Lodavo vs TD: Which One Rewards You for Saving?

Put $3,000 into a TD savings account and it earns nothing at all. Not a small rate: 0.00 percent, on TD’s own posted tier table, until the balance clears $5,000 with an eligible TD chequing account or $10,000 without one. Start a Lodavo vs TD comparison there, because the two reward completely different things. TD rewards size, the way most big banks do, so the more you hold and the more TD products you keep, the more comes back to you. Lodavo is a free savings app that rewards the saving itself, from your first $25, with free tickets in a weekly cash draw for up to $10,000.

What is the difference between Lodavo and TD?

TD is where your money lives. It holds your deposits, insures them, and pays a rate that climbs with your balance and with how much of your banking you keep there. Lodavo does the opposite: it connects to the account you already have, doesn’t hold your money, and gives you free tickets in a weekly cash draw for what you save.

On TD’s side that means a full bank, priced like one. Your money sits with The Toronto-Dominion Bank, a CDIC (opens in a new tab) member, insured to $100,000 per category, and everything else hangs off that account: chequing, a credit card, a mortgage, investments, an advisor you can book. TD serves roughly 16 million Canadian personal and business clients through more than 1,000 branches, per its own corporate profile (opens in a new tab) (as of April 2026).

Lodavo does one job, and it’s a prize-linked savings app: it links to a Canadian bank account you already use and awards free draw tickets each week based on the balance in your account, one ticket for every $25. The draw pays up to $10,000, and at least $100 goes to a user every week. There’s no account to open, no minimum, and no fee.

How TD savings accounts work

TD has two savings accounts worth comparing here. ePremium Savings pays a flat 0.45 percent on balances of $10,000 or more, and nothing below that. Growth Savings runs on a tiered scale that can pay considerably more, up to 1.50 percent, but its higher tiers are reserved for clients who also hold a qualifying chequing plan and use it every month.

The rate table, and where the zeroes are

Growth Savings runs two columns. You get the boosted one if you hold a TD Unlimited Chequing account, an All-Inclusive Banking Plan or a Wealth Private Banking chequing account, and you complete two of three qualifying transactions in the month (a direct deposit, a pre-authorized debit, or an online bill payment). Everyone else gets the standard column, per TD’s Growth Savings page (opens in a new tab):

Both accounts are free to hold, so nothing here costs you anything. What the table shows is where TD’s savings rate starts, which is later than most people assume: below $5,000 there’s no rate either way, and at $10,000 the gap between the two columns is 1.00 percent against 0.40 percent. ePremium Savings (opens in a new tab) sits outside that structure with a flat 0.45 percent on $10,000 or more and no monthly fee, though it charges $5 a transaction beyond the free online transfers to your other TD deposit accounts.

The offer for bringing money over

TD is running a cash bonus of $200 to $5,000 for new savings clients. Open an eligible savings account, move $10,000 or more in from another financial institution within 30 days, and keep it there 90 days. It runs to October 1, 2026 and excludes anyone who already held a TD savings account on June 3, 2026, per TD’s savings offer page (opens in a new tab). If you have that much to move, it’s real money, and it’s the clearest illustration of what TD’s savings side is built to reward.

The part TD does better

Two things here are good, and Lodavo has no equivalent to either. Simply Save (opens in a new tab) sets aside $0.50 to $5 every time you use your TD Access Card, sending it to a TD savings account daily, weekly or biweekly, with no setup fee and no transfer in a month when the chequing account is short. TD’s pre-authorized transfers do the scheduled version of the same thing, also free. If what stops you saving is never getting around to it, that feature beats anything else here.

TD also prices the entry level well. Student chequing is $0, and TD Minimum Chequing at $3.95 a month costs nothing for newcomers in their first year, GIS recipients, RDSP beneficiaries and Indigenous peoples. The other plans run $11.95 to $30.95, waived if you keep $3,000 to $6,000 sitting in the account, per TD’s chequing comparison (opens in a new tab).

How Lodavo works

Lodavo costs nothing, and linking an account takes a couple of minutes. You connect a TD chequing account, savings account or deposit-based TFSA through Plaid (opens in a new tab), which reaches about 99 percent of Canadian deposit accounts, and the access it grants is read-only. Your balance updates each week, and your tickets follow what you save.

Every week the draw pays out, up to $10,000, and at least $100 always goes to a user. You can check the whole thing yourself: the provably fair page walks through how each result is drawn and checked, and the contest rules cover who’s eligible and what the odds are. One TD-specific note: investment accounts like TD Direct Investing can’t be tracked yet, so link an account where the money sits as cash. TD connects through Plaid’s secure sign-in with no known snags, and our TD connection page walks through it.

Can you use Lodavo and TD together?

Yes, and for most TD clients that’s the whole answer. Nothing closes and nothing transfers. Your login, your app, your deposit insurance and your rate all stay exactly as they are, and the savings balance that’s already sitting there earns you tickets each week as well.

It’s worth being concrete about who gains most from that. If you’re under the $5,000 line, TD’s savings rate is 0.00 percent, so the balance isn’t doing anything for you right now. Connect it and $3,000 becomes 120 free tickets in this week’s draw. If you’re over $10,000 and holding the chequing plan for the boosted 1.00 percent, you keep every cent of that too. Neither one changes the other.

When TD is the better choice

TD on its own is the right call if:

• You want branches and ATMs near you, which is where TD is hard to beat: more than 1,000 branches and more than 2,800 machines.
• You want chequing, savings, a card, a mortgage and investments behind one login, with an advisor you can sit down with.
• You want your deposits insured, up to $100,000 per category.
• You want a guaranteed return on your savings, which is the job a savings account is there to do.
• You want the saving to happen without you: Simply Save does that, free.
• You’re a student, a newcomer in your first year, a GIS recipient, an RDSP beneficiary or Indigenous, in which case TD’s day-to-day banking costs you nothing.
• You have $10,000 or more to bring over before October 1, 2026, and the cash bonus is worth more to you than chasing a rate.

Chasing a higher rate is a separate decision from this one, and TD alternatives in Canada compares the banks paying more.

When Lodavo is the better fit

Add Lodavo if:

• You want a chance to win cash every week for saving.
• Your savings sit under TD’s first rate tier, which starts at $5,000 with an eligible chequing plan and $10,000 without one.
• You’d rather not open an account, move money, or qualify for anything.
• You want something free that doesn’t add another thing to keep track of.
• You’re staying at TD regardless, and you want saving there to be worth something.

If your savings are under $10,000

This is where the gap is widest, and it covers most Canadians. Without one of TD’s qualifying chequing plans, the posted rate on $2,000 saved comes to $0 a year. That same $2,000 is 80 free tickets in every weekly draw. Whatever TD pays you, you keep, and the tickets come on top of it. People expect a catch in that part, and there isn’t one.

A cash draw every week, and nothing to stake to be in it. Get Lodavo free on the Apple App Store (opens in a new tab) or Google Play Store (opens in a new tab).

Terms and conditions apply. No purchase necessary (alternate method of entry available). Skill-testing question required. Open to legal residents of Canada who are the age of majority. Odds depend on the number of eligible entries received. Full rules and odds at our contest rules.