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The (Toronto-Dominion Bank)TD Unlimited Chequing Account provides Canadians with unlimited transactions to satisfy their chequing needs. With this account, you can access numerous management features and easily access your funds when needed. But is that all there is to this account?
With the TD Unlimited Chequing Account, you can perform unlimited transactions such as withdrawals, deposits, transfers, and bill payments without incurring additional fees.
When you link a premium TD credit card to your account, you get one free ABM withdrawal and can save up to $139 on the first annual fee. However, this account has a monthly fee of $16.95, but if you keep $4,000 in it at all times, the fee is waived.
Learn more about this TD chequing account’s features, advantages, and disadvantages. This guide will also cover how to open an account immediately.
TD Unlimited Chequing Account features
Here are some features you’d enjoy when you open this TD chequing account:
- Unlimited free transactions.
- Fee-free Interac e-Transfers let you send money without paying extra.
- Access to your funds at any ABM in Canada without incurring TD ABM fees.
- Convenient online and mobile banking options through EasyWeb, the TD app
- TD MySpend app allows you to easily track your finances and manage your money.
The pros of the TD Unlimited Chequing Account
Some of the advantages of having this chequing account include the following:
Waiving of Monthly Fee
One of the significant benefits of this chequing account is the ability to waive the monthly fee. The account is free if you keep a $4000 minimum balance each month.
ABM Fee Waiver
With this account, you no longer have to worry about sticking to TD-owned ABMs to avoid extra fees. TD Bank waives the additional ABM fees, allowing you to access your funds conveniently at any ABM across Canada.
First-Year Fee Rebate on Premium TD Credit Cards
Another advantage of this chequing account is receiving a first-year fee rebate on one of five premium TD credit cards. When you open this account, you become eligible for a fee rebate of up to $139 on a premium TD credit card.
The cons of the TD Unlimited Chequing Account
Although the TD Unlimited Chequing Account has many advantages, some of the drawbacks include the following:
High Monthly Fee
Unless you maintain a minimum balance of $4,000 at all times, you must pay a monthly fee of $16.95. This fee can add up over time and may be a significant consideration for individuals who cannot consistently maintain the required balance.
No Interest on Savings
Another disadvantage of this chequing account is the absence of interest on savings. Suppose you prioritize earning interest on your funds. In that case, exploring alternative savings account options that offer higher interest rates may be worth exploring.
Limited Extra Perks
This chequing account does not have many additional perks beyond its core features. Unlike other accounts, you will not receive extras such as free cheques, money orders, or a free safety deposit box.
TD Unlimited Chequing Account fees
This account costs $16.95 monthly but will be returned if you keep $4000. If you do not qualify for a fee waiver, this account’s annual maintenance cost is $203.40.
The best part about the TD Unlimited Cheque Account is that you can get free cash from any Canadian ABM. However, ABM withdrawals in the U.S. and Mexico cost $3 and $5 in other nations. You also get to pay $2 for a paper statement.
Other TD Bank account options
In addition to The TD Unlimited Chequing Account, the bank also offers the All-Inclusive Account and the TD Everyday Savings Account.
The All-Inclusive Account is a comprehensive banking solution offering unlimited transactions without additional fees.
On the other hand, the TD Everyday Savings Account is designed for customers looking to save and grow their money. With competitive interest rates, this account allows funds to accumulate over time while providing flexible access.
How to open the TD Unlimited Chequing Account
Here is a concise step-by-step guide to opening a TD Unlimited Chequing Account:
- Check Eligibility: Ensure you meet the criteria, including being a Canadian citizen or permanent resident at least 18 years old (19 in some provinces) and opening a sole account in your name.
- Gather Information: Collect your name, residential status, contact information, Social Insurance Number (optional), date of birth, email address, and phone number.
- Visit TD Bank Website: Go to the TD Bank website.
- Open Account: Click on the “Open Account” option.
- Provide Information: Enter the required details accurately.
- Submit Application: Review the information and submit the application.
Following these steps, TD Bank will review your application. And if approved, you will receive confirmation and instructions to access and manage your TD Unlimited Chequing Account.
TD Unlimited Chequing Account conclusion
TD Bank is one of Canada’s popular financial institutions, offering different services, from chequing and savings accounts to insurance packages. Its TD Unlimited Chequing Account is a compelling choice for individuals seeking unlimited transactions and free ABM withdrawals within Canada.
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