TD Minimum Chequing Account review
Enjoy 12 free transactions for a low monthly fee with this no-frills chequing account.This account gives you 12 free transactions per month for a low monthly fee of $3.95
12 free transactions per month
The TD Minimum Chequing Account offers a cheap alternative to a traditional bank account. It gives you 12 free transactions per month for a low monthly fee of $3.95. Just be aware that you’ll have to pay an extra fee for Interac e-Transfers and non-TD ATM withdrawals. The downside of this account is that it comes with relatively few additional benefits, and you’ll have to pay $1.25 every time you exceed your monthly transaction limit.
- Think about this account if you want to pay a low monthly fee and you don’t intend to exceed 12 transactions per month.
- Choose something else if you want unlimited free transactions or you’d prefer to earn interest on the balance you hold in your account.
What are the benefits of the TD Minimum Chequing Account?
The TD Minimum Chequing Account is a no-frills account that gives customers limited access to free banking. It offers a handful of benefits, which include the following:
- Low monthly fee. This account only costs $3.95 per month.
- Monthly fee can be waived. You may be able to get your account fee waived if you fit into a certain demographic (such as if you’re a student or a senior).
- 12 transactions per month. You can enjoy 12 free transactions per month, including up to 2 transactions at the bank or carried out through TD’s customer service phone line.
- Free TD ATM withdrawals. You won’t pay anything extra to take money out at ATMs on the TD network unless you go over your allowable transactions.
- Easy-to-use mobile app. You can take advantage of TD’s online and mobile banking app, Easyweb, to carry out transactions on the go.
- Automatic savings program. You’ll be able to sign up for “Simply Save” with this account, which is TD’s automated savings program.
What should I look out for?
While this account offers certain benefits, it also comes with a handful of drawbacks:
- No interest on savings. You won’t earn any interest on the balance you hold in your account.
- Fee for exceeding 12 transactions. You’ll be required to pay $1.25 every time you surpass your monthly limit of 12 transactions.
- Non-TD ATMs cost money. You’ll be required to pay $2 to withdraw funds at a non-TD ATM (and between $3 and $5 to withdraw funds overseas).
- No welcome bonus. Unlike TD’s more premium accounts, you won’t get a welcome bonus when you sign up for this account.
- Fee for Interac e-Transfers. You'll have to pay between $0.50 and $1 for every Interac e-Transfer you make, depending on how much you send.
- Limited benefits. You won’t get any extra benefits such as credit card fee waivers or identity theft protection with this account.
TD Minimum Chequing Account‘s ATM network and fees
The TD Minimum Chequing Account comes with a low monthly fee of $3.95. This works out to an annual fee of $47.40, which is reasonable for a basic account. You may also be able to get this fee waived if you’re a student, senior, youth or person with a disability.
As part of the TD Minimum Chequing Account, you’ll get free ATM withdrawals on the TD network. However, you should be prepared to pay a fee any time you withdraw money from a non-TD ATM (both domestically and overseas).
What other chequing options does TD offer?
TD has several chequing accounts to choose from depending on your needs and budget:
- The TD Every Day Chequing Account. This account comes with 25 free transactions per month, including Interac e-Transfers. Your monthly fee for this account will be $10.95, but you may be able to get this fee waived for every month that you hold $0 or more in your account.
- TD Unlimited Chequing Account. The TD Unlimited Chequing Account is a higher-end account that offers unlimited free transactions, free Interac e-Transfers, a generous welcome bonus and free ATM withdrawals in Canada. You’ll pay $16.95 per month to maintain this account unless you keep a minimum balance of $4,000.
- TD All-Inclusive Banking Plan. This account comes with 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.
Compare with other chequing accounts
How do I open a TD Minimum Chequing Account?
To apply for a TD Minimum Chequing Account, you need to meet the following criteria:
- Be a Canadian citizen or permanent 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?
You’ll be able to deposit and withdraw funds from your account in a number of ways:
- Visit a branch. You can easily visit a TD branch to deposit cash or withdraw money in person with an agent.
- Use an ATM. It’s possible to deposit or withdraw cash at an ATM on the TD network (or at non-TD ATMs if you pay an extra fee).
- Initiate a transfer. You can transfer money back and forth between your accounts as you see fit using an internal/bank-to-bank transfer or an Interac e-Transfer.
- Make debit purchases. You’ll be able to use your debit card to make in-store purchases if you don’t mind using up your transactions for this purpose.
The TD Minimum Chequing Account is a very basic, low-fee account that gives you 12 free transactions per month. It also offers free ATM withdrawals on the TD network, along with a monthly fee waiver if you fit into a certain demographic. This account may be a good fit for you if you have relatively simple banking needs, but it may not be a good fit if you carry out multiple or complex transactions each month.