TD reviews | Our take

By Martin Dasko

🗓️

Updated: September 03, 2024

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Growing up in Canada, TD Bank was the first bank I ever heard of, and it felt like there was one on every corner near me. It was the bank where I got my first account as a kid, applied for my first credit card when I turned 18 and opened up my RRSP account when I realized that I didn’t want to work forever.

As I built a relationship with my local branch, I ended up using TD Bank for my car insurance, and I even applied for my first mortgage through them. Over the years, new banks and financial products have entered the Canadian space, but TD Bank has been a staple. 

While there are better options for savings accounts, credit cards, insurance and online brokerages, TD Bank allows you to hold all of your accounts under one umbrella. In this review of TD Bank, we will look at the various products and services offered. 

Who TD Bank is best for?

TD Bank has many products and services to serve a wide range of Canadians. Here are the groups that would benefit most from using TD Bank:

Younger people and students would benefit the most from the account since student accounts come with no annual fees, which makes it more affordable compared to some of the paid options out there. The combination of student credit cards, educational tools, mobile banking and budgeting tools makes this an ideal option for a younger person starting their banking journey. 

Seniors and retirees can take advantage of senior accounts that come with no monthly fees and free cheques, along with personalized financial advice, retirement planning services and higher interest rates on certain savings accounts.

For working professionals, TD Bank provides a comprehensive variety of financial products, including mortgages, investments and business banking services, so that you can handle all of your banking needs under one umbrella. 

You also gain access to financial advisors, wealth management services and exclusive credit card rewards. If you qualify for certain credit cards, you can gain access to attractive rewards programs that will help you earn cash back and other rewards. The mobile banking tools also make it easy to access your money. 

TD Bank offers a variety of financial products and extended branch hours to make it a convenient option for Canadians who want to simplify their financial lives. 

TD Bank pros and cons

Pros

• Extended hours: Many TD branches offer extended hours, including weekends, which makes banking more convenient for most people.

• Customer service: TD Bank has a strong reputation for customer service, with 24/7 phone support and online chat options for any issues that may arise.

• Diverse products: There’s a wide range of financial products and services, including investments, mortgages and business banking, so that you can conduct all of your banking in one place.

• Rewards programs: Depending on your situation, there are attractive credit card rewards programs, including cash back and travel points.

• Multiple branches: TD offers an extensive network of branches and ATMs across Canada and the US.

• Digital banking: Robust online and mobile banking platforms with user-friendly interfaces make it easy to access your funds.

• Financial education: You will have access to financial education resources and tools to help you manage your finances effectively, especially if you are new to money management.

• Personalized services: You get personalized financial advice and wealth management services so that you’re not alone.

• Specialized accounts: There are accounts tailored for different demographics, such as students, seniors and professionals, so that you can find the right option for your current needs.

Cons

• Fees: TD charges higher fees on some accounts compared to other banks, especially if you don't maintain minimum balances.

• Interest rates: TD offers lower interest rates on savings accounts and GICs compared to some competitors on the market.

• Overdraft fees: The overdraft fees can be high, which may impact those who occasionally overdraw their account.

• Complex fee structure: Some of the account types with TD have complex fee structures that can be confusing to understand.

• Account minimums: Some accounts require high minimum balances to avoid monthly fees, which means you'd have to tie up savings instead of earning interest elsewhere.

• Service fees: TD still charges for certain services, such as wire transfers and paper statements.

• Wait times: There’s the potential for long wait times at branches during peak hours, depending on where you live.

• Limited presence outside of North America: TD has a limited international branch presence compared to some global banks.

• Credit card fees: There are annual fees on some credit card options, which may not be ideal for all customers.

TD Bank product summaries

TD Bank Accounts

TD Chequing accounts range from basic to premium and are designed for everyday banking needs. 

TD Savings accounts are available with different interest rate tiers to help users grow their savings effectively. 

Before we break down each account, know that TD has an “everything” type of plan they call the TD All-Inclusive Banking Plan that bundles various banking services and offers many benefits as a result. 

TD chequing accounts

TD Void cheque sample

TD Savings accounts

TD Bank promotional offers

TD credit cards

See all of the Best TD credit cards

TD mortgages

If you’re looking to handle all of your banking in one place, you can apply for a mortgage product offered through TD Bank. Here are some of the products offered under the TD Mortgages umbrella: 

Fixed and variable mortgages

TD offers fixed and variable mortgages. Special rates are available for those who can make a 20% downpayment on properties under $1 million. 

TD Home Equity FlexLine (HELOC)

With the HELOC, you can borrow only the funds that you need when you need them. It provides you with access to credit based on the equity of your home, and you can borrow up to 80% of the value. 

Mortgage refinancing

You can refinance your mortgage with TD and negotiate your existing loan agreement to access the equity in your home for a larger expense.

Mortgage renewal

If you’re 120 days ahead of the mortgage renewal date, you can start the renewal process with TD Bank.

Mortgage pre-approval tools

TD offers helpful tools for potential homeowners who are looking to apply for a mortgage in the near future, including:

• Mortgage payment calculator. This will help you determine how much you can expect to pay, based on your specific financials. 
• Mortgage affordability calculator. If you input the numbers, you’ll determine what kind of home you can afford so that you can narrow down your search.

TD mortgage reviews

The reviews for TD mortgage products are mixed based on customer sentiment on Reddit. 

Many users expressed that they appreciate having their banking under one roof with TD as they’ve held a bank account with them for decades. While you can save money by using a mortgage broker, it comes down to how much you value a relationship with your bank, since rates are fairly high across the board due to rate hikes by the Bank of Canada. It’s also worth pointing out that the size of your down payment and credit score will impact the interest rate that you’re offered, so rates will vary.

TD loans and borrowing

TD may be the right choice for your next loan because they offer a variety of products under this category to cover every possible scenario for your borrowing needs. The loans and borrowing options under TD include personal loans, dealership vehicle loans, debt consolidation, student loans, making a home repair or renovation, or getting out of a stressful situation.

If you want to simplify your finances, you can use one of the borrowing products combined with a chequing account to have everything under one account. The TD website also offers calculators, so you can run the numbers to see which loan product would make the most sense for you.  

TD Investing products

If you’re looking to invest your money in TD, they likely have an investment plan or product for you. These are the investing accounts offered by TD Bank:

• TFSA: You can grow your funds tax-free and even make withdrawals whenever you wish. 
• RRSP: This product is ideal for those looking for tax-deferred growth for their retirement funds.  
• RESP: You can save up for your child’s post-secondary education-related expenses. 
• RRIF: You can manage your golden years with a steady income stream when you leave your job. 
• RDSP: This product offers tax-deferred growth for Canadians with disabilities. 
• FHSA: This tax-free savings account was created to help Canadians save up for their first homes.  

TD Self-directed investing

Read more: TD Direct Investing review

TD Easy Trade vs. TD Direct Investing

Which account should you choose? With TD Easy Trade, you get 50 commission-free trades annually, you can save on currency conversion, and you can trade TD ETFs for free.

However, the options are limited here when it comes to investment products. Since this account has no minimums, it’s ideal for new investors who are looking to get started and don’t require vast resources and options. 

TD Direct Investing has been named Canada’s top digital brokerage by The Globe and Mail, in part due to the investor resources and market insights for seasoned traders. The tools are known for simplifying investing for traders of all experience levels.

TD's trading platform offers an abundance of investing products, including stocks, mutual funds, options, mutual funds, physical assets and much more. The fees are a bit higher as you have to pay $9.99 per trade up to 150 trades per quarter. 

Does TD Canada have a robo-advisor?

TD does not currently offer a robo-advisor in Canada. In the US, they offer TD Automated Investing as part of TD Wealth Private Client Group (TD PCW). However, they do have mutual funds, which offer portfolio diversification, accessibility (low investment needed) and convenience because you put your money into a single asset instead of investing in multiple stocks.

NOTE: Mutual funds tend to cost much more because they’re managed by humans who charge more fees on top of trading fees. 

TD mutual funds

TD offers many different mutual funds to suit your needs, preferences and retirement goals. 

Here are a select few to give you an idea of what to expect from each. 

TD GIC rates

GIC, which stands for Guaranteed Investment Certificate, is a safe investment tool because the principal is always protected. As the name implies, you can earn a guaranteed rate for your money for the term, which is the period of time you have to lock the money up.

You can choose between cashable and non-cashable GICs that can be locked in for multiple terms, ranging from a month to five years. The interest rates are often calculated on an annual rate, so it’s important to run the proper calculations, depending on how long of a term (time period) you accept. 

A GIC is the ideal financial product for those who want to earn a little more interest than a basic savings account without taking on the risk associated with stock market volatility. For example, if you’ve saved up a significant amount for your wedding next year, you likely want to earn some interest on these funds without risking them all on a stock, for obvious reasons. 

Read more: Best GIC Rates in Canada

TD Investment Savings Account

A TD Investment Savings Account gives you a good interest rate, helps your money grow every day, and lets you use both Canadian and US dollars. It’s also protected by the CDIC, so your money is safe. This account is a great choice for people who want to keep their money flexible but also secure.

Unlike a regular High Interest Savings Account (HISA), which is easy to use and gives you quick access to your cash, the TD Investment Savings Account works a bit differently. You can only get it through investment dealers. It’s also “marginable,” which means you can borrow up to 95% of the money in your account to invest more. Plus, it has something called a “T+1 settlement,” which means when you buy or sell investments, the deal is finalized the next day. This feature helps make trading smoother and faster.

TD Insurance products

Car and home insurance

TD is also a car insurance agency, which means that you can connect all of your financial accounts under one umbrella. You can buy insurance with them directly, not through online comparison shopping or a broker, so you’ll have to compare it to the rates you find elsewhere on your own. 

Their advertising is around all the discounts they provide, such as: if you have two or more vehicles insured with them, if you have both home and auto insurance with TD or if you have been accident-free for a specified period of time. Guess what? Those discounts apply with every insurance company. 

I appreciate their collision reporting centres, which prevent a third-party auto-repair shop from assessing your claim, repairing damage, and getting you into a rental car. On Reddit, most people are pleased with the service, but as user shy_kick points out, be sure to get all your communication straight and in writing. 

TD car insurance also provides coverage for motorcycles, ATVs, snowmobiles, and motor homes. TD home insurance provides coverage for condos and tenants as well. 

TD Home and auto insurance are underwritten by Primmum Insurance Company across Canada, except in Ontario, where they are underwritten by TD General Insurance Company. TD Insurance home and auto products are distributed by TD Insurance Direct Agency Inc. throughout Canada.

TD life insurance

Much like home and auto insurance, TD sells life insurance directly so you won’t find them in life insurance comparison websites. 

Their core focus is on term life insurance which is the best product for 95% of Canadians. 

You can buy a 10, 20 or 100 year term-life plan. You also have the option to extend your 10 or 20 year plan (but you’ll be re-assessed based on your age and health and more than likely pay more). 

You can save 10% if you also have TD home and auto insurance and by applying online. You can be instantly approved for $1,000,000 if you’re under 50 with no medical exam required. You can get a quote in 60 seconds. I’d also recommend comparing quotes using a life insurance comparison site to be sure the rates are fair. 

Many life insurance companies—Sun life, Canada Life, Manulife to name a few—offer more options from term length to packaging critical illness, short and long-term disability, and ability to access a portion of your life insurance due to a negative change in health (e.g. heart attack or seizure). 

For what it’s worth, the reviews online are mostly negative, but that’s when people take to the Internet to complain about something. Fortunately, I couldn't find reports from people online complaining about the claims process. TD is a massive corporation, so be sure to read the fine print and ask lots of questions before signing a contract. 

Other TD insurance offerings

Health insurance

TD’s Critical Accident Recovery Plan provides a tax-free lump sum benefit of up to $100,000 if you suffer an eligible critical accident resulting in a covered injury. 

The Accidental Death Insurance Plan offers a tax-free lump sum ranging from $50,000 to $250,000 to financially support your family should you pass away due to a covered accident. 

The Accident Disability Insurance Plan provides a monthly benefit of $500, $1,000, or $1,500 for up to 24 monthsIf you become disabled and unable to work as a result of a covered accident.

The Critical Illness Recovery Plan supports you with a tax-free lump sum benefit of $5,000 to $50,000 if you are diagnosed with a life-threatening illness, such as cancer, heart attack or stroke. 

These plans are available to eligible TD customers, with varying age eligibility and family coverage options. While no medical or health questions are required for the first three plans, the Critical Illness Recovery Plan does require them.

Travel Insurance

TD Insurance Travel Insurance offers protection for every possible scenario, including emergency medical coverage, trip cancellation, interruption protection, a single-trip medical plan and multi-trip all-inclusive packages. The amount that you pay for travel insurance will depend on the coverage that you select. Unfortunately, you have to apply for a quote online before you can figure out how much it costs. 

TD travel insurance includes up to $5 million in emergency medical coverage for all qualifying costs. You also have access to a 24/7 emergency assistance line. 

Read more: Best travel insurance companies

Many of TD’s credit cards provide great travel insurance with no fee, so you don’t want to pay twice for coverage if you don’t have to. Some of the travel credit card benefits include:

• Flight/trip delay insurance
• Travel medical insurance
• Delayed and lost baggage insurance 
• Emergency travel assistance services for you and your family
• Hotel burglary insurance coverage 

This is why it’s crucial that you review the benefits and terms of your credit card so that you know what you’re getting. Sometimes, a credit card with an annual fee may also be worth it for the insurance that’s included. Ultimately, it’s on you to determine if you have the right credit card for your situation. 

Read more: Best travel insurance credit cards

One user on Reddit, HDBagel shared the following experience about dealing with a TD travel credit card: 

“Used TD Aeroplan VI's flight delay insurance. It took them two to three months but they did reimburse me for all expenses that occurred while my flight was delayed. Everything was pretty smooth except for the long processing time.”

You may want to read through customer services so that you know what to expect. You should also compare other travel insurance rates to determine if there’s a better alternative for your family. 

Protection insurance

TD offers various protection plans such as TD Mortgage Protection, TD Line of Credit Protection, TD Loan Protection, TD Credit Card Payment Protection Plan and TD Business Credit Protection, all designed to provide financial security in the event of unforeseen circumstances like illness, injury or job loss. 

However, Money.ca does not recommend these insurance offerings for several reasons. First, the cost of premiums for these protection plans can be significantly higher compared to traditional life and disability insurance policies that offer similar coverage at a lower price. These plans often come with numerous exclusions and limitations, making it difficult to qualify for benefits when you need it most. 

The coverage provided is often tied directly to the specific debt or loan, rather than offering flexible, comprehensive protection that can be used for the financial situation that is hardest to overcome at that time (mortgage payments or flight and hotel costs to be closer to family). 

Lastly, the benefits may be paid directly to the lender, TD, instead of the policyholder (i.e. you) or their family, limiting their ability to manage financial hardships effectively. 

TD web and app insights

TD has many apps on both Google Play and Apple’s App store. In June of 2023, J.D. Power ranked TD #1 in Banking Mobile App customer satisfaction. 

Below, we’ve aggregated all the TD Apps without thousands of reviews from users on the different platforms.

TD customer service reviews

Google, Reddit, Quora, BBB, TrustPilot (customer reviews)

Reviews of TD Bank's customer service on platforms like Reddit, Quora, the Better Business Bureau (BBB) and Trustpilot are generally pretty negative. 

Common complaints include long wait times, unhelpful or rude staff and difficulties with account management, such as unauthorized account closures and delays in processing transactions. High fees and poor communication regarding charges and policy changes are also frequently mentioned. 

While some positive experiences highlight helpful staff and convenient services, the predominant sentiment suggests widespread dissatisfaction. 

On the BBB, TD Bank has a low rating of 1.27 out of 5 stars based on 67 customer reviews, with 177 complaints closed in the last three years, further indicating significant unresolved issues.

Consider these reviews as a general gauge of customer sentiment but remember that people often take to the internet to voice their concerns and complaints rather than shower people with praise. It may be beneficial to experience the bank's services firsthand, while also asking specific questions to a TD representative to address concerns directly. 

Key questions might include inquiries about their typical response times, dispute resolution processes and any recent changes to fees or policies. 

If you’re considering using TD Bank despite negative reviews, it's wise to start with a single account or service to evaluate their performance before fully committing.

Indeed and Glassdoor (employee reviews)

Many TD Bank tellers report that customer interactions are a rewarding aspect of their job, as they enjoy helping customers with their banking needs. 

Unfortunately, this positive experience can be overshadowed by the stress of dealing with dissatisfied or difficult customers. 

Many tellers feel pressured to meet sales goals, which adds another layer of stress and can detract from their focus on providing excellent customer service.

Some employees feel well-supported and appreciate the training programs provided, while others believe that management could be more supportive and that the training could be more comprehensive. The varying quality of management and training significantly impacts the overall job satisfaction and performance of tellers. Despite these challenges, many tellers appreciate the opportunities for career advancement and the generous benefits offered by TD Bank.

TD Banking contact details

Insurance

How to open a TD Bank account

• Choose the type of account you want to open
• Hit the apply button underneath that section which will take you to the appropriate page on TD’s website
• Click “Open an Account” and follow the prompts
• Provide personal information and upload required documents
• Verify your identity through the online process
• Review and accept terms and conditions

What you need to open a TD Account

• Government-issued photo ID (e.g., passport, driver’s license, or permanent resident card)
• Proof of address (e.g., utility bill, lease agreement)
• Social Insurance Number (SIN) or proof of immigration status
• Additional documents may be required depending on the type of account

TD FAQs

Martin Dasko Author

Martin Dasko Author

Martin Dasko has been helping millennials make sense of their finances without missing out on life since 2008. Martin started his financial writing career as a business major in Ryerson when he realized that there was so much school didn't teach us about managing money. Martin covers topics ranging from investing in real estate to trying to build your credit score without letting life pass you by.

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