TD Bank is one of the Big Five Canada Banks, the largest banks in size, market share, and capitalization. Like most big banks, TD Bank offers a suite of financial packages that include investment, savings, and checking accounts.
TD Bank is well known for staying open on some federal holidays, and most branches open for customers during the weekends. TD Bank has longer banking hours than what you’d find with other banks, with branches opening earlier and closing later. If you’re thinking of opening a checking account with TD Bank, below are some of the features you need to keep in mind.
TD has various checking accounts, but they are mostly used to perform daily financial transactions that include making purchases, sending funds, receiving paycheques, and paying bills. Customers may also use the TD Bank app to access their accounts and deposit cheques. You may also get access to your TD Bank account using the Easyweb platform. The six basic checking accounts are:
TD All-inclusive Banking Plan
The TD All-inclusive Banking Plan sits at the top of the tier and has the most features of any TD checking account package. The monthly maintenance fee starts at C$29.95, and customers must maintain a minimum balance of C$5000. Some other features include:
- Unlimited Interac e-Transfers including debit transactions
- Free ATM withdrawals on TD and non-TD machines across the country and outside Canada.
- Rebates on yearly fees on select TD credit cards
- No charge on small safe deposit box including personalized and certified cheques and money orders.
Although TD Bank does not charge customers a fee for ATM use at non-TD machines, you may incur a charge from the ATM provider while foreign transactions attract FX fees. Nonetheless, customers can still save up to C$60 yearly on safe deposit boxes while receiving free paper statements. A rebate applies to the following TD credit cards:
- TD First Class Travel Visa Infinite
- TD Platinum Travel Visa
- TD Aeroplane Visa Infinite
- TD Aeroplane Visa Platinum
- TD Cash Back Visa Infinite
TD Unlimited Checking Account
The TD Unlimited Checking Account attracts a monthly maintenance fee of C$16.95 waivable for customers with a minimum monthly balance of C$4000. Clients will also enjoy a one-year rebate for the credit cards listed above. Other features of this checking account include:
- Unlimited transactions including Interac e-Transfers
- Free withdrawals on non-TD ATMs
Be mindful ATM withdrawals cost C$3 in Mexico and the United States and C$5 at any other location outside Canada. Paper statements will also set you back C$2 monthly.
TD Everyday Checking Account
The TD Everyday Checking Account is a budget-friendly package tailored for customers who enjoy transacting without the hefty price tag. The monthly maintenance fee is C$10.95 and is waivable if you maintain a minimum monthly balance of C$3000. Customers will also pay an additional C$1.25 for extra transactions after exhausting the 25 free transactions monthly.
TD Minimum Checking Account
The TD Minimum Checking Account is the lowest tiered account for customers with sparse banking needs. It has a monthly maintenance fee of C$3.95, providing clients with just twelve free transactions monthly, including two full-service transactions per month. Although the account requires no minimum balance, it is discounted for:
- Seniors under the GIS scheme and who are 60 years or older
- Beneficiaries of the Registered Disability Savings Plan
- Full-time student enrolled in college or university
- Applicants who are minors in their location of residence
Exceeding the transaction limits incurs an extra C$1.25 and C$0.50 for Interac e-Transfers.
TD Student Checking Account
The TD Student Checking Account shares similar features with the Everyday Checking Account except for the monthly fee. It offers the following:
- C$0 monthly maintenance fee
- Twenty-five debit transactions in addition to two Interac e-Transfers
Students must be enrolled in a full-time post-secondary institution to be eligible.
TD Youth Account
A TD Youth Account is a hybrid account with the features of a savings and checking account. It is designed for kids under the age of 19 and requires no monthly account fees.
Once the child is 19 years old, the account is automatically upgraded to the TD Minimum Checking Account or any other preferred premium account.
TD Bank Account charges
Apart from the monthly maintenance fees, you may be liable to pay for extra features not included in your account package. The more standard fees include ATM withdrawal fees, paper statements, overdraft protection, NSF fees, and Interac e-transfers. These fees are explained as follows:
ATM Withdrawals:
- C$2 for non-TD ATMs within Canada
- C$3 for Mexico and the US.
- C$5 for any other location
Interac e-Transfer
- C$0.50 for funds C$100 and below
- C$1.00 for funds above C$100
Overdraft Protection
- Monthly overdraft protection cost C$4.00 at 21%
- C$5 monthly overdraft protection at 21% for Pay As You Go package
Non-sufficient funds incur a charge of C$48, while mailed paper account statements cost C$2.00 monthly. Any transaction above your account limit incurs a charge of C$1.25.
TD Checking Account Vs. Other Options
The Big Five Banks offer almost similar checking account packages in fees and perks. In many instances, the monthly maintenance fee is waivable if you maintain a certain account balance throughout the month. RBC provides a rebate for account-holders who sign up for more than one banking product.
Keep in mind TD Bank or any other Bank in the Big Five does not represent your only option for a checking account. The likes of Simon Financial, Tangerine, and EQ Bank are some of the online banks offering a no-fee checking account. Some of the benefits of these online-exclusive checking accounts include:
- Zero minimum monthly balance requirement
- C$0 monthly maintenance fee
- Unlimited debit and Interac e-Transfers
- Interest on bank balance
FAQs
Does TD Bank have free Checking Accounts?
TD Bank has free checking accounts provided to newcomers for six months. However, customers may waive the monthly maintenance fee by maintaining a minimum balance. Senior citizens get a 25% deduction on most TD checking account products.
How do I Avoid the TD Monthly fee?
It is possible to avoid paying a monthly maintenance fee if you maintain a minimum balance between C$3000 to C$5000. However, the C$3.95 monthly fee for the TD Minimum Checking Account isn’t waivable even for account-holders with a high balance.
Is TD Bank Account safe?
Subject to certain conditions, TD Bank’s online security guarantees customers will receive a 100% refund where they experience a loss from an unauthorized transaction. The bank uses the latest security protocols to ensure your data’s safety and security, including TLS and SSL data encryption, access codes, and PINs.
The TD Fraud Alert is on guard to notify you of suspicious activity in your account, freezing transactions, and blocking your credit card to prevent unauthorized use. As a member of the CDIC, TD Bank guarantees your deposits up to C$100,000 for each category.
Is the TD All-Inclusive Banking Plan The Money?
Most protagonists will think it’s worth the money. Of course, you can make the argument that you’re more likely to make more money putting your C$5000 into an investment portfolio than the benefits you’d enjoy from this checking account.
But it is better to collect the money saved on banking charges compared to hoping to make paltry returns on the invested sum. For instance, a small safety deposit box will set you back C$60 yearly, and the annual charges for any of the TD credit cards cost C$120. These two services provide you C$180 in value, roughly 3.6% ROI on your C$5000. Throw in the free e-transfers, cheques, no ATM charges, and you’d make a minimum of 4%, which is an excellent return on your C$5000.
Moreover, it’s good advice to have an emergency stash for unforeseen circumstances. If you have to dump cash in a bank account, you might as well save it in an All-Inclusive Banking Plan to enjoy loads of features. If, for any reason, you need to take out your cash, downgrade the account to a free banking package and collect your funds.
What types of Checking Account does TD Bank Offer?
TD Bank has six Personal Chequing Accounts that include:
- TD All-Inclusive Banking Plan
- TD Unlimited Chequing Account
- TD Every Day Chequing Account
- TD Minimum Chequing Account
- TD Student Chequing Account
- TD Youth Account
You can pair your chequing account with the TD Myspend App to monitor your monthly transactions and improve your financial habits.
