Compare TD Bank vs Scotiabank rates side-by-side. See which bank offers better TFSA, HISA, and GIC rates with our expert analysis.
Last updated: • Live daily updates
📊 Rates are scraped daily from official bank websites and verified by our team
TD Bank vs Scotiabank – 2025 Update
Higher ongoing HISA & TFSA rates, full-service banking, CDIC insured.
Higher ongoing HISA & TFSA rates, full-service banking, CDIC insured.
👉 If you want highest rates long-term, both banks offer competitive rates . If you're looking for promos + no fees, consider online-only banks .
YieldHacker's expert analysis: See which bank offers better rates, lower fees, and superior features for your financial goals.
Users care a lot about this it makes you more useful than other comparison sites
💡 Pro Tip: Online banks like Tangerine and Simplii often have the best promotional rates, while traditional banks offer more stability. Consider using both strategies!
| Feature | TD Bank | Scotiabank | Winner |
|---|---|---|---|
| Best Available Rate | 3.00% | 5.00% | Sc |
| Monthly Account Fees | Varies | Varies | Similar |
| Minimum Deposit | $500+ | $500+ | Similar |
| Banking Access | Online + Branches | Online + Branches | Preference |
| CDIC Protection | ✅ Yes | ✅ Yes | Both |
| Mobile App Rating | 4.4★ | 4.3★ | Similar |
| E-Transfer Fees | $1.00 | $1.00 | Similar |
📊 Rates are scraped daily from official bank websites and verified by our team
Both TD Bank and Scotiabank offer competitive options, but they serve different needs. The smartest strategy? Don't pick just one diversify. Consider opening accounts at both banks to take advantage of their respective strengths. This approach can potentially earn you hundreds more in interest each year compared to sticking with just one institution.
Based on current rates, fees, and features, here's our analysis for Canadian savers:
Scotiabank provides higher rates overall, perfect for growing your money faster.
💡 Pro tip: Use our rate alerts to get notified when better rates become available!
Simple but powerful lead-gen idea
Enter deposit amount → Show side-by-side annual earnings with TD Bank vs Scotiabank
CTA: "Want to maximize across all banks?"
🚀 Generate My Savings Plan✅ Live rates updated daily • ✅ No registration required • ✅ All CDIC insured options
Currently, Scotiabank offers better rates at 5.00% vs TD Bank's 3.00%. However, TD Bank may have advantages in other areas like lower fees or promotional offers.
TFSA rates vary by bank and change frequently. TD Bank and Scotiabank both offer competitive TFSA options. For the most current TFSA rates, check our best TFSA rates page or use our savings optimizer tool to find the best strategy for your situation.
Both TD Bank and Scotiabank are CDIC insured, protecting up to $100,000 per depositor. TD Bank is one of Canada's Big Six banks, while Scotiabank is one of Canada's Big Six banks. Both are considered safe for Canadian savers.
Interest rates can change at any time based on Bank of Canada policy and market conditions. TD Bank typically adjusts rates based on market conditions, while Scotiabank adjusts rates based on market conditions. Pro users get instant rate alerts when either bank changes their rates.
For emergency funds, consider both liquidity and returns. TD Bank offers reliable access through branches and online, while Scotiabank provides reliable access through branches and online. The best choice depends on your access preferences and current rates. Use our savings optimizer to create a strategy that balances both needs.
To maximize your returns, consider using multiple banks strategically. You can open accounts at both TD Bank and Scotiabank to take advantage of their best offers. Our AI-powered savings optimizer can help you create a strategy that spreads your money across the best rates from multiple institutions, potentially earning you hundreds more in interest each year.
Both banks offer different types of promotions. TD Bank focuses on relationship benefits and branch services, while Scotiabank offers relationship benefits and branch services. The best choice depends on your specific needs and preferences.
Fee structures vary between TD Bank and Scotiabank. TD Bank may have higher fees but offers more services, while Scotiabank may have higher fees but offers more services. Consider the total value including services, accessibility, and customer support when comparing fees.
Yes, switching between banks is relatively straightforward in Canada. You can open accounts at both TD Bank and Scotiabank simultaneously and transfer funds between them using e-transfers or direct deposits. Many Canadians use this strategy to take advantage of promotional rates at online banks while maintaining accounts at traditional banks for services like branch access. Our savings optimizer tool can help you create a strategy that maximizes returns across multiple institutions.
With rates falling in 2025, now is an excellent time to lock in longer-term GICs (3-5 years). The Bank of Canada has signaled further rate cuts, so current rates around 4.00-4.90% may be the best we see for a while. Consider locking in during RRSP season (January-March) when banks offer promotional rates, or use a GIC laddering strategy to balance rate risk and liquidity needs.
In a falling rate environment like 2025, regular GICs typically offer better rates (0.25-0.50% higher) than cashable GICs. Choose cashable GICs if you need flexibility and might need funds within 12 months. Choose regular GICs if you can commit funds for the full term and want maximum returns. Consider a mix: 70% regular GICs for higher returns, 30% cashable for emergency access.
For retirement savings in 2025, consider 3-5 year GICs to lock in current rates before further Bank of Canada cuts. Use a GIC laddering strategy: split your RRSP contributions across 1, 2, 3, 4, and 5-year terms. This provides regular maturity dates for reinvestment and balances rate risk. For conservative retirees, 5-year GICs in RRSP offer guaranteed returns and tax deferral until withdrawal.
The best strategy is diversification across multiple banks. Use TD Bank for stable rates and branch services, while leveraging Scotiabank for stable rates and branch services. Don't limit yourself to just two banks - our AI-powered savings optimizer can analyze rates across all Canadian banks to create a personalized strategy that could earn you hundreds more in interest annually.
We update our rates regularly by scraping bank websites. However, rates can change frequently, so always verify with the bank before making decisions.
Most major Canadian banks are CDIC insured, providing up to $100,000 protection per depositor. Check individual bank details for CDIC membership status.
Interest rates can change at any time based on Bank of Canada policy rates and market conditions. Some banks change rates more frequently than others.
Consider the interest rate, minimum deposit, fees, accessibility, and whether the institution is CDIC insured.