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Best TD High-Interest Savings Accounts In Canada For 2025

Updated: Feb 3, 2025, 11:24am

Courtney Reilly-Larke Editor

Courtney Reilly-Larke is the deputy editor of Forbes Advisor Canada. Previously, she was the associate editor of personal finance at MoneySense. She was also managing editor of Best Health Magazine and has contributed to publications such as Cottage...

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Courtney Reilly-Larke

Courtney Reilly-Larke Editor

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Aaron Broverman editor

Aaron Broverman is the lead editor of Forbes Advisor Canada. He has over a decade of experience writing in the personal finance space for outlets such as Creditcards.com, creditcardGenius.ca, Yahoo Finance Canada, Nerd Wallet Canada and Greedyrates.c...

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While high-interest savings accounts—meaning those with interest rates of 2.50% or higher—are widely available across the country, those that bank with TD may find themselves lacking. Sure, there are some accounts that can earn you interest—but none of TD’s designated high-interest savings accounts offer an interest rate that we’d consider actually high.

Nonetheless, we’ve rounded up and ranked TD’s high-interest savings account options for your consideration because the convenience of having your banking all in one place can not be overstated for TD clients. For other high-interest savings accounts you can also read our survey of the best high-interest savings account in Canada.

Find The Best Accounts

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Why You Can Trust Forbes Advisor Canada Our editors are committed to bringing you unbiased ratings and information. Advertisers do not influence our editorial content. We use data-driven methodologies to evaluate financial, small business and insurance products or companies so that all are measured equally. You can read more about our editorial guidelines on our ‘About Us’ page and what informs our rating system in the methodology section of the article below.

Why you can trust Forbes FA CA

Why You Can Trust Forbes Advisor Canada

Our editors are committed to bringing you unbiased ratings and information. Advertisers do not influence our editorial content. We use data-driven methodologies to evaluate financial, small business and insurance products or companies so that all are measured equally. You can read more about our editorial guidelines on our ‘About Us’ page and what informs our rating system in the methodology section of the article below.

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Minimum Deposit Requirement

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Best TD High Interest Savings Accounts In Canada For 2025

We’ve compared the three high-interest savings accounts TD offers to explore the best options available there. See below to learn more about why we picked each account, the pros and cons and to learn about other account benefits and features.

TD ePremium Savings Account

APY

0.95%

Minimum Deposit Requirement

$10,000

Monthly Maintenance Fee

APY

0.95%

Minimum Deposit Requirement

$10,000

Monthly Maintenance Fee

Why We Picked It

This is the only TD account that even comes close to comparing with some of the high interest savings accounts currently available elsewhere. Users will earn 0.95% on their balances, but only if they’re maintained at $10,000 or more. Otherwise, there’s no interest earned on the balance at all.

Pros & Cons

0.95% interest earned daily on deposits of $10,000 or more
No monthly maintenance fees
Free online transfers

No interest earned on deposits from $0 to $9,999
0.95% is not a competitive interest rate compared to other banks
$5 transaction fees

Details

Free online transfers between other TD accounts
$5 transaction fee
$2 ATM fee for transactions at non-TD ATMs
$3 ATM fee for U.S. and Mexican ATMs
$5 ATM fee in any other foreign country
Deposits are CDIC insured

TD High Interest Savings Account

APY

0.05%

Minimum Deposit Requirement

$5,000

Monthly Maintenance Fee

APY

0.05%

Minimum Deposit Requirement

$5,000

Monthly Maintenance Fee

Why We Picked It

This account offers 0.05% interest, but only on balances over $5,000. Then, if your balance is over $25,000, you’ll also have your transaction fees waived.

Pros & Cons

No monthly maintenance fees
One free transaction per month

Not a very high interest rate compared to other banks
Must have a minimum balance of $5,000 to start earning interest
Transaction fees must be paid on every transaction but one per month unless you keep a balance over $25,000

Details

$5 per transaction
Transaction fee waived if balance is over $25,000
$2 ATM fee for transactions at non-TD ATMs
$3 ATM fee for U.S. and Mexican ATMs
$5 ATM fee in any other foreign country
$2 per month paper statement fee
Insured deposits

TD Every Day Savings Account

APY

0.01%

Minimum Deposit Requirement

None

Monthly Maintenance Fee

APY

0.01%

Minimum Deposit Requirement

None

Monthly Maintenance Fee

Why We Picked It

This account has no monthly maintenance fee and you’ll get 0.01% interest on your money. You’ll also get one free transaction per month and free transfers in and out of other TD accounts. However, if you spend more than you save out of this account, you could easily end up paying more in fees than you would earn in interest.

Pros & Cons

No minimum deposit to start earning interest
No monthly maintenance fees
One free transaction per month.

0.01% interest is quite low
More than one transaction a month costs $3 each

Details

Free online transfers between other TD accounts
$3 transaction fee
$2 ATM fee for transactions at non-TD ATMs
$3 ATM fee for U.S. and Mexican ATMs
$5 ATM fee in any other foreign country
$2 per month paper statement fee

Here’s a Summary of the Best TD High-Interest Savings Accounts In Canada for 2025

Account	Minimum Deposit Requirement	Monthly Maintenance Fee	Excess Transaction Fee	Learn More CTA text
TD ePremium Savings Account	$10,000	$0	$5	View More
TD High Interest Savings Account	$0	$0	$3	View More
TD Bank	$5,000	$0	$5	View More

Methodology

To create this list, Forbes Advisor Canada analyzed three savings accounts at TD Bank. We ranked each account on 17 data points within the categories of fees, access, customer experience, digital experience, annual percentage yield, plus the minimums and balance needed to avoid monthly fee.

The following is the weighting assigned to each category:

APY: 70%
Fees: 10%
Customer experience: 5%
Digital experience: 5%
Minimum Deposit: 5%
Minimum Balance to avoid monthly fee: 5%

Specific characteristics taken into consideration within each category included monthly fee, ability to waive the monthly fee, overdraft fee, NSF fee, other fees, ATM network, branch access, Better Business Bureau rating, Trustpilot rating, live chat availability, mobile app ratings, online bill pay availability, online banking access, minimum deposit requirements and minimum balance requirements.

Savings accounts offering no or very low fees scored the highest, as did those offering low minimum requirements and high customer service and digital experience scores. To appear on this list, the savings account must be nationally available.

Banks We Monitor

Our research is based on information from the following financial institutions: RBC, TD, BMO, National Bank, CIBC, Scotiabank, UNI Financial, Canadian Western Bank, Coast Capital Savings, Digital Commerce Bank, EQ Bank, First Nations Bank of Canada, Laurentian Bank, Manulife Bank, Motus Bank, Peoples Bank of Canada, Simplii Financial, Tangerine Bank, VanCity, VersaBank, HSBC, Home Bank, ICICI Bank Canada, SBI Canada Bank, CTBC Bank, Bank of China (Canada), KEB Hana Bank Canada, Shinhan Bank Canada, Meridian Credit Union, Servus Credit Union, Envision Financial, Steinbach Credit Union, Affinity Credit Union, Prospera Credit Union, Conexus Credit Union, ConnectFirst Credit Union, Access Credit Union, Assiniboine Credit Union.

The Benefits of TD Savings Accounts

There are many benefits to holding a savings account with TD, including:

Keeping all your banking with the same institution, if you have other financial products like a chequing account, credit card or mortgage with TD
Potential to earn interest on your savings (depending on what type of account you have and the balance)
Potential to automate your savings
Access to TD EasyWeb banking services and the TD App
Free transfers to and from other TD accounts

How to open a TD savings account

You can open a TD savings account quite easily, either online or in person. If you do it online, simply find the account you’d like to open online and click “Open Account.” From there, you’ll be able to select whether you’re a TD customer already or a new customer and follow the steps accordingly.

If you’re a new customer, either online and in person, you’ll need to provide some personal information including your address, phone number, birthdate and SIN number and some form of government-issued identification.

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APY

0.30% – 2.00% for eligible deposits

Minimum Deposit Requirement

Other Features:

Frequently Accessed Questions (FAQ)

Are high-interest savings accounts free?

Many high interest savings accounts come with fees, either just to keep the account open or for transactions. Read the fine print carefully to make sure unnecessary fees aren’t diminishing the benefit of your savings account.

How old do you have to be to open a high-interest savings account?

Any resident of Canada with an ID can open a savings account. However, if you’re 17 years old or under, banks often require a parent or guardian to be named on the account.

What is considered a high-interest savings account?

Any savings account that offers an interest rate of 2.50% or higher is considered a high-interest savings account.

Is a high interest savings account worth it?

In many cases, yes. However, if you have outstanding debt, You’ll be better off paying that down, as the interest rate on debt is often higher than what your money could earn in a savings account. Other investments like stocks, mutual funds and GICs often offer a better return than a savings account as well. However, a high-interest savings account can still be beneficial in many specific situations, such as for your emergency fund.

Find The Best Accounts

Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.

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Courtney Reilly-Larke Editor