Best TD Chequing Accounts - Comparewise

Best TD Chequing Accounts

Choosing the best TD Chequing Accounts can be daunting as several options exist. TD Bank has a renowned reputation in Canada. Part of its most widely used services is its chequing accounts.

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Last Updated: Jul 03, 2024

Compare 5 Best TD Chequing Accounts

5 Results

#1 Choice
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TD All-Inclusive Banking Plan

$29.95
Monthly Fee
Unlimited
Transactions
  • Free cheques, drafts & more
  • $29.95 monthly fee
  • Fee waived with $5k balance
Pros & Cons
Extra Details
Popular
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TD Unlimited Chequing Account

$16.95
Monthly Fee
Unlimited
Transactions
  • Free Interac e-Transfer® transactions
  • $16.95 monthly fee
  • Fee waived with $5k balance
Pros & Cons
Extra Details
Best Value
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TD Minimum Chequing Account

$3.95
Monthly Fee
12
Transactions
  • No transaction fees on 12 transactions
  • $3.95 monthly fee
  • Earn 50% more Stars at Starbucks
Pros & Cons
Extra Details
Get Started

TD Every Day Chequing Account

$10.95
Monthly Fee
25
Transactions
  • No transaction fees on 25 transactions
  • $10.95 monthly fee
  • Free Interac e-Transfer® transactions
Pros & Cons
Extra Details
Get Started

TD Student Chequing Account

$0
Monthly Fee
Unlimited
Transactions
  • Unlimited transactions per month
  • No monthly fee
  • Free Interac e-Transfer® transactions
Pros & Cons
Extra Details

Best TD Chequing Accounts

TD offers five chequing account options for customers. Three of the best options include the Minimum Chequing Account, Every Day Chequing Account, and TD Unlimited Chequing Account.

However, several factors must be considered when finding the best TD chequing accounts. These include account fees, features, benefits, customer service, and convenience.

In this article, we’ll explore TD’s chequing accounts in-depth, including their fees, special features, and pros and cons. We’ll also explore how to open a TD chequing account and whether or not they are safe.

Additionally, we’ll provide alternatives to TD chequing accounts for those interested in other banking options.

Comparing TD accounts

TD Bank offers different chequing accounts that allow you to pay your bills, buy things, send money, and get your paycheque. You can access your accounts and deposit checks using an app. Some of the best TD chequing accounts include

1. TD All-Inclusive Banking Plan (Best premium chequing account).

With the TD All-Inclusive Banking Plan, you get limitless transactions and free online money transfers with the click of a button. The $29.95 monthly price can add up, but it’s eliminated if you get $5,000 in the account.

This account waives the cost of using any ATM outside the TD network, domestically and internationally. You’ll also get a yearly rebate on the annual charge for some TD credit cards.

You can get certified cheques, money orders, customized cheques, and a free small safety deposit box. This is one of the best TD chequing accounts for those who need unlimited transactions, travel often, or have a significant balance.

2. TD Unlimited Chequing Account (Best for Unlimited Transactions)

Unlimited is one of the best TD chequing accounts for those needing unlimited monthly transactions. This account offers unlimited Interac e-Transfers and transactions with no additional fees. It also provides free non-TD ATM withdrawals in Canada and an annual rebate on the first year’s premium credit card fee when linked to the account.

The monthly fee for this account is $16.95, but it can be waived by maintaining a minimum balance of $4,000. Additionally, paper statements cost $2 per month. This is one of the best TD chequing accounts for those who need unlimited transactions and want to avoid additional fees.

3. TD Minimum Chequing Account (Best for basic spending needs)

The TD Minimum Chequing Account is perfect for those needing a basic checking account. It has a low monthly fee of $3.95, which can be waived for seniors, RDSP beneficiaries, and students. Those who aren’t yet the legal age of majority in their home province may also be eligible for this exemption.

There are 12 free transactions per month, and 2 of them are full-service transfers. Additional transactions cost $1.25 each, and Interac e-Transfers are $0.50 to $1.00 each. The monthly fee can be avoided with any amount in your account.

This is the best TD chequing account for those who make 12 or fewer monthly transactions and only need a chequing account to hold their funds.

4. TD Every Day Chequing Account (Best for basic spending needs)

The TD Every Day Chequing Account is an excellent choice if you frequently make small purchases but want to avoid paying hefty fees. It comes with a $10.59 monthly charge that’s waived when you keep at least $3,000 in the account each month. You get 25 free transactions each month, and additional transactions cost $1.25 each.

You can consider opening the Every Day Account if you plan to make less than 25 monthly transactions. It will allow you to keep the minimum account balance needed to waive monthly fees. This is one of the best TD chequing accounts for basic spending needs.

5. TD Student Chequing Account (Best for students)

You should look into the TD Student Chequing Account if you’re a full-time college student. This account has no monthly fee, unlimited debit transactions, including Interac e-Transfers, and $0 overdraft protection with interest applying. You also get a free paper or online statement, 0.01% interest on your balance, and 50% more Stars at participating Starbucks locations.

You must be a full-time student at an accredited college or university to qualify. This account is a great way to manage your finances while studying without worrying about monthly fees or transaction limits. It’s an excellent choice for students looking to cut costs and increase their benefits package.

TD Chequing account fees

When it comes to TD chequing account fees, there are several things clients should know. The monthly account maintenance fees vary depending on the package, but additional fees for certain transactions may exist. The most common fees include ATM withdrawals, Interac e-Transfers, overdraft protection, and non-sufficient funds (NSF) fees.

To help you understand these fees better, we’ve compiled a table below:

Fee TypeCost
ATM Withdrawals$2.00 (Canada), $3.00 (US/Mexico), $5.00 (other)
Interac e-Transfer$0.50 (up to $100), $1.00 (over $100)
Overdraft Protection$4.00 monthly plus 21% interest
NSF Fee$48
Paper Account Statements$2.00 per month (free with TD Student Chequing Account)
Transactions exceeding the account limit$1.25 each
Cheque Viewing$2.00 per month
Bank Drafts$9.95

It’s important to note that these fees may vary depending on your specific TD chequing account. For instance, the TD Unlimited Chequing Account waives ATM withdrawal fees from non-TD ATMs in Canada and Interac e-Transfer fees. The TD Chequing Account for Students does not charge customers a monthly fee. It provides print and electronic statements at no cost.

How to open a TD chequing account

A TD checking account can be opened quickly and easily at any TD Bank location or online. Before applying for a TD Checking Account, meet the requirements. You must be at least the minimum age required by your state or province to create a TD bank account.

To open a TD Student Chequing Account, you must prove you are a full-time college student. Personal data such as name, phone number, address, and SSN will be collected throughout the application process. In addition, you’ll need to present a government-issued photo ID with your photo on it.

The application process is fast and easy if you do it online. Simply go to the bank’s website to apply for a TD Bank account. Suppose you’d prefer to apply in person.

In that case, you can bring all your documentation to any TD Bank location, where a teller would gladly assist you. Your new TD checking account will be made available for use immediately following the approval of your application.

Pros and cons of the best TD chequing accounts

TD chequing accounts come with several advantages and disadvantages. The following are the pros and cons to consider before opening an account:

Pros of the best TD chequing accounts

  1. Convenience: Accessing your money and processing transactions at TD Bank is made easy by the bank’s widespread network of branches and ATMs across Canada.
  2. Online Banking: TD’s online banking platform, EasyWeb, provides easy access to your account information and allows you to transfer funds, pay bills, and more from the comfort of your home.
  3. Mobile Banking: TD’s mobile app gives users easy access to their accounts on the go, allowing them to complete transactions, deposit cheques, and view account balances.
  4. Variety of Accounts: TD offers a wide range of chequing accounts, each with its features and benefits, allowing you to find the one that best fits your needs.

Cons of the best TD chequing accounts

  1. Fees: TD chequing accounts come with fees that can add up quickly, especially if you exceed your account limit or use non-TD ATMs frequently.
  2. Low-Interest Rates: TD chequing accounts offer low-interest rates, making them less appealing for those looking to grow their savings.
  3. Overdraft Protection: While TD offers overdraft protection, it comes with a fee and high-interest rates, making it expensive for those who frequently rely on this service.
  4. Minimum Balances: Some TD chequing accounts require a minimum balance, which can be difficult for those living paycheck to paycheck.
best td chequing accounts - comparewise

Are TD bank accounts safe?

Safety in banking must always be a top concern. Fortunately, TD Bank takes the safety of its customers very seriously and offers them robust protections. Under certain circumstances, TD will reimburse you for any losses you incur due to fraudulent activity on EasyWeb or WebBroker.

The bank employs state-of-the-art security technology to guarantee your information’s confidentiality further. Your information is protected by firewalls, encryption (TLS or SSL), personal identification numbers (PINs), and access codes.

Should fraudulent activity be identified on your account, TD Bank’s Fraud Alerts system immediately sends you text messages. Your card may be temporarily disabled pending verification of your response to the SMS message.

If you bank at a CDIC member institution like TD Bank, your deposits are protected up to a maximum of $100,000. This safeguard is an extra precaution to make sure your money is secure.

Alternatives to TD chequing accounts

Here are several alternatives to TD Bank checking accounts to think about:

TD vs Scotiabank Chequing Accounts

They offer a variety of chequing accounts, including options for students and youth. Depending on the account, the monthly fees range from $0 to $30.95, with seniors receiving a discount.

The Ultimate Package offers a $350 welcome bonus, up to 5.00% savings account interest, unlimited debit, and Interac e-Transfer transactions. The account’s monthly fee is typically $30.95 but can be waived if you maintain a daily account balance of $5,000 or more.

TD vs BMO Chequing Accounts

BMO also offers several chequing account options, with monthly fees ranging from $4 to $30. Unlimited withdrawals, deposits, and e-Transfers are free with their Performance Chequing Account.

If you keep at least $4,000 in your account each month, your monthly fee will be waived. It also offers discounts for children, youth, students, seniors, new Canadian immigrants, and members of the Canadian Defence Community.

TD vs Tangerine Chequing Accounts

Tangerine is an online-only bank that offers only one chequing account option: the Tangerine No-Fee Daily Chequing Account.

However, this account provides much value, including no fees, up to 0.10% interest on your balance, unlimited daily transactions, and Interac e-Transfers. You can bank over the phone or online, and Tangerine customers can use Scotiabank ABMs worldwide for free.

TD vs Simplii Financial Chequing account

Simplii Financial’s No-Fee Chequing account offers unlimited free debit transactions, Interac e-Transfers, and free cheques. Your balance and international wire transfers can both accumulate interest. No minimum amount is required to avoid monthly fees.

Non-bank ATM withdrawals in Canada cost $1.50 each. Simplii Financial also offers a $350 bonus when opening a new account.

TD vs RBC Chequing Accounts

RBC offers four chequing accounts, with monthly fees ranging from $4 to $30. Their Day to Day Banking chequing account is a great basic option, with a low monthly fee of just $4 and free Interac e-Transfers. RBC also has a standing partnership with Petro-Canada, allowing you to save on refills. You can accumulate Petro-Points whenever you use your RBC debit.

Best TD chequing accoutnes conclusion

To satisfy the needs of a wide range of customers, TD Bank provides various checking account options with varying features and fees.

The best TD chequing accounts can fit the needs of students, seniors, or people who prefer unlimited transactions. TD Bank also offers robust security features and fraud protection to secure your accounts.

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FAQs about the best TD chequing accounts

What chequing accounts does TD have?

TD Bank offers five chequing account products. You can opt for the TD All-Inclusive Banking Plan or the TD Unlimited Chequing Account with limitless monthly transactions. Other great options available are the TD Every Day Chequing Account, TD Minimum Chequing Account, and TD Student Chequing Account.

What is the TD chequing account minimum balance?

The minimum balance requirement for TD chequing accounts varies based on the account type. Typically, the minimum balance could be $4000 or less. While some accounts don't have any minimum balance requirement, others may have one to avoid fines every month.

How do I avoid a TD monthly fee?

Customers who meet the requirements—such as maintaining a minimum balance or having specific accounts or packages—can avoid TD's monthly payments.

How do I change my TD chequing account?

To change your TD Chequing account, visit a TD branch or call customer service to speak with a representative. The process typically involves closing your existing account and opening a new one.

Does TD have free chequing accounts?

TD Bank offers free chequing accounts for students, including the TD Student Chequing Account. Other TD accounts may also offer fee waivers or reductions for certain groups, such as seniors or those with disabilities.

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