Recently I posted about the need to have two bank accounts. I've been waiting for a good bank promotion to open up a new account. The TD Simply Save is the promotion I ended up going with. Yesterday I opened up a chequing and savings account with TD.
Both new and existing customers are eligible for the Simply Save promotion. I think it's worth looking into. You set up a savings program which transfers between $0.50 to $5 (you decide the amount) from your chequing to your savings account every time you use your debit card for purchase and/or withdrawal. Then every time your total transfers reach $100, TD will give you $10. That's a 10% guaranteed return.
Sign up before July 24, 2009 and you can earn this bonus money for a year. Maximum bonus you can earn is $200. I don't think I will reach $200 bonus, since it will require me to use the card 400 times in a year (I signed up to transfer $5 each transaction) or more than once a day. However, knowing that whatever I save will get 10% return is pretty good.
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