Canada’s TD Bank Review
TD Bank at a glance
🏦 TD Bank was founded in 1855 and is one of Canada’s Big Six banks.
TD Bank account options
Savings
Chequing
Visa credit cards
Investing
Other TD Bank services
Mortgages
Loans and lines of credit
Wealth management services
Insurance
Business accounts and financing
Pros and cons of TD Bank
There’s plenty to like about TD Bank but no bank or credit union is without its drawbacks. Here’s what to consider before you open an account.
Pros
- Well-reviewed mobile app.
- Comprehensive lineup of accounts and services for individuals and businesses.
- Sophisticated investing platforms.
Cons
- High insufficient funds fee, though similar to most other Big Banks.
- Minimum balance requirements to earn interest in savings accounts and avoid fees on chequing accounts.
- Fees for Interac e-transfers on many accounts.
- No branches or ATMs in Nunavut.
TD Bank overview
The Toronto-Dominion Bank, or TD Bank, is known as one of Canada’s Big Six banks. It serves more than 27.5 million customers around the world, including 15 million in Canada, and has a robust product lineup that reflects its many decades in business. TD Bank offers a broad spectrum of personal and business accounts, including chequing and savings accounts, credit cards, investments, lending products and more.
You can find TD branches and ATMs in every province and territory in the country, with the exception of Nunavut. And its digital banking platform, EasyWeb, can be accessed from a variety of devices.
Online banking capabilities at TD Bank
TD Bank’s online banking portal is called EasyWeb. It offers online and mobile banking access for customers who prefer to bank digitally. From the EasyWeb platform, you can pay bills, transfer money, manage your investments and more. Customers can access TD’s online banking services from a computer, tablet, mobile device, or Apple Watch.
TD’s main mobile app for Apple and Android devices lets you manage your accounts, make payments, deposit cheques and more. It has 4.5 stars on the Apple App Store and 4.1 stars on the Google Play Store, as of this writing.
TD also offers TD MySpend, a budgeting app that can track and categorize your expenses and help you save toward big goals.
Is my money safe at TD Bank?
TD Bank carries Canada Deposit Insurance Corporation (CDIC) insurance, which covers up to $100,000 of eligible deposits if TD goes under. It also has coverage from the Canadian Investor Protection Fund (CIPF), which protects up to $1 million of investor assets across different accounts in the event of insolvency. TD Bank customers are also protected from losses that result from unauthorized transactions.
The bank uses firewalls, 128-bit data encryption and website cookies to protect sensitive banking data. Additionally, TD customers can elect to enroll in voice authentication technology to further safeguard their accounts.
TD Bank accounts and services
As one of Canada’s biggest banks, TD offers a wide selection of accounts for you to choose from.
TD Bank savings accounts
None of TD’s personal savings accounts have monthly fees.
TD Every Day Savings Account: No-frills savings account with no balance requirements and one free transaction per month.
TD High Interest Savings Account: Earn interest on balances of $5,000 or more, but pay $5 per transaction unless you have a $25,000 minimum balance.
TD ePremium Savings Account: Earn interest on balances of $10,000 or more and get unlimited free online transfers between TD accounts.
TD Bank chequing accounts
TD Minimum Chequing Account: 12 transactions per month for a $3.95 monthly fee.
TD Every Day Chequing Account: 25 transactions per month plus free Interac e-transfers for a $10.95 monthly fee (waived with a $3,000 minimum balance).
TD Unlimited Chequing Account: Unlimited transactions with a $16.95 monthly fee (waived with a $4,000 minimum balance).
TD All-Inclusive Banking Plan: Unlimited transactions, free personalized cheques and a safety deposit box for a $29.95 monthly fee (waived with a $5,000 minimum balance).
TD Student Chequing Account: Unlimited transactions with no monthly fees for students or anyone under the age of 23.
U.S. Daily Interest Chequing Account: USD bank account that earns interest and has no monthly fees.
Borderless Plan: Cross-border banking services with unlimited transactions for a US$4.95 monthly fee (waived with US$3,000 minimum balance).
TD Bank credit cards
TD Bank credit cards include a large selection of options, including:
TD First Class Travel Visa Infinite Card.
TD U.S. Dollar Visa Card.
TD Rewards Visa Card.
» MORE: Read our review of the Expedia for TD travel rewards program
TD Bank investing accounts
Non-registered cash investing account.
Other TD Bank services
Personal loans.
Auto loans.
RRSP loans.
Investment options include stocks, mutual funds, bonds, guaranteed investment certificates, ETFs and options.
Wealth management services include one-on-one sessions with a dedicated financial planner or advisor.
Business bank accounts and financing options.
TD Bank fees
Banking fees vary by account and service. Here are some of the common fees you may encounter using TD Bank’s financial products:
Withdrawal fee for domestic non-TD ATM: $2
Withdrawal fee for international non-TD ATM: $3 to $5 plus 3.5% of the Canadian dollar amount after conversion
Interac e-transfer: $0.50 to $1
Transfer fee for registered investment accounts (RRSP, TFSA): $75
Who is TD Bank best for?
Canadians who prefer a Big Bank and want to keep all their financial accounts in one place.
TD Bank has much to offer. In fact, there isn’t much missing from its account and service lineup, which means it may be a good choice for people who want to keep all their financial accounts in one place, and desire a mix of in-person and digital banking services. TD Bank’s foothold in the U.S. is also good news for those who frequently cross the border or deal in U.S. dollars. Overall, TD Bank may be a practical fit for people who want a one-stop shop for their financial accounts and prefer a bank that can offer both in-person and online services.
How TD Bank compares to other Big Banks
ATMS AND BRANCHES | ARE DEPOSITS INSURED? | |
|---|---|---|
ATMs: 4,000+ Branches: 1,100+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 2,000+ Branches: 360+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 2,500+ Branches: 1,000+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 3,200+ Branches: 800+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 2,900+ Branches: 1,000+ | Yes, by the Canada Deposit Insurance Corporation. | |
ATMs: 3,500+ Branches: 900+ | Yes, by the Canada Deposit Insurance Corporation. |
» MORE: Read our Banking reviews of other Big Banks, credit unions and online-only banks.
Frequently asked questions
What does TD Bank stand for?
What does TD Bank stand for?
The Toronto-Dominion Bank, or TD Bank, is the retail banking arm of TD Bank Group — an international financial services provider.
Does TD Bank send text alerts?
Does TD Bank send text alerts?
Yes. TD Bank sends text alerts to warn customers about suspected fraudulent activity. It may also send you a text message to confirm changes you make in the TD app.
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Siddhi Bagwe
Clay Jarvis