Types of Desjardins savings accounts

Desjardins offers four types of savings accounts.

1. Regular Savings Account is available to chequing account holders. The interest rates on the funds deposited in this account range from 0.05% to 1.30%, depending on whether you hold it in a registered or non-registered plan. A regular savings account provides no cheque-writing privileges.
2. Enhanced Investment Account is a no-fee savings account available to chequing account holders. The regular interest rate provided by this account is 1.30% on all balances. There are no minimum balance requirements.
3. High-Interest Savings Account is available only to individual members with an AccèsD account. Being eligible for non-registered plans and RRSPs, this savings account allows you to earn 1.30% interest on each dollar deposited, with no monthly fees and minimum balance requirements.
4. TFSA – Savings Account is available to clients with a TFSA and Desjardins everyday account. With this account, you can earn 1.00% non-taxable interest. The periodic investment plan allows you to decide how much to deposit in your TFSA savings account and how often. There is a minimum deposit amount of $25 per transfer and an overcontribution tax of 1% per month. A TFSA savings account involves no monthly fees.

How to open a Desjardins savings account?

If you are a Desjardins member with a Personal AccèsD online banking account, you can apply for a Regular Savings Account, High-Interest Savings Account, and TFSA – Savings Account online. Click the “Get this product” button and sign in with their login credentials. To apply for an enhanced investment account, you must either call Desjardins or book an appointment with an advisor at 514-253-6473 if you are in Montreal or at 1-866-647-5013 if you are elsewhere in Canada or the U.S.

Applicants other than Desjardins members with a Personal AccèsD online banking account can apply for a Regular Savings Account, TFSA – Savings Account online, or Enhanced Investment Account either by phone or at a caisse (booking an appointment with a Desjardins advisor is necessary). To apply or book an appointment, call Desjardins at 514-253-6473 if you are in Montreal or at 1-866-647-5013 if you are elsewhere in Canada or the U.S.

Requirements

To apply for a Desjardins savings account, you must be a Canadian resident of the age of majority in your province or territory.

To apply for a high-interest savings account, you must be an individual member with an AccèsD account. Other savings accounts are available to other categories of applicants.

Pros and cons

Here are the advantages of Desjardins savings accounts:

• No monthly fees for most savings accounts
• Competitive interest rates
• Deposits, withdrawals, and transfers allowed at any time with most savings accounts
• Non-taxable savings and withdrawals with a TFSA savings account
• An opportunity to earn annual dividends with select savings accounts
• Insurance coverage of deposits

The disadvantages are:

• No cheque-writing privileges with a regular savings account
• Unavailability of high-interest savings account to applicants other than individual members with an AccèsD account
• Limited geographic availability of Desjardins savings accounts

How to fund a Desjardins savings account?

There are several ways to fund your Desjardins savings account:

• By transferring money between your, Desjardins accounts through online, mobile, or telephone banking
• By setting up pre-authorized payments from your other Desjardins accounts
• By depositing a cheque through the Desjardins mobile services app
• By making a deposit at an ATM
• By making a deposit at a caisse