TD Unlimited Chequing Account review
Enjoy unlimited transactions and get exclusive perks with this premium chequing account.Enjoy a welcome bonus worth $300 when you sign up for this account and complete some general banking tasks.
The TD Unlimited Chequing Account is a premium account that offers unlimited transactions and a nice array of banking features. These include fee-free ATM withdrawals in Canada, free Interac e-Transfers, a first year credit card rebate and a generous welcome bonus. This account costs $16.95 per month and you can get this fee waived if you keep $4,000 in your account at all times.
- Think about this account if you want unlimited transactions and free ATM withdrawals in Canada.
- Choose something else if you don’t want to pay a monthly fee or you would like to earn interest on the balance in your account.
What are the benefits of the TD Unlimited Chequing Account?
The TD Unlimited Chequing Account offers a number of benefits for a mid-level fee. These include the following:
- Unlimited free transactions. Use your account to fulfill all of your banking needs for no extra costs.
- Monthly fee can be waived. Qualify for a fee rebate for every month that you keep a minimum $4,000 balance in your account.
- Welcome bonus. Enjoy a welcome bonus worth $300 when you sign up for this account and complete some general banking tasks.
- No fees for Interac e-Transfers. Send money to family and friends at no extra cost with fee-free Interac e-Transfers.
- Free ATM withdrawals. Enjoy free ATM withdrawals in Canada but be prepared to pay for ATM withdrawals when you travel overseas.
- First-year credit card fee waiver. Save up to $139 on your first annual fee for a premium TD credit card when you link it to your account.
What should I watch out for?
There are a couple of drawbacks you might want to consider before signing up for this account:
- High monthly fee. You’ll have to pay a monthly fee of $16.95 per month unless you keep a minimum balance of $4,000 at all times.
- No interest on savings. You won’t earn interest on the money you hold in your account.
- Limited extra perks. You won’t get extras with this account such as free cheques, money orders or a free safety deposit box.
- Only beneficial if you use all the perks. This account will likely only be worth the money if you plan to take advantage of all of its perks and benefits.
- Fee for paper statements. You’ll have to pay $2 for every month that you request a paper statement instead of electronic.
TD Unlimited Chequing Account‘s ATM network and fees
This account comes with a fee of $16.95 per month, though you can maintain a minimum balance to receive monthly fee rebate. If you don’t qualify for a fee waiver, you’ll end up paying $203.40 per year for this account, which is a significant amount to pay for your banking.
One of the main benefits of the TD Unlimited Chequing Account is that it offers unlimited free ATM withdrawals at all ATMs across Canada. That said, you’ll be required to pay $3 for ATM withdrawals in the US and Mexico and $5 for withdrawals internationally.
What other chequing account options does TD offer?
TD offers a number of options for chequing accounts, depending on how much you want to spend per month:
- TD Minimum Chequing Account. This is TD’s most bare-bones account so it’s best for customers with simple banking needs. You’ll pay a monthly fee of $3.95 with this account (or for free if you fit into a certain demographic). In return, you’ll get 12 free transactions per month and some basic banking benefits.
- TD Every Day Chequing Account. The TD Every Day Chequing Account is a mid-range account that gives you 25 free transactions for a fee of $10.95 per month. You can also qualify for a fee waiver if you keep at least $3,000 in your account at all times. This account comes with relatively few other benefits.
- TD All-Inclusive Banking Plan. This is the most expensive account that TD offers. It comes with unlimited free transactions, a 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 Unlimited Chequing Account
To apply for a TD Unlimited 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?
The TD Unlimited Chequing Account lets you make withdrawals and deposits just like any other bank account. In particular, you can withdraw and deposit money using an ATM or by visiting a branch. You can also set up automated withdrawals and deposits into your account to pay bills or build up your savings.
You’ll also be able to manage all of your transactions on the go with the TD mobile app. You can use this app to transfer money between your TD accounts. You can also send and accept Interac e-Transfers, as well as transfer money to and from external bank accounts using your mobile phone or online banking.
The TD Unlimited Chequing Account is a high-end chequing account that gives you unlimited transactions and an array of additional benefits. It comes with free ATM withdrawals in Canada, unlimited free Interac e-Transfers, a first-year credit card rebate and a welcome bonus. Just be aware that this account also comes with a monthly fee of $16.95, which is a relatively high fee to pay for your banking each month.