Best TD chequing accounts

As a Canadian, you’ve grown up near a TD Canada Trust branch close to you, and this may have been the first bank you stepped foot in. As you get older, you may start exploring other banking options, especially with the rise of digital banks like Wealthsimple and Tangerine. 

TD Bank offers everything from personal and business banking, to insurance and wealth management to over 14 million Canadians, with a variety of products to suit every banker's unique needs. If you know you need a chequing account but aren't sure which one makes the most sense for you, we've got you covered.

TD Bank offers the following chequing account options:

• TD All-Inclusive Banking Plan
• TD Unlimited Chequing Account
• TD Every Day Chequing Account
• TD Minimum Chequing Account
• TD Student Chequing Account

In this review of TD Bank chequing accounts, we will discuss all of the possible options to help you decide which account is most appropriate for your current financial situation.

NOTE: Chequing accounts typically have fees, but there are many no-fee chequing accounts from some of the best online banks that may be worth considering. 

My top pick for TD chequing accounts

My top pick for chequing accounts offered by TD Bank is the TD All-Inclusive Banking Plan because it’s the most comprehensive option available, and the perks extend to your other accounts.

If you use an eligible TD credit card, the annual fee can be waived, which can be worth it depending on how you use your rewards. This account best serves individuals who want to simplify their finances by handling all of their finances under one umbrella. 

However, it goes without saying that if you’re a senior or a student, you’ll want to take advantage of the free options available.

Also, I sometimes recommend the TD Every Day Chequing Account to friends or readers looking for a simple banking solution. With this account, you pay a smaller fee and you get few free transactions, but it makes sense if you have basic banking needs. If you only use your bank account for your direct deposit from your employer as you invest your funds in other accounts, then you won’t need a complex solution for your banking needs.

Best TD chequing qccounts

If you’re looking for a chequing account, the good news is that they offer a variety of choices, so you can find one that works for you. 

TD all-inclusive banking plan

• Monthly fee: $29.95 ($22.45 if you’re a senior over 60)
• Minimum to avoid fee: $5,000
• Number of transactions: Unlimited

Pros

• You can make unlimited transactions with this account

• You can get a fee rebate of up to $139 on certain TD credit cards

• There’s a generous welcome bonus as you can earn up to $600 in free cash if you open this account and an eligible savings account

• Access to unique perks, like a free safety deposit box and Fraud Alerts

Cons

• A high balance is required in your chequing account if you want the $29.95 fee waived

• You can be hit with a $30 fee if you forget to maintain the balance, which can add up over time

• If you don’t maintain a $5,000 balance and don’t use TD credit cards, then a $30 monthly fee is steep

The TD-All Inclusive Banking plan has a $29.95 monthly fee, which can be waived with a balance of $5,000. You also get unlimited Interact e-Transfer transactions. The account doesn’t have additional fees for using a non-TD ATM in Canada or any non-ATM anywhere else in the world. 

Additional perks of the TD All-Inclusive Banking Plan include:

• A free safety deposit box, certified cheques, money orders and personalized cheques
• Access to TD Fraud Alerts so that you’re instantly notified of any suspicious activity
• Earning 50% more Stars at participating Starbucks locations

The TD All-Inclusive Banking Plan is ideal for those who want frequent access to their money. You can make as many transactions as you wish. If you use eligible TD credit cards, you could also save money on the annual fee.

Users on Reddit note how the perks can be worth it with this account because you can get your annual credit card fee waived as well. However, user @MarineMirage brings up a valuable point:

“Nothing feels worse than my account balance dropping under $5000 (all-inclusive) by accident and knowing I'm going to be dinged $30 at the end of the month.”

If you don’t maintain the balance, then the $30 monthly fee could hurt as this is a hefty amount to pay for accessing your money. 

TD Unlimited Chequing Account

• Monthly fee: $16.95 ($11.95 if you’re a senior over 60)
• Minimum to avoid fee: $4,000 
• Number of transactions: Unlimited

Pros

• This account is eligible for the generous welcome bonus of $600 if you meet the qualifications

• Unlimited transactions, so you don’t have to worry about additional fees

• The first-year annual fee is rebated for one of the five select TD credit cards (a value of up to $139)

• You can earn 50% more Stars at participating Starbucks locations

Cons

• A balance of $4,000 is required to waive the monthly fee, which may not always be possible

• You don’t get the free cheques and other perks that you would at a higher tier

The TD Unlimited Chequing Account is TD Bank's second-tier banking product, but it doesn’t necessarily have half the perks. With this account, it’s free to send or request money, you get a first-year annual fee rebate on select TD credit cards of up to $139, and you have free access to TD Fraud Alerts. 

These are the only fees you have to consider:

• Foreign ATM fee in the US and Mexico: $3
• Foreign ATM fee worldwide: $5
• Paper statement fee: $2

The TD Unlimited Chequing Account is ideal for someone looking for frequent access to their funds as you have unlimited transactions. Since you’re eligible for the generous welcome bonus with this account, it may be worth exploring if you can maintain the balance or if you don’t mind paying nearly $20 per month. 

TD Every Day Chequing Account

• Monthly fee: $10.95 (or $8.20 if you’re a senior over 60)
• Minimum to avoid fee: $3,000 
• Number of transactions: 25

Pros

• You get 25 free transfers, which may be enough for many users

• Unlimited free Interac e-Transfers

• You can earn 50% more Stars at participating Starbucks locations

Cons

• Limited perks are available with this account

• You have to maintain a high balance of $3,000 to waive the fee

• You have to pay $1.25 for additional transactions

The TD Every Day Chequing Account has a $10.95 monthly fee, which can be waived with a $3,000 balance. There’s also no transfer fee for sending or requesting money through Interact e-Transfer, so you don’t have to worry about small costs adding up. 

These are the fees you have to consider:

• Additional transaction fee: $1.25
• Non-TD ATM fee in Canada: $2
• Foreign ATM fee in the US and Mexico: $3
• Foreign ATM fee worldwide: $5
• Monthly paper statement: $2

The TD Every Day Chequing Account is ideal for someone with simple banking needs and just wants an account for a few monthly transactions. 

TD Minimum Chequing Account

• Monthly fee: $3.95 (no monthly fee for seniors collecting Guaranteed Income Supplement or Registered Disability Savings Plan beneficiaries)
• Minimum to avoid fee: N/A 
• Number of transactions: 12

Pros

• Low-cost checking account option for those with minimal banking needs

• You can earn 50% more Stars at participating Starbucks locations

Cons

• You can’t waive the monthly maintenance fee

• You only get 12 transactions per month with this account

• Limited benefits and transaction fees once you go over your limit

The TD Minimum Chequing Account has a $3.95 monthly fee, and you get 12 monthly transactions. This account is ideal for someone with extremely simple banking needs or those on a fixed income looking for somewhere to deposit their funds. 

These are the other fees you have to consider:

• Additional transactions after 12: $1.25
• Interac e-Transfer (up to $100): $0.50 each
• Interact e-Transfer (over $100): $1.00 each
• Non-TD ATM fee in Canada: $2
• Foreign ATM fee in the US and Mexico: $3
• Foreign ATM fee worldwide: $5

TD Student Chequing Account

• Monthly fee: $0
• Minimum to avoid fee: No minimum needed. 
• Number of transactions: Unlimited

Pros

• This is the perfect option for students as you don’t have to worry about any account fees or transaction limits

• There are no transfer costs to send or request money using Interact e-Transfer, so you can confidently manage money with your friends

Cons

• You’re only eligible for this account until 23 unless you have proof of enrolment in full-time studies, so part-time students wouldn't be eligible

• This account type is only available to students, and young professionals can’t access a free account with unlimited transactions

The TD Student Chequing Account has no fees and unlimited transactions, so you can send as many Interac e-Transfers as you want. There’s also no monthly fee on the Overdraft Protection Service, which can bail you out when you’re low on cash. You can also earn 50% more Stars at participating Starbucks stores. 

These are the only fees you have to consider:

• Non-TD ATM fee in Canada: $2
• Foreign ATM fee in the US and Mexico: $3
• Foreign ATM fee worldwide: $5

It’s best for students and anyone under 23 who wants a banking account. The only caveat with this account is that you have to be aware of your student status and its impact on your banking fees. For example, if you graduate and start working, you may assume that your account will still be free, only to find out that you’ve been hit with fees. One Reddit user shared how they were hit with a $10.95 monthly fee because they didn’t realize they were automatically upgraded. 

Bundle Package Rewards

TD Bank currently offers a bundle package on selecting chequing account options that could lead to an extra $600 if you open a combination of chequing and savings accounts. 

Here’s how you can get up to $600 in bonuses with TD Bank right now:

1. 1.

   Open an eligible chequing account. By opening either a TD All-Inclusive Banking Plan or a TD Unlimited Chequing Account by September 26, 2024, you can get $400. Once you open an account, you have until November 30, 2024, to complete two of the following: Set up a recurring direct deposit, set up a recurring authorized debit payment, or make an online bill payment. 

2. 2.

   Add a savings account to earn an additional $200. You must deposit $10,000 into a new eligible savings account within 30 days of opening it and maintain the balance for 150 days.

 You can also earn additional cash back offers.

• $50 for a $2,500 deposit
• $100 for a $5,000 deposit.
• $200 for a $10,000 deposit
• $500 for a $25,000 deposit
• $750 for a $50,000 deposit
• $1,000 for a $100,000+ deposit

Summary of best TD chequing accounts

TD Chequing Accounts Reviews

If you browse for customer reviews of TD chequing accounts, the general discussion revolves around whether the accounts are worth the fees and the monthly balance required to avoid the maintenance fee. If you use TD credit cards and make many transactions, you may not mind maintaining the balance.

Reddit user @ssr1624 brought up the following point regarding monthly balances: 

“The issue is that some customers don't want to maintain a minimum amount in their chequing account. That money could be better used in other places [e.g., expenses, investments, GIC's] where it could be more useful. These customers want no fees and no minimum balances, like a truly empowered customer!”

Some on the RedFlagDeals forum pointed out the following:

“A TD unlimited account gets you a free Visa Infinite, so you are already ahead, before factoring in things like bank drafts, safe deposit box, etc.”

It’s worth pointing out that there are free banking options like Tangerine or accounts like Wealthsimple, where you can earn interest on the funds in your chequing account. However, if you want to simplify your finances by having your accounts under the same roof where you may have your insurance, then you can’t go wrong with choosing a TD account. As always, personal finance is personal, so you want to find the option that makes the most sense for you.

These are some of the reviews from customers of TD Bank if you search through the web:

• The TD Canada bank app has a 4.5-star rating in the Apple Store
• The TD Canada banking app has a 4.1-star rating in the Google Play Store
• TD Bank Financial Group has a 1.28/5 star rating with the Better Business Bureau
• TD Bank has a rating of 1.4/5 rating on Trust Pilot

How to open a TD chequing account

Here’s how you can open any TD chequing account online or in person at your local branch.

• Ensure you meet the eligibility criteria (the age of majority in your province or territory)
• Provide a valid passport or one piece of valid Canadian government-issued photo ID (permanent resident card or your driver’s license)
• Provide your Social Insurance Number for tax purposes

The good news is that there’s no minimum opening deposit for a chequing account with 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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