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Canadians who carry out daily transactions with an account balance that rarely goes below $3,000 should consider opening a (Toronto-Dominion Bank) TD Every Day Chequing account.
You won’t be charged monthly maintenance fees when your balance stays at the minimum. Also, you’d get up to 25 free transactions in a month, along with other benefits.
The TD Every Day Chequing account requires that each day’s minimum balance be $3,000. Your account will still function properly if your balance goes below this minimum in a month.
However, you’d have to pay a monthly fee of $10.95. Also, you’d be charged $1.25 per transaction when you exceed the 25 free transactions in a month.
If you’re all set up to get started with this account, read this piece to make an informed decision. Here you’d learn about the account’s features, benefits, drawbacks, and more.
TD Every Day Chequing Account features
Below is a highlight of what this account has to offer.
- A minimum balance of $3,000 to enjoy $0 monthly charges
- $10.95 monthly fee when the minimum balance requirement is not met
- 25 free transactions in a month
- $1.25 is charged per transaction when the free transaction is exhausted
- $0.00 interest rate
- Free Transactions via Interac e-transfer
- View cheque service, online statements, and more through EasyWeb
- Participate in Starbucks stores to earn up to 50% stars as rewards.
- $8.20 monthly fee for senior citizens who are 60 years of age or older when they don’t meet the minimum balance requirement
- $2.00 is charged per paper statement.
- $2.00 is charged per transaction using non-TD ABMs in Canada.
- $5.00 charges per transaction using ABMs in other countries.
- Mobile and online banking using the TD app
- Overdraft protection is available but is charged at $5 per use with a 21% interest rate on the amount overdrawn.
The pros of the TD Every Day Chequing Account
Here are the benefits of choosing the TD Every Day Chequing account:
Free Transactions Via Interac E-transfer
All transactions through Interac e-transfer are free. You can carry out your transactions using this medium at any time, especially when you’ve reached your free transaction limit. This will help you save money that would have gone into transaction fees.
25 Free Transactions Per Month
This is another benefit of this Chequing account. You have up to 25 free transactions for the month. Once you’ve exhausted this, your transactions begin to attract charges. This way, you can carry out your day-to-day transactions without worrying about charges.
Earn Rewards
As a TD Every Day Chequing account holder, you can participate in Starbucks stores to earn up to 50% stars as a reward. You can use these rewards to make purchases at participating stores.
Enjoy a Rebate on Monthly Charges
Every account ought to be charged a $10.95 monthly fee and $8.20 if it’s owned by seniors. However, you’ll get a rebate once you meet the minimum balance requirement of $3,000. That is, your monthly fees will be waived.
Enjoy Online and Mobile Banking
You can download the TD application from the Apple Store or Play Store to enjoy banking at your fingertips. This is another fantastic benefit that this Chequing account offers. You can also use the MySpend feature on the app to track your monthly expenses.
The cons of the TD Every Day Chequing Account
Outlined below are some of the drawbacks of this Chequing account.
Minimum Balance Requirement
You need to have a minimum balance of $3,000 every day of the month. This amount is quite huge, and once you fail to meet up, you’re charged a monthly maintenance fee.
Limited Free Transactions
Only 25 free transactions are given to you in a month. Additional transactions attract charges. If you carry out many transactions monthly, be prepared to pay transaction charges with this account.
Extra Charges
There are extra Charges associated with this account. This includes charges for using a non-TD ABM (a foreign ABM) and for requesting a paper statement.
TD Every Day Chequing Account fees
There are no monthly fees for account holders who maintain the minimum balance. Once this requirement is not met, seniors are charged $8.20, while others pay $10.95 monthly. Additional transactions aside from the free transaction limit attract $1.25 charges per transaction.
Other fees include ABM transaction fees. It is free for all TD ABMs but attracts a charge of $2.00 for non-TD ABMs. Transactions via foreign ABMs attract a $5.00 charge. Also, if you request a paper statement for this account, you’d have to pay $2.00 for it.
TD Every Day Chequing Account special offers
You can participate in Starbucks stores to earn up to 50% stars. These stars can be used to shop in stores that participate in Starbucks.
Other TD chequing account options
If you feel this chequing account isn’t for you, there are other TD Chequing accounts that might interest you:
- TD Student Chequing Account
- TD All-inclusive Banking Plan
- TD Minimum Chequing Account
- TD Unlimited Chequing Account
- U.S. Daily Interest Chequing Account
- Borderless Plan
How to open the TD Every Day Chequing Account
There are three options available when opening this chequing account.
Open online: The first step is to visit the bank’s website or download the TD App to start the account opening process online.
Book an appointment: The second option available is to book an appointment with a specialist at any TD branch near you.
Call the bank: Here, you need to place a call to a TD banking specialist at 1-888-781-5463. They will guide you through the account-opening process.
TD Every Day Chequing Account conclusion
The TD Every Day Chequing account has a lot of benefits and a few drawbacks. However, to make the right decision, it would be nice to understand these pros and cons and how they apply to you.
If it doesn’t fit your needs, you might want to research other Chequing accounts available at TD Bank.
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