TD Bank Accounts Review: 10 Diverse Choices in 2022

TD Canada Trust is a massive financial force in Canada, with more than a trillion dollars in assets.

With that many resources under their belt, they have more than ten bank accounts available for their customers, ranging from chequing, saving, youth and U.S. Dollar accounts at various price points.

It can be hard to know which ones are worth the money, which ones can serve your needs, and which you should go to another bank for.

If you’re in that boat, today’s post can help. I’ve done extensive research on all ten offerings in this TD Bank accounts review.

Our Verdict
TD Easy Trade Review
6.5/10Our Score

TD Bank Accounts

Bank Accounts by TD Canada Trust 

Chequing, saving, student, and U.S. Dollar accounts at different monthly price points.

Pros
  • Good account options for students and youth
  • A monthly fee rebate available for nearly all accounts if you hold the minimum balance
  • Multiple useful account options for U.S. Dollar banking
  • Good chequing options at various price points
  • Potential to earn extra Starbucks “Stars” with some accounts
Cons
  • Monthly fee too high for some chequing accounts (up to $30)
  • Minimum balance for fee rebate can go up to $5,000 while making no interest.
  • Saving account interests are very low compared to digital banks.

TD Bank Accounts: Overview

TD Canada Trust is a Canadian bank headquartered in Toronto. The bank has more than 1,000 branches across the country and approximately 2,600 ATMs. They serve more than 10 million Canadians for their various banking needs.

Today’s post is going to go over all of the banking accounts offered by TD. In total, they offer 10 bank accounts, including chequing and savings accounts.

Here is an overview of what they offer when it comes to chequing accounts:

The TD Minimum Chequing Account$3.95 monthly fee
The TD Every Day Chequing Account$10.95 monthly fee
The TD Unlimited Chequing Account$16.95 monthly fee ($6.95 with student discount)
The TD All-Inclusive Banking Plan$29.95 monthly fee

An overview of their savings accounts:

The TD ePremium Savings Account$0 monthly fee
The TD High-Interest Savings Account$0 monthly fee
The TD Every Day Savings Account$0 monthly fee

And other accounts:

The U.S. Daily Interest Chequing Account$0 monthly fee
The Borderless Plan$4.95 USD monthly fee ($1.95 if you have the All-Inclusive Banking Plan)
The TD Student Chequing Account$0 monthly fee

Let’s briefly review each of these accounts to better understand their appeal and whether you can take advantage of better products elsewhere.

TD Bank Chequing Accounts

1. The TD Minimum Chequing Account: $3.95/month

The details:

  • $3.95 monthly fee
  • 12 free transactions per month (two of which can be in-person or through telephone banking) – additional transactions cost $1.25 each
  • Interac e-Transfer (less than $100): $0.50
  • Interac e-Transfer (more than $100): $1

This account is free for:

  • Seniors (60 years +),
  • Those collecting the Canada Guaranteed Income Supplement,
  • Registered Disability Savings Plan beneficiaries,
  • Full-time post-secondary students,
  • Those under the age of majority in their province of residence.

The Review:

The monthly fee is reasonable. However, your fees can rack up really quickly if you send regular e-Transfers or do in-person/telephone banking.

If you send more than five e-transfers each month or visit a branch more than twice per month, I would recommend going with another option.

2. The TD Every Day Chequing Account: $10.95/month

The details:

  • $10.95 monthly fee, waived if you hold $3,000 or more in your account at the end of each day in the month
  • 25 free transactions per month – additional transactions cost $1.25 each
  • Free unlimited Interac e-Transfers
  • Possibility to earn 50% more “Stars” at participating Starbucks stores

The Review:

This account will most likely satisfy the banking needs of the general population, so I would recommend it.

However, do keep in mind that the minimum balance for the monthly fee rebate is quite high while it makes no interest.

If you find yourself only making a few transactions per month, you might be better off going with the “minimum” account above and investing your $3,000 instead.

Otherwise, I’d say that the monthly fee is worth it, especially if you want/need regular branch access.

3. The TD Unlimited Chequing Account: $16.95 monthly fee

The details:

  • $16.95 monthly fee ($6.95 for full-time post-secondary students), waived if you hold $4,000 or more in your account at the end of each day in the month
  • Unlimited, free transactions
  • Fee rebate on select TD Credit Cards for the first year (up to $140 savings)
  • Free unlimited Interac e-Transfers
  • $0 non-TD ATM Fee (in Canada)

The Review:

Before you sign up for this account, I would recommend tallying up how many transactions you make per month on average.

The monthly fee of $16.95 will only be worth it if you make 10+ transactions per month and plan to take advantage of the credit card fee rebate.

4. The TD All-Inclusive Banking Plan: $29.95 monthly fee

The details:

  • $29.95 monthly fee, waived if you hold $5,000 or more in your account at the end of each day in the month
  • Free and unlimited transactions
  • Free and unlimited Interac e-Transfers
  • No ATM usage fees worldwide
  • Free money orders and certified cheques (usually $5-$8 each)
  • Free safety deposit box (usually $60 per year)
  • Annual credit card fees for select cards waived (save up to $140 per year)
  • Free personalized premium cheques

The Review:

You might remember that I’ve done a review of the TD All-Inclusive Account on Wealth Awesome before. Here is my conclusion:

The account is worth its $360 annual fee on one condition: you need and will take advantage of the account features.

If you’re a regular user of cheques, drafts, ATMs, and safety deposit boxes (and have been paying for them out of pocket) and also make a considerable amount of transactions per month, then the account can pay for itself over the course of the year.

If that’s the case, I’d recommend it. Read the full account review here.

TD Savings Accounts

5. The TD ePremium Savings Account: $0 monthly fee

The details:

  • No monthly fee
  • Free and unlimited online transfers to your other TD deposit accounts
  • Transaction fee (such as bill payments, POS purchases, e-transfers): $5.00 each
  • Only earn interest if your balance is over $10,000
  • Eligible for the Simply Save program that transfers $0.50-$5 into this account with every debit purchase or ATM withdrawal

The review:

If you’re a mobile or online banking wizard, I would recommend this savings account to you. You can transfer funds easily between accounts before making payments or purchases.

However, you don’t make any interest on your money unless you hold $10,000 or more, at which point the interest rate is still very low. If you’re interested in making interest on your money, I would recommend another bank or a GIC.

6. The TD High-Interest Savings Account: $0 monthly fee

The details:

  • No monthly fee
  • No interest up to $5,000 (0.05% on balances of $5,000+)
  • Transaction fee (such as bill payments, POS purchases, e-transfers): $5.00 each
  • All transaction fees waived with a minimum balance of $25,000
  • Eligible for the Simply Save program that transfers $0.50-$5 into this account with every debit purchase or ATM withdrawal

The review:

The fact that this account is called a high-interest savings account and pays an extremely low-interest rate is something only a big bank can pull off.

If you’re actually looking for high-interest savings, I would highly recommend EQ bank.

7. The TD Every Day Savings Account: $0 monthly fee

The details:

  • No monthly fee
  • One free transaction per month ($3 otherwise)
  • Free and unlimited online transfers to your other TD deposit accounts
  • 0.010% interest on every dollar
  • Eligible for the Simply Save program that transfers $0.50-$5 into this account with every debit purchase or ATM withdrawal

The review:

This account has the lowest transaction fees and unlimited transfers to your other TD accounts, which is why I would recommend it the most.

However, if you’re looking for high-interest savings, I would highly recommend EQ Bank once again.

Learn more about and sign up for EQ bank here.

TD Youth and USD Accounts

8. The U.S. Daily Interest Chequing Account: $0 monthly fee

The details:

  • No monthly fee
  • Earn interest: calculated daily on every U.S. dollar
  • Transaction fee: $1.25 U.S. each (waived with $1,500 U.S. minimum balance)
  • Free and unlimited transfers between your Canadian Dollar and U.S. Dollar accounts

My review:

This account is great, especially if you regularly visit the United States or get paid in U.S. dollars from time to time.

If you are going to be using your TD card for USD transactions, however, I would highly recommend keeping the $1,500 minimum balance to avoid high transaction fees.

9. The TD Borderless Plan: $4.95 USD monthly fee

The details:

  • $4.95/month ($1.95 if you have the All-Inclusive Banking Plan)
  • All monthly fees are waived if you hold a minimum balance of $3,000
  • Preferred Foreign Exchange Rates on U.S. Dollars
  • Unlimited transactions per month
  • Receive an annual fee rebate of $39 USD for a TD U.S. Dollar Visa Credit Card
  • Free U.S. bank drafts and basic cheques

The review:

This account is advertised as a premium account made for frequent U.S. travellers, and I would have to agree.

If you’re a frequent user of U.S. dollars, I would highly recommend this account to you. Plus, you can make a large proportion of your monthly fees back if you take advantage of their U.S. credit card offer!

10. The TD Student Chequing Account: $0 monthly fee

The details:

  • No monthly fee
  • 25 free transactions per month (additional $1.25 each)
  • Free and unlimited Interac e-Transfers
  • Potential to earn 50% more “Stars” at Starbucks stores
  • Available for those under 23 and all full-time students (learn more about youth accounts here!) (please link my youth accounts article once up)

The review:

I’m a big believer in taking advantage of free youth accounts with big banks, as they rarely offer such great perks at no monthly cost.

I would recommend this account to you if you are under 23 or are a full-time student. Please note that proof of enrollment is necessary to take advantage of this account.

TD Bank Accounts: Alternatives and Competitors

Let’s compare TD’s accounts with another big bank, as well as a digital competitor.

TD vs. RBC

TD and RBC are quite similar to one another when it comes to their offerings. Their chequing and savings accounts, fees, transaction limits, and other related features only differ slightly.

I would recommend TD if you regularly use mobile or online banking, are looking for a credit card that provides you with good rewards like cash-back and travel, and feel comfortable maintaining the minimum balance on your chequing account to get your fees waived.

I would recommend RBC if you’re a frequent traveller and would like to reap Petro Canada points.

You can read more about the comparison between these two banks here.

TD vs. Simplii Financial

Simplii Financial is a digital bank fully owned by CIBC. Here are their main offerings:

  • A no monthly fee chequing account with interest on all account balances
  • A high-interest saving account
  • A credit card (with a cash-back system in place)
  • Loan and investment products

The general theme within digital banks is that they offer no-fee banking with really good interest rates.

If you’re comfortable forgoing access to a physical branch or simply keeping just one “minimum” account at a bank like TD while doing the majority of your banking at a digital bank, I would highly recommend that to save on fees.

Check out this post to explore more digital banking options. For high-interest savings, check out EQ Bank.

Is TD Bank a Reputable Bank?

TD is one of the “big five” in Canada and is a reputable bank. It was founded in 2000 and has billions of dollars under its administration.

However, the big banks are known for charging high fees for their services. As I mentioned above, I would recommend doing hybrid banking where you split your banking between brick-and-mortar and digital banks to save on fees and make decent interest.

TD is regulated by federal financial bodies, and your deposits are insured under the Canada Deposit Insurance Corporation (CDIC.)

The Final Verdict

TD Bank Accounts Review

TD offers over ten banking accounts. With so many options and price points, it’s difficult to know which ones are worth the money or whether they will actually serve your needs.

What would I recommend?

Take advantage of their youth and U.S. dollar accounts, as they are truly fantastic.

Be wary of their chequing accounts by making sure you are not paying for what you are not using (for example, avoid paying for unlimited transactions per month when you know you only make 10 per month!).

And finally, steer clear of their savings accounts as there are much better ones out there that pay significantly higher rates and have no transaction fees, such as EQ Bank.

I hope that was helpful for you in deciding which of TD’s many accounts may be right for you.

Don’t forget that TD also has investing options. Check out this review on TD Direct Investing here.

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Selin is a seasoned personal finance and sustainable banking expert with several years of experience working in Canadian credit unions, both in the branch networks as well as the head office. A graduate of the University of British Columbia, she's also a member of the World Economic Forum’s Global Shapers youth community and is either working with kids or travelling when she is away from her computer.

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