Manulife Bank of Canada vs Toronto-Dominion Bank (TD)
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
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Toronto-Dominion Bank (TD) edges ahead on our overall rating (3.9 vs 3.8), but the right pick depends on which products and fees matter most to you.
Overview
Manulife Bank is “Canada's first branchless bank,” with its parent company well-known among Canadians. The digital bank has $33.5 billion in assets and is ranked by Forbes as number seven in Canada on its list of the World’s Best Banks 2026. It also has Canada Deposit Insurance Corporation (CDIC) coverage on deposits.
Offering a much narrower lineup versus the biggest banks in Canada, Manulife Bank has one main bank account, which acts as a hybrid between chequing and savings. It also has Visa-branded credit cards, though does not offer Mastercard or American Express. The bank’s lineup is complete with mortgages and lines of credit, but its ongoing, non-promotional borrowing rates are less competitive, especially compared to offers available through digital banks.
One of the standout features of Manulife Bank is its integration with Manulife Financial, which allows customers access to insurance and wealth management services alongside daily banking. For those who already use Manulife products, it can provide a simple way to manage everyday banking with other financial needs.
Toronto Dominion, known as TD, delivers a strong all-around banking experience through a broad product lineup and extensive branch networks including 1,100 branches throughout the United States. The bank boasts consistency across many categories with few major weaknesses.
Offering a range of banking products, TD has accounts for Canadian newcomers, youth, students, and even international students. It provides banking starting at a cost of $0 for specific groups up to an “All-Inclusive Banking Plan” with premium features and a much higher price tag. Fee waivers are available for those who maintain a certain balance in their account. Long-term savings rates may be less competitive than online banks and fintechs though.
TD has a smaller credit card offering in comparison to some of the other biggest banks in Canada. It does, however, have some strong products, including the TD® Aeroplan® Visa Infinite Card, which FinlyWealth ranks as the best overall Aeroplan credit card.
With a broad lending offering, TD receives recognition for its Canada-US cross-border services as well as various lending products. Its mortgage and lending breadth is amongst the strongest in Canada, though the bank doesn’t always have the lowest rates.
Overall rating
3.8
3.9
Customer experience
3.2
3.2
Best for
Manulife Bank is ideal for Canadians who want digital banking from an established financial institution. Is it particularly attractive to those who already use Manulife for insurance, wealth management, or borrowing.
TD Bank is best for Canadians looking for full-service banking with a vast offering of lending products, premium chequing accounts, branch access and cross-border banking support in the US.
Pros & cons
Pros
Schedule I federally chartered bank with backing from The Manufacturers Life Insurance Company
Integration with Manulife Financials’ broader offering
CDIC insurance coverage on eligible deposits
Access to over 2,600 surcharge-free ATMs in Canada through Manulife Bank or The Exchange Network
Hybrid banking, which combines interest with everyday banking features
Cons
No physical branch locations
Less banking options compared to the Big Six Canadian banks
Mixed customer reviews
Business banking is not a complete offering
Rewards ecosystem is less competitive
Regular savings rates are not market-leading
Pros
TD Canada’s mobile app ranks well with consumers
Extensive branch network
Availability of premium banking options and fee-waiver options
Stand-out credit cards despite a limited offering
Promotional pricing periodically available for better rates and rewards
Extensive mortgage and lending offerings with flexible products
Strong retail presence in the United States and cross-border support
Cons
Elevated fees compared to fintechs and digital banks (though competitive amongst the Big Six)
Monthly account fees on most chequing accounts unless minimum balance maintained
Minimum balance waiver set at a higher balance compared to the other major banks
Savings accounts have a lower interest rate, even amongst the Big Six
Elevated mortgage and loan rates in comparison to digital-first lenders
Every credit card charges a foreign transaction fee
Historically extended branch hours were pared back post-Covid
Premium banking benefits available, though they come at a cost or require high account balances
Top chequing accounts
Manulife Bank of Canada has no chequing account listed.
4.8 Our rating
on TD's website
Welcome Bonus
Receive value of up to $560 with a Student Banking Package
Regular Interest
Up to 0.01%
Monthly Fee
$0
Account Type
Chequing • Student
Get as much as $560 in value with a Student Banking Package:
- Cash offering of $125 when you open a new Student Chequing Account and complete two of the following by August 31, 2026:
Arrange a recurring direct deposit and receive payment from either your employer or the Government
Initiate or receive an e-Transfer for $30 or more
Use your Visa Debit to make an online purchase
Establish Pre-Authorized Transfer Service or Simply Save Service on your TD Savings Account
- Cash Back Dollars of up to $100 if you open an eligible TD Cash Back Visa before June 29, 2026
- Get up $250 in value when you open your first TD Direct Investing Account
- Savings of $60 with no monthly fees annually on TD Monthly Plan Overdraft Protection services on a new Student Chequing Account
- $25 gift card for Uber when you (a) establish a TD Student Chequing Account and meet eligibility criteria before August 31, 2026 (b) open a qualifying credit card before June 29, 2026. You must also keep the Student Chequing Account and your credit card active for five months after the account opening.
Offer expires June 29, 2026
- Made for students and youth under the age of 23
- No monthly fee on the account or overdraft protection
- Free Interac e-Transfers
- Minimum balance not required
- Interest earned on all balances
- Receive 0.5 bonus stars for every dollar of spending at participating Starbucks6
Account Fees
Monthly Fee
$0
eStatement
Included
Transactions
e-Transfer Fee
$0
ATM Fees
Own Network
$0
Canadian ATMs
$2
USA
$3
International
$5
on TD's website
Welcome Bonus
Receive up to $750 in value on new accounts(§)
Regular Interest
Up to 0%
Monthly Fee
$17.95 (waived with $4,000 balance)
Account Type
Chequing • Personal
Earn up to $750 in value for new TD Unlimited Chequing Accounts.
Interest rates
All balances 0%
- No limit on transactions
- Full fee rebate if you meet the minimum balance requirement of $4,0001, 2
- Free Interac e-Transfers3
- No charge from TD for ATM transactions within Canada5
- Paper statement $2.00 monthly
- Account holders get a first year fee rebate on eligible TD credit cards4
Account Fees
Monthly Fee
$17.95
Fee Waiver: Full fee rebate if you meet the minimum balance requirement
$4,000 min. balance
eStatement
Included
Transactions
e-Transfer Fee
$0
ATM Fees
Own Network
$0
Canadian ATMs
$0
USA
$3
International
$5
Top savings account
3.9 Our rating
on Manulife Bank's website
Welcome Bonus
Get an additional 1.5% in interest for new customers
Regular Interest
1.5%
Monthly Fee
$0
Earn an extra 1.5% on top of the regular 1.50% variable interest rate when you make a deposit your new Advantage Account*
* 3.00% promotional rate is for new deposits to a new personal, non-registered, Canadian-dollar Advantage Account. The promotional interest rate is made up of the regular posted annual variable interest rate of 1.50% and the variable annual promotional rate of 1.50%. Interest is calculated daily and paid monthly beginning on the date the account is opened and continuing 730 days (2 years) on net new deposits to a maximum of $500,000. Any change to the regular interest rate will result in a corresponding change to the promotional interest rate. The offer is limited to one account per client and cannot be combined with other offers. The offer and rates are as of July 2, 2026 and subject to change without notice. Click here for full terms and conditions (PDF).
- Earn interest on your entire account balance
- $1.00 per Interac® debit transaction, Interac e-Transfer or bill payment
- $1.50 to withdraw your money
- Access to 2,600 Manulife Bank or The Exchange Network ATMs in Canada
- Fees waived on all banking transactions with a minimum account balance of $1,000
2.6 Our rating
on TD's website
Welcome Bonus
Earn the Boosted Rate on eligible accounts with balances over $5,000
Regular Interest
Up to 1.5%
Monthly Fee
$0
Earn a Boosted Savings Rate for eligible accounts with balances over $5,0001
- Earn a Boosted savings rate for eligible accounts with balances over $5,0001
- Interest a higher rate of interest the more you save
- No monthly account fee
- Unlimited transfers to your TD deposit accounts ($5 charge for other transactions)
Top credit card
Manulife Bank of Canada has no credit card listed.
on TD's website
Welcome Bonus
Earn up to $1,400 in value†, including up to 160,000 TD Rewards Points† and receive an Annual Fee rebate for the first year†.
Annual Fee
$139 $0
Interest Rates
21.99% / 22.99%□
RECOMMENDED CREDIT SCORE
4.7/5
The TD First Class Travel Visa Infinite Card is an excellent option for frequent travelers who book through Expedia For TD and want to maximize rewards on travel purchases. The high welcome bonus and extensive insurance coverage make this card stand out. However, the high income requirements and limited value of TD points may not make it the best fit for everyone.
Pros
- High rewards
- First-year fee rebate
- Extensive insurance
- Annual travel credit
Cons
- High income requirements
- Low point value
- Potentially week booking portal
Rewards
- Earn 8 TD Rewards Points† for every $1 you spend when you book travel through Expedia® For TD†
- Earn 6 TD Rewards Points† for every $1 you spend on Groceries, Dining, and Public Transit†
- Earn 4 TD Rewards Points† for every $1 you spend on Recurring Bill Payments and Streaming, Digital Gaming & Media†
- Earn 2 TD Rewards Points For every $1 you spend on other Purchases made using your Card† plus earn an annual Birthday Bonus† of up to 10,000 TD Rewards Points
- Earn more at Starbucks: Link your eligible Card to earn 50% more TD Rewards Points plus more Starbucks Stars. Redeem points for even more Stars. Conditions apply.
Insurance
Coverage
Travel Medical Insurance (64 & under)†
21 daysTravel Medical Insurance (65 to 75)†
4 days
Trip Cancellation†
$1,500
Trip Interruption†
$5,000
Flight Delay†
$500Baggage Delay†
$1,000
Lost or Stolen Baggage†
$1,000
Common Carrier Travel Accident Insurance†
$500,000.svg)
Car Rental Damage & Theft†
yes
Hotel Burglary Insurance†
$2,500
Purchase Protection†
90 days
Extended Warranty†
Up to 1 year
Mobile Device Insurance†
$1,000
Benefits
Details
Visa Infinite Exclusive Benefits†
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Concierge Services†
Golf Benefit†
Troon Rewards Golf benefits like discounts at over 95 resorts and courses around the world plus access to select private clubs across the U.S
Extra points†
Link your eligible Card to earn 50% more TD Rewards Points plus more Starbucks Stars. Redeem points for even more Stars. Conditions apply.
Annual Birthday Bonus†
Earn a Birthday Bonus of up to 10,000 TD Rewards Points
Car Rental Discount†
10% off base rate of Avis Rent A Car and Budget Rent A Car.svg)
Travel Credit†
Get an annual TD Travel Credit of $100 when you book at Expedia For TD
Airport Lounge - Dragon Pass†
Enjoy your time at the airport with global airport lounge access and 4 complimentary lounge visits with Visa Airport Companion Program
Eligibility
Credit Score
GoodAnnual Income
$60,000 personal or $100,000 household
All products offered
1 product
Savings
Manulife Advantage Account
17 products
Chequing
TD Unlimited Chequing Account
TD Every Day Chequing Account
TD Minimum Chequing Account
TD Student Chequing Account
Credit cards
TD Aeroplan® Visa Infinite* Card
TD Cash Back Visa Infinite* Card
TD Cash Back Visa* Card
TD First Class Travel® Visa Infinite* Card
TD Low Rate Visa* Credit Card
TD Platinum Travel Visa* Card
TD Rewards Visa* Card
TD® Aeroplan® Visa Infinite Privilege* Credit Card
TD® Aeroplan® Visa Platinum* Card
TD® Aeroplan® Visa* Business Card