TD Unlimited Chequing Account

Want to learn about the TD Unlimited Chequing Account? Responsible Economy shows you all the features, fees, interest, and more. You can also compare it to the best chequing accounts in Canada. Let’s get started

Features

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

Fees

The TD All-Inclusive Banking Plan has a monthly fee of $16.95, which is $203.4 per year. This is definitely a downside, as there are many banks that don’t charge monthly fees and don’t have any requirements. However, you can avoid this fee if you keep a monthly balance of $4,000 or more in your account.

Here, you have a list with all fees:

DescriptionFee
Monthly Fee$16.95
Monthly Fee for Seniors (60 or older)$11.95
Minimum monthly balance for monthly fee$4,000
Transactions included per monthUnlimited
Interac e-Transfer transactionsFree
Non-TD ATM Fee (in Canada)No additional fee
Foreign ATM Fee (in U.S., Mexico)$3.00 each
Foreign ATM Fee (in any other foreign country)$5.00 each
Paper Statement$2.00 per month
TD Unlimited Chequing Account fees

Rates

The TD Unlimited Chequing Account doesn’t offer any interest on the money in the account. This is another downside, as we have to keep a balance of $4,000 to avoid fees, but that money doesn’t earn any interest.

Welcome bonus

The TD Unlimited Chequing Account provides an enticing welcome bonus totaling $450, distributed in three stages. Earn $300 by arranging a direct deposit from your place of employment, pension supplier, or government. An extra $100 is awarded when you connect a TD Bank savings account. Plus, by enrolling in the Overdraft service, you’ll gain an additional $50.

Minimum deposit

While there’s no initial deposit necessary to establish the account, be aware of potential monthly charges if the required conditions aren’t met.

ATMs

Withdrawing cash at TD ATMs comes with no fees. However, for non-TD ATM withdrawals, fees apply: $2 per transaction in Canada, $3 in Mexico, and $5 in other countries.

Wire transfers

There are no fees for outgoing Interac e-Transfer transactions made online.

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-$16.95
Interest Rate0% APY
Wire Transfers0$
Minimum Deposit$0
ATMs$0 TD Bank
Bonus$450
Overdraft ServiceYes
TD Unlimited Chequing Account

Comparison with the best chequing accounts

We have compared the best chequing accounts you can open in Canada with the TD Unlimited 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 to open a TD Unlimited Chequing Account, you must meet the following requirements:

  • Age: You must be at least 18 years old. This is to ensure that you have the legal capacity to manage your finances and bank accounts.
  • Canadian residency: The TD Unlimited Chequing Account is designed for Canadian residents. This ensures that it is accessible to those who live in the country.

Pros and cons

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

FeatureAdvantageDisadvantage
Monthly fee$16.95/month, waived with $4,000 balanceCan be avoided with a high balance
Unlimited transactionsNo limit on the number of debit card purchases, Interac e-Transfers, or bill payments
Welcome bonusUp to $450Requires setting up direct deposit, linking a TD savings account, and signing up for Overdraft Protection
Minimum depositNone
ATM feesNo fees for TD ATM withdrawals$2/transaction for non-TD ATM withdrawals in Canada, $3/transaction in Mexico, and $5/transaction in other countries
Wire transfersNo fees for outgoing Interac e-Transfers made online
Overdraft protectionAvailableCan be expensive
Advantages and disadvantages of the TD Unlimited Chequing Account

Overall, the TD Unlimited Chequing Account is a good option for people who need a chequing account with no monthly fees and unlimited transactions. 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 $4,000 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 $16.95 if you don’t keep the minimum balance. This is a significant disadvantage, as there are many banks that don’t charge monthly fees.
  • ATM fees for non-TD ATM withdrawals 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 of $2.00 per month. This is a small fee, but it can be avoided by opting for electronic statements.

Frequent questions

Here we answer all the questions you might have about the TD Unlimited Chequing Account:

Conclusion and opinions

After the analysis, we believe that the TD Unlimited Chequing Account is only a good option if you have a balance in the account of over $4,000, as it is the only way to avoid an annual maintenance fee of over $200. In addition, you can get up to $450 in welcome bonus. TD offers a wide range of ATMs and branches in Canada. The downside of this account is that it does not offer any interest on the money in the 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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