TD Review 2026: Chequing and Savings
Written by Lauren Brown,
Edited by Kevin Shahnazari
Last updated on September 28, 2026
FinlyWealth rating
🏅
3.9
Products they offer:
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.
on Toronto-Dominion Bank (TD)'s website
Overview
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.
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
Product Reviews
Savings Accounts
1.7 Our rating
on TD's website
Welcome Bonus
N/A
Regular Interest
Up to 0.45%
Monthly Fee
$0
The TD ePremium Savings Account targets Canadians who keep larger cash balances and want to earn a higher savings rate than on the bank’s basic savings account. There is no monthly fee, with no cost for transfers made to other TD accounts.
The account’s biggest limitation is that the higher interest rate only applies once your balance reaches the $10,000 qualifying level. As a result, savers with a smaller balance may find other accounts more beneficial. The ePremium Savings Account works for existing TD customers who have substantial savings, though other accounts from competing banks and digital providers may provide more value with better long-term rates.
- Interest earned on balances above $10,000
- Minimum balance not required
- No monthly account fee
- No cost transfers made online or in app between TD chequing and savings accounts ($5 charge per transaction otherwise)
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
The TD Growth Savings Account rewards customers who maintain a larger balance through a tiered interest rate structure. It allows eligible customers to receive a higher rate once they reach a certain balance, all without paying a monthly fee.
The account, however, offers little value to those with a smaller balance, so modest savers may find better returns from competing savings accounts that pay the same rate on every dollar deposited.
Existing TD customers who plan to keep a significant cash balance may benefit from the account. Some other banks and digital institutions provide a more attractive rate without requiring customers to meet balance thresholds.
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)
2.45 Our rating
on TD's website
Welcome Bonus
N/A
Regular Interest
0.01%
Monthly Fee
$0
The TD Every Day Savings Account provides a simple place to store cash while maintaining easy access to your money. There is no monthly fee, and customers can make a single withdrawal every month.
While it does pay interest on the balance, the account offers a lower interest rate than some of its competitors. If you prioritize a higher return on your savings, it might be wise to look to a digital institution instead, though existing TD customers may appreciate the account’s integration with the rest of their banking.
- Earn interest on your entire balance
- No monthly account fee
- No minimum balance required
- Includes one free transaction per month ($3 charge thereafter)
- No limit on transfers to TD deposit accounts
Chequing Accounts
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
TD’s Unlimited Chequing Account is designed for everyday banking for those who don’t want to worry about transaction limits. While the account pays no interest on the balance, that is quite common for chequing accounts.
With no cap on debits, bill payments and e-Transfers, the account works to meet your daily banking needs. It’s a feasible option, though the account’s monthly fee is on the high side. A fee waiver is available if you meet their minimum balance, similar to other accounts from the traditional banks.
The Unlimited Chequing Account from TD is a sound option if you want an account with a major bank and access to their large branch and ATM network. Many digital institutions have a similar offering that comes with a lower price tag though.
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
on TD's website
Welcome Bonus
N/A
Regular Interest
Up to 0%
Monthly Fee
$11.95 (waivable)
Account Type
Chequing • Personal
Designed for Canadians with lighter banking needs, the TD Every Day Chequing Account provides a set number of monthly transactions. It does not pay interest on your balance, which is common amongst traditional chequing accounts.
This account includes free Interac e-Transfers as well as access to TD’s extensive branch and ATM network. With a monthly fee that is lower than TD’s premium chequing options, the Every Day Chequing Account is ideal for those who only require moderate usage.
If you prefer using a traditional bank and don’t require unlimited transactions, this account is a practical option. For heavy banking users or those seeking a low-cost alternative, there may be other accounts offering stronger value.
- 25 no-cost monthly transactions
- Full fee rebate if you meet the minimum balance requirement of $3,0001
- Free Interac e-Transfers
- $2 charge from TD for non-network ATM transactions in Canada
- Paper statement $2.00 monthly
- Earn bonus stars at a rate of 0.5 for every dollar spent at participating Starbucks
Account fees
Monthly fee
$11.95
eStatement
Included
Transactions
Free transactions / month
25
ATM fees
Own network
$0
Canadian ATMs
$2
USA
$3
International
$5
3.6 Our rating
on TD's website
Welcome Bonus
N/A
Regular Interest
Up to 0%
Monthly Fee
$3.95 (waivable)
Account Type
Chequing • Personal
If you are looking to keep banking costs as low as possible while still maintaining access to a major bank, the TD Minimum Chequing Account is one of the bank’s most affordable choices. The account includes 25 monthly transactions, which is more than some of the competing low-cost chequing accounts offered by its big bank competitors. It also has free e-Transfers.
The account delivers value for those who do not need unlimited transactions. However, frequent users may outgrow the account and find better value with an unlimited chequing account or no-fee digital alternative.
- Low cost account with a monthly fee of $3.95 and waived for specific individuals1
- No minimum balance requirement
- 25 no-fee monthly transactions and unlimited transactions on public transit
- Free Interac e-Transfers
- $2 charge from TD for non-network ATM transactions in Canada
- Paper statement included
- Earn bonus stars at a rate of 0.5 for every dollar spent at participating Starbucks9
Account fees
Monthly fee
$3.95
Fee waiver: fee waived for certain individuals1
Full waiver
eStatement
Included
ATM fees
Own network
$0
Canadian ATMs
$2
USA
$3
International
$5
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
Students looking for a no-cost banking solution will find plenty to like with the TD Student Chequing Account. Not only does it have no monthly fee, but it also comes with unlimited transactions and extensive branch and ATM access. It’s particularly useful for those students studying away from home in other parts of the country.
Paying a 0.010% interest rate on all balances, the TD Student Chequing ranks ahead of many competing student accounts. Some digital alternatives may have additional perks, though this account stands out amongst student accounts offered by the big banks.
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
Explore TD credit cards
See our full guide to TD's best credit cards.
Read guide
Customer Experience
3.2/5
As the second biggest bank in Canada, TD has mixed reviews for customer satisfaction. Its mobile app is well rated, and it has a broad product offering and North American infrastructure. But the bank’s customer service is lacking, which drags its score down. Like many of the other Big Five banks in Canada, TD receives criticism from its customers for negative experiences with staff members. Many say the service is both “slow and inefficient.” Customers have also noted difficulties with TD’s complaints system. As a result, Trustpilot gives the bank a rating of only 1.3 out of 5 stars.
Rating Methodology
How We Rate Toronto-Dominion Bank (TD)
Our ratings are based on a comprehensive evaluation of each financial institution across multiple categories. We assess the quality and competitiveness of their products, fees, interest rates, customer experience, and overall value proposition.
Overall Rating
A weighted average reflecting the institution's performance across all evaluated categories.
Product Offerings
Evaluates the breadth and quality of available products including credit cards, savings accounts, and chequing accounts.
Fees & Rates
Compares monthly fees, interest rates, and fee waiver options against industry standards.
Customer Experience
Assesses the quality of customer support, digital banking tools, and overall user experience.
Rating Scale: All ratings are on a scale of 0 to 5, where 5 represents exceptional performance and 0 represents significant concerns. Ratings are reviewed and updated regularly to reflect changes in products, pricing, and services.
Frequently Asked Questions
TD stands out for its cross-border banking integration with the United States. It also maintains the second-largest number of branches nationwide.
TD operates a large retail banking business in the United States, making it a solid choice for cross-border services. The bank is popular amongst snowbirds, travellers, and Canadians who regularly spend time in the U.S.