Attention all Canadian savers. I just came across this special savings account offer from TD Canada Trust, which as you should know is one of Canada’s largest banks. What they’re offering is an interest rate bonus for all new clients that open up one of their “Guaranteed Investment Accounts” Contrary to the name, it is not a GIC but a mere high interest savings account. I’m a little bit late in reporting about this promotional offer, but not to worry as the offer will be valid until December 12, 2008. December is fast approaching so if this savings account interests you then you may wish to open up an account right away.
Here are the details of this offer (courtesy of the TD Canada Trust website):
Open a TD Canada Trust Guaranteed Investment Account between October 14, 2008 and December 12, 2008 and earn an interest rate bonus on every dollar you deposit until March 31, 2009. Deposit as much as you want, as often as you want, and get the bonus rate until March 31, 2009. The sooner you act, the more interest you’ll earn.
| Account Balance | Premium Interest Rate (as of October 1, 2008) | Guaranteed Bonus Rate (October 14, 2008 to March 31, 2009) | Total Interest on Deposits (up to March 31, 2009) |
| $5,000 or more | 2.25% | 1.25% | 3.50% |
| Less than $5,000 | 0.00% | 2.25% | 2.25% |
Interest rates may change at any time without prior notice.
Access your money when you want it
There’s no need to “lock in” your money. You can access your savings any time, 24 hours a day, seven days a week through TD Canada Trust’s Green Machine ABMs, EasyWeb Internet banking or EasyLine telephone banking. You can also visit any TD Canada Trust branch or you can speak with a TD Canada Trust or TD Waterhouse representative about how this savings account offer.
Account Features:
- Premium interest rate
- Rate guarantee on balances of $5,000 or greater
- Access to your money through EasyWeb, EasyLine, Green Machine and branches
- Unlimited free deposits
- Free paperless, monthly statement or passbook record keeping
- One free debit transaction each month; additional debits are $5 each after the first free debit
- No maturity date or minimum deposit, however, no interest is currently paid on balances below $5,000
Account Options:
- EasyWeb Internet banking service
- 24-hour EasyLine telephone service
- Pre-authorized Transfer Service
Now for the fine print, except I’ll make it BIG print
Your Guaranteed Investment Account will earn, commencing on the second business day after account opening, a bonus interest rate of 1.25% per annum on balances of $5,000 or more and 2.25% per annum on balances of less than $5,000, above the regular posted rates for this type of account until March 31, 2009. Regular posted rates only shall apply thereafter. Interest is paid monthly on the total daily closing balance of each tier of the account. Bonus interest will be calculated separately from the regular interest and will be credited to the account at the end of the month. For accounts opened online, account opening documentation, if applicable, must be signed and returned to TD Canada Trust by January 16, 2009. Interest rates are subject to change without notice.
So, was the print big enough for you folks? It was? I thought so too. The 3.50% (assuming you’ll deposit $5000+) is really good – it’s one of the highest you can get here in Canada. The limited time nature of the interest rate bonus sucks though, but if you’ve got a lot of cash you want to keep in a safe savings account for a little while it makes sense. Obviously if you’ve got less than $5000 to save then this account is not for you as you will not earn any interest except the bonus interest rate which will expire anyways.
For more info I suggest you jump on over to the TD Canada Trust website at:
http://www.tdcanadatrust.com/accounts/gia.jsp
*note: I am in no way affiliated or associated with TD Canada Trust*
Cheers,