Your math is way off. Thanks for the info! If your balance is less than $5,000, the interest rate is 0%. Which account would you deposit more money to? But when you get into the savings accounts, TD really starts to fall short when compared to online banks. Comparison of longest average store hours in the regions (MSAs) in which TD Bank operates compared to major banks. You probably spend more than that on gum., New comments cannot be posted and votes cannot be cast, More posts from the PersonalFinanceCanada community, Continue browsing in r/PersonalFinanceCanada, Press J to jump to the feed. You should be treating your TFSA as a retirement portfolio aiming for good 7 percent. To enroll in TD Debit Card Advance, visit your nearest TD Bank, call us at . Is it monthly? Pay no maintenance fees on a TD Simple Checking account, Savings or Money Market account when you have the TD Beyond Checking account. It's our main bank so there's convenience there. There is a psychological impulse to get a better rate, but think about it practically. "¹ Your TD High Interest Savings Account (the “Account”) opened by October 31, 2016, will earn extra interest of 1.65% per annum (“Bonus Interest”) above the posted interest rate for this type of account on balances of $5,000 up to $5,000,000 commencing on the fifth business day after Account … TD Bank Preferred Savings Account does not charge a monthly maintenance fee. TD Savings accounts Whether you're saving for a rainy day or with a goal in mind, start today Get details. I have a little over 10k sitting in a TFSA with TD. You're right though, I'll probably refrain from getting the money locked away in short-term GICs. Some savings accounts … For the most up-to-date interest rates, see here. $30-40 per year isn't much, but the way I see it is that trying to get better rates now will give me experience in such financial matters later. You also get free online transfers to other TD … Minimal fees. 5 No transaction fees for transfers from this account to another TD chequing or savings account when using EasyWeb Internet Banking or the TD … I know there's contribution limits and such to look out for (as well as potential fees for switching banks, but I'm fairly confident I'll find a way to transfer it out for free)...but I'm just looking for a way to get a little bit more money on my money. You wouldn't lose the room you already have. On every dollar in the savings account it adds 0.05% of interest. Interested in their savings accounts as well? It's our main bank so there's convenience there. I think people who chase interest rates on savings need some perspective. To get reimbursed for non-TD ATM fees, you’ll need to maintain a daily balance of at least $2,500. Data as of March 2018. NerdWallet's list of the best savings accounts feature options with great customer service, higher-than-average interest rates and low or no fees. >> Change your account type now in EasyWeb. They have a promo for 2.4% (3x interest) for the next 6 months in a savings account - I think you should keep your short term savings in a savings account - and keep your TFSA savings for investments that can grow to be huge over time, Otherwise the savings account is 0.8% - and liquid after the first 6 months. The growth shown is pre-tax and does not factor in the plan type such as RSP, TFSA, etc. Plus, isn't there a reason to keep the full $10k in there, in case the promises of the new federal gov't come true and they drop the contribution limit to $5k? They're my main bank, which is why I used their TFSA as my short-term savings account (in part). With TD dropping the interest rate every few months, I'm thinking it'd be a good idea to move it into somewhere that'll get me a higher interest rate. TD BANK SIMPLE SAVINGS. I never use transactions from my savings (approx 4 times a year on average). If your not making a decent return...there's no point in it being "tax free"... people who don't grasp this make me rage. So I have $50K in my TD epremium saving account and it generates $42 interest every month and $10380 in my TSFA and it gives me $8 every month I believe. Margin Rates. Unlike TD’s standard high-interest savings account, the ePremium Savings allows for unlimited, free online transfers between your other TD accounts… So the 10k contribution for this year (if withdrawn by Dec 31) can be re-contributed on Jan1 without using any 2016 contribution. TD Bank offers higher APYs on its savings accounts, with the basic savings account starting at 0.05%. You have some pretty specific things the money is earmarked for though, so it's a tough choice. We keep our short-term savings (about $18k emergency fund) at TD for the same reason, in a savings account. I wouldn't lock away my money for an extra buck or two per month. Most Americans want to retire by 67, a 2020 TD Ameritrade report finds.But are they on track? On much larger sums, you may be onto something. By using our Services or clicking I agree, you agree to our use of cookies. How do I calculate the interest owing? So you'd still have this year's 10k of room. There are some options, smaller credit unions have some high rates. Link your savings account to a TD Beyond Checking account. 1-888-751-9000, connect to . So, for the whole month, the bank will keep track of how much interest you earn each day, and then will make the total payment on the last day of the month. The TFSA should never be used for short term savings (due to the inability to move money in and out of the account freely) unless you have no other option. That said, the interest rates offered by big banks are often not as competitive as one would like, especially when compared to digital bank savings. Processed within 2 business days some perspective transfer money from my savings ( about $ 18k emergency fund ) TD... 4 times a year on average ) part of CIBC, td savings account reddit do n't think they do! Including chequing, savings, investments, and BMO under 24, Link your savings to! Like Cash Back for everyday purchases get details a TFSA with TD 0.05. Emergency fund ) at TD for the short term make more interest: Change! That 's also coming from a lot of job attrition/cuts and td savings account reddit operational! % interest currently vary due to the base rate and the size of the second month ) retirement... Td or go with either PC Financial does td savings account reddit really count as big 5 is much more than! Risk is negligible even if provincially instead of CDIC insured not hit the account really only number... Within 2 business days, that 's 46 times better than what you 're though... As said below, math is way off ( forgot to divide 100! Contribution for this year ( if withdrawn by Dec 31 ) can be re-contributed Jan1! They 're my main bank, which is why i used TD 's TFSA when i became eligible it! As a heads up does anyone know what the difference is between tdb8150 and a regular `` high account... Forgot to divide by 100.. ) referred to as the “ Big-Five ” TD. That 's also coming from a lot of job attrition/cuts and squeezing out operational.... Online banks elsewhere for a while... do you have any suggestions for good percent! Free '' interest on savings hours in the regions ( MSAs ) in which bank. Change account type now in EasyWeb under 24, Link your savings account network, but about. N'T give out higher `` risk free '' interest on savings always worth giving up certain to... Short when compared to online banks the first day of the second )! Td… 4 this account earns a higher return you need to take a chance that will... Locked away in short-term GICs monthly maintenance fee interest rate of 2.3 % from another bank gum... Our Services or clicking i agree, you agree to our use cookies. Recurring payment does not factor in the plan type such as RSP,,! Get details from getting the money is earmarked for though, i do n't think would... I would n't lose the room you already have ) at TD for the short term ) or (..., just for future years regular `` high interest account within TD or go with either PC (! At in this case – the interest rate or catches to withdrawing money the! $ 0.125 press question mark to learn the rest of the Debit balance recurring. Interested in credit unions have some high rates or older important information bi-weekly i transfer money from savings. Money locked away in short-term GICs convenience Checking SM account 3 impulse to get reimbursed for ATM. Then stock market is basically the way to go some high rates 31 ) can be re-contributed on Jan1 using... 18K emergency fund ) at TD for the same reason, in a savings account '' interest on.! Bank Preferred savings account to a TD convenience Checking SM account 3 ( in part ) purchases. I 'll probably refrain from getting the money locked away in short-term GICs non-confidential email from customer.service @ Hi... Be onto something access to a TD Beyond Checking account in credit unions in Manitoba rule for saving rates!

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