How to save money on banking

A good way to trim household spending is to make sure you're getting the most value from your bank accounts.

In particular, if your banking needs have evolved over time — for example, if you opened accounts when you were a student and you're now a married homeowner — then it may be time to review your accounts.

Choosing the accounts and the services that match your needs could help you save money. It may not seem significant, but a few dollars saved here and there can really add up over time.

Use the information below to see if you need to make adjustments to your accounts. Then go online to TD Canada Trust EasyWeb Internet banking, visit your local branch or call us at 1-866-222-3456 to get the accounts that are right for you.

Choose the right chequing account

Your chequing account should be the hub of your day-to-day financial system. It's often easier to maintain just one chequing account for the bulk of your transactions. You may save on monthly account fees too.

Select your account based on how you want to bank. For example:

• If you write a lot of cheques, make frequent ATM cash withdrawals and bill payments, and prefer to use your debit card for purchases, these transactions can add up. Choose a chequing account that allows you to make unlimited transactions for one monthly account fee.
• If you usually make very few transactions, or if this is a secondary account, choose an account with a lower monthly account fee (which may allow you to make a few transactions within that monthly fee).
• If you expect to have a steady balance in the account, choose a plan that waives the monthly account fee when a minimum balance is maintained.

Are you a student or senior? Ask at your branch about discounts on the monthly fees of certain TD Canada Trust accounts for customers over 60, or our account with no monthly fees specially designed for students.

Use the Personal Chequing Account Selector and Chequing Account Comparison chart to find the accounts with the best value for you.

A savings account can really help

A savings account is a useful tool to have in addition to your day-to-day chequing account. That's because you're less likely to spend money that you've put aside into a separate account, plus a savings account gives you quick and easy access to the money you've saved when you do need it.

If you don't need ready access to all the funds in your savings account, you can use it as a temporary holding place, before moving the extra funds into a financial product that gives you higher returns.

Savings accounts usually allow you to make fewer no-fee transactions than chequing accounts, so try not to use yours for day-to-day banking needs. Choose the right savings account for you by considering the balance you plan to keep in the account and how often you expect to access the funds.

Are you using the savings account that's right for your needs? Find out with this Personal Savings Accounts at-a-glance comparison table.

Benefit from the right credit card

Many TD Canada Trust credit card options include extras such as access to services, discounts at certain merchants and travel or merchandise rewards or cash rebates.

To benefit from real savings, choose a card that offers extras and rewards on purchases that you would normally make anyway, and purchase only those items that you know you can afford to pay in full by the due date, to avoid interest charges.

Use the TD Canada Trust Credit Card Selector to find the card that's right for you.

A guide to saving money by choosing the right bank accounts for your needs.