TD Canada Trust Review

TD Canada Trust Review 2012: Account Pros/Cons, Fees, APY/APR Interest Rates on CDs, Savings, Checking, Money Market
TD Canada Trust, commonly referred to as simply TD, is the second largest bank in Canada and operates under the TD Bank Financial Group umbrella. They have received the J.D. Power and Associates award for “Highest in Customer Satisfaction” for the past 6 years in a row.

TD offers a full range of financial services to both personal and small business clients. They have been a pioneer in the migration from brick and mortar banking to the online world while also leading the Canadian banking industry in extended hours of operation at their physical locations.

Opening a standard personal chequing or savings account at TD is straightforward once you've decided which of their suite of accounts will best fit your needs. Mortgages, credit cards and accounts with lines of credit involve more detailed and time consuming applications with the requisite amount of paperwork.


TD Canada Trust Account Fees & Interest Rates


There are 4 levels of chequing accounts at TD and 2 savings accounts to choose from (all figures in Canadian dollars):


Chequing (all chequing accounts have an interest rate of 0.0%):


  • 'Select service' -- unlimited transactions, free safety deposit box, free monthly statements, free certified cheques. $29.95/month (waived with a $5,000 minimum monthly balance)
  • 'Infinity' -- unlimited transactions, free paperless monthly statements. $14.95/month (waived with a $3,500 minimum monthly balance)
  • 'Value Plus' -- 25 transactions per month, additional transactions $1.00 per transaction $10.95/month (waived with a $2,500 minimum monthly balance)
  • 'Value' -- 10 transactions per month, additional transactions $1.00 per transaction. $3.95/month (waived with a $1,500 minimum monthly balance)


TD Canada Trust Savings:


  • 'Every Day Savings' -- 1 transaction per month. No monthly fee. Interest Rate -- 0.25% on balance of $0.0 to $4,999.99; 0.50% on balance $5,000 and over
  • 'High Interest Savings' -- $5.00 fee per transaction. No monthly fee. Interest Rate -- 0.0% on balance $4,999.99 and under; 1.20% on balance $5,000 and over


EasyWeb


The internet banking portal for TD Canada Trust is known as EasyWeb and allows clients to manage their accounts 24/7 from anywhere with access to the internet. There is also a free app for mobile devices and both versions of EasyWeb come with an Online Security Guarantee – any unauthorized transaction is 100% reimbursed by TD.

Viewing statements, paying bills and transferring money between accounts is all easily accomplished through EasyWeb. The website is robust and easy to navigate and includes the ability to download account details and history to the most common third party financial software.


TD Canada Trust Mortgages


TD has the typical array of home mortgages common to all Canadian banks (variable and fixed rate; weekly, biweekly, semi-monthly and monthly payment options). They base their rates on the Bank of Canada's prime interest rate and offer terms from 6 months up to 10 years on amortization periods of 1 to 30 years.


TD Canada Trust Credit Cards


TD deals exclusively with Visa when it comes to credit cards and offer a plethora of rewards programs from travel points to General Motors product discount points. A credit card selector feature on tdcanadatrust.com is the easiest way to decide which card would best suit your needs. The interest rates and annual fees vary between different cards, but all fall within marketplace averages.


Pros


  • full compliment of banking services
  • financial stability, including Government of Canada deposit insurance
  • easy and convenient internet banking with mobile options
  • award-winning security and customer service, both online and in-house
  • industry leading extended hours of operation


Cons


  • no interest paid on chequing account balances, low interest rates on savings accounts
  • high monthly chequing account fees and steep minimum account balances to waive fee
  • exorbitant fees on additional transactions over monthly maximums


TD Canada Trust Review Summary


Canadians looking for a bank to handle their day to day financial needs should find themselves satisfied with TD Canada Trust. The account fees that are a highly ranked pet peeve of a majority of people are commonplace across the banking industry and are the price that is paid for the security and financial stability of the 'big 5' Canadian financial institutions. TD Canada Trust does use the income they gain from their fees to bolster customer service and have acted on their client's requests for more convenient hours and enhanced online options.

The days of needing to have all your financial services under one roof for the sake of convenience are gone in the internet age. A person can now easily pick and choose which institution will fulfill what need and mix and match services from different banks. TD Canada Trust offers enough variety to be included in that mix.

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