![]() The test is meant to ensure that you could still afford to live in your home should mortgage interest rates increase and make your payments bigger down the road. In order to pass the mortgage stress test, your total monthly payment obligations must not exceed a certain percentage of your gross monthly household income under both the current rate and the pretend higher rate. The calculation is done twice using the current mortgage interest rate offered by lender, and again using a higher fictitious rate set by the OSFI to simulate a “worst case scenario,” should mortgage rates increase in the future. It measures your monthly debt payment obligations, your potential monthly mortgage payment, and other monthly homeownership costs against your gross monthly household income. To appear on this list, the savings account must be nationally available.The mortgage stress test is a federally mandated mortgage qualification requirement that TD Canada Trust, and every federally regulated mortgage lender, must confirm in order to approve your mortgage. Savings accounts offering no or very low fees scored the highest, as did those offering low minimum requirements and high customer service and digital experience scores. Specific characteristics taken into consideration within each category included monthly fee, ability to waive the monthly fee, overdraft fee, NSF fee, other fees, ATM network, branch access, Better Business Bureau rating, Trustpilot rating, live chat availability, mobile app ratings, online bill pay availability, online banking access, minimum deposit requirements and minimum balance requirements. ![]() Minimum Balance to avoid monthly fee: 5%.The following is the weighting assigned to each category: We ranked each account on 17 data points within the categories of fees, access, customer experience, digital experience, annual percentage yield, plus the minimums and balance needed to avoid monthly fee. To create this list, Forbes Advisor analyzed 3 savings accounts at TD Bank. Best TD High-Interest Savings Accounts In Canada For June 2023 While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. ![]() These “affiliate links” may generate income for our site when you click on them. ![]() Second, we also include links to advertisers’ offers in some of our articles. This site does not include all companies or products available within the market. The payments we receive for those placements affects how and where advertisers’ offers appear on the site. This comes from two main sources.įirst, we provide paid placements to advertisers to present their offers. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive payment from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. ![]()
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