TD Simply Save

[dezmarez]

For you people who bank at TD,
starting...yesterday
you can sign up to have $$$$$ transferred from your CHQ account to your SAV account everytime you use your card....between $0.50-$5.00...

for every $100 your able to save TD is giving people $10...
you have to sign up by the end of July,
and the bonus is paid for the full year of card use!!

any other questions shoot me a PM

[Super_Geo]

Max payout of $200.

[dezmarez]

Originally posted by Super_Geo
Max payout of $200.


thank you...
yes max pay out $200

[Godfuader]

Huh? :english:

[sputnik]

Basically to get the full $200 you will need to set your savings at $5.00 per purchase and make 400 separate debit purchases in one year.

[kenny]

Set it to $5, complete 400 transactions in a year and earn $200 free money after "saving" $2000.

Choose to have it deposited into a TFSA and you'll still have $3000 contribution room for this year (the $200 bonus will not count towards your contribution limit).

Easy for me as I average about 2 debit transactions per day :P

[dezmarez]

http://www.tdcanadatrust.com/accounts/simplysave/index.jsp

[Majestic12]

So in theory....with unlimited Green machine transactions, you could withdraw $20 forty times and get $200 contributed towards your savings acct?

Just keep withdrawing and depositing it back..

[garyb]

Debit card transactions. not ATM withdrawls......

[davidI]

I prefer the points and interest saved (ie. interest gained in my savings / investment accounts over the month prior to payment) with a credit card.

[KappaSigma]

So in other words TD gives you $200 but because you have so many interac transactions your monthly bank fees are greater than $200 combined for the year...

Nothing from banks is EVER free.

[psi_klops]

it really depends on the service package you have. Some accounts offer unlimited interact transactions anyway.

Look at this objectivly... you are effectily getting a 10% ROI which is pretty respectable in this market.
As mentioned before - put it into a TFSA and don't worry about tax implications. Or if you are really savvy take the (FREE) money and invest it!

Every day people ask when the banks are going to give away money...now they are!

[Majestic12]

Originally posted by garyb
Debit card transactions. not ATM withdrawls......

From the TD site:


It helps you put a little money aside every time you use your TD Canada Trust Access Card for debit purchases or ABM withdrawals.

[Xtrema]

So from what I gather:

400 transactions later (~34 a month) will give you $2000 in your account, and $200 in bonus.

But the bonus only applies for the first year but not after. it's basically 10% + saving account interest for the 1st year. Not bad at all.

So what's the catch? Is TD trying to influence how people use the debit card and then jack up the fees after in order to ditch the credit cards?

And really, I do may be 6-8 ABM transaction a month which means I have to use my credit card less in order to reach the 34 transactions. And the 1% back on my credit card is already giving me more than $200/year of return for me the bother with this. Plus it's safer and less liability than Interact.

[B4tMan]

my rewards CC gives incentives up to a max of 250 a year

this looks interesting

[psi_klops]

Originally posted by Xtrema
So what's the catch? Is TD trying to influence how people use the debit card and then jack up the fees after in order to ditch the credit cards?


You usually see marketing initiatives offered by banks to drive their core banking (Chq/ sav accounts) where there offer incentives like Ipods, gift cards, laptops etc. It is just another focus like RSP campaigns in Jan/Feb.

With the current state of the economy resulting in part from poor cash management habits, this is a way to foster better practices. It will give you a savings pattern, a savings fund, and a 10% return. This will also contribute to you ability to obtain credit in the future (good credit score, and proven savings history)

If you are still really cynical, open the accounts...wait for the deposits...take the cash and then close the accounts out and go the the "better bank"