Well, as others say, 0.8% is incredibly low. I just saw an offer of 1.35% on 18 months. Not annual 1.35%, but over 1.5 years.
At the low rates, it is not worth it to me to set up an account and risk fees on redemptions or guarantee minimum amounts. When combined with free mo etc, it is fine.
The bond fund such as TDB909 does better, has the chance of doing a lot better (3%) and most important, is super flexible to move money in or out. As for the MER, I use an ETF for my primary bond holding, but only when I buy several thousand at a time, high MERs mutual fund are good for lower total $ with lots of in/ out action, like a savings account.