Editorial Note: Comparewise is supported by our readers. When you find products and services through links on our site, we may earn commission.
Individuals in the market for a comprehensive banking solution may benefit from signing up for a TD All-Inclusive Banking Plan. It’s a robust chequing account designed to meet the diverse needs of Canadian banking customers.
The TD All-Inclusive Banking Plan is a comprehensive bank account offering unlimited transactions and ATM usage for a $29.95 monthly fee. This charge can be eliminated by maintaining a minimum balance of $5,000.
Special promotions include a $450 bonus for new account openings under certain conditions. Other (Toronto-Dominion Bank) TD account options are the Unlimited, Every Day, and Minimum Chequing Accounts, catering to various banking needs.
Perhaps you’re managing everyday transactions, sending money to friends, or planning for the future. Either way, this plan’s impressive suite of features makes it a compelling choice.
TD All-Inclusive Banking Plan features
With the TD All-Inclusive Banking Plan, customers can look forward to a host of attractive features when opening this account, including:
- Unlimited transactions: No matter how often you withdraw or transfer money, there are no extra transaction fees.
- Monthly fee rebate: By maintaining a daily balance of $5,000 for the entire month, the monthly fee is nullified.
- Annual card fee waiver: Applicable to select TD credit cards.
- No TD ATM fees: No charges for using TD and non-TD ATMs.
- Premium benefits: Comprises a small safety deposit box, certified cheques, money orders, and custom cheques without extra charges.
- Free Interac e-Transfer: Pay your friends or chip in for pizza hassle-free.
- TD Fraud Alerts: Receive instant notifications for doubtful transactions on your TD Access Card.
- Earn 50% more Stars at participating Starbucks stores: Simply synchronize your eligible TD Access Card with Visa Debit to your Starbucks Rewards account.
The pros of the TD All-Inclusive Banking Plan
Comprehensive Features for Seamless Banking
The TD All-Inclusive Banking Plan stands out for its comprehensive features that simplify everyday banking. Unlimited transactions, no TD ATM fees, and free Interac e-Transfer services combine to provide a hassle-free banking experience, making it easier to manage your money on the go.
Money-Saving Opportunities
The Plan also presents various opportunities to save money. The monthly fee rebate for maintaining a $5,000 daily balance, annual credit card fee rebate, and premium perks like a small safety deposit box and personalized cheques all contribute to substantial savings over time.
Enhanced Security
With the TD Fraud Alert service, you can be confident knowing that any suspicious transactions on your TD Access Card will be promptly detected and handled. This advanced security measure provides essential protection, especially in a time of rising digital theft.
The cons of the TD All-Inclusive Banking Plan
High Monthly Fee
With a monthly fee of $29.95, the TD All-Inclusive Banking Plan might seem pricey. However, maintaining a daily balance of $5,000 enables you to avoid this fee.
No Interest on Account Balance
Unlike some banking plans, the TD All-Inclusive Banking Plan does not earn interest on the account balance. Other account options may be more suitable if earning interest is a critical factor.
Minimum Balance Requirement for Fee Waiver
While the ability to waive the monthly fee is a significant benefit, it requires keeping a minimum balance of $5,000. For some, this may not be feasible or could tie up funds that could otherwise be invested.
TD All-Inclusive Banking Plan account fees
The TD All-Inclusive Banking Plan has a monthly fee of $29.95. But, if you manage to maintain a monthly balance of $5,000, this fee can be waived. Notably, there are no transaction fees, regardless of how often you withdraw or transfer money from your account, and no fees for TD or non-TD ATM usage.
TD All-Inclusive Banking Plan special offers
TD currently has a promotional offer of a $450 bonus for opening a TD All-Inclusive Banking Plan. Certain conditions need to be met to be eligible for this offer, and the offer is valid until October 31, 2023.
Other TD chequing account options
TD provides an array of chequing account options, including the TD Unlimited Chequing Account, TD Every Day Chequing Account, TD Minimum Chequing Account, and the TD Student Chequing Account. Each of these accounts offers unique benefits suited to different individual financial needs.
- TD Unlimited Chequing Account: Carrying a monthly fee of $15.95, this account gives unlimited transactions and free Interac e-Transfer transactions. This fee can be waived by maintaining a monthly balance of $4,000.
- TD Every Day Chequing Account: This account charges a monthly fee of $10.95 and offers 25 free transactions per month. Additional transactions are charged at $1.25 each. However, the monthly fee can be waived if you maintain a minimum balance of $3,000.
- TD Minimum Chequing Account: Ideal for customers who don’t transact frequently, this account charges a $3.95 monthly fee. It provides 12 free monthly transactions, after which a $1.25 fee is charged. There is no option to waive the monthly fee with a minimum balance.
- TD Student Chequing Account: This account is specifically designed for full-time post-secondary students and has no monthly fee. It includes 25 free transactions per month, with additional transactions costing $1.25 each.
How to open the TD All-Inclusive Banking Plan
Customers need only follow the following simple steps to open this TD chequing account:
- Research: Understand the details, benefits, and any potential drawbacks of the TD All-Inclusive Banking Plan. Review the terms and conditions to ensure it fits your financial needs.
- Prepare Documents: Gather necessary documents such as government-issued identification (passport, driver’s license, etc.), Social Insurance Number (SIN), and proof of address.
- Visit TD’s Website or Branch: Navigate to the TD website or visit a local TD branch.
- Select the Account: On the website, find and select the ‘Bank Accounts’ section, then select the TD All-Inclusive Banking Plan.
- Click ‘Apply Now’: On the account’s webpage, hit the ‘Apply Now’ button.
- Complete the Application Form: Fill out the online form with your personal details such as full name, residential address, email, employment details, and Social Insurance Number.
- Fund Your Account: Follow the prompts to deposit money into your new account. The TD All-Inclusive Banking Plan requires a certain balance to waive the monthly fee.
- Review and Confirm: Review your application for errors or missing information, then confirm and submit the application.
- Wait for Confirmation: After submission, wait for a confirmation email or message from TD regarding the status of your application.
- Activate the Account: Once approved, you’ll receive instructions to activate your account, set up online banking, and get your debit card.
Remember to ensure that all information is correct and up-to-date when applying, and reach out to TD’s customer support if you have any issues or queries during the application process.
TD All-Inclusive Banking Plan conclusion
The TD All-Inclusive Banking Plan aims to provide a one-stop banking solution. Still, it’s crucial to consider your personal financial needs and habits when choosing a chequing account. Always review the terms and conditions of an account before signing up.
You might also like…
