Personal Finance

TD Investments - Any TD

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  • Jan 8th, 2016 7:32 pm
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Jr. Member
Feb 6, 2013
106 posts
18 upvotes
Toronto

TD Investments - Any TD

Can someone tell me the differences between these two?

1. HIGH INTEREST TFSA SAVINGS ACCOUNT

2. SECURITY GIC PLUS TFSA

What happens or what to expect if one were to leave $1000 for each?
Thanks
8 replies
Deal Expert
Mar 25, 2005
22706 posts
3696 upvotes
FelDer wrote: Can someone tell me the differences between these two?

1. HIGH INTEREST TFSA SAVINGS ACCOUNT

2. SECURITY GIC PLUS TFSA

What happens or what to expect if one were to leave $1000 for each?
Thanks
One is a savings account and the other is a market linked GIC. Google can tell you the difference.
Jr. Member
User avatar
Dec 5, 2016
178 posts
138 upvotes
Vancouver
Basically, you don't even know the difference between a saving account and a GIC?
Jr. Member
Feb 6, 2013
106 posts
18 upvotes
Toronto
NikL636 wrote: Basically, you don't even know the difference between a saving account and a GIC?
The problem I was facing is that I was told you can store money for both while GIC simply has an interest.

After opening the GIC things didn't turn out the way it was told which why I'm seeking other's opinion.
Sr. Member
Dec 19, 2010
907 posts
348 upvotes
Toronto, Ontario
1. savings account, can withdraw money at any time, you will receive a fixed interest rate (usually minimal).
2. usually a fixed (locked) term account with a fixed interest rate, so for example 2 years locked with guaranteed interest rate of 2%.

essentially the difference is a GIC is locked and a savings account is not.
you should really learn the difference, also a TFSA has a limit of annual and total deposits, if you go over, you get penalized.
Deal Fanatic
User avatar
Sep 23, 2009
7081 posts
5209 upvotes
FelDer wrote: The problem I was facing is that I was told you can store money for both while GIC simply has an interest.

After opening the GIC things didn't turn out the way it was told which why I'm seeking other's opinion.
What happened?

Did you read the return and thought they meant yearly?

The website says 3% minimum return, but that 3% is from start to finish and not just 1 year.

So, $1000 turns into $1,030 after 5 years.

This is actually a 0.6% yearly return.
Jr. Member
Feb 6, 2013
106 posts
18 upvotes
Toronto
jamieee wrote: 1. savings account, can withdraw money at any time, you will receive a fixed interest rate (usually minimal).
2. usually a fixed (locked) term account with a fixed interest rate, so for example 2 years locked with guaranteed interest rate of 2%.

essentially the difference is a GIC is locked and a savings account is not.
you should really learn the difference, also a TFSA has a limit of annual and total deposits, if you go over, you get penalized.
I'm on it boss!

It's just when I looked at the Tangerine saving 2% I had question my standings on TD.
Please bare with me, trying my best to learn this stuff, since I'm trying to make best out of it while making a proper clean history (Mortgage, insurance, etc)

Here is my situation with TD (or this is what I have with them):

1. Everyday chequeing account (Student). Free annual, no extra fees or tax.

2. TD Green Visa. Free annually, no extra fees or tax.

3.HIGH INTEREST TFSA SAVINGS ACCOUNT. Free annually, no extra fees or tax.

4.SECURITY GIC PLUS TFSA. Free annually, no extra fees or tax.

So basically this 2% Tangerine would be listed under #3?

Thanks for the helps lads, appreciate it.
Sr. Member
Dec 19, 2010
907 posts
348 upvotes
Toronto, Ontario
FelDer wrote: I'm on it boss!

It's just when I looked at the Tangerine saving 2% I had question my standings on TD.
Please bare with me, trying my best to learn this stuff, since I'm trying to make best out of it while making a proper clean history (Mortgage, insurance, etc)

Here is my situation with TD (or this is what I have with them):

1. Everyday chequeing account (Student). Free annual, no extra fees or tax.

2. TD Green Visa. Free annually, no extra fees or tax.

3.HIGH INTEREST TFSA SAVINGS ACCOUNT. Free annually, no extra fees or tax.

4.SECURITY GIC PLUS TFSA. Free annually, no extra fees or tax.

So basically this 2% Tangerine would be listed under #3?

Thanks for the helps lads, appreciate it.

Yes. Although i dont see no 2% savings account on the tangerine site, i believe it's standard 0.8% interest but a promotional 2.4% for 6 months.
Jr. Member
Feb 6, 2013
106 posts
18 upvotes
Toronto
jamieee wrote: Yes. Although i dont see no 2% savings account on the tangerine site, i believe it's standard 0.8% interest but a promotional 2.4% for 6 months.
Thanks.

Still it is better than the one I'm with 0.025% I believe. (which brought up all these questions)

And according to the 2% Tangerine Thread, which I forgot to put the link (sorry), people get it through direct calling and it's actually will end soon.

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