A TD minimum chequing account refers to the balance required to waive the monthly fee on certain TD Canada Trust accounts, not a specific account type. The required minimum balance varies by account plan, ranging from $3,000 to $6,000. Maintaining this balance at the end of each day of the month is a key condition for the fee waiver. Understanding these rules helps Canadian account holders manage their banking costs effectively.
Understanding Minimum Balance Requirements
TD Canada Trust offers several chequing account plans where the monthly fee can be waived by maintaining a specified minimum balance. This is not a requirement to open an account, as there is no minimum balance needed to start a TD chequing or savings account. The condition applies specifically to avoiding the monthly account fee on select plans. The balance must be maintained at the end of each day throughout the month to qualify for the fee rebate. This daily calculation is a critical detail for account holders to monitor. Failing to meet the balance on even one day can result in the full monthly fee being charged.
The specific minimum balance amounts are tied to the features and pricing of each account tier. The concept of a minimum chequing account is often a shorthand for the most basic, low-fee option, which at TD is literally named the TD Minimum Chequing Account. However, the principle of fee waivers via minimum balance extends to other, more premium account packages as well. It is a common banking practice in Canada designed to encourage customers to consolidate their funds. The required balances are set by the bank and are subject to change.
Detailed Account Plans and Corresponding Balances
TD's chequing account lineup is structured in tiers, with each plan having a distinct monthly fee, transaction allowance, and minimum balance threshold for a fee waiver. The most budget-friendly option is the TD Minimum Chequing Account, which carries a monthly fee of $3.95. This fee is waived if a minimum daily balance of $3,000 is maintained. This account includes 12 transactions per month, which encompasses up to two full-serve transactions with a teller, plus unlimited public transit transactions.
The TD Everyday Banking Account has a monthly fee of $11.95, which is waived with a minimum daily balance of $3,000. It provides 25 transactions per month plus unlimited public transit transactions. The TD Unlimited Chequing Account carries a monthly fee of $17.95, which is waived by maintaining a daily balance of $4,000 or more. This account offers unlimited transactions for your peace of mind. At the premium end, the TD All-Inclusive Banking Plan has a monthly fee of $30.95, which is waived if you maintain a daily balance of $6,000 or more. This plan includes unlimited transactions and an annual fee rebate on select TD credit cards.
Accounts Without Minimum Balance Fees
Several TD account types do not rely on a minimum balance to avoid fees, as they have other qualifying conditions or are inherently fee-free. The TD Student Chequing Account has no monthly fee for clients who are under 23 years of age or can provide proof of enrollment in full-time post-secondary education. This account also includes unlimited transactions per month. For newcomers to Canada, the TD New to Canada Banking Package offers a benefit where the monthly fee is waived for the first year. This applies when starting with a TD Unlimited Chequing account as part of the package.
Furthermore, the TD Minimum Chequing Account itself has no monthly fee for specific groups without any minimum balance requirement. These groups include recipients of the federal Guaranteed Income Supplement, beneficiaries of a Registered Disability Savings Plan, and Indigenous Peoples from Canada. For these eligible clients, the account provides its features without the standard $3.95 monthly charge. It is important for individuals in these categories to identify themselves to the bank to secure the waiver.
How to Open a TD Chequing Account
Opening a TD chequing account can be done online, in branch, or over the phone. The online process is designed to be completed in less than five minutes for most accounts. To verify your identity, you will need a valid piece of government-issued photo ID, such as a Canadian driver's licence or a valid passport. You will also need to provide a valid email address and information about your employer. The bank takes account security and privacy seriously, and provides the TD Online and Mobile Security Guarantee. When selecting an account, understanding your typical monthly transaction volume is crucial. TD recommends that you consider how often you will use your chequing account and for what purposes to determine the right plan.
Some accounts include free cheques, though you must check the specific account features on the TD website to see which ones waive cheque fees. It is also possible to add your TD debit card to a digital wallet for contactless payments. While not required, TD suggests that business and personal expenses be managed through separate accounts. This helps with organization and can simplify accounting and tax preparation.
Common Mistakes and Key Considerations
A common error is misunderstanding the timing of the minimum balance requirement. The condition is based on the balance at the end of each day, not the average monthly balance. A single day below the threshold can trigger the monthly fee. Another mistake is overlooking the different transaction limits. Exceeding the included transactions on accounts like the Minimum or Everyday plans will incur additional per-transaction fees. Account holders should regularly review their banking activity to ensure they are on the most cost-effective plan for their usage patterns.
Failing to update your status with the bank can also lead to unnecessary fees. For example, a student who graduates but does not inform TD may start being charged on a previously free Student Chequing Account. Similarly, newcomers eligible for a one-year fee waiver must enroll in the specific New to Canada package to receive the benefit. It is also important to note that interest is not earned on most TD chequing accounts, with the exception of the TD Student Chequing Account and the U.S. Daily Interest Chequing Account. Finally, while there is no limit to how many chequing accounts you can open, managing multiple accounts with potential fees requires careful oversight.
Comparison of TD Chequing Account Plans
The following table outlines the key features and minimum balance requirements for TD's primary personal chequing accounts. This comparison helps illustrate the trade-off between monthly fees, included services, and the balance needed to avoid those fees. For example, the TD Minimum Chequing Account has a monthly fee of $3.95 and includes 12 transactions per month. The TD Everyday Banking Account has a monthly fee of $11.95, which is waived with a $3,000 minimum daily balance. The TD Unlimited Chequing Account has a monthly fee of $17.95, which is waived with a $4,000 minimum daily balance. Finally, the TD All-Inclusive Banking Plan has a monthly fee of $30.95, which is waived with a $6,000 minimum daily balance.
| Account Plan | Monthly Fee | Min. Balance for Waiver | Included Transactions/Month |
|---|---|---|---|
| TD Minimum Chequing Account | $3.95 | $3,000 | 12 (incl. 2 full-serve) |
| TD Everyday Banking Account | $11.95 | $3,000 | 25 |
| TD Unlimited Chequing Account | $17.95 | $4,000 | Unlimited |
| TD All-Inclusive Banking Plan | $30.95 | $6,000 | Unlimited |
As shown, the minimum daily balance required to avoid fees increases with the account's premium features and transaction limits. The TD Minimum Chequing Account offers the lowest fee and the lowest waiver threshold but also the fewest included transactions. The All-Inclusive plan, while having the highest fee and balance requirement, provides unlimited transactions and additional premium benefits like credit card fee rebates. Your choice should align with both your typical balance and your monthly banking activity.
Steps to Manage or Close Your Account
If you need to close your TD chequing account, you must visit your nearest TD branch in person or call TD Easyline at 1-888-663-3279. Certain conditions may apply to the closure process, so it is advisable to inquire about any final fees or requirements. Before closing, ensure all pre-authorized payments and direct deposits have been switched to a new account. You should also transfer any remaining balance out of the account to avoid complications. To effectively manage an existing account and potentially avoid fees, follow these steps. First, consistently monitor your daily account balance, especially if you are relying on the minimum balance waiver. Second, review your monthly statement to track transaction usage against your plan's limit. Third, update your personal information with TD promptly if your status changes, such as graduating from school or becoming eligible for a senior's benefit. Finally, periodically reassess if your current account plan still matches your financial habits, as your needs may evolve over time.
- Monitor your daily balance to maintain the fee waiver.
- Review monthly statements for transaction counts.
- Update your status with TD after life changes (e.g., student graduation).
- Reassess your account plan annually for fit.
- Switch pre-authorized payments before closing an account.
- Contact TD Easyline or visit a branch to close an account.
Frequently asked questions
What is the minimum balance for a TD chequing account to avoid fees?
The minimum balance required to waive the monthly fee depends on your specific account plan. For the TD Minimum Chequing Account, it is $3,000. For the TD Everyday Banking Account, it is also $3,000. The TD Unlimited Chequing Account requires $4,000, and the TD All-Inclusive Banking Plan requires $6,000. This minimum must be maintained at the end of each day of the month to qualify for the fee waiver.
How many transactions come with the TD Minimum Chequing Account?
The TD Minimum Chequing Account includes 12 transactions per month. This allowance includes up to two full-serve transactions conducted with a bank teller. The account also includes unlimited public transit transactions. Any transactions beyond the included 12 will incur additional fees.
Is there a fee for the TD Minimum Chequing Account?
Yes, the TD Minimum Chequing Account has a standard monthly fee of $3.95. This monthly fee can be waived if you maintain a minimum daily balance of $3,000 in the account. The fee is also waived for specific groups, including recipients of the Guaranteed Income Supplement, beneficiaries of a Registered Disability Savings Plan, Indigenous Peoples from Canada, and eligible newcomers to Canada during their first year. This account is designed for those with minimal banking needs and includes 12 transactions per month, with up to two of those being full serve transactions, plus unlimited public transit transactions.
Can students get a free TD chequing account?
Yes, students can get a free TD chequing account through the TD Student Chequing Account. This account has no monthly fee for clients who are under 23 years old or who can provide proof of enrollment in full time post secondary education. It offers unlimited transactions per month and includes a Monthly Plan Overdraft Protection service at no cost. Unlike other accounts, it does not require maintaining a minimum balance to avoid fees, making it a budget friendly option for students and youth.
What is the difference between a TD chequing and savings account?
A TD chequing account is a spending account for day to day banking needs like paying bills, making purchases, and withdrawing cash, with funds easily accessed via ATM, online, or in branch. A savings account is intended to help you achieve longer term savings goals. Most TD chequing accounts do not earn interest, with the exceptions being the TD Student Chequing Account and the U.S. Daily Interest Chequing Account. Chequing accounts are your financial hub for regular transactions, while savings accounts are better suited for accumulating funds over time.
Sources and further reading
- Chequing Account | Open an Account Online td.com
- Compare the Best Chequing Accounts in Canada ratehub.ca
This article explains how things work and is not financial, tax or legal advice. Rules, limits and rates change, so check the current figures with the Canada Revenue Agency, your province or your financial institution before you act.