TD Canada Trust
TD Canada Trust is one of the six largest banks in Canada. Because TD is a large, traditional bank, customers gain access to an array of financial products and services, 24/7 customer support, many branches across Canada and a well established online platform. However, the downside is fees and cost of financing are more expensive and the bank doesn’t favor unconventional borrowers. Overall, if you prefer banking in person, have good credit and meet the standard eligibility criteria, TD Canada Trust Bank will be a great option for you.
TD Canada Trust Advantages and Disadvantages
Any bank will have its advantages and disadvantages, TD Canada Trust included. It helps to understand the pros and cons before moving forward with a bank because you can determine if your financial needs will be met.
- Access to a variety of products and services
- Many locations across Canada which are often open on weekends and for longer hours
- Established bank with a strong online platform and in person experience
- Large size can make customer service and daily banking feel impersonal
- TD is a traditional bank which causes fees and costs of financing to be higher
- Can be difficult to qualify for financial products, especially with poor credit or unconventional employment
TD Financial Product Overview
Below is a detailed list of all the TD Canada Trust financial product offerings in Canada. For more information or to sign up for a product, simply click on the link.
TD Chequing Accounts
- All-Inclusive Banking Plan. This account has unlimited transactions and comes with a $29.95 monthly fee. The fee can be waived if you maintain a minimum $5,000 balance. Account holders also benefit from no TD ATM fees, annual rebates on credit card fees for select TD credit cards, free Interac e-Transfers, and premium perks such as a small safety deposit box, certified cheques and personalized cheque for no extra cost.
- Minimum Chequing Account. For the minimal spender, this account offers 12 transactions per month for a $3.95 monthly fee. Additional transactions cost $1.25 each. If you are a senior (60 years or older), a student, under the age of majority or a Registered Disability Savings Plan beneficiary, the monthly fee will be waived.
- Unlimited Chequing Account. The monthly fee of this account is $16.95 and card holders receive unlimited transactions, free Interac e-Transfer service and one year of credit card fee rebates on applicable TD credit cards. The monthly fee can be waived if you maintain a minimum $4,000 balance.
- Every Day Chequing Account. Account holders receive 25 monthly transactions in exchange for a $10.95 fee. Additional transactions cost $1.25 each. You can also waive the monthly fee if you have a minimum balance of $3,000 and you’ll receive free Interac e-Transfer services with this account.
- Student Chequing Account. Post-secondary students can benefit from this chequing account because it has no annual fee and 25 monthly transactions. Additional transactions are $1.25 each. Students will also receive free Interac e-Transfer services with this account.
- Youth Account. This account is designed for individuals under the age of 18. The account has no monthly fee and unlimited transactions. Youth can benefit from this account because it has both chequing and savings features. The savings feature is that balances earn interest. It is also possible for parents or guardians to set up transfers into the account.
- S. Daily Interest Chequing Account. Designed for those that frequently travel to the U.S., this account has no monthly fee and earns interest on USD balances. Transactions cost $1.25 USD each, but this fee will be waived if you have $1,500 USD or more in the account.
- Borderless Plan. This is another account for people who frequently travel to the U.S. The account has a monthly fee of $4.95 USD, but it’ll be waived if there’s a minimum balance of $3,000 USD or more. This account has unlimited transactions.
TD Savings Accounts
- Everyday Savings Account. This account comes with one transaction per month, no monthly fee and balances accrue interest.
- High Interest Savings Account. If you’ve saved $5,000 or more, you can earn interest at a higher rate with this account. The transaction fee is $5 per charge, but this fee will be waived if you have a balance of $25,000 or more. There is no monthly fee for this account.
- ePremium Savings Account. Once you’ve built savings of $10,000 or more, you will earn high interest with this account. There is no monthly fee for this account, but transactions cost $5 each.
- Tax Free Savings Account (TFSA). A TFSA is a registered account that allows Canadians to save for a variety of financial goals while sheltering investment income from tax.
- Registered Savings Plan (RSP). Save for retirement with this registered account while sheltering investment income from tax and reducing taxable income.
- Retirement Income Fund (RIF). When you’re ready for retirement, create a RIF to start using your retirement savings. This is also a registered account.
- Registered Education Savings Plan (RESP). Save for your child’s education and reap the benefits of tax sheltering with this registered account.
- Registered Disability Savings Plan (RDSP). A registered account that helps Canadians with disabilities save for the long term. This account has no contribution limits and tax is deferred.
TD Credit Cards
- Cash Back Visa Infinite. The annual fee for this credit card is $120 and cardholders benefit from 3% cashback on eligible grocery, gas and recurring bill payments. All other purchases earn 1% cash back. Cash balances can be redeemed to pay down your credit card balance at any point.
- Cash Back Visa Card. Cardholders earn 1% cash back on eligible grocery, gas and recurring bill payments. All other purchases earn at 0.5% and the card has no annual fee. Cash balances can be redeemed to pay down your credit card balance any time.
- Aeroplan Visa Infinite Card. With this card, you can earn 1.5 miles on eligible grocery, gas, Air Canada and drug store purchases and 1 mile on all other purchases. The annual fee is $120.
- Aeroplan Visa Platinum Card. The annual fee for this card is $89. For every dollar spent on eligible grocery, drugstore and gas purchases, you’ll earn 1 mile. For every $1.50 spent elsewhere, you’ll earn 1 Mile.
- Aeroplan Visa Infinite Privilege Card. Cardholders earn 1.5 miles when they spend a dollar on eligible gas, grocery, drugstore and Air Canada purchases. All other purchases earn 1.25 miles for every dollar spent. The annual fee for this credit card is $399, but it comes with additional travel benefits and perks.
- First Class Travel Visa Infinite Card. The annual fee for this credit card is $120 and card holders earn 3 TD points for every dollar spent. Card holders will earn 9 TD points when they make a purchase on Expedia for TD.
- Platinum Travel Visa Card. Cardholders earn 3 TD Rewards points for every dollar spent on grocery purchases and recurring bill payments. When cardholders spend on Expedia for TD, they will earn 5 points for every dollar spent. Finally, all other purchases earn 2 TD rewards points on every dollar spent. The annual fee for this credit card is $89.
- Rewards Visa Card. For no annual fee, earn 2 TD Rewards Points for every dollar spent on recurring bill payments, grocery, fast food and restaurant purchases. On every dollar spent on Expedia for TD, cardholders earn 3 TD Rewards Points. All other purchases earn 1 TD Rewards Point for every dollar spent.
- Emerald Flex Rate Visa Card. The main feature of this credit card is that it has low interest rates. The interest rate is based on the TD prime rate, plus 4.5% to 12.75%. The additional amount will be based on your credit. The annual fee for this credit card is $25.
- S. Dollar Visa Card. The annual fee for this credit card is $39 USD. While spending in USD, avoid foreign transaction fees.
TD offers mortgages to their clients both for first time purchases, mortgage renewals or refinancing, and second properties. They also offer competitive interest rates with both fixed and variable rate options. It’s possible to get pre-approved for a mortgage as well to help you stick to a budget when shopping for homes.
TD Lines of Credit & Loans
- Personal Line of Credit. Receive between $5,000 and $50,000 with this line of credit. You can choose between variable and fixed interest rates. The line of credit is a flexible form of financing.
- Personal Loans. An unsecured form of financing that is available with a fixed or variable interest rate. You can borrow up to $50,000 for your financial goals.
- Dealership Vehicle Loan. Financing for a car or other leisure vehicle purchased from a dealership. You can choose from a fixed or variable interest rate.
- Private Sale Vehicle Loan. Financing for a car or other leisure vehicle purchased from a private seller. You can choose from a fixed or variable interest rate.
- On-the-Spot RSP Loan. Borrow funds to contribute the maximum amount to your RSP. Able to choose between fixed and variable interest rates.
- CarryForward RSP Borrow funds to catch up on RSP contributions from previous years for up to $50,000. Fixed interest rates are the only option available.
- Investment Secured Line of Credit. As the name implies, this is a line of credit that is secured by investment portfolios. Variable interest rates are the only option with this line of credit.
- Student Line of Credit. Students might need access to financing too. Variable interest rates are the only option and both part time and full time students are eligible.
- Home Equity FlexLine. A line of credit that uses the equity in your home as security. Irt is ideal for additional home ownership costs.
- Mutual Funds. Build your investments and portfolios with a representative from TD. There are more than 60 different funds to choose from, flexible choices and professional advice. There will be applicable fees for managing your mutual funds with TD, it’ll depend on your portfolio and the activity within it.
- Comfort Portfolios. A mutual fund product that involves a variety of diversified funds. TD will manage your funds on your behalf and focus on competitive growth. There will be applicable fees for managing your mutual funds with TD, it’ll depend on your portfolio and the activity within it.
- Retirement Portfolios. For those that are looking to save for retirement, this is an all in one solution. As opposed to other portfolios, this type focuses on modest growth and less volatility to ensure that you retire with the funds you need.
- Market Growth GICs. This type of GIC is linked to a particular stock market. The performance of that stock market will determine how much you earn on your investment without jeopardizing your initial investment.
- TD Special Offer GICs. TD offers special promotions for GICs interest rates. Keep an eye out for special offers to take advantage of them.
- Cashable GICs. When you invest in a GIC, the funds are usually not accessible until the maturity date. If you’re worried about stowing away money, cashable GICs allow you to withdraw your money early if you need it.
- Non-Cashable GICs. Unlike a cashable GIC, a non-cashable GIC must stay in the account until the maturity date. You will earn more interest by leaving your funds in the GIC for the full term.
- S. Dollar and Foreign Currency Term Deposits. These accounts allow you to earn interest on foreign currencies at a specified rate. The terms are flexible and your initial investment will be returned.
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