TD Every Day Chequing Account

Interested in the TD Every Day Chequing Account? Responsible Economy provides a comprehensive overview of its features, fees, interest rates, and more. Compare it with the top chequing accounts in Canada. Let´s get started!

Features

In this section, you can see all the features offered by the TD Every Day Chequing Account:

Fees

The TD Every Day Chequing Account comes with a monthly fee of $10.95, totaling $131.40 annually. This can be seen as a drawback, especially when considering numerous banks that offer fee-free options without stipulations. Nonetheless, this charge can be waived by maintaining a minimum monthly balance of $3,000.

Here, you have a list with all fees:

DescriptionFee
Monthly Fee$10.95
Monthly Fee for Seniors (60 or older)$8.20
Minimum monthly balance for fee rebate$3,000
Transactions included per month25
Additional transaction fee$1.25 each
Interac e-TransferFree
Non-TD ATM Fee (in Canada)$2.00 each
Foreign ATM Fee (in U.S., Mexico)$3.00 each
Foreign ATM Fee (in any other foreign country )$5.00 each
Paper Statement$2.00 per month
TD Every Day Chequing Account

Rates

The TD Every Day Chequing Account doesn’t provide any interest on its balances. This poses another disadvantage, especially considering that one needs to maintain a $3,000 balance to dodge fees, yet that significant amount remains non-interest bearing.

Welcome bonus

The TD Every Day Chequing Account doesn’t offer a welcome bonus. This is a significant drawback when compared to other TD chequing accounts that provide up to $450 in bonuses for new clients.

Minimum deposit

Although there’s no need for an initial deposit to open the account, it’s important to be mindful of possible monthly fees if the stipulated requirements aren’t satisfied.

ATMs

Using TD ATMs for cash withdrawals is fee-free. But, be prepared for charges at non-TD ATMs: $2 for each transaction within Canada, $3 in Mexico, and $5 in other nations.

Wire transfers

Outgoing Interac e-Transfer transactions made online come without any charges.

Overdraft service

Consider enrolling in Overdraft Protection to shield yourself from potential overdraft charges.

Summary table

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

FeatureDetails
Fees$0-$10.95
Interest Rate0% APY
Wire Transfers0$
Minimum Deposit$0
ATMs$0 TD Bank
Bonus$0
Overdraft ServiceYes
TD Every Day Chequing Account

Comparison with the best chequing accounts

We have compared the best chequing accounts you can open in Canada with the TD Every Day Chequing Account:

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

To qualify for the TD Every Day Chequing Account, adhere to these prerequisites:

  • Age: You need to be a minimum of 18 years old, affirming your legal capability to oversee financial and banking matters.
  • Residence: This account is tailored for Canadian residents, emphasizing its availability to individuals residing within the country.

Pros and cons

Here is a table summarizing the advantages and disadvantages of the TD Every Day Chequing Account:

FeatureAdvantageDisadvantage
Monthly feeWaived with $3,000 balance$10.95/month if balance is not maintained
Transactions included per month25Additional transaction fee of $1.25 each
Interac e-TransferFree
Non-TD ATM feeFree in Canada$2 per transaction in Canada, $3 per transaction in Mexico, and $5 per transaction in other countries
Wire transfersFree
Paper statement feeNone$2.00 per month
Overdraft protectionAvailableOverdraft fees can be high
TD Every Day Chequing Account advantages and Disadvantage

Overall, the TD Every Day Chequing Account is a good option for people who need a chequing account with no monthly fees if they maintain a minimum balance. 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 maintain a minimum monthly balance of $3,000. This is a significant advantage, as many banks charge monthly fees for chequing accounts.
  • Unlimited Interac e-Transfers. This means you can make as many Interac e-Transfers as you want without being charged any fees.
  • Free withdrawals at TD ATMs. This is a convenient way to get cash without having to pay any fees.
  • No paper statement fee. This is a small savings, but it can add up over time.

Disadvantages

  • Monthly fee of $10.95 if you don’t maintain the minimum balance. This is a significant disadvantage, as there are many banks that offer fee-free chequing accounts without any minimum balance requirements.
  • No interest on balances. This means that you don’t earn any money on the money that you keep in the account.
  • No welcome bonus. This is a disadvantage when compared to other TD chequing accounts that offer up to $450 in bonuses for new customers.
  • Non-TD ATM fees: $2 per transaction in Canada, $3 per transaction in Mexico, and $5 per transaction in other countries. This can add up if you use non-TD ATMs frequently.
  • Overdraft fees can be high. If you overdraft your account, you could be charged high fees.

Conclusion and opinions

After our review, we conclude that the TD Every Day Chequing Account isn’t a competitive option. The need to maintain a balance exceeding $3,000 to avoid fees, combined with a 0% interest rate and the absence of a welcome bonus, makes it less appealing. However, a notable advantage of this account is the extensive number of ATMs and branches TD Bank offers throughout Canada.

Frequent questions

Here, we answer all the questions about Every Day Chequing Account:

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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