TD Minimum Chequing Account

Curious about the TD Minimum Chequing Account? Responsible Economy offers a detailed breakdown of its attributes, charges, interest rates, and beyond. See how it stacks up against the leading chequing accounts in Canada. Let´s get started!

Features

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

Fees

The TD Minimum Chequing Account carries a monthly charge of $3.95, amounting to $47.40 each year. This might be viewed as a disadvantage, particularly in light of the many banks that provide accounts without fees or conditions. This fee cannot be waived in any way.

Here, you have a list with all fees:

DescriptionFee
Monthly Fee$3.95
Transactions included per month12
Additional transaction Fee$1.25 each
Interac e-Transfer (up to $100)$0.50 each
Interac e-Transfer (over $100)$1.00 each
Non-TD ATM Fees (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
TD Minimum Chequing Account fees

Rates

The TD Minimum Chequing Account does not offer interest on the funds held within it.

Welcome bonus

The TD Minimum 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

While no initial deposit is required to set up the account, it’s crucial to remain aware of potential monthly charges if the specified conditions are not met.

ATMs

Withdrawing cash from TD ATMs comes at no cost. However, using non-TD ATMs incurs fees: $2 per transaction in Canada, $3 in Mexico, and $5 in other countries.

Wire transfers

Interac e-Transfers carry a fee of $0.50 each for amounts up to $100, and a fee of $1 for transactions exceeding $100.

Overdraft service

Think about signing up for Overdraft Protection to safeguard against possible overdraft fees.

Summary table

Here’s a summary table of the features highlighted in the previous section:

FeatureDetails
Fees$3.95
Interest Rate0% APY
Wire Transfers0.50$-$1.00
Minimum Deposit$0
ATMs$0 TD Bank
Bonus$0
Overdraft ServiceYes
TD Minimum Chequing Account

Comparison with the best chequing accounts

We have compared the best chequing accounts you can open in Canada with the TD Minimum 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 be eligible for the TD Minimum Chequing Account, ensure you meet the following criteria:

Age: You must be at least 18 years of age, establishing your legal capacity to manage financial and banking activities.

Residency: The account is specifically designed for those living in Canada, underscoring its accessibility to Canadian residents.

Pros and cons

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

AdvantagesDisadvantages
1. No initial deposit required to open.1. Monthly fee of $3.95 ($47.40 annually).
2. Free withdrawals at TD ATMs.2. Fees for non-TD ATM usage.
3. Available to all Canadian residents aged 18+.3. No interest on account balances.
4. Option for Overdraft Protection.4. Fees for Interac e-Transfers over $100.
5. Fee cannot be waived.
Advantages and disadvantages of the TD Minimum Chequing Account

Overall, the TD Minimum Chequing Account is a good option for people who need a chequing account with no minimum balance requirement. 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 minimum balance requirement. This means that you can keep any amount of money in the account without being charged a fee. This is a good option for people who have fluctuating income or who don’t want to keep a large balance in their chequing account.
  • 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 $3.95. This is a relatively low fee, but it is still something to be aware of.
  • 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.
  • Interac e-Transfer fees: $0.50 each for amounts up to $100, and $1 for transactions exceeding $100. These fees can be high, so it is important to be aware of them before using Interac e-Transfers.
  • Overdraft fees can be high. If you overdraft your account, you could be charged high fees.

Conclusion and opinions

After our evaluation, we have concluded that the TD Minimum Chequing Account is not a competitive option. It has a monthly fee of $3.95 that cannot be waived, does not offer any interest on account balances, and lacks a welcome bonus (while other TD accounts offer bonuses of up to $450). However, on the plus side, TD boasts one of the most extensive networks of branches and ATMs.

Frequent questions

Here, we answer all the questions about TD Minimum 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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