If you're looking for ultimate flexibility with your mortgage, a TD open fixed rate mortgage allows you to make extra payments towards your principal at any time – without extra charge. To add to the flexibility, you can switch to a closed mortgage at any point during your term, again with no charge.
The downsides of an open mortgage – not just at TD, but in general – is that they tend to come with higher interest rates to make up for your flexibility. You also usually only have the option for short terms. In TD's case, you can only get a 1 year open fixed rate mortgage.
TD open fixed rate mortgage features
Here's an overview of your choices with the flexibility of a TD open fixed rate mortgage.
Why You Want It
Get flexible payment terms + Switch to a fixed rate at any time.
Provinces
ALL
Fixed Rate
Fixed Open
1 Year
9.95%
Features
Rate Type
Fixed Open
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
See Issuer for Details
% Of Prepayment Allowed
15%
# Of Payment Increases Allowed Per Year
See Issuer for Details
Max Payment Increase Allowed
10,000%
Promotion Available
N/A
Promotion End Date
See Issuer for Details
TD open fixed rate mortgage product rating: 5.0 stars
The TD open fixed rate mortgage gets 5.0 stars because it hits all the flexibility checkboxes – which is usually what you're looking for with an open mortgage. Not only will you not be charged for prepayments, but you can also change to a closed mortgage at any time without facing penalties.
And to top it off, TD is offering very low rates right now, on top of being a reputable big bank.
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.
TD open fixed rate mortgage alternatives
Here's how TD's open fixed rate mortgage option compares to similar products on the market.
 |  |  |  | |
|---|---|---|---|---|
| Account | TD Open Fixed Rate Mortgage | Coast Capital Closed Fixed Rate Mortgage | nesto | Scotiabank Open Fixed Mortgage |
| Genius Rating | ||||
| Why You Want It | Get flexible payment terms + Switch to a fixed rate at any time. | Rates as low as 3.86%* APR on a high-ratio 5-year fixed mortgage | Get the lowest rate guaranteed + 150 day rate lock | Get flexible prepayment options + Choose from 6 and 12 month terms. |
| Fixed Rate | Fixed Open
| Fixed Closed
High-Ratio Closed
| Fixed Closed
| Fixed Open
|
| Rate Type | Fixed Open | Fixed Closed | Fixed Closed | Fixed Open |
| Pre-approval | | | | |
| Rate Guarantee (days) | 120 | 120 | 150 | 120 |
| Bank Prime Rate | 4.45% | 4.45% | 4.7% | 4.45% |
| # Of Prepayments Allowed Per Year | See Issuer for Details | 1 | See Issuer for Details | N/A |
Show More | ||||
| See rates & details See more TD products Compare | See rates & details See more Coast Capital Savings products Compare | See rates & details See more nesto products Compare | Learn More See more Scotiabank products Compare |
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.
Hot Money Deals This Month
- Get even more cash back with exclusive offers only available on the GeniusCash app
- Explore bigger GeniusCash offers that you won't find anywhere else.
- Connect your credit cards and unlock bonus cash.
- Explore customized recommendations to level up your rewards.
- Refer your friends and family to earn bonus levels and extra cash back.
- Take control of your money with a full-featured chequing account + $100 GeniusCash
- Get up to $500 in cash when you open a new account, complete specified actions, and open 2 registered investment accounts.
- Unlimited free transactions – including debit and Interac e-Transfers®.
- Earn Scene+ points on every debit transaction.
- $100 GeniusCash on approval – ends Dec 31, 2025.*.
- Unlimited transactions + Free identity theft protection + $125 GeniusCash
- Unlimited transactions and Interac e-Transfers.
- Free identity theft protection and access to Coursera online learning.
- $125 GeniusCash on approval – ends Dec 31, 2025.*.
- A low cost online broker with a $2,000 bonus + $80 GeniusCash
- Get $150 when you open and fund your new accounts with at least $1,000.
- No minimum investment requirement.
- Plenty of trade-free ETFs to choose from.
- $80 GeniusCash on approval – ends Dec 31, 2025.*.
- Bonus: Get one of the lowest brokerage rates from an online broker from a Big 5 Bank →
