In this guide

  • Our verdict
  • Your reviews
Finder makes money from featured partners, but editorial opinions are our own.

TD U.S. Daily Interest Chequing Account review

  • Avatar
TD U.S. Daily Interest Chequing Account
Monthly Account Fee
$0
All information about TD U.S. Daily Interest Chequing Account has been collected independently by Finder. Finder is not connected with TD products, and this page is not sponsored, endorsed or administered by, or associated with, TD. All product names, logos, and brands have been used for identification purposes only and are property of their respective owners.

Our verdict

Get a small return on interest whenever you build up your balance in US dollars with this innovative cross-border account.

The TD U.S. Daily Interest Chequing Account lets you earn a flat rate of interest on your US dollar savings. This account comes with no monthly fees, though you'll have to pay a fee of US$$1.25 per transaction unless you keep a minimum balance of US$1,500 in your account. It's also important to remember that you'll still have to pay foreign exchange rates to switch between currencies when you make transfers.

Pros

  • No monthly fees
  • Earn interest in US dollars
  • Quick internal transfers

Cons

  • Fees in US dollars
  • Currency exchange rates
  • No bill payments

In this guide

  • Our verdict
  • Your reviews
You won't have to pay monthly fees and you can get your transaction fees waived if you keep a minimum balance of US$1,500 in your account.

The TD U.S. Daily Interest Chequing Account is a cross-border account that offers a 0.01% interest rate on every dollar you put away. You won’t have to pay monthly account fees and you can seamlessly transfer funds between your Canadian and US accounts. Just be aware that 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.

30-second take

  • Think about this account if you want to earn interest in US dollars and you don’t mind paying currency conversion fees.
  • Choose something else if you’d prefer to make ATM withdrawals, bill payments or debit purchases using your US dollar account.

What are the benefits of the TD U.S. Daily Interest Chequing Account?

The TD U.S. Daily Interest Chequing Account comes with a number of benefits:

  • No monthly fees. You won't have to pay monthly fees and you can get your transaction fees waived if you keep a minimum balance of US$1,500 in your account.
  • Earn interest in US dollars. You’ll earn a flat rate of 0.01% interest in US dollars.
  • Quick internal transfers. You can easily transfer funds between your US and Canadian TD accounts.
  • No minimum deposits. You won’t be obligated to keep a minimum balance in your account (though you may want to for transfer fee rebates).
  • Mobile banking. You’ll be able to manage your transactions and banking details hassle-free using the TD Mobile Banking app.
  • Foreign currency services. You can access competitive exchange rates on US dollars and over 50 foreign currencies.

What should I look out for?

The TD U.S. Daily Interest Chequing Account has a handful of drawbacks that you may want to consider before you sign up:

  • Fees in US dollars. You’ll have to pay transaction fees in US dollars, which can cut into your budget more than anticipated.
  • Currency exchange rates. You might spend a significant amount on foreign exchange rates if you regularly transfer funds between your US and Canadian account.
  • No bill payments. You won’t be able to pay bills, authorize cheques or set up pre-authorized payments using this account.
  • Debit purchases aren’t allowed. It’s not possible to make point-of-sale transactions or Interac online purchases using your debit card.
  • No ATM withdrawals. You won’t be able to withdraw cash using an ATM or debit card with this account.
  • No Interac e-Transfers. You can’t send money to family or friends using Interac e-Transfers with the TD U.S. Daily Interest Chequing Account.

Compare TD with other savings accounts

1 - 16 of 16
Name Product Monthly Account Fee Free Transactions e-Transfer Fee Bonus Offer Offer
BMO Performance Chequing Account
BMO Performance Chequing Account
$16.95 (can be waived)
unlimited
$0
Earn $600
Get up to a $600 cash bonus. Valid until July 2, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
Simplii No Fee Chequing Account
Simplii No Fee Chequing Account
$0
unlimited
$0
Earn $400
Earn $400 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends October 31, 2024.
Scotiabank Preferred Package
Scotiabank Preferred Package
$16.95 (can be waived)
unlimited
$0
Earn $400
Earn a welcome bonus of up to $400. Valid until July 31, 2024. Plus, earn up to 6.05% interest for 3 months on your MomentumPLUS Savings Account.
RBC Signature No Limit Banking Account
RBC Signature No Limit Banking Account
$16.95 (can be waived)
unlimited
$0
Get Apple Watch Series 9
Get the new Apple Watch Series 9 when you switch to RBC & open an RBC Signature No Limit Banking Account. Valid until June 3, 2024.
Coast Capital Free Chequing, Free Debit, and More Account
Coast Capital Free Chequing, Free Debit, and More Account
$0
unlimited
$1.50
Get $150
Get $150 when you become a new member and open a Free Chequing, Free Debit and More Account. Valid until June 30, 2024.
Scotiabank Basic Bank Account
Scotiabank Basic Bank Account
$3.95
12/month
$0
N/A
EQ Bank Personal Account
EQ Bank Personal Account
$0
unlimited
$0
Earn 4.00% interest
Enjoy high interest with no fees on everyday banking, plus unlimited transactions and no minimum balances. Sign up online in minutes.
Scotiabank Ultimate Package
Scotiabank Ultimate Package
$30.95 (can be waived)
unlimited
$0
Earn $400
Earn a welcome bonus of up to $400. Valid until July 31, 2024. Plus, earn up to 6.05% interest for 3 months on your MomentumPLUS Savings Account.
Scotiabank Student Banking Advantage Plan
Scotiabank Student Banking Advantage Plan
$0
unlimited
$0
Earn $100
Earn up to a $100 welcome bonus when you open an account. Apply by April 30, 2024.
Innovation Federal Credit Union No-Fee Chequing Account
Innovation Federal Credit Union No-Fee Chequing Account
$0
unlimited
$0
Win a spring getaway
Open an account and you could win a $2,500 spring getaway. Valid until June 30, 2024.
Scotiabank Basic Plus Bank Account
Scotiabank Basic Plus Bank Account
$11.95 (can be waived)
25/month
$0
N/A
BMO Premium Plan Chequing Account
BMO Premium Plan Chequing Account
$30 (can be waived)
unlimited
$0
Earn $600
Get up to a $600 cash bonus. Valid until July 2, 2024. Plus, earn a 5.50% bonus interest rate when you add a Savings Amplifier Account.
BMO Performance Student Chequing Account
BMO Performance Student Chequing Account
$16.95 (can be waived)
unlimited
$0
Earn $100
Earn a $100 cash bonus and enjoy six months of Domino’s Pizza (worth $95, one pizza per month) when you open a new BMO Student Chequing Account. Valid until April 30, 2024.
Neo Money Account
Neo Money Account
$0
unlimited
$0
N/A
BMO New to Canada Performance Chequing Account
BMO New to Canada Performance Chequing Account
$16.95 (can be waived)
unlimited
$0
Earn $600
Earn up to a $600 welcome bonus. Valid until February 29, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
BMO Canadian Defence Community Banking Performance Plan Chequing Account
BMO Canadian Defence Community Banking Performance Plan Chequing Account
$0
unlimited
$0
N/A
loading

How do I open a TD U.S. Daily Interest Chequing Account?

Follow these steps to open a TD U.S. Daily Interest Chequing Account online:

  1. Go to TD’s website and click “U.S. Dollar Accounts” under the tab “Bank Accounts”.
  2. Select the TD U.S. Daily Interest Chequing Account and click “Open Account”.
  3. Enter your personal information such as your full name, date of birth, Social Insurance Number (SIN) and email address.
  4. Submit your application and sign up for an online TD account with your new banking information.

Eligibility requirements

To apply for a TD U.S. Daily Interest Chequing Account, you need to meet the following criteria:

  • Be a Canadian citizen or resident who is at least 18 years old (19 in some provinces)
  • Be opening a sole account in your name

Required documents and information

  • Your name, residential status and contact information
  • Your Social Insurance Number (optional) and date of birth
  • Your email address and phone number

How do I deposit or withdraw my money?

The only way to withdraw funds from this account is to transfer your money from your TD U.S. Daily Interest Chequing Account to your Canadian account. To deposit funds, you’ll typically need to transfer them into your US account from your Canadian chequing or savings account.

How can I get in touch with customer service?

It’s easy to get in touch with TD’s customer service team using a variety of methods:

  • By phone. You can call into TD’s customer service hotline to get help from an agent over the phone.
  • In person. If you’d prefer to deal with your account in person, you can choose to visit a branch to speak to a TD agent.
  • By mail. It’s possible to send inquiries or documents to TD’s head office in Toronto.
  • By email. You’ll be able to send secure messages from your online account to make inquiries about your TD U.S. Daily Interest Chequing Account.

Frequently asked questions about the TD U.S. Daily Interest Chequing Account

Your reviews

No reviews yet. Write a review
Go to site