34 comments

Td Canada Trust customers need to boost your savings? How about $200 in free cash?

Canadian Deals & Coupons, Other / Canada

debit equalspiggy-bank-160

I was on the Td Canada Trust website tonight and I spotted this cool new program. Basically everytime you use your debit or make a ATM withdrawl you can choose an amount to put in your savings anywhere from 50 cents to five bucks each transaction! Not only that but if you sign up before July 24th for every $100 dollars you save in the next year Td Canada Trust will give you an extra 10 smackers up to a maximum of $200! 

I’ve seen this program on commercials in the USA for Chase bank and always thought it was pretty neat!  I’m an avid debit card user and I signed up starting at $1 deposits each time I use my card.  We already participate in pre- authorized transfers from our chequings to savings with Pc Financial but this just seems so much easier and less noticeable!  Maybe I’ll need to shop more to save more hahaha!  Wish me luck.

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34 comments

  1. Cheripou

    Scotia Bank were the first doing this (in Canada, I think). I’m a TD customer and was jealous about this ‘program’… I’m a happy camper now! I’ll for sure be signing up! Thanks!

    Reply
  2. Jerry Hung

    The Simply Save (SSV) ad is everywhere now, on green machine ATM, bank branches, etc..

    I already signed up on Tuesday (opened Savings account). Daily $5 xfer
    Did 2 transactions a day, so far got $30 in the Savings

    It takes a LOT of transactions to get the $200 maxium bonus though

    Reply
  3. alycats

    Just got back from the bank (TD is my bank) and set up account. It takes one business day to take effect and you can choose anywhere from 50cents to 5 dollars. Everyone at the bank was talking about how good this is!

    Reply
  4. Stephanie

    thanks for posting this!! i have a TD account, and have not been able to save in years.. this would be a great excuse to start!! :) I don’t even care about the free $200 – I’m just so happy that programs like these are finally coming to Canada!! :)

    Reply
  5. nat

    want to be sure I’m getting this right… When I make a debit purchase I’m asked to transfer $ from my checkin to savings and when I do the bank pays me some $ (to my savings account) ontop of the $ I transferred? If I have a student account, I have to go in a change it to this other account? Is there some monthly fee?

    Reply
  6. drpepperslurpee

    I’ve had this feature at the Scotiabank since they first introduced it last summer, and I’ve already accumulated over $1000 (I use my debit card nearly exclusively, and I’m using the $5 roundup).
    I plan on using the savings to buy a really extravagant gift (fantasy hockey camp) for my husband when he turns 50 in 2010. It is a painless way to save.
    The $200 bonus from TD would have been nice though!

    Reply
  7. Erica

    nat.. what happens is whenever you make a purchase with your checking account you automatically have some money transfered into your saving account. So say you buy food for $4 with your checking account, and you have it set up for .50 cents to go into your saving. you are actually spending 4.50, but that 50 is going into savings. For every $100 you are able to save in the next year Td will then give you an extra $10. You can keep your student account (thats what I have) and there is no monthly fee.

    Reply
  8. JeLLo2775

    Wow, this is an excellent way to save some money!!! I’m gonna check out my Easyweb page….immediately!!!

    Reply
  9. clarebear

    I wish PC would do this now that would be a sweet deal.. they have much better interest rates… but might have to do this one anyway..

    Reply
  10. Johnny

    The only problem is I have only 10 free transactions a month for my checking account

    Reply
  11. Cheripou

    Signed up for this program yesteday online and even opened a High Interest Tax Free Savings Account (online as well). I love those type of accounts, I already have one with ING…

    Reply
  12. Rob

    Johnny, you could always upgrade to the infinity account ($15/month), make one heck of a lot of transactions to earn all your $200, then downgrade again. ;)

    Reply
  13. Rob

    Remember you don’t actually have to buy anything, since it works for ABM withdrawals too, which are free from TD machines as long as your chequing account allows for unlimited transactions. So technically I guess you could keep withdrawing money and depositing it again to get your bonus.

    Reply
  14. trrifk

    so basically in order to get the free full $200, you have to save $2000. To save $2000, you have to do 400 transactions in one year at the $5.00 savings per transaction. That is at least one transaction everyday!! yikes!! If you signup to only save .50 per transaction, you will likely never get to the $2000 in one year, so will only get a portion of the $200. But anything free is good! Just be careful you have a bank plan that allows unlimited transactions, otherwise you could end up paying bank fees!

    Reply
  15. Charles

    Triffk I agree, the key is to select the $5 saving per transaction.. remember that money just goes into your savings account, so you can always transfer it out whenever. If you pick the $5, 400 transactions in a year is pretty fair. If you use your debit card once a day and withdraw cash from an ATM once a week, that’s your 400.

    Reply
  16. Beth

    @ Charles — you can’t transfer the money out “whenever”. For the TFSA account, you can’t replace the money until next year, and TD’s other savings accounts only allow you one or two transactions per month before they charge a lofty fee.

    I might give it a try, but as I only get 10 transactions per month, I’m not convinced this is worth the hassle. I think it’s a clever marketing ploy to get people upgrade their accounts or make TD their main checking account instead of their other bank.

    But I’m not going to argue with $10 on $100. Where else are you going to get that kind of immediate ROI?

    Reply
  17. ky

    How can somebody can get $200 in one year???
    If u do one transaction or withdraw in the ATM per day and set up save $5 daily, you will get $5*365*10% = $182.5 Is it the issue?

    Reply
  18. Andie

    I’m not going to panic about getting to the $200 mark (i only made it $1 a transaction), but it’s basically 10% additional money (on top of regular interest) in your savings account. NOTHING else will give you that.

    Reply
  19. Xraive

    Just signed up and plan on making the 400 transactions as soon as possible. Guys make sure you have an unlimitied transaction account so you don’t get taken. Also make sure you sign for the $5 a day to get the maximum ROI.

    Reply
  20. Miss Sally

    I’m doing well as of today i’m up to 150 dollars in my saving. It may not seem like much but im not even noticing it go.

    I’m doing 2.50$ everytime.

    Reply
  21. Sikk

    Basically the isnt giving away anything for free because every dollar that is going into ur saving acct, the bank is investing that money somewhere else and making their money…it is just smart marketing that the bank is doing….dont forget the bank never loses money or gives out free money

    Reply
  22. Henry

    This is better that pre-authorized transfers.But this one is a little tricky though.It will want you to spend more just to get that 10 dollars every time you save 100 dollars.It will work out for me cause i use my debit card alot.If you are a person who doesnt use your debit card alot this would help you in any way.

    Reply
  23. leesa

    does anyone know how long after you get the $10 savings into your account do they give you the $10??? or do you have to wait till the end of the year? and what if you save $100 in the savings, and then want to take it out? does anyone know, or should i ask the branch?
    cheers

    Reply
  24. Viriya

    Nothing has to be surprised. $1 or 5 cents are just your money automatically transfer from your checking to saving account each time you use your card. All about your money. The more you shop, the more you spend…lolz

    Reply
  25. aditya batra

    today I was so confused that why my chequing amount in transferring automatically in my savings and it was written ssv transfer but now m happy about this after clearing my doubt

    Reply

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