The TD Minimum Chequing Account is very well suited for people with minimal banking needs. Notably, seniors over 60 years old who are collecting the Guaranteed Income Supplement (GIS) and Registered Disability Savings Plan (RDSP) beneficiaries can use this account without paying the $3.95 monthly fee.
Customers will receive 12 transactions per month with this account. Additional transactions are $1.25 each and various fees apply for Interac e-Transfers and non-TD ATM usage. All in all, the TD Minimum Chequing Account covers your basics but may not be useful for those who require more from their chequing account.
TD Minimum Chequing Account features
The TD Minimum Chequing Account is meant for people who don’t need much in terms of monthly banking options, which is why the account has such a low monthly fee. Here’s a handy list of account features, benefits, and additional transaction fees:
Why You Want It
12 transactions a month + Free for GIS recipients and RDSP beneficiaries.
Special Features
- 50% more Stars at participating Starbucks stores
- Free for RDSP beneficiaries and seniors receiving GIS
Eligibility
- Age of majority
Provinces
ALL
Features
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
12
# Of Free Monthly Interac E-Transfers
0
Monthly Fee
$3.95
Excess Transaction Fee
$1.25
Excess Interac E-Transfer Fee
1
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
N/A
Promo End Date
N/A
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
TD Minimum Chequing Account product rating: 2.8 stars
The TD Minimum Chequing Account caters to users who don’t need much from their bank, offering a manageable monthly fee of $3.95 that includes 12 transactions. This fee is waived for seniors receiving GIS payments and RDSP beneficiaries. Its unique partnership with Starbucks adds value to the everyday banking experience.
However, the account falls short for anyone making more than 12 transactions per month. Its excess transaction fees and charges for non-TD ATM use in Canada and abroad could be a limitation for those who travel or prefer digital transactions. While this account scores points for its basic functionality and specific customer exemptions, it's not as handy for users who transact regularly or need more comprehensive banking features.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of TD Minimum Chequing Account
Every account has pros and cons, so to start, let’s look at the advantages of the TD Minimum Chequing Account. In this section, we'll uncover how its features align with the needs of those with minimal banking requirements:
Pros
Free for seniors collecting GIS
Seniors who receive the Guaranteed Income Supplement don’t have to pay the standard $3.95 monthly fee to use the TD Minimum Chequing Account. This feature provides financial relief for these seniors, ensuring accessible basic banking without extra costs. It's a practical choice for older adults managing their finances on a fixed income.
Free for RDSP beneficiaries
The monthly account fee is waived for those receiving from an RDSP, making the account particularly accessible for individuals with disabilities. The fee exemption for RDSP beneficiaries reflects a commitment to providing inclusive financial services to a wide range of customers.
Low monthly fee
The low, $3.95 monthly fee makes the TD Minimum Chequing Account stand out. This modest fee helps those who need minimal banking services to avoid the higher costs associated with more feature-rich accounts. It’s a basic, budget-friendly banking solution.
Earn extra Starbucks rewards
The TD Minimum Chequing Account offers an additional perk for coffee enthusiasts: the ability to earn 50% more Stars at participating Starbucks stores. By linking their eligible TD Access Card with Visa Debit to a Starbucks Rewards account, customers can enhance their coffee experience with these extra rewards.
The cons of TD Minimum Chequing Account
While the TD Minimum Chequing Account offers several advantages for basic banking needs, it's important to consider its limitations before deciding whether this is the right account for you. In this section, we'll look at the areas where it falls short:
Cons
Limited amount of transactions
The TD Minimum Chequing Account includes 12 transactions per month, which would be restrictive for those who use their account frequently. Beyond these 12 transactions, each additional activity incurs a fee of $1.25. These extra fees can really add up for users who frequently make purchases, pay bills, or send transfers.
Additional transaction and ATM fees
There are a lot of extra fees associated with the TD Minimum Chequing Account. While the first 12 transactions each month are included, each additional transaction costs $1.25. Plus, there’s a $2 fee each time users access funds through non-TD ATMs in Canada, increasing to $3 in the U.S. and Mexico, and $5 in other foreign countries.
No free e-Transfers
The monthly account fee doesn’t include Interac e-Transfers. Users are charged $0.50 for each e-Transfer up to $100 and $1 for each e-Transfer over $100. This can be a drawback for customers who regularly use electronic transfers for bill payments or sending money to friends or family.
TD Minimum Chequing Account alternatives
Let’s explore some alternatives to the TD Minimum Chequing Account below:
 |  |  | |
|---|---|---|---|
| Account | Scotiabank Basic Bank Account | RBC Day To Day Banking Account | BMO Performance Chequing Account |
| Genius Rating | |||
| Why You Want It | Free for seniors + Low $3.95 monthly fee. | $0 fee with Value Program Rebate + Save on fuel at Petro-Canada. |  $50 GeniusCash + Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. |
| Minimum Balance To Waive Fee | N/A | N/A | $4,000 |
| # Of Free Monthly Transactions | 12 | 12 | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $3.95 | $4.00 | $17.95 |
| Excess Transaction Fee | $1.25 | $1.25 | N/A |
Show More | |||
| Open an account See more Scotiabank products Compare | Learn More See more RBC products Compare | I Want This Deal See more BMO products Compare |
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FAQ
What is the TD Minimum Chequing Account fee?
There’s a monthly fee of $3.95 to use the TD Minimum Chequing Account. This fee covers up to 12 transactions per month, including 2 full-service transactions, with additional costs for extra transactions and specific services like Interac e-Transfers.
Is there a TD Minimum Chequing Account minimum balance?
The TD Minimum Chequing Account doesn’t require a minimum balance, allowing flexibility for users to maintain any account balance without incurring additional fees or penalties for falling below a certain threshold.
What is the TD Minimum Chequing Account transaction limit?
The TD Minimum Chequing Account includes a monthly limit of 12 transactions. Beyond this, each additional transaction incurs a fee of $1.25. Both in-branch and electronic transactions are included in this limit.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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