It is a sign of the times. TD Bank, which used to offer iPods to entice consumers to switch, is now promising to help them save instead through a program it calls Simply Save (similar to ScotiaBank’s Bank the Rest). Here’s how it works: A preset amount (from 50 cents to $5) is “saved” during each debit transaction or ATM withdrawal and transferred into a savings account on a regular basis. TD Bank is sweetening the offer by pitching in a bonus of $10 per $100 saved, up to a maximum of $200. It sounds like a gimmick but the bonus offer might make it worth your while.
If you already have a TD Bank account with unlimited transactions, you may want to enrol in the program to take advantage of what is essentially a 10% risk-free return even if TD’s savings account pays nothing. To get the maximum bonus, you’ll have to sign up for saving $5, perform 33 transactions per month over the course of an year and make sure that you don’t fall below the minimum balance in the chequing account and avoid any savings account fees.
We don’t have our accounts with TD Bank and I’m not about to jump through hoops as this offer isn’t as lucrative as RBC Direct Investing’s Bonus offer last year. But if I already had my accounts with TD Bank, it would be an easy way to score some extra cash.
