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A Guide to TD Chequing Accounts in Canada in 2024

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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:

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 AccountTD  All-Inclusive Banking PlanTD Unlimited Chequing AccountTD Every Day Chequing AccountTD Minimum Chequing Account
Monthly fee$29.95$16.95$10.95$3.95
Balance to waive fees$5,000$4,000$3,000N/A
Number of free transactionsUnlimitedUnlimited2512
Cost per extra transactionN/AN/A$1.25$1.25
Non-TD ATM fees in CanadaFreeFree$2 each$2 each
Non-TD ATM fees (U.S. and Mexico)Free$3 each$3 each$3 each
Non-TD ATM fees elsewhereFree$5 each$5 each$5 each
Paper StatementFree$2/month$2/month$2/month
Senior DiscountYesYesYesNo
Other PerksAnnual 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/AN/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 AccountStandard FeeSenior FeeSenior 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

simpliifinancialnewlogo3-img

$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 BankScotiabankSimplii Financial
Chequing AccountTD Unlimited ChequingScotiabank Preferred PackageSimplii Financial No-Fee Chequing
Monthly fee$16.95$16.95$0
Minimum Balance to waive monthly fee$4,000$4,000Not applicable
Free debit transactionUnlimitedUnlimitedUnlimited
Free Interac e-TransfersUnlimitedUnlimitedUnlimited
Non-bank ATM withdrawal in CanadaFree1 free/month; $1.50-$3 each after$1.50 each
Credit card fee waiver1st year, up to $1201st year,  up to $139Not 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 transferFree cheques; Earn interest on your balance; Global money transfers
PromotionNot applicableGet a $300 cash back when you open a new account and meet the requirements$400 bonus When you open a new account
Review –Learn moreLearn more

TD Bank Account FAQ

How do I avoid a TD monthly fee?

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.

How do I change my TD Chequing account?

You can upgrade your account online via EasyWeb or by calling 1-866-222-3456.

Does TD have free Chequing accounts?

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
4.5

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.

Top Banking Offers for February

Stop paying monthly fees with a free chequing account + $400 bonus

Get $400 cash bonus when you direct deposit $100 for three months.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly account or transaction fees.

Get a high interest rate on your savings (6.00% interest rate offer).

Get a $100 bonus with the top no-fee cashback credit card

Get a $100 welcome bonus with $1,000 spending in first 2 months.

Earn 2% unlimited cashback in 3 spending categories - no annual fees!

0.5% unlimited cash back on all other purchases.

1.95% low-interest balance transfer rate and free insurance coverage.

Earn a regular 4.00% interest on your savings account

Earn a non-promotional 4.00% high interest rate on every dollar.

Free access to a hybrid account with unlimited transactions & e-transfers.

Access to a prepaid card that pays an average cashback of 5% on purchases.

No monthly or annual account fees; free budgeting app.

Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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1 thought on “A Guide to TD Chequing Accounts in Canada in 2024”

  1. Gravatar for Kate

    Brilliant advice – really helpful.
    Thanks

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