A TD RRSP gives you a wide range of ways to invest for retirement while taking advantage of the tax-deferred growth that comes with a Registered Retirement Savings Plan. You can go the self-directed route with TD Direct Investing, buying and selling stocks, ETFs, and other investments, or take a simpler path with mutual funds, non-cashable or cashable GICs, or even a basic registered savings account. This flexibility makes TD a convenient one-stop shop for retirement savings, whether you prefer a hands-on or laid-back approach.
That convenience does come with some trade-offs. TD Direct Investing charges $9.99 per trade, higher than many discount brokers available to Canadians, and TD’s registered savings account pays little to no interest. GIC rates are competitive with other big banks but still modest compared to what you might find elsewhere. For those who value having everything under one roof with a trusted bank, though, TD’s RRSP accounts remain a solid and accessible option.
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TD RRSP features
Here's what an RRSP account from TD looks like:Why You Want It
Wide selection of investment options + Enjoy tax-deferred growth.
Eligibility
- Age of majority
- Canadian citizen
- Under 71 years old
Provinces
AB, BC, MB, NB, NL, NS, ON, PE, QC, SK, YT
Cashable
1 Year
2
Non-Cashable
1 Year
2.5
2 Years
2.5
3 Years
2.6
4 Years
2.7
5 years
3.15
Features
Self-directed RRSP Platform
TD Direct Investing
Self Directed Base Fee (Dollar)
$9.99
Self Directed Base Fee (Percentage)
N/A
RRSP GICs List
- Cashable
- Non-cashable
- Market growth
Self-directed Available?
RRSP GICs Available?
RRSP Mutual Funds?
RRSP Portfolios?
RRSP Savings Account?
Min RRSP Savings Account Interest Rate
0%
Max RRSP Savings Account Interest Rate
0.1%
Promotion
N/A
Promotion End Date
N/A
Average Mutual Fund MER
See Issuer for Details
Investment Portfolios Fees
N/A
TD RRSP product rating: 2.3 stars
Opening a TD RRSP will give you plenty of options when it comes to how you want to invest your money. If you prefer a hands-on approach, you can open up an RRSP account with TD Direct Investing, allowing you to buy and sell stocks at will with other investments. But if you’re more of a laid-back investor, TD also has the option to invest through GICs, mutual funds, and a plain old registered savings account.
Since this is a big bank, convenience takes precedence over saving you money. As a result, you'll see higher fees from TD Direct Investing than with other online brokers, as well as lower interest rates on savings accounts and GICs. But in exchange, you get to do everything all in one place.
Learn more about our rating methodology.
The pros of a TD RRSP
Here are pros that you can look forward to when opening a TD RRSP account.
Pros
Convenience
Having a Daily Interest Savings Account (DISA) and the investments within your RRSP all in one place makes it easy to keep track of your money. Whether you’re trading yourself, have a professionally managed mutual fund, or you’re looking for a guaranteed return, the convenience of knowing exactly how much you’ve gained so easily and immediately is a huge benefit.
Decent selection of investments
With a TD RRSP, you have a wide selection of available investments in GICs, mutual funds, and your own self-directed portfolio. Having a lot of choice allows you to diversify what you put your money into and lets you shop around for what’s best suited to your financial situation.
The cons of a TD RRSP
All things considered, here are the cons of a TD RRSP account.
Cons
Low interest rates
The convenience and the large amount of choice you get unfortunately comes at a cost. The interest rates you’ll get for TD’s GICs (and the savings account) are unfortunately quite low. If you want a high return for the money you’re putting into your accounts, it may be better to look elsewhere.
High base fee and extra fees
Another drawback is the high base fee that comes with trading. Compared to discount brokers widely available to Canadians across the country, TD Direct Investing’s standard rate of $9.99 for online commissions is considerably high. They also specify that if there’s less than $15,000 in your trading account at any given time, you’ll be charged a maintenance fee of $25 per quarter.
TD RRSP alternatives
Curious about how a TD RRSP compares to other banks? Here are some alternatives for you to compare it against:
 |  |  |  | |
|---|---|---|---|---|
| Account | TD RRSP | Scotiabank RRSP | BMO RRSP | Desjardins RRSP |
| Genius Rating | ||||
| Why You Want It | Wide selection of investment options + Enjoy tax-deferred growth. | Grow your money tax sheltered + Get plenty of investment flexibility. | Secure your retirement with a big bank + Track your investments in one place. | Convert BONUSDOLLARS into RRSP investments + Get flexible options. |
Cashable
Non-Cashable
| Cashable
Non-Cashable
| Cashable
Non-Cashable
| Cashable
Non-Cashable
| |
| Self-directed RRSP Platform | TD Direct Investing | Scotia iTrade | BMO InvestorLine | Desjardins Online Brokerage |
| Self Directed Base Fee (Dollar) | $9.99 | $9.99 | $9.95 | $0 |
| Self Directed Base Fee (Percentage) | N/A | N/A | N/A | N/A |
| RRSP GICs List |
|
|
|
|
| Self-directed Available? | | | | |
Show More | ||||
| Open an account See more TD products Compare | Learn More See more Scotiabank products Compare | Learn More See more BMO products Compare | Learn More See more Desjardins products Compare |
FAQ
What savings account is available with a TD RRSP?
If you’re looking for a savings account for your RRSP, TD offers a Daily Interest Savings Account (DISA). It’s hard to find any substantial information on the account itself, but TD claims that there’s no minimum contribution amount and that it pays daily interest.
What GICs are offered with a TD RRSP?
A TD RRSP offers a variety of GICs, including cashable, non-cashable, market growth, and U.S. dollar options. Their 5-Year Stepper GIC is one of the flexible GICs, allowing you to invest for a term of 1 to 5 years with gradually increasing interest rates.
Should I choose a TD RRSP or a TD TFSA?
This depends on what you’re planning on saving for. A TD RRSP is generally used for larger, life-changing savings, such as retirement, purchasing a home, or paying for education, while a TD TFSA can be used to save for any goal.
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.
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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