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You can enjoy all that chequing accounts have to offer and only pay a little with the TD Minimum Chequing Account. This TD Bank chequing account is perfect for all Canadians with minimal daily banking needs, and here’s why:
The TD Minimum Chequing Account demands a $3.95 monthly fee and offers 12 free monthly transactions. However, this monthly fee is waived for 60-year-old seniors and people with disabilities.
This chequing account offers online banking, big rewards at Starbucks stores, and automated saving features. Unfortunately, its ABM transactions are not free, while Interac e-Transfer transactions cost up to $1.00.
Here, you’ll explore all the essential information regarding this account and learn about other alternatives that you can consider.
TD Minimum Chequing Account features
In this section, you’ll see all the features that you get to enjoy with this chequing account:
- 12 free transactions per month (included within are two full-serve transactions)
- Online banking through EasyWeb
- Online statement
- Mobile cheque service through the TD App
- Monthly spending tracker using TD MySpend
- Automated savings using the Simple Save Program
The pros of the TD Minimum Chequing Account
Monthly Fee Waiver
The monthly fee for this account is waived for seniors 60 years of age or older who are collecting Guaranteed Income Settlement (GIS). This fee is also waived for beneficiaries of the Registered Disability Savings Plan.
Starbucks Rewards
Canadians with the TD Minimum Chequing Account can earn 50% more stars at participating Starbucks Stores with this account. To participate in this program, account owners only need to link their TD Access Card (with Visa Debit) to their Starbucks Rewards account.
The cons of the TD Minimum Chequing Account
Monthly Fee
Although it offers only basic features, this chequing account comes with a $3.95 monthly fee. While this fee can be waived, only seniors and disabled people can qualify for the waiver.
Interac e-Transfers Are Not Free
Compared to other chequing accounts, this TD chequing account charges for all Interac e-Transfers. There is a charge for transfers below $100 and those above $100.
TD Minimum Chequing Account fees
Opening the TD Minimum Chequing Account requires that you come to terms with a few fees, such as:
This chequing account demands a monthly fee of $3.95, which can be waived for seniors and people with disabilities. Of course, the seniors must provide proof of their GIS eligibility. After exhausting the 12 free transactions given per month, each additional transaction will cost $1.25.
All Interac e-Transfer transactions below $100 come with a $0.50 charge, while those over $100 come with a $1.00 charge. Transactions at non-TD ABMs in Canada come with a $2.00 charge.
ABM transactions performed in the US and Mexico come with a $3.00 charge, while those in other countries cost $5.00.
TD Minimum Chequing Account special offers
At the time of writing this, TD Bank doesn’t have any special offers for its TD Minimum Chequing Account.
Other TD chequing account options
If you don’t like the TD Minimum Chequing Account, you can consider other chequing accounts. Some of the suitable options from TD Bank are shown below:
TD Every Day Chequing Account
This chequing account comes with a $10.95 monthly fee, with 60-year-old seniors paying $8.20. However, Canadians who keep a minimum monthly balance of $3,000 will have this fee waived. This account offers 25 free transactions each month and free Interac e-Transfers.
TD Unlimited Chequing Account
The monthly fee for this account is $16.95 (seniors over the age of 60 pay $11.95). A minimum balance of $4,000, however, will prevent the application of this charge. The unlimited monthly free transactions and Interac e-Transfers are major perks of this checking account.
How to open the TD Minimum Chequing Account
With the instructions you’ll see in the guide below, you’ll be able to open this chequing account. Ensure you’re up to the age of majority in your province, and you’re good to go.
- Visit the TD Bank Website: On this website, go to the personal accounts section, and select “Bank Accounts.” Choose “TD Minimum Chequing Account” from the options shown and click on “Open Account.”
- Enter Your Personal Information: First, you’ll be shown the various features of this account before your personal information is needed. Suppose you have an account with another financial institution, such as the Royal Bank of Canada. In that case, TD Bank can get your personal information. If not, you’ll have to input your personal details by hand.
- Confirm Your Credit History: In this section, you’ll need to answer questions regarding your credit history.
- Confirm Your Identity: After answering questions regarding your credit history, you’ll need to upload identifying documents.
Once you’re done submitting the required documents, your new account will be created, and you’ll receive an account number.
TD Minimum Chequing Account conclusion
If you desire the basic features of a chequing account, the TD Minimum Chequing Account offers all you need.
Opening this account means paying a $3.95 monthly fee, which is only waived for seniors and people with disabilities. Besides that, this TD chequing account provides all the chequing account benefits that you’ll desire.
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