TD Bank's Simple Savings account has no minimum deposit to open, but its rate of 0.02% APY is low. ... For customers with larger balances, TD Beyond Savings can earn higher rates, but if your balance falls below $20,000, the monthly fee is $15.
Bottom Line. For those of you looking for a savings account with a high APY rate, look no further as TD Bank's Savings Account offers a 2.50% APY Rate. All you need is a minimum of $20,000 and you'll start accruing interest at a high rate as soon as they post to your account.
Compare TD Canada Trust's savings accounts
In November 2019, TD became the second Canadian bank to be designated a global systemically important bank by the Financial Stability Board. The ratings also reflect TD's business diversification with strength in retail and commercial banking, investment banking, wealth management and insurance.
How much interest can you earn on $1,000? If you're able to put away a bigger chunk of money, you'll earn more interest. Save $1,000 for a year at 0.01% APY, and you'll end up with $1,000.10. If you put the same $1,000 in a high-yield savings account, you could earn about $5 after a year.
All it takes is a $25 recurring transfer from your linked TD Bank checking account1 to waive the fee for the first year. Then, just keep a $300 minimum balance to waive the $5 monthly fee. Enjoy no monthly maintenance fee and no minimum daily balance requirements ever if you're 18 or under/62 or older.
There are two companies – Insight and Netspend – that offer prepaid debit cards that also come with FDIC insured savings accounts that earn 5% interest. They take some work to set up, but once you go through that process, the accounts run themselves.
The TD High Interest Savings Account offers an interest rate of 0.55% but only if your balance is more than $5,000. If your balance is less than $5,000, the interest rate is 0%. If you deposit $5,000, the interest rate of 0.55% is the same as what both CIBC and RBC Royal Bank offer.
Motive Financial, the online banking division of Canadian Western Bank, offers the highest regular interest rate on this list. As such, your eligible deposits are held at Canadian Western Bank, and protected by the Canada Deposit Insurance Corporation (CDIC; see details below).
Any interest earned on a savings account is taxable income. Interest from a savings account is considered an addition to your taxable income for the year in which it is paid.
The TD Every Day Savings Account is your all purpose savings account that does not require a minimum balance and allows easy access to funds for transfers. This account even provides one free transaction per month. The main drawback of this account is the tiny amount of interest it pays.
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