TD All-Inclusive Banking Plan

Do you want to know about the TD All-Inclusive Banking Plan? From Responsible Economy, we show you all the features of the TD All-Inclusive Banking Plan chequing account: fees, interest it offers, and everything you need to know. You can also see a comparison of the best chequing accounts in Canada. Let’s get started!

Features

In this section, you can see all the features offered by the TD All-Inclusive Banking Plan:

Fees

The TD All-Inclusive Banking Plan has a monthly fee of $29.95, which is $354.6 annually. This is undoubtedly a negative feature, as there are many banks that do not charge monthly fees and do not have requirements. However, you can avoid this fee if you have a monthly balance in your account of $5,000 or more.

Here, you have a list with all fees:

DescriptionFee
Monthly Fee$29.95
Monthly Fee for Seniors (60 or older)$22.45
Minimum monthly balance for fee rebate$5,000
Transactions included per monthUnlimited
Interac e-Transfer transactionsFree
Non-TD ATM Fee (in Canada)No additional fee
Foreign ATM Fee (in U.S., Mexico)No additional fee
Foreign ATM Fee (in any other foreign country)No additional fee
Paper StatementNo fee
TD All-Inclusive Banking Plan fees

Rates

The TD All-Inclusive Banking Plan does not offer any interest on the money in the account. This is another negative point, as in order to avoid paying fees, we must keep a balance of $5,000 and yet that money is not remunerated.

Welcome bonus

The TD All-Inclusive Banking Plan offers a welcome bonus of up to $450, which is divided into three steps. If you set up direct deposit from your employer, pension provider, or government, you will receive $300. If you link a TD Bank savings account, you will receive an additional $100. And if you sign up for the Overdraft service, you will receive $50.

Minimum deposit

There is no minimum deposit required to open the account, but keep in mind the monthly fee if you do not meet the conditions.

ATMs

You can withdraw cash without fees at any TD ATM. For withdrawals at non-TD ATMs, you will be charged $2 per withdrawal in Canada, $3 per withdrawal in Mexico, and \5 per withdrawal in other countries.

Wire transfers

Online Interac e-Transfer outgoing bank transfers are fee-free.

Overdraft service

You can sign up for Overdraft Protection to protect yourself from overdraft fees.

Summary table

We’ve compiled a table summarizing the features discussed in the prior section:

FeatureDetails
Fees$0-$29.95
Interest Rate0% APY
Wire Transfers0$
Minimum Deposit$0
ATMs$0 TD Bank
Bonus$450
Overdraft ServiceYes
TD All-Inclusive Banking Plan features

Comparison with the best chequing accounts.

We have compared the best chequing accounts you can open in Canada with the TD All-Inclusive Banking Plan:

Logo BMO Canada
  • $0 monthly fee with $4,000 balance.
  • Welcome bonus up to $450.
  • Unlimmited transactions.
  • More than 2,200 ATMs in Canada
TD Bank logo Canada
  • $0 monthly fee with $5,000 balance.
  • Welcome bonus up to $450.
  • More than 2,600 ATMs in Canada.
  • Unlimmited transactions.
RBC logo
  • $5-16,95 monthly fee.
  • Welcome bonus up to $599.
  • More than 4,200 ATMs in Canada.
  • Unlimmited transactions.
National Bank of Canada Logo
  • $0 monthly fee with $6,000 balance.
  • More than 2,300 ATMs in Canada.
  • No Welcome bonus.
  • Unlimmited transactions.

Requirements

For eligibility to open a TD All-Inclusive Banking Plan, there are specific requirements you must fulfill:

Age Requirement: Applicants must be a minimum of 18 years old. This ensures the legal capability to manage financial transactions and bank accounts.

Canadian Residency: The TD All-Inclusive Banking Plan is designed for legal residents of Canada, ensuring its accessibility for those who reside in the country.

Pros and cons

Here is a table summarizing the advantages and disadvantages of the TD All-Inclusive Banking Plan:

AdvantageDisadvantage
No monthly fee if you keep a balance of $5,000 or moreMonthly fee of $29.95 if you don’t keep the minimum balance
Unlimited transactionsNo interest on account balance
Welcome bonus of up to $450ATM fees for non-TD ATMs in Canada, Mexico, and other countries
Free Interac e-TransfersOverdraft fees
No minimum deposit requiredPaper statement fee
Advantages and disadvantages of the TD All-Inclusive Banking Plan

Overall, the TD All-Inclusive Banking Plan is a good option for people who need a chequing account with no monthly fees. However, it is important to be aware of the other fees associated with the account, such as ATM fees and overdraft fees.

Here is a more detailed explanation of the advantages and disadvantages:

Advantages

  • No monthly fee if you keep a balance of $5,000 or more. This is a significant advantage, as many banks charge monthly fees for chequing accounts.
  • Unlimited transactions. This means you can make as many debit card purchases, Interac e-Transfers, and bill payments as you want without being charged any fees.
  • Welcome bonus of up to $450. This is a good way to earn some money back after opening the account.
  • No minimum deposit required. This makes it easy to open the account, even if you don’t have a lot of money saved up.

Disadvantages

  • Monthly fee of $29.95 if you don’t keep the minimum balance. This is a significant disadvantage, as there are many banks that don’t charge monthly fees.
  • No interest on account balance. This means that you’re not earning any money on the money that you keep in the account.
  • ATM fees for non-TD ATMs in Canada, Mexico, and other countries. This can add up if you use non-TD ATMs frequently.
  • Overdraft fees. These fees can be high, so it’s important to be careful not to overdraw your account.
  • Paper statement fee. This is a small fee, but it can be avoided by opting for electronic statements.

Conclusion and opinions

After the analysis, we believe that TD All-Inclusive Banking Plan is only a competitive account if you have a balance of over $5,000, as this will allow you to avoid maintenance fees. You can also get a welcome bonus of up to $450. TD also has a large number of branches and ATMs in Canada. The downside of the account is that it does not offer any interest.

Frequent questions

Now is the time to answer all the questions you might have about the TD All-Inclusive Banking Plan:

Other TD products

We’ve also provided a list of all the TD products we have analyzed:

Interesting information about TD

We have created a table with relevant information about Td:

InformationDescription
Websitehttps://www.td.com/ca/en/personal-banking
Twitterhttps://twitter.com/td_canada
Facebookhttps://www.facebook.com/TDCanada/
YouTubehttps://www.youtube.com/user/TDCanada/TDCanadaTrust
Linkedinhttps://www.linkedin.com/company/td/
Interesting information about TD

To conclude, you have more related content about chequing accounts:

Actualizado el día 2 September, 2023 por Alfredo Barandiarán

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Alfredo Barandiarán
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