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Published June 16, 2022

Canada’s TD Bank Review

TD Bank offers bank accounts, credit cards and investment options aplenty. But watch for service fees and minimum balance requirements.

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TD Bank at a glance

TD Bank was founded in 1955 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
    Business accounts and financing

TD Bank overview

Toronto-Dominion Bank, or TD Bank, is known as one of Canada’s Big Six banks. It serves more than 15 million customers 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 has a robust website (www.td.com/ca) and online banking portal, 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, deposit cheques and more. Customers can access TD’s online banking services from a computer, tablet, mobile device, or Apple Watch.

TD’s mobile app receives high scores from Android and Apple users alike, boasting an average of 4.4 and 4.5 out of 5 stars on Google Play and in the Apple App Store, respectively.

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.

TD also has coverage from the Canadian Investor Protection Fund (CIPF), which protects up to $1M of investor assets across different accounts in the event of insolvency. TD Bank customers are also protected from losses that result from unauthorized transactions.

TD’s digital platform 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 transaction monthly.
  • TD High Interest Savings Account: earn interest on balances of $5,000 or more.
  • TD ePremium Savings Account: earn interest on balances of $10,000 or more and get unlimited online transfers between TD accounts.

TD Bank chequing accounts

  • TD Minimum Chequing Account: 12 transactions monthly for a $3.95 monthly fee.
  • TD Every Day Chequing Account: 25 transactions monthly for a $10.95 monthly fee.
  • TD Unlimited Chequing Account: unlimited transactions with a $16.95 monthly fee.
  • TD All-Inclusive Banking Plan: unlimited transactions, free personalized cheques and a safety deposit box for $29.95 monthly.
  • TD Student Chequing Account: unlimited transactions with no monthly fees for students or anyone under the age of twenty-three.
  • 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 $4.95 USD monthly.

TD Bank credit cards

TD Bank offers a large selection of credit cards, including, but not limited to:

» MORE: Read our review of the Expedia for TD travel rewards program

TD Bank investing accounts

Other TD Bank services

TD Bank

Find the best TD bank services to meet your needs

TD Bank fees

Banking fees can vary based on the accounts you have and how you use them. Here are some of the common fees you may encounter using TD’s financial products and services:

  • 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
  • Non-sufficient funds fee: $48
  • Interac e-Transfer: $0.50 to $1
  • Transfer fee for registered investment accounts (RRSP, TFSA): $75

Who TD Bank is best for

Canadians who want to keep all their financial accounts in one place.

There isn’t much missing from TD Bank’s account and service lineup, which means it may be a good choice for people who like to keep their accounts centralized, and desire a mix of in-person and digital banking services. TD Bank’s foothold in the US is good news for those that frequently cross the border or deal in USD.

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 of TD Bank

  • Well-reviewed mobile app.
  • Comprehensive lineup of accounts and services for individuals and businesses.
  • Sophisticated investing platforms.

Cons of TD Bank

  • High insufficient funds fee.
  • Minimum balance requirements on savings accounts.
  • Fees for Interac e-Transfers.
  • No branches or ATMs in Nunavut.

How TD Bank compares to other big banks

 TD BankBMO BankRBC Bank
Number of countries servedGlobalMore than 1029
Number of branches in CanadaMore than 1,000More than 900More than 1,200
Mobile app?YesYesYes
Are deposits insured?Yes, by the Canada Deposit Insurance Corporation and Canadian Investor Protection Fund.Yes, by the Canada Deposit Insurance Corporation and Canadian Investor Protection Fund.Yes, by the Canada Deposit Insurance Corporation.

TD Bank frequently asked questions

    • What does TD Bank stand for?

      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?

      Yes. TD Bank sends text alerts to warn customers about suspected fraudulent activity. It also sends threshold and over-limit text messages when customers fall below designated balance or credit thresholds and when credit limits are exceeded.

How to Open a Bank Account

You can open an account at a Canadian bank or credit union in person or online. You need to be aged 17 or older and have two forms of identification.

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