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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 a variety of bank accounts including chequing, savings, investments, and more.

Its chequing accounts cater to varying needs and budgets, and come with fees that reflect the numbers 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 pay bills, making purchases, sending money, and receiving your paycheque.

Clients get access to an app you can use to access your account 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 statement also cost $2 per month.

3. TD Every Day Chequing Account

This TD account is its 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 transactions every month, 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 accounts is similar to its Every Day Chequing Account without the monthly fee and offers:

  • $0 monthly account fee
  • 25 debit transactions, including Interac e-Transfers

Additional transaction cost $1.25 each.

To qualify, a student must be enrolled in full-time post-secondary education.

Here are some of the best bank accounts for students.

6. TD Youth Account

A TD Youth Account combines the features of savings and chequing account. It is available to children aged 18 and under and has no monthly fee.

This account offers unlimited debit transactions and earns interest.

When a child turns 19, their youth account is converted to a TD Minimum Chequing Account or a higher-tier paid account if they so wish.

Learn more about the 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, personalised 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 or TD Minimum Chequing accounts and pay no monthly fees for the first 6 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.

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 relate to the 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 per month 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 Account Safe?

TD’s online security guarantee offers 100% reimbursement if you experience a loss from an EasyWeb or WebBroker transaction that you did not authorise (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 message 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 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 offering in Canada are by Tangerine Bank and Simplii Financial.

Below, I compare the “Unlimited” chequing account options offered by TD Bank, Scotiabank and Tangerine.

TD Bank
Scotiabank
Tangerine Bank
Chequing Account
TD Unlimited Chequing
Scotiabank Preferred Package
Tangerine No-Fee Chequing
Monthly fee
$16.95
$15.95
$0
Minimum Balance to waive 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 6 months
$4 fee rebate for seniors; Access to SCENE Rewards; Free credit score; Earn extra 0.05% interest on savings; Newcomers get free chequing for one year; Cheap international money transfer
First cheque book (50 cheques) free; Earn up to 0.15% on balance; Pair with a high interest savings
Promotion
Not applicable
Get a $300 cash back when you open a new account and meet requirements
Not applicable
Review
 

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 6 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.

Do you have a TD Canada Trust Bank account? Tell us about your experience in the comments.

TD Chequing Accounts Review
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.