TD Every Day Chequing Account review

One of Canada’s biggest banks, TD Canada Trust offers a full suite of personal and business banking products, including chequing accounts, savings accounts, credit cards, loans, mortgages and investment solutions. The TD Every Day Chequing Account is a simple, no-frills account for spending and moving funds.

It comes with a few nice perks, but the monthly fee is a little steep. That being said, you can get the fee waived by maintaining a daily balance of $3,000 or more. If you’re 60+ years old, the monthly fee goes down to $8.20.

What are the benefits of the TD Every Day Chequing Account?

The TD Every Day Chequing Account offers a reasonable number of benefits for a mid-range account, including:

• 25 free transactions. You can carry out 25 debits per month at no additional cost. This includes debit purchases, bill payments, Interac e-transfers and ATM withdrawals.
• Discounted or waivable monthly fee. You can hold this account for free for every month that you hold $3,000 or more in your account at the end of every day. Seniors who are at least 60 years old only pay $8.20 per month.
• Free Interac e-Transfers. Get unlimited Interac e-Transfers for free.
• Mobile cheque deposit. Deposit cheques without visiting a TD branch by taking photos on the TD mobile app.
• Online and mobile app. Manage your money anytime, anywhere via TD’s online banking platform or easy-to-use mobile app.
• Accelerated Starbucks rewards. Link your TD Access Card to your Starbucks Rewards account to earn 50% more Starbucks Stars.
• Canada-wide. You can open the TD Every Day Chequing Account in any province or territory in Canada.
• CDIC insured. In the unlikely event TD Canada Trust fails, your deposits will be covered up to $100,000 across all your TD accounts.

What should I watch out for?

There are a couple of drawbacks you might want to consider before signing up for an account:

• Monthly fee. You’ll have to pay a monthly fee of $10.95 to keep this account active unless you hold $3,000 or more in your account at all times or you qualify for a senior’s discount.
• No interest. Unlike some chequing accounts, you won’t earn any interest on your balance.
• Extra fees. Every transaction after the monthly limit costs $1.25. Pay $2 for using out-of-network ATMs in Canada. Paper statements cost $2 per month. Plus, you’ll pay extra for overdraft protection.
• Limited benefits. Because this is a very basic chequing account, you won’t get the perks you’d get with premium accounts such as credit card fee rebates, free cheques and money orders and free safety deposit boxes.

What other chequing accounts does TD offer?

TD has several chequing accounts to choose from so it should be easy to find a good match based on the exact features you’re looking for:

• TD Minimum Chequing Account. This is a bare bones account designed for customers with minimal banking needs. It costs $3.95 per month to maintain and you’ll get 12 free transactions per month. You can also get this account for free if you fit into a certain demographic (such as being a student or a senior).
• TD Unlimited Chequing Account. The TD Unlimited Chequing Account offers unlimited free transactions, free Interac e-Transfers, a generous welcome bonus and free ATM withdrawals in Canada. This plan costs $16.95 per month to maintain but this fee can be waived if you keep a minimum balance of $4,000 on yout account.
• TD All-Inclusive Banking Plan. This account offers unlimited free transactions, a generous welcome bonus, a premium credit card rebate and free ATM withdrawals both domestically and internationally. It costs $29.95 per month to maintain, with a fee waiver if you keep over $5,000 in your account at all times.

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How do I open a TD Every Day Chequing Account?

Eligibility requirements

To apply for a TD Every Day Chequing Account, you need to meet the following criteria:

• Be a resident of Canada
• Be at least the age of majority in your province or territory (18 or 19 years old)

Required documents and information

• Basic personal information like your full name, email address and contact information
• Social Insurance Number (optional) and date of birth
• Basic employment information
• Proof of identity such as a driver’s licence, passport or permanent resident card
• Proof of residency might be requested such as a recent utility bill showing your address

How do I deposit or withdraw my money?

You can easily take money out of your account at an ATM or by visiting a branch in person. It’s also possible to transfer money out of your account using an internal TD transfer or by sending money to an external bank account.

To deposit funds, all you need to do is cash a cheque or deposit cash at an ATM or in a branch. The also supports mobile cheque deposit on the TD Canada app. Additionally, you can set up a direct deposit from your payroll or send a transfer in from a TD account or an external bank account.

Related: Learn more about digital banking in Canada