Comments on: ‘Simply Save’ with TD Bank

By: Steve

Steve — Fri, 05 Feb 2010 16:38:22 +0000

@Sean
That is simply not true. I’ve already received $120 in bonus dollars.

By: ghandy

ghandy — Wed, 09 Sep 2009 17:20:26 +0000

@ Sean
I e-mailed TD and here is an exact quote from their response:
“We are pleased to advise that you can obtain a maximum of $200 in bonus dollars from TD Canada Trust.”

By: Sean

Sean — Mon, 07 Sep 2009 21:48:29 +0000

After reading and re-reading the phrasing of the offer on the TD web-site, i decided to call TD for clarification.

$200 is not the maximum amount of bonus dollars.
It’s $20! And it’s a one shot deal.
$200.00 — as seen on the advertisements — refers to the amount saved that would be eligible for bonus dollars. In other words, you will get 20 bonus dollars out of this program. Nothing more.

bummer.

By: The Financial Blogger » Blog Archive » Financial Ramblings

The Financial Blogger » Blog Archive » Financial Ramblings — Sat, 20 Jun 2009 10:14:23 +0000

[...] Canadian Capitalist tells how to save with TD. [...]

By: Canadian Capitalist

Canadian Capitalist — Fri, 19 Jun 2009 14:13:48 +0000

Gail: Programs like this are only good for folks who already save diligently. They’ll simply keep saving and bank the “bonus”. If someone has trouble saving, they are not going to be very successful participating in a marketing gimmick such as this one.

By: Gail

Gail — Fri, 19 Jun 2009 11:14:04 +0000

I can’t abide this knee-jerk response to the need to save. I’ve just finished posting a family I’ll be working with who had 47 of these transactions on her account with two results: when her auto-debit for her car payment was due to come out, the account was $23 short and she went into overdraft. As for the savings part — she’d transferred all the money back to the transaction account by the end of the month, in dribs and drabs, further racking up her transaction costs. If you’re committed to saving the you have a plan. You don’t need some stupid program that “tricks” you into setting money aside. Lord love a duck. This premise is an American invention — which doesn’t surprise me one bit — but I thought our banks had more sense! Ah, marketing. What lil trick comes next.

By: Canadian Personal Finance Blog » Blog Archive » Random Thoughts: Summer is in the Air

Fri, 19 Jun 2009 06:11:19 +0000

[...] Canadian Capitalist points out that ‘Simply Save’ with TD Bank might be a no-brainer to sign up for, for someone like me who already does his banking with [...]

By: Dan

Dan — Fri, 19 Jun 2009 00:48:53 +0000

Why am I having a hard time believing that a bank actually wants to really help the little guy. If they really want to help maybe the banks can slash the service fees that are everywhere, drastically increase the interest paid on deposits held in savings accounts, simple things like that.

By: Beth

Beth — Thu, 18 Jun 2009 21:22:59 +0000

Just out of curiosity, what would stop people from depositing money and then taking it out again, and then repeating the whole process over and over?

@ Philip, people over 60 get their accounts for free. This may prove to be useless to me, but I think my parents might like it.

By: Astin

Astin — Thu, 18 Jun 2009 15:14:24 +0000

33 transacations a month? For a year? Ha.

I make maybe 12 per month. Take out some cash before the weekend, pay bills, and pay credit card balance off. I’d much rather be building points on the credit card and keeping the money in my account for the month than goign to essentially a cash-only basis to make the required transactions.

And what are the tax implications? Are bonuses in a savings account taxed as income or windfall?

In the end, it sounds somewhat gimmicky.