TD Bank Simply Save Program Offers $200 For Free – But Is It Worth It?
June 21st, 2009 Posted in Financial and Non-Financial Reviews
TD Launches Simply Save Program
In the past, I wrote about Scotia Bank The Rest Savings Program. Just recently, TD Bank launched a similar program called Simply Save Program. TD Canada Trust customers will be able to automatically save each time a transaction is made.
The Simply Save Program automatically transfers money (from $0.50 to $5) from your TD chequing account to a TD savings account of your choice, each time a transaction is made. Transactions can be a debit purchase, ABM withdrawal or both. You can pick savings accounts such as TD TFSA Savings Account, TD daily interest savings account, or even someone else’s savings account.
TD is offering a special bonus for a full year – if you sign up before July 24, 2009. Every time you accumulate $100 in Simply Save savings, TD will add a $10 bonus, up to $200. This does not sound bad, after all, who does not want free money? However, if you do some calculations, to get free $200, you need to do the following:
In one year:
You need to save = $2000
To achieve that, you need to do = 400 transactions (must save $5 per transaction)
That’s about 34 transactions a month
Roughly One transaction each day
So, you can get this $200 for free if you are willing to do a transaction daily. If your TD bank account does not have unlimited transactions, it is likely that you will end up paying more than $200 to get $200. Is it worth it? I will let you decide (depending on type of bank account you have + other factors). Visit Td Canada Trust for more information. Always do your homework before making any financial decisions.
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6 Responses to “TD Bank Simply Save Program Offers $200 For Free – But Is It Worth It?”
By Martin on Aug 13, 2009
Very nice article, the following should be highlighted in red :
“If your TD bank account does not have unlimited transactions, it is likely that you will end up paying more than $200 to get $200.”
Since I already registered for this free money. Now I am going to see how many transactions can I do per month.
Thanks again.
By A.D. on Aug 13, 2009
Thanks, Martin. If possible, please let us know the outcome.
By T.R. on Aug 27, 2009
Agreed! Mainly why I cancelled simply save on my account. I didn’t understand why I had to spend to save my money!!
By Anonymous on Oct 6, 2009
While I certainly won’t go out of my way to rack up 400 transactions, the way I look at it is that
- At the max. or $5/transaction, I put $100 into my savings account after 20 transactions
- The $100 in my savings account yields me a $10 bonus
- Therefore, each transaction is worth $10/20 = $.50
Considering most cash-back credit cards only yield a 1% rebate (2% at most), that’s a pretty good deal for withdrawing cash (usually no bonus) or making small purchases (when a cc purchase would yield only a few cents in rebates)
By Nadim on Jul 13, 2010
I called them to see if they are still running the program. They are!@ I used to be able to do 20 transactions a month, and I did, and it really helped. Simply Save is the best. I even transfer funds out of it, and there is no penalty