial institution, making it a solid and safe place to park your money. Just note that if you’re looking for high returns, you may be better off with the TD ePremium Savings Account or an online bank. Let’s take a closer look at the details of the account.
TD High Interest Savings Account features
Here are all the nitty gritty details of the TD High Interest Savings Account and what it can offer.
Why You Want It
Up to 0.05% interest + Transaction fees waived with minimum balance.
Special Features
- Pre-authorized Transfer Service
- No transaction fees with a certain balance
Eligibility
- You must meet your province's age of majority
Provinces
ALL
Interest Rates
$0 - $4,999
0%
$5,000+
0.05%
Features
# Of Free Transactions
0
# Of Free Interac E-Transfers
N/A
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
TD High Interest Savings Account product rating: 2.8 stars
The TD High Interest Savings Account gains a few points for having no monthly fee, giving you a way to earn some (tiny) interest on your savings, having a way to waive transaction fees, but that's about it. In almost every other way it is sorely lacking.
There is no base interest rate – it's actually 0% – and the 0.05% max rate isn't much better. And while most people don't make regular transactions with their HISA, the $5 transaction fee is still hard to swallow.
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 High Interest Savings Account
Here's a look at what we think the TD High Interest Savings Account is doing right.
Pros
No monthly fee
While it's true that most savings accounts in Canada don't require a monthly fee, it's still a feature worth celebrating. It's one less thing you'll have to think about when crunching numbers for your monthly budget.
Transaction fees can be waived
The transaction fees for this account are between $2 to $5. The TD High Interest Savings Account does give you the option to waive these fees if you keep a minimum balance of $25,000. It’s a handy feature to have, but is quite high in order to get the waiver.
Access to automated savings tools
TD has 3 automated savings tools to take advantage of. The Pre-authorized Transfer Service automatically transfers funds into your HISA on a daily, weekly, or monthly basis, as you prefer. The Simply Save Program will transfer a little money into your HISA every time you use your debit card or make an ATM withdrawal. And the Pre-authorized Purchase Plan makes it easy to automatically invest in mutual funds.
The cons of a TD High Interest Savings Account
As you may expect, there are some significant downsides to this account. Here's a look at what you should be wary of.
Cons
Disappointing interest rates
Accounts with balances of up to $5,000 earn 0%. Yes, you read that right. But those with higher balances only earn 0.05%, which is dismally low. It's true that traditional banks offer lower interest rates than online banks, but TD's rates here are still lower than many, including its own TD ePremium Savings Account.
Base transaction fee is $5
Should you decide to stash some savings in a TD High Interest Savings Account, you'll pay $5 any time you want to do anything with that money. Debit transaction? $5. Transfer to another TD account? $5. And so on. These fees can add up very quickly if you're not careful, and are best avoided.
Need a high balance to waive transaction fees
While it is possible to have all transaction fees for this account waived, you'll need to maintain a daily closing balance of at least $25,000 to do so. Realistically, though, if you have $25,000 that you can leave sitting around somewhere, you'd be far better off investing it, or even just keeping it in a higher interest savings account with a competing bank.
No special promotions
Some savings accounts entice new clients by offering increased interest rates for a couple of months after they open a new account. Sadly, the TD High Interest Savings Account doesn’t offer any such new account welcome offers or bonuses.
TD High Interest Savings Account alternatives
Wondering what alternatives there are to the TD High Interest Savings Account? Here's how it stacks up compared to some other accounts.
 |  | |  | |
|---|---|---|---|---|
| Account | TD High Interest Savings Account | Scotiabank Right Size Savings for business | Scotiabank Money Master Savings Account | BMO Premium Rate Savings Account |
| Genius Rating | ||||
| Why You Want It | Up to 0.05% interest + Transaction fees waived with minimum balance. | Get an interest rate of up to 2.15%. |  $50 GeniusCash + Automatically save with every debit purchase through Bank The Rest. | Earn 0.01% interest + Access your money whenever you need it . |
| Interest Rates |
| Savings
|
|
|
| # Of Free Transactions | 0 | 0 | 0 | Unlimited |
| # Of Free Interac E-Transfers | N/A | 0 | 0 | Unlimited |
| Max Promotion Rate | N/A | 3.15% | N/A | N/A |
| Welcome Bonus Value | N/A | N/A | N/A | N/A |
| Promo End Date | N/A | N/A | N/A | N/A |
| Open an account See more TD products Compare | Open an account See more Scotiabank products Compare | I Want This Deal See more Scotiabank products Compare | Learn More See more BMO products Compare |
FAQ
Does TD have a high interest savings account?
Yes, TD bank has an account called the TD High Interest Savings Account, which provides a place to save your money for no monthly fee. The interest rate is low and transactions fees can be waived if you keep a minimum balance in your account.
What is the TD High Interest Savings Account rate?
The base interest rate for the TD High Interest Savings Account is 0%. That rate goes up to 0.05% if you maintain a daily closing balance of $5,000 or more. Unfortunately, it doesn't get higher with a bigger balance.
What is the best TD savings account?
TD offers 3 savings accounts and the TD ePremium Savings Account has the highest potential interest rate. However, it's still a relatively low 0.85% and you'll only earn this if your daily balance is $10,000 or higher.
Is there a monthly fee for the TD High Interest Savings Account?
No, there's no monthly fee associated with the TD High Interest Savings Account. Without a balance of at least $25,000, though, you'll pay $5 for almost every type of transaction you make with this savings account.
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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