TD Bank is one of the largest financial institutions in Canada. Popularly referred to as the “Big-Five,” TD’s main competitors include RBC, Scotiabank, CIBC, and BMO.
TD offers its customers access to various bank accounts, including chequing, savings, investments, and more.
Its chequing accounts cater to varying needs and budgets and come with fees reflecting the number of transactions and perks you enjoy.
This TD Bank review covers its chequing account features, benefits, how to apply, and how its offerings compare to other bank accounts in Canada.
Compare TD Chequing Accounts
TD chequing accounts can be used to manage your day-to-day financial transactions, including paying bills, making purchases, sending money, and receiving your paycheque.
Clients get access to an app they can use to access their accounts and deposit cheques. TD accounts are also accessible through the EasyWeb website.
You can set up your account to take advantage of TD’s Simply Save Program and automatically save the money into savings accounts.
TD offers six basic chequing accounts.
1. TD All-Inclusive Banking Plan
The TD All-Inclusive Banking Plan is its premium chequing account with the most features. It has a monthly maintenance fee of $29.95 you can waive by keeping a minimum balance of $5,000.
Below are its main features:
- Unlimited debit transactions and Interac e-Transfers
- Free ATM withdrawals at non-TD ATMs in Canada and abroad
- Annual fee rebate on select TD credit cards
- Free small safety deposit box, certified cheques, money orders, and personalized cheques.
While TD does not charge a fee when you use your card at non-TD ATMs or abroad, the ATM provider may charge a fee, and FX fees will apply to foreign transactions.
You can save up to $60 annually on a safe deposit box rental, and paper statements are free of charge.
The credit card fee rebate applies to these credit cards:
- TD Aeroplan Visa Infinite
- TD Aeroplan Visa Platinum
- TD First Class Travel Visa Infinite
- TD Platinum Travel Visa, or
- TD Cash Back Visa Infinite
2. TD Unlimited Chequing Account
This TD account has a $16.95 monthly fee that can be waived with a $4,000 minimum monthly balance. It also offers a fee rebate on any of the five credit cards listed above for the first year.
Features of the TD Unlimited Chequing Accounts include:
- Unlimited transactions and Interac e-Transfers
- Free non-TD ATM withdrawals
ATM withdrawals in the U.S. and Mexico cost $3 each and $5 each at other locations abroad. Paper statements also cost $2 per month.
3. TD Every Day Chequing Account
This TD account is a budget-friendly option for clients who want a bit more transactions without paying a hefty fee.
It has a $10.95 monthly fee that is waived when you keep a $3,000 minimum monthly balance.
You can get 25 free transactions each month. Additional transactions cost $1.25 each.
4. TD Minimum Chequing Account
This is TD’s entry-level chequing account for those with minimal banking requirements.
It has a $3.95 monthly fee and offers only 12 free monthly transactions, including 2 full-service transactions.
While there is no minimum balance to waive the monthly fee, it is rebated for:
- Seniors who are receiving the Guaranteed Income Supplement and are 60 years or older
- Registered Disability Savings Plan beneficiaries
- Students enrolled full-time at a college or university
- Applicants who are under the age of the majority in their province of residence.
Additional transactions cost $1.25 each, and Interac e-Transfers are $0.50 to $1.00 each.
5. TD Student Chequing Account
This TD Student account is similar to its Every Day Chequing Account without the monthly fee and offers:
- $0 monthly account fee
- Unlimited debit transactions, including Interac e-Transfers
To qualify, a student must be enrolled in full-time post-secondary education. Here are some of the best bank accounts for students.
The TD Youth account is now part of their student chequing account offering. Learn more about dedicated youth bank accounts here.
| Chequing Account | TD All-Inclusive Banking Plan | TD Unlimited Chequing Account | TD Every Day Chequing Account | TD Minimum Chequing Account |
|---|---|---|---|---|
| Monthly fee | $29.95 | $16.95 | $10.95 | $3.95 |
| Balance to waive fees | $5,000 | $4,000 | $3,000 | N/A |
| Number of free transactions | Unlimited | Unlimited | 25 | 12 |
| Cost per extra transaction | N/A | N/A | $1.25 | $1.25 |
| Non-TD ATM fees in Canada | Free | Free | $2 each | $2 each |
| Non-TD ATM fees (U.S. and Mexico) | Free | $3 each | $3 each | $3 each |
| Non-TD ATM fees elsewhere | Free | $5 each | $5 each | $5 each |
| Paper Statement | Free | $2/month | $2/month | $2/month |
| Senior Discount | Yes | Yes | Yes | No |
| Other Perks | Annual credit card rebate, free small safety deposit box, certified cheques, money orders, personalized cheques; free rebate on Borderless Plan | 1st year fee rebate on credit card (up to $120) | N/A | N/A |
TD Chequing Accounts for Seniors
Seniors who are 60 years of age or older enjoy a fee discount on TD’s four main chequing accounts as follows:
| Bank Account | Standard Fee | Senior Fee | Senior Rebate |
| TD All-Inclusive Banking Plan | $29.95 | $22.45 | $7.50 |
| TD Unlimited Chequing | $16.95 | $11.95 | $5.00 |
| TD Every Day Chequing | $10.95 | $8.20 | $2.75 |
| TD Minimum Chequing | $3.95 | $0* | $3.95 |
*Rebate available if Senior is a recipient of GIS.
Find out more about the best bank options for seniors in Canada.
TD Banking Package for Newcomers
Newcomers to Canada can open a TD Unlimited Chequing account and pay no monthly fees for the first 12 months.
To qualify for this offer, you must meet the following requirements:
- Have been a permanent resident or temporary resident of Canada for 5 years or less.
- Have never opened a TD chequing account
- Provide a permanent resident card or temporary permit to show residency status.
Here are more details for TD Newcomer banking.
TD Bank Account Fees
In addition to the monthly accounts maintenance fees, transaction fees may apply if not included in your package.
Some of the more common service fees are related to ATM withdrawals, paper statements, Interac e-Transfers, overdraft protection, and NSF Fees.
ATM Withdrawal: Non-TD ATM withdrawals within Canada cost $2.00 each. In the U.S. or Mexico, the fee is $3.00, and it is $5.00 each everywhere else. A 3.5% FX fee applies to foreign currency withdrawals.
Interac e-Transfer: $0.50 per e-Transfer for amounts up to $100 and $1.00 for transfers exceeding $100
Overdraft Protection: $4.00 monthly plus 21% interest for a monthly plan overdraft protection. For Pay As You Go Overdraft protection, the fee is $5.00 per overdraft transaction plus 21% interest.
The fee for non-sufficient funds is $48. Paper account statements that are mailed to you cost $2.00 per month, and transactions exceeding your account limit cost $1.25 each.
How to Open a TD Bank Account
You can open a TD Bank account online or book an appointment with one of their representatives at a branch. A live chat is available if you have questions while opening your account.
TD customers can access their chequing account 24/7 through EasyWeb Internet Banking, TD EasyLine Telephone Banking, and the TD app.
You can also use 4,000+ TD ATMs across Canada and the U.S. for free.
Are TD Bank Accounts Safe?
TD’s online security guarantee offers 100% reimbursement if you experience a loss from an EasyWeb or WebBroker transaction that you did not authorize (subject to certain conditions).
The bank uses up-to-date security measures to protect your private information, including firewalls, encryption (TLS or SSL), PINs, and access codes.
TD Fraud Alerts instantly send you text messages if suspicious activities are detected on your account. Based on your response to the text message, your card may be blocked to prevent unauthorized usage.
TD Bank is a member of the Canada Deposit Insurance Corporation, which means your deposits may be guaranteed up to $100,000 per category.
TD Chequing Account vs. Alternatives
The chequing accounts offered by the biggest five banks in Canada are fairly similar in their perks and fees.
In most cases, you can waive the monthly by maintaining a minimum balance throughout the month. For RBC, a fee rebate is available if you are subscribed to multiple bank products.
The Big 5 banks are not your only options for a chequing account.
You can also open a bank account with a credit union or opt for an online bank that offers no-fee chequing.
Digital (online) bank accounts are your best choice if you want a chequing package that combines:
- No minimum balance
- $0 monthly fees
- Unlimited free debit transactions and Interac e-Transfers
- Interest on your account balance
Two of the most popular online banks in Canada are Tangerine Bank and Simplii Financial ($400 bonus).
Simplii No-Fee Chequing Account
$400 cash bonus offer
No monthly account fees
Unlimited transactions & Interac e-Transfers
Free personalized cheques
Below, I compare the “Unlimited” chequing account options offered by TD Bank, Scotiabank, and Simplii Financial.
| TD Bank | Scotiabank | Simplii Financial | |
| Chequing Account | TD Unlimited Chequing | Scotiabank Preferred Package | Simplii Financial No-Fee Chequing |
| Monthly fee | $16.95 | $16.95 | $0 |
| Minimum Balance to waive monthly fee | $4,000 | $4,000 | Not applicable |
| Free debit transaction | Unlimited | Unlimited | Unlimited |
| Free Interac e-Transfers | Unlimited | Unlimited | Unlimited |
| Non-bank ATM withdrawal in Canada | Free | 1 free/month; $1.50-$3 each after | $1.50 each |
| Credit card fee waiver | 1st year, up to $120 | 1st year, up to $139 | Not applicable |
| Other perks | $5 fee rebate for seniors; Newcomers get free chequing for 12 months | $4 fee rebate for seniors; Access to Scene+ Rewards; Free credit score; Newcomers get free chequing for one year; Cheap international money transfer | Free cheques; Earn interest on your balance; Global money transfers |
| Promotion | Not applicable | Get a $300 cash back when you open a new account and meet the requirements | $400 bonus When you open a new account |
| Review | – | Learn more | Learn more |
TD Bank Account FAQ
You can avoid paying the monthly account fee on TD chequing accounts by keeping a minimum balance ranging from $3,000 to $5,000. TD’s entry-level account, i.e. the TD Minimum Chequing, does not waive the $3.95 fee even if you maintain a high balance.
You can upgrade your account online via EasyWeb or by calling 1-866-222-3456.
Free TD chequing accounts are available to newcomers for 12 months. Clients can also waive the monthly fees by maintaining a minimum balance. Seniors get a 25% fee rebate on most TD chequing account offerings.
TD Chequing Accounts Review
Overall
Summary
Compare the best TD chequing accounts and what they offer, including the TD Unlimited and Minimum accounts. Also learn about fees and alternative chequing accounts in Canada.
Brilliant advice – really helpful.
Thanks