TD Canada Trust is the second-largest Canadian bank by assets, and the one with the most branches in the Atlantic provinces + Ontario. Here’s an honest look at what they actually give you for the fees.
Last reviewed: May 2026. No affiliate relationship with TD.
Where TD wins
- Branch network. ~1,100 branches across Canada — second only to RBC. Strong in Ontario + Maritimes. If you regularly need to walk in (cheque deposits over $25K, mortgage signing, estate paperwork), TD is rarely a problem.
- TD Newcomer Banking Package. Generally considered the best newcomer offering among the Big Six. Year-1 fee waivers, credit card without Canadian credit history, US-side accounts (useful if you’re transferring funds from a US account), free international transfers from select corridors.
- TD Easy Web app. Recently rebuilt; one of the better banking apps in Canada. Reliable bill pay, e-Transfer, mobile cheque deposit.
- TD Direct Investing. $9.99/trade (free for accounts with $50K+ combined). Strong research tools via Thomson Reuters integration. Active traders get WebBroker desktop.
- TD Insurance. Auto + home insurance often competitive, especially in Atlantic provinces. Bundled discounts when you also bank with TD.
- US cross-border banking. TD owns TD Bank USA, so transferring money between Canadian + US TD accounts is fast + low-fee. Useful for snowbirds.
Where TD loses
- Chequing fees. TD All-Inclusive is $30/month (waived at $5,000 balance). TD Unlimited is $16.95/month (waived at $4,000). The “no-fee” Minimum is $4/month with just 12 free transactions — basically useless. Online banks (Tangerine, EQ, Simplii) all give you no-fee unlimited chequing with no minimum balance.
- Savings rates. TD Every Day Savings pays around 0.10-0.30% in 2026. EQ Bank pays 3.0-4.0%. On $20K, that’s $600-$800 of free money you’d leave behind by parking savings at TD.
- USD account fees. $3.50/month + transaction fees. Wealthsimple Cash does USD for free.
- Mortgage rates. TD’s posted rates are typically 0.20-0.40% higher than what a broker can find. On a $500K mortgage, that’s $10-20K of interest you could save by using a broker.
- TD Mutual Funds in TFSA/RRSP. 2.0-2.5% MER vs 0.20% for equivalent ETFs. If a TD advisor pitches you their funds for your registered accounts, politely decline + open self-directed TD Direct Investing with index ETFs instead.
The TD Newcomer Banking program — what you actually get
- $300 cash bonus when you set up direct deposit (typical promo; check current terms)
- No chequing fee for 12 months
- Free Interac e-Transfers
- Credit card approval without Canadian credit history (typically TD Cash Back Visa or Aeroplan)
- Free international transfers via TD Global Transfer to ~20 countries (varies by corridor)
- Optional safety deposit box discount
Eligibility: arrived in Canada within the last 5 years as a permanent resident, foreign worker, or international student.
Who TD is right for
- Newcomers in their first 2 years — the package is genuinely good
- Snowbirds who need easy CAD ↔ USD transfers
- People in Ontario or Atlantic Canada who value branch access
- Mortgage applicants with $250K+ portfolios at TD Direct Investing (rate discounts on mortgages for premium-tier clients)
Who should look elsewhere
- Anyone with $5K+ in cash savings — park at EQ Bank for 3-4% vs TD’s 0.3%
- Mortgage shoppers — always compare TD’s offer to a broker quote before signing
- DIY investors with under $50K — Wealthsimple Trade has free trades; TD Direct charges $9.99 until $50K threshold
- Cost-sensitive customers — Tangerine + EQ stack saves you $200-$400/year vs TD
The verdict
TD is a solid full-service bank with the second-best branch network in Canada and arguably the best newcomer program. It’s not the cheapest, and the savings rates are weak. The smart play for most TD customers: keep your chequing + day-to-day at TD if you value the branch relationship, but park your savings at EQ Bank or Simplii for actual interest. You get TD’s convenience without TD’s 0.3% savings rate.
Frequently asked questions
Can I keep my TD chequing account and still earn decent interest on savings?
Yes, and that’s actually the setup I’d recommend for most TD customers in 2026. Keep TD for chequing (bill pay, branch access, mortgage signing), then link an EQ Bank Personal Account or Simplii High Interest Savings to it. Transfers between TD and EQ take 1-2 business days via EFT and are free. On a $20K emergency fund, you’re picking up roughly $700/year in interest vs leaving it in TD Every Day Savings at 0.30%.
Is the TD Newcomer credit card worth taking if I have no Canadian credit history?
For the first 12-18 months, yes — it’s one of the few cards you can actually get approved for without a Canadian credit file, and TD reports to both Equifax and TransUnion so you build credit on both bureaus. A friend who landed from Vietnam in 2022 used the TD Cash Back Visa for a year, hit a 720 score, then moved to a no-fee Tangerine card. The key is paying the full statement balance every month — interest sits around 20.99%, which wipes out any cash back fast.
Should I let a TD advisor put my TFSA or RRSP into TD Mutual Funds?
No — and this is where TD costs people the most money quietly. TD Comfort Portfolios and TD Managed Assets run 1.9-2.4% MER, while equivalent TD e-Series index funds inside TD Direct Investing run 0.20-0.45%. On a $50K TFSA over 25 years, that fee gap costs roughly $90,000 in lost compounding. If the advisor pushes mutual funds, ask specifically for TD e-Series or open a self-directed account and buy VEQT/XEQT instead.
How does TD’s mortgage compare to going through a broker?
TD typically posts rates 0.15-0.40% higher than what a broker can source from lenders like MCAP, First National, or Strive. On a $500K mortgage at a 25-year amortization, 0.25% difference is about $70/month and $21,000 over a 5-year term. TD will sometimes match a broker quote if you bring it in writing, especially if you have $250K+ at TD Direct Investing — but you have to ask. Don’t sign their first offer.
Is TD’s US cross-border banking actually useful for snowbirds?
Yes, this is one area where TD genuinely beats the online banks. Because TD owns TD Bank N.A. in the US, you can move funds between your Canadian TD USD account and a TD Bank US chequing account same-day with no wire fee — when my mom asked me about this for her Florida condo deposit, it saved her the $45 wire fee RBC was charging. The FX spread is still around 2-2.5%, so for large conversions Wise or Norbert’s Gambit through TD Direct Investing is cheaper.
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