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Compare TD chequing account options

TD chequing accounts are convenient for basic and active spenders — but there are competitive alternatives to consider.

Around 1 in 4 Canadians bank with TD, which offers a full suite of product and services for spending, saving and investing. Thinking of opening a TD chequing account? We break down what you need to know about TD Canada Trust chequing accounts including fees, features and alternative accounts to consider.

Compare TD chequing account options

Learn more about the following TD Canada trust account types for everyday spending:

TD chequing account info is independently collected by Finder. TD chequing accounts are not available through this site.

TD Minimum Chequing Account

With a low monthly fee of $3.95 (Monthly account fee waived for seniors 60+ or RDSP beneficiaries.), the TD Minimum Chequing Account is a worthwhile choice for people who make 12 or less transactions per month and just need a chequing account to hold funds. Each transaction after the monthly limit costs $1.25.

Alternative: BMO Practical Chequing Account

For just $4 a month, get 12/month free transactions and unlimited free Interac e-Transfers. The monthly fee is waived for seniors and RDSP beneficiaries. Plus, pay no monthly fee for a BMO Premium Rate Savings Account.

TD Every Day Chequing Account

The TD Every Day Chequing Account is your more budget-friendly everyday banking solution. This option is great if you won’t make more than 25 banking transactions per month and can keep the minimum balance of $3,000 needed to cancel out the monthly fee of $10.95. Each transaction after the monthly limit costs $1.25.

Alternative: Scotiabank Basic Plus Bank Account

Good for modest spenders, this chequing account comes with 25/month free transactions and free Interac e-Transfers. The $11.95 monthly fee is waived with a daily balance of $3,000+, and seniors 60+ years old get $4.00 off. Learn more here.

TD Unlimited Chequing Account

With this plan, you get $0 transactions per month. TD won’t charge you any fees for using non-TD ATMs in Canada or sending/receiving Interac e-Transfers. The monthly fee is $16.95, but this is waived with a $4,000 balance. Save up to $139 on your first annual fee for a premium TD credit card when you link it to your account.

Alternative: Simplii No Fee Chequing Account

Simplii Financial is an online bank owned by CIBC. The Simplii No Fee Chequing Account costs $0 a month and comes with unlimited free transactions, free Interac e-Transfers and zero-fee international money transfers. Access funds for free from any CIBC ATM, and make purchases with a Debit Mastercard. Learn more here.

TD All-Inclusive Banking Plan

Sign up for this TD chequing account, and get premium banking benefits including free unlimited transactions and Interac e-Transfers, an annual rebate on select TD credit cards, no fees for using non-TD ATMs, a $3.00 monthly rebate on the TD Borderless Plan monthly fee, free cheques and money orders and a free small safety deposit box. The monthly fee is high at $29.95, but it’s waived with a minimum monthly balance of $5,000.

Alternative: BMO Premium Plan Chequing Account

For $30 a month, get unlimited transactions and Interac e-Transfers; $0 monthly overdraft fee (interest applies); free non-BMO ATM withdrawals worldwide; free cheques, money orders and bank drafts; up to $150 rebate on the annual fee for an eligible BMO credit card, no-fee Global Money Transfers; free Canadian and US dollar savings account and more. Learn more here.

TD Student Chequing Account

The TD Student Chequing Account is a fantastic option for full-time post-secondary students that are working towards completing their education and are about to enter the workforce. This plan enables them to make free unlimited at the right price — $0 per month. Additional perks include $0 overdraft protection (interest applies), 0.01% interest paid on your balance, free paper or online statements and 50% more Stars at participating Starbucks stores.

Alternative: Scotiabank Student Banking Advantage Plan

Great for full-time domestic and international students, this account comes with unlimited free transactions and Interac e-Transfers, 50% off Scotia iTRADE commissions and a rebate on every second stock or ETF trade up to 20 free trades in the first year (10 free trades per year after). Costs $0 a month. Learn more here.

TD Borderless Plan

A step up from the TD U.S. Daily Interest Chequing Account, the TD Borderless Plan comes with unlimited free transactions, an annual credit card rebate worth US$39 on a TD US Dollar Visa Card, preferred USD exchange rates, free US bank drafts and free basic cheques. It’s easy to transfer money between TD Canadian dollar and US dollar accounts online or via mobile app. The $4.95 monthly account fee is waived with a $3,000 balance.

Alternative: CIBC Bank USA Smart Account

The CIBC Bank USA Smart Account costs $0 a month and comes with unlimited free transactions and free phone transfers. Get refunded for up to 4 non-CIBC US ATM surcharges per month up to $20. This account is offered by CIBC’s US bank, but you can only open one with a Canada-based CIBC bank account or line of credit.

TD U.S. Daily Interest Chequing Account

If you’re looking to store your US dollars, consider the TD U.S. Daily Interest Chequing Account. You’ll earn 0.01% interest on your balance, plus you can easily transfer funds between your American and Canadian TD accounts. But you'll have to pay US$1.25 for every transfer you make from this account unless you hold a minimum balance of US$1,500. The monthly fee for this account is $0.

Alternative: Meridian U.S. Dollar Chequing Account

With a Meridian U.S. Dollar Chequing Account, you can make and receive payments in US dollars. Earn interest on every dollar, and make unlimited free deposits for $0 a month.

Compare other chequing accounts

BMO Performance Chequing Account logo

BMO Performance Chequing Account

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Monthly Account Fee

$16.95


Free Transactions

unlimited


e-Transfer Fee

$0

Coast Capital Free Chequing, Free Debit, and More Account logo

Coast Capital Free Chequing, Free Debit, and More Account

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Monthly Account Fee

$0


Free Transactions

unlimited


e-Transfer Fee

$1.50

Simplii No Fee Chequing Account logo

Simplii No Fee Chequing Account

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Monthly Account Fee

$0


Free Transactions

unlimited


e-Transfer Fee

$0

If you’re looking to avoid paying monthly account fees, consider the Simplii No Fee Chequing Account (backed by CIBC), the Coast Capital Chequing Account or the Tangerine No-Fee Daily Chequing Account.

Online and non-traditional banks usually offer accounts with low fees. These financial institutions are federally regulated and are often backed by the CDIC (Canada Deposit Insurance Corporation), just like major Canadian banks.

Designed for active spenders and those who frequently send and receive funds, the Scotiabank Ultimate Package and Scotiabank Preferred Package come with unlimited free transactions, annual fee rebates on select credit cards, free equity trades with Scotia iTRADE, waived monthly fees for additional accounts and more.

TD chequing account fees

The TD chequing account fees you’ll pay monthly depend on what your account comes with and how you manage funds (number and type of transactions, transfers, ATM withdrawals etc.) Besides the fees listed above, here are some other TD bank account fees you should be aware of:

  • Monthly paper statement: $2.00 per month (free with the TD Student Chequing Account)
  • Withdrawals from non-TD ATMs: $2 in Canada, $3 in the US or Mexico, $5 in other countries. Free non-TD ATM usage in Canada with the TD Unlimited Chequing Account. Free non-TD ATM usage globally with the TD All-Inclusive Banking Plan.
  • Cheque viewing: $2.00 per month
  • Overdraft protection: $5 per month or $5 per overdraft transaction (max $5 per day). Interest applies for both options.
  • Bank drafts: $9.95 CAD
  • NSF fee: $48

The benefits of banking with TD Canada Trust

TD Canada trust chequing accounts come with the following perks and features:

  • Waivable monthly fees. TD chequing accounts that come with a monthly fee also give you the option of maintaining a minimum balance to waive the fee.
  • Earn Starbucks rewards faster. Link your TD Visa Debit card to your Starbucks Rewards account to begin earning 50% more Stars. (Not available with the TD U.S. Daily Interest Chequing Account or TD Borderless Plan.)
  • TD EasyWeb and mobile app. All TD chequing account holders can view account balances, transfer funds, deposit cheques, pay bills, open other accounts and more through TD EasyWeb online banking or the TD Canada mobile app.
  • Easy crossborder banking. If you regularly deal in US dollars, the TD U.S. Daily Interest Chequing Account and TD Borderless Plan make it easy to transfer funds between CAD and USD accounts.
  • TD Online and Mobile Security Guarantee. TD Canada Trust will fully reimburse any losses due to unauthorized account activity as long as you’ve met your security responsibilities (use up-to-date browsers and security software, don’t transmit personal info while using public WiFi etc.).
  • TD Fraud Alerts. All TD customers who have provided a current phone number will receive immediate notifications of any suspicious transactions taking place in their accounts.

How to open a TD chequing account

Before getting started, make sure you meet the eligibility requirements for the TD chequing account you want to open. Eligibility requirements for opening a TD bank account generally include:

  • Age. You should be at least the age of majority in your province or territory.
  • Student proof. If you’re trying to open a TD Student Chequing Account, you’ll need to provide proof that you are a full-time post-secondary student.

Information you’ll need for your application

After verifying that you’re eligible for the Royal Bank chequing account you want, you will need to gather the following information in order to proceed with the application process:

  • Personal information. Provide personal information including your full name, address, contact information and Social Insurance Number (SIN). You’ll also need to verify your identity with an acceptable form of ID such as a valid driver’s license or permanent resident card.

Frequently asked questions about TD chequing accounts

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