National 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.
VS
National Bank of Canada edges ahead on our overall rating (4.1 vs 3.9), but the right pick depends on which products and fees matter most to you.
Overview
The National Bank of Canada, also called National Bank, is one of the biggest banks in Canada, though it is the smallest of the group. Initially, the bank dominated in the province of Quebec, but has since expanded its reach throughout the country. The migration of CWB Financial Group adds to National’s offering, with the integration of its clientele now complete according to the bank's website.
National Bank has a reputable Bank Account for Newcomers program and a range of chequing account options. Its monthly fees remain competitive, and certain groups can get the fee waived, as can those who maintain a minimum account balance. Minimum balance requirements are slightly above the other Big Six, though. In terms of savings accounts, the bank’s main option for Canadian dollar savers is its High Interest Savings Account. The account has a less competitive rate, causing National Bank to fall behind the offerings from the other major banks. Anyone focusing on earning a higher interest rate can find a better return with digital institutions.
Another area where National Bank is more limited is in its credit card offering. The bank does not have Visa cards, instead sticking with Mastercard only. While its choices are narrower compared to some of the other Big Six Canadian banks, it does have a quality selection. For example, the bank has the National Bank World Elite® Mastercard®, which Finly rates highly at a 4.6 out of 5 due to its “generous earn rate.”
For its lending and mortgage products, National Bank boasts a wide variety of fixed and variable-rate mortgages plus personal loans and lines of credit as well as home equity borrowing. As a full-service lender, National Bank is more than just a niche banking option with mortgage and loan options generally in line with the major Canadian banks. It also has promotional rates that offer a competitive edge.
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
4.1
3.9
Customer experience
3.4
3.2
Best for
National Bank is best for Canadians who want full-service banking and access to a major federally regulated bank. It’s particularly suitable for those in Quebec or customers in Western Canada where the bank expanded.
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
Part of THE EXCHANGE ABM network, providing customers with access to almost 2,500 machines
Availability of fee-waiver options
Has a stand-out newcomer program and well-ranked credit card even with a more limited offering
National Bank Direct Brokerage promotes a unique offering of $0 online stock and ETF commissions
More valuable rates and rewards available through periodic promotional pricing
Cons
Smaller branch network versus the other major Canadian banks
Monthly account fees apply to all chequing accounts unless you maintain a minimum account balance or meet other fee-waiver eligibility
Minimum balance waiver is at a higher level in comparison to the other Big Six
Savings account offering is limited
Credit card lineup includes Mastercard only, no Visa or AmEx options
Every credit card has a 2.5% foreign transaction fee
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
Best for: Newcomers to Canada
on National Bank's website
Welcome Bonus
Earn up to $600 cashback when you open an account for newcomers and meet certain criteria.
Monthly Fee
$15.95 (waivable)
Account Type
Chequing • Personal
Promotion: You could get up to $600 cashback
Start your life in Canada by taking advantage of our welcome offer: A bank account that allows you to earn up to $600 cashback. Here’s how to get the most out of it:
Get $300 cashback when you:
Open a chequing account and meet certain criteria.
- Sign up for online banking.
- Complete 20 eligible transactions.
- Receive 3 eligible automatic deposits of at least $100 each.
Get $100 cashback when you:
Apply for a Mastercard credit card, get approved, and complete 20 purchases with the new card.
Get $100 cashback when you:
Set up pre-authorized, recurring payments for your National Bank mortgage from your new chequing account.
Get $100 cashback when you:
Open a High Interest Savings Account and deposit at least $5,000.
You’re eligible to open a newcomer bank account if you:
- Are 18 years of age or older.
- Plan to move to Canada within 90 days or have been living in Canada for 5 years or less.
- Have permanent or temporary resident status with a valid work or study permit.
A journey that evolves with you over 4 years
Year 1
Get started with no monthly fees
As soon as you arrive, enjoy all the benefits we offer, without any fixed monthly fees.1
Years 2 and 3
Keep your account free by meeting certain conditions*
Maintain a minimum daily balance of $4,500 in your account
OR
Sign up for the following three products and services:
- A credit card
- Electronic bank statements
- Payroll deposit or the electronic payment of at least two bills per month
Year 4
Automatically switch to The Connected
After your newcomer offer ends, your account automatically switches to The Connected® package, which lets you reduce or even eliminate your monthly fees.
Get even more advantages with your account for newcomers
- Unlimited online transactions and Interac e-Transfer® usage within Canada
- Access to over 360 branches and to our network of ABMs across Canada 7
- First cheque order free of charge 4
- Free National Bank ABM and in-branch withdrawals, transfers and bill payments for the first year 5
- Free paper statements by mail for the first year 6
- Cash withdrawals abroad through our network of global partners 8
- Get 12 months of free legal advice through our partner FBA Solutions. 2
- Send transfers to 19 European Union countries, India, the Philippines, and more. 3
Pros
- Unlimited online transactions and Interac e-Transfers in Canada
- Cashback promotional offer
- Free legal assistance
- Online international money transfers
- Monthly fee waivers
Cons
- Tiered monthly fee rebate requirements
- Limited access outside Quebec
- Limited low-fee international transfer locations
Account Fees
Monthly Fee
$15.95
Fee Waiver: Baseline Savings
Full waiver
Baseline savings of $334.92 over three years for the account You’ll save if you meet the following conditions: Open a bank account online before arriving with our secure form or visit a branch upon arrival. Sign up for our offer for newcomers. Savings are based on: First year: no flat monthly fee (savings of $15.95/month for 12 months) Second year: flat monthly fee of $7.98 instead of $15.95 (savings of $7.97/month for 12 months) Third year: flat monthly fee of $11.96 instead of $15.95 (savings of $3.99/month for 12 months)
Fee Waiver: Maximum Savings
$4,500 min. balance
Maximum savings on the account: $574.20 over 3 years In addition to the basic savings conditions, you must: Maintain a minimum daily balance of $4,500 OR Sign up for the following three products and services before the end of the first year and maintain them until the end of the special offer: A Mastercard® personal credit card ; Electronic bank statements ; Payroll deposit to your bank account at one of our branches at least once a month or payment of at least two bills per month electronically from this bank account
Fee Waiver: Maximum Total Savings
$4,500 min. balance
Maximum total savings of the offer: $683.30 over 3 years To reach these savings, you must meet all the conditions for maximum savings on the account (above) and take advantage of the following services: First check order free ($67.10/order) Free paper bank statements for the first year ($42) Please note: The savings depend on meeting all the requirements for the entire duration of the offer (3 years). If you do not meet all the conditions in a given month, your savings will be reduced. If you no longer have the bank account or the Newcomer Package, the savings will no longer apply.
Credit Card Rebate
Up to $100
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$2
International & Currency
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Protection
$5/month
Overdraft Interest
21% annually (if used)
Bank Draft
$9
Best for: Premium Perks and Unlimited Transactions
on National Bank's website
Welcome Bonus
Up to $150 cashback with an eligible credit card
Monthly Fee
$28.95 (waivable)
Account Type
Chequing • Personal
Up to $150 cashback with an eligible credit card7
- Available to new holders of an eligible National Bank Mastercard credit card and a chequing account with The Total® package
- Eligible credit cards include: Echo® Cashback, Syncro, Platinum, World and World Elite®
- Discount only applies once after enrollment
- Bank account must be opened before the credit card account to qualify
- Discount will be applied as a credit to the credit card account statement within a maximum of 90 days after activation of the card
- Online application in a few clicks
- Unlimited use of Interac e-transfer, 1 free of charge
- Unlimited digital 2 and in-person 3 transactions
- An integrated line of credit up to $5,000 4
- Unlimited access to a lawyer by phone or videoconference, in partnership with FBA Solutions. Benefit from estate assistance to draw up your will and protection mandate in anticipation of incapacity, before witnesses, or online 5
- Overdraft protection 6
- Up to $150 cashback with an eligible credit card 7
- Unlimited use of Interac ® & Cirrus® network ABMs in Canada, free of charge
- Access to mobile cheque deposit
- Stop pre-autorized debits or cheques, free of charge
- Mail statements at no extra cost
- 100 cheques per year, 8 free of charge
- Access to THE EXCHANGE® network of ABMs at no additional cost
- Online statements at no extra cost
Pros
- Easy online application
- Unlimited free transactions and e-Transfers
- Integrated line of credit
- Promotional cashback
- Legal Assistance
- Monthly fee rebates
- Overdraft protection
Cons
- Minimum balance required for monthly fee rebates
- Limited branch access
- International transfer fees
Account Fees
Monthly Fee
$28.95
Fee Rebate: 0-17 years old
Partial rebate
0-17 years old Monthly fees (9): $18/month
Fee Waiver: 18-24 years old
$6,000 min. balance
18-24 years old Monthly fees (9): $13/month Reduce your monthly fees* $0 with a balance of $6,000 or more Get an eligible Mastercard credit card (10) and enjoy a $10/month discount
Fee Waiver: 25-59 years old
$6,000 min. balance
25-59 years old Monthly fees (9): $28.95/month Reduce your monthly fees* $0 with a balance of $6,000 or more Get an eligible Mastercard credit card (10) and enjoy a $10/month discount
Fee Waiver: 60 plus
$6,000 min. balance
60 plus Monthly fees (9): $23.95/month Reduce your monthly fees* $0 with a balance of $6,000 or more Get an eligible Mastercard credit card (5) and enjoy a $10/month discount
Credit Card Rebate
Up to $150
eStatement
Included
Transactions
Transactions
Unlimited free
Interac e-Transfers
Unlimited free
ATM Fees
Own Network
$0
Canadian ATMs
$0
International & Currency
International Transaction Fee
$5.95
Foreign Currency Conversion
2.5%
Other Fees
NSF (Non-sufficient Funds)
$10
Overdraft Protection
$5/month
Overdraft Interest
21% annually (if used)
Bank Draft
$0
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
Best for: Bulking up your savings
on National Bank's website
Welcome Bonus
N/A
Monthly Fee
$0
Benefits at a glance
- 0.55% interest1 paid monthly
- Risk-free saving available at all times
- Free unlimited funds transfers2 between your National Bank ® accounts
- No fixed monthly fees5
Earn interest from the first dollar invested
You will earn interest no matter how much money you have in your account. That means your savings will start growing right away!
Easily access your funds
You can access your savings at any time. With your online bank, transferring funds between your accounts* is fast and easy.
A handy emergency fund
Your savings provide a financial cushion against the unexpected. If needed, you can withdraw funds to face emergencies.
How to open a savings account
Apply
Submit an application online in less than 5 minutes.
Deposit
Transfer funds from your online bank in just a few clicks.
Pros
- Easy access (great for emergency funds)
- CDIC insured
- No monthly maintenance fee
- No minimum balance
Cons
- Relatively low interest rate
- Hefty transaction fee
- no free e-Transfers
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
on National Bank's website
RECOMMENDED CREDIT SCORE
4.6/5
The National Bank World Elite Mastercard is a strong choice for frequent travelers who value rewards and comprehensive insurance coverage. With a generous earn rate on everyday spending categories like groceries and restaurants, it offers substantial value, especially if you redeem points for travel. The $150 annual travel credit effectively offsets the card's $150 annual fee, making this card almost "fee-free" if fully utilized. Additionally, the card’s airport lounge access, superior purchase protection, and extended warranties make it a great companion for those who prioritize convenience and peace of mind during their travels.
Pros
- High earn rates
- Annual travel credit
- Comprehensive insurance
- Unlimited airport lounge access
Cons
- High income requirements
- Annual fee
Rewards
- Earn up to 5 points per dollar in eligible grocery and restaurant purchases*
- 2 points per dollar in eligible gas and electric vehicle charging purchases, recurring bill payments and À la carteTM travel purchases*
- 1 point per 1 dollar in other purchases
Insurance
Coverage
Purchase Protection*
180 days
Extended Warranty*
Up to 2 years
Travel Medical Insurance (54 & under)
60 daysTravel Medical Insurance (55 to 64)
31 daysTravel Medical Insurance (65 to 75)
15 days
Trip Interruption
$5,000
Trip Cancellation
$2,500
Baggage Delay
$500Flight Delay
$500
Lost or Stolen Baggage
$1,000.svg)
Car Rental Damage & Theft
yes
Mobile Device Insurance
$1,000
Benefits
Details
Airport Lounge - National Bank
Unlimited access to the National Bank Lounge at Montréal-Trudeau Airport.svg)
Travel Credit
$150 refund per year on travel expenses (seat selection, airport parking, baggage fees, airline ticket upgrades and lounges)
Eligibility
Credit Score
GoodAnnual Income
$80,000 personal or $150,000 household
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 daysTrip Cancellation†
$1,500Trip Interruption†
$5,000Flight Delay†
$500Baggage Delay†
$1,000Lost or Stolen Baggage†
$1,000
Common Carrier Travel Accident Insurance†
$500,000Car Rental Damage & Theft†
yes
Hotel Burglary Insurance†
$2,500Purchase Protection†
90 daysExtended Warranty†
Up to 1 yearMobile Device Insurance†
$1,000
Benefits
Details
Visa Infinite Exclusive Benefits†
.svg)
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 CarTravel Credit†
Get an annual TD Travel Credit of $100 when you book at Expedia For TDAirport 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
16 products
Chequing
National Bank Bank Account for Newcomers
National Bank The Total Chequing Account
The Connected Chequing Account
National Bank The USD Progress Account
National Bank The Minimalist Chequing Account
Credit cards
National Bank Allure® Mastercard®
National Bank Business Mastercard
National Bank ECHO® Cashback Mastercard
National Bank MC1® Mastercard®
National Bank mycredit Mastercard
National Bank Platinum Business Mastercard
National Bank Platinum Mastercard®
National Bank Syncro™ Mastercard®
National Bank World Elite® Mastercard®
National Bank World Mastercard
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