Choosing a chequing account can be a difficult task when you have a variety of banks and accounts to choose from. If you’re considering opening an account with TD Canada Trust, there are a few options.
Here’s an overview of the accounts offered by the bank along with the associated fees and features:
| Minimum | Every Day | Unlimited | All-Inclusive | |
| Monthly fee | $3.95 | $10.95 | $14.95 | $29.95 |
| Minimum monthly balance required to waive fee | $2,000 | $3,000 | $4,000 | $5,000 |
| Student rebate (must be enrolled in post-secondary institution) | 100% off | 100% off | None | None |
| Senior rebate (60 and older) | Fee waived if you receive Guaranteed Income Supplement | 25% off | 25% off | 25% off |
| Interest rate | 0% | 0% | 0% | 0% |
| No. of free transactions per month | 12 free debit transactions | 25 | Unlimited | Unlimited |
| Cost of additional transactions | $1.25 | $1.25 | None | None |
| Non-TD ATM fees | $2 | $2 | $2 | None |
| ATM fees inside U.S. and Mexico (excluding TD Bank) | $3 | $3 | $3 | None |
| ATM fees outside U.S. and Mexico | $5 | $5 | $5 | None |
| EasyView View Cheque service | Free | Free | Free | Free |
| Paperless/online statements | Free | Free | Free | Free |
| Interac e-Transfer fee | $0.50 for under $100; $1 for above $100 | $0.50 for under $100; $1 for above $100 | $0.50 for under $100; $1 for above $100 | None |
| Credit card discount | None | None | $20 off the first year of one of five TD credit cards | Annual fee rebate for one of five TD credit cards |
With the Limited plan, you’ll receive $20 off the annual fee of one of five TD rewards credit cards: TD Aeroplan Visa Infinite ($139 annual fee), TD Aeroplan Visa Platinum ($89 annual fee), TD First Class Travel Visa Infinite ($120 annual fee), TD Platinum Travel Visa ($99 annual fee), or the TD Gold Elite Visa ($99 annual fee). With the All-Inclusive plan, you’ll receive an annual fee rebate for one of those five same cards.
The All-Inclusive plan also has a number of free products and services, including a small safety deposit box, certified cheques and money orders, Canadian and U.S. dollar drafts, and Canadian and U.S. traveler cheques.
The bottom line
TD offers a wide variety of chequing accounts with various features. But if you want more features, the fees are higher. Although you can get these fees waived if you have a minimum monthly balance, you won’t earn any interest on your money.
You may be better off getting a no-fee chequing account from a digital bank and putting the money you would have needed to waive the monthly fee into a high-interest savings account. Check out our chequing account comparison tool to find the right account for you.
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