Toronto-Dominion Bank (TD) vs Wealthsimple

Item: Toronto-Dominion Bank (TD)
Rating: 3.9

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)

3.9

Open account Read full review

Wealthsimple

4.3

Open account Read full review

Wealthsimple edges ahead on our overall rating (4.3 vs 3.9), but the right pick depends on which products and fees matter most to you.

Overview

Top chequing accounts

Top savings account

Top credit card

All products offered

Open Toronto-Dominion Bank (TD) account Open Wealthsimple account

Compare TD with other banks

TD vs ATB

TD vs BMO

TD vs Scotiabank

TD vs CIBC

TD vs Desjardins

TD vs EQ

TD vs KOHO

TD vs Manulife Bank of Canada

TD vs Meridian

TD vs National Bank

TD vs Neo

TD vs PC Financial®

TD vs RBC

TD vs Simplii Financial™

TD vs Tangerine

Compare Wealthsimple with other banks

Wealthsimple vs ATB

Wealthsimple vs BMO

Wealthsimple vs Scotiabank

Wealthsimple vs CIBC

Wealthsimple vs Desjardins

Wealthsimple vs EQ

Wealthsimple vs KOHO

Wealthsimple vs Manulife Bank of Canada

Wealthsimple vs Meridian

Wealthsimple vs National Bank

Wealthsimple vs Neo

Wealthsimple vs PC Financial®

Wealthsimple vs RBC

Wealthsimple vs Simplii Financial™

Wealthsimple vs Tangerine

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.

Launching in 2014, Wealthsimple’s goal was “to use technology to give powerful financial tools to many.” Since then, the company has grown to have $124.8 billion in assets under administration and 3.4 million customers as of the end of Q1 2026.

While Wealthsimple began as a digital investment platform, it quickly expanded into banking, offering no-fee chequing accounts that pay interest on every dollar. It is uncommon to find a Canadian chequing account that pays interest, which is part of the reason why FinlyWealth rated the account highly at 4.8 out of 5. Though the institution does not have its own ATMs or branches, you can still deposit cash for your Wealthsimple account at Canada Post and receive reimbursement of any amount covering unlimited ATM fees worldwide. Banking and credit card customers also have access to the company’s spend insights tool, which tracks transactions and category spending.

Wealthsimple’s rewards support its strong rating. It has a competitive credit card offering with 2% in cashback rewards with a simple structure of flat earn rates across all categories. This differs from many institutions, which instead offer cashback on certain categories of spending only. While its credit cards are well-ranked, though few in number, its options for borrowing are limited. The institution has lines of credit, which you can take out against your portfolio, and they also provide mortgages through outside brokers.

Beyond traditional banking, Wealthsimple’s claim to fame is its investing platform, where it offers both managed portfolios and self-directed investments. The firm differentiates itself from the biggest banks in Canada by charging no commissions on DIY trading. Even its options platform has $0 commission on trades.

Today, the institution remains on the cutting edge, having become “Canada’s first regulated crypto platform” and making a recent announcement about soon providing access to the prediction markets through a mobile app called Wealthsimple Predict. Both of these initiatives are unique offerings for a financial institution in Canada.

Overall rating

3.9

4.3

Customer experience

3.2

3.5

Best for

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.

Canadians who want a digital-first financial platform that combines no-monthly-fee banking with $0 commission stock and ETF trading.

Pros & cons

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

Pros

No-fee chequing account with unlimited transactions
Chequing account earns interest on every dollar
Strong digital investing platform
No minimum balance requirements (interest rates instead increase for those with a higher relationship balance)
Offers both self-directed trading and managed portfolios
$0 commission on stocks and ETF trades, making it more affordable than traditional banks
Cash deposits available through Canada Post
Unlimited reimbursements on ATM fees worldwide which improves access for banking customers
No foreign transaction fee on its credit card
Continuous innovation and rollout of new services
Ability to buy, sell and earn cryptocurrencies on its platform
Cashback earnings can go to any eligible Wealthsimple account

Cons

TD Student Chequing Account

4.8 Our rating

OPEN ACCOUNT

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

Welcome Bonus Details

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

Highlights

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

TD Unlimited Chequing Account

3.9 Our rating

OPEN ACCOUNT

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

Welcome Bonus Details

Earn up to $750 in value for new TD Unlimited Chequing Accounts.

Interest rates

All balances 0%

Highlights

No limit on transactions
Full fee rebate if you meet the minimum balance requirement of $4,000^{1, 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

Wealthsimple Chequing

4.6 Our rating

OPEN ACCOUNT

on Wealthsimple's website

Welcome Bonus

$25 bonus when you sign up and fund at least $1*

Regular Interest

Up to 2.25%

Monthly Fee

$0

Account Type

Chequing • Personal

Welcome Bonus Details

New to Wealthsimple? We'll give you a $25 cash bonus when you open your first Wealthsimple account through this page and fund at least $1 within 30 days*

Highlights

CHEQUING & SAVINGS:

For everyday spending and saving

Some accounts are good for parking and growing your money, while others are good for avoiding fees and restrictions. Wealthsimple chequing accounts are great for all of those things.

Interest rates starting at 1.25% (up to 2.25%)²
No minimums, monthly fees, or overdraft penalties
No ATM fees or Foreign Transaction (FX) fees^4,5
Access to 60,000 ATMs across the country
Third-party ATM fee reimbursements without limits⁴
Unlimited free Interac e-Transfers^®, bill payments, and debit transaction
0.5% interest boost (up to 2.25% total) when you set up eligible direct deposits⁶
Up to $1 million in CDIC deposit insurance coverage on eligible CAD deposits⁷
Up to eight individual and eight joint accounts to help organize your money for different goals like vacations, emergency fund, etc.

Account Fees

Monthly Fee

$0

eStatement

Included

Transactions

Unlimited free

Interac e-Transfers

Unlimited free

ATM Fees

Own Network

$0

Canadian ATMs

$0

USA

$0

International

$0

International & Currency

Foreign Currency Conversion

0%

Other Fees

NSF (Non-sufficient Funds)

$0

Overdraft Interest

0% annually (if used)

Bank Draft

$10

TD Growth™ Savings Account

2.6 Our rating

OPEN ACCOUNT

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

Welcome Bonus Details

Earn a Boosted Savings Rate for eligible accounts with balances over $5,000¹

Highlights

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)

Wealthsimple Savings

4.6 Our rating

OPEN ACCOUNT

on Wealthsimple's website

Welcome Bonus

$25 bonus when you sign up and fund at least $1*

Regular Interest

Up to 2.25%

Monthly Fee

$0

Welcome Bonus Details

New to Wealthsimple? We'll give you a $25 cash bonus when you open your first Wealthsimple account through this page and fund at least $1 within 30 days*

Highlights

CHEQUING & SAVINGS:

For everyday spending and saving

Some accounts are good for parking and growing your money, while others are good for avoiding fees and restrictions. Wealthsimple chequing accounts are great for all of those things.

Interest rates starting at 1.25% (up to 2.25%)²
No minimums, monthly fees, or overdraft penalties
No ATM fees or Foreign Transaction (FX) fees^4,5
Access to 60,000 ATMs across the country
Third-party ATM fee reimbursements without limits⁴
Unlimited free Interac e-Transfers^®, bill payments, and debit transaction
0.5% interest boost (up to 2.25% total) when you set up eligible direct deposits⁶
Up to $1 million in CDIC deposit insurance coverage on eligible CAD deposits⁷
Up to eight individual and eight joint accounts to help organize your money for different goals like vacations, emergency fund, etc.

TD First Class Travel® Visa Infinite* Card

4.7

Finly Rating

APPLY NOW

on TD's website

Exclusive · From FinlyWealth$50$140 rebate

Limited offer · ends

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†.

Rewards Rate

2x - 8x

Points

Annual Fee

$139 $0

Interest Rates

21.99% / 22.99%□

RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660⁎

Good

725⁎

Very Good

760⁎

Excellent

⁎Estimates based on Equifax scoring

Get your free credit score

Our Rating

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 & Cons

Pros

High rewards
First-year fee rebate
Extensive insurance
Annual travel credit

Cons

High income requirements
Low point value
Potentially week booking portal

Card Details

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 days
Travel Medical Insurance (65 to 75)^†
4 days
Trip Cancellation^†
$1,500
Trip Interruption^†
$5,000
Flight Delay^†
$500
Baggage Delay^†
$1,000
Lost or Stolen Baggage^†
$1,000
Common Carrier Travel Accident Insurance^†
$500,000
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^†
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
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
Good
Annual Income
$60,000 personal or $100,000 household

Wealthsimple Visa Infinite Privilege*

4.4

Finly Rating

APPLY NOW

on Wealthsimple's website

Welcome Bonus

Get 5% cash back for the first 30 days (1)

Rewards Rate

2%

Cash Back

Annual Fee

See Rates

Interest Rates

20.99%* / 22.99%*

RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660⁎

Good

725⁎

Very Good

760⁎

Excellent

⁎Estimates based on Equifax scoring

Get your free credit score

Our Rating

4.4/5

The Wealthsimple Cash Back Visa Infinite Privilege offers a no-FX-fee spending solution with a conditional no-fee setup that earns 2% cash back on all purchases without any limits! It's currently the ONLY Visa Infinite Privilege card with an annual fee that can be completely waived. It also lets you grow your rewards—as you can deposit your cashback whenever you want in a high-interest chequing account. Its simplicity and flexibility make it ideal for many Canadians.

Pros & Cons

Pros

Decent cashback
No premium client annual fee
No foreign transaction fees
Solid insurance
Airport lounge access

Cons

High annual fee
High income requirements

Card Details

Rewards

2% cash back on all eligible purchases, no limits.

Insurance

Coverage

Mobile Device Insurance
$1,000
Purchase Protection
90 days
Extended Warranty
1 year
Travel Medical Insurance (64 & under)^*
14 days up to $2M (under age 65)
Trip Cancellation^*
$1,500/person ($5,000 per trip)
Trip Interruption^*
$1,500/person ($5,000 per trip)
Baggage Delay^*
$1,000 ($1,250 combined with Lost or Stolen Baggage coverage)*
Lost or Stolen Baggage^*
$1,000 ($1,250 combined with Baggage Delay coverage)
Car Rental Damage & Theft^*
31 days, $65K car MSRP

Benefits

Details

No Foreign Transaction Fees^*
Avoid FX fees when you travel abroad
Visa Infinite Exclusive Benefits^*
Airport Lounge - Dragon Pass^*
6 complimentary visits

Eligibility

Credit Score
Good
Annual Income
$150,000 personal or $200,000 household

Overdraft protection is only available if you link it to your portfolio and is unavailable for joint chequing and USD accounts
No dedicated ATMs
Mortgages available through partners only, not in-house
No broad insurance offering, unlike some full-service institutions
No branches available for in-person service
Trend of customer service complaints
Customer criticism regarding locked or frozen accounts
Reports of intermittent outages