The Beginner’s Guide to TD

TD is one of Canada’s largest and most popular banks, offering a range of products and services through in-person and online banking.

In this guide, we provide an overview of TD’s bank account and credit card portfolio, with links to more in-depth articles on specific products and other key information.

A Brief History of TD

Toronto Dominion (TD) Bank was created on February 1, 1955, as an amalgamation of The Bank of Toronto and The Dominion Bank.

Over the past seven decades, TD has continued to grow in both size and in the diversity of its offerings.

Beginning with 499 branches at the time of amalgamation, TD now has over 2,200 branches and is currently the second largest bank in Canada and the tenth largest bank in the US.

Key Dates in TD History:

• 1855 – The Bank of Toronto was founded
• 1871 – The Dominion Bank opened its first branch
• 1955 – TD was created through the amalgamation of The Bank of Toronto and The Dominion Bank
• 2000 – TD purchases Canada Trust, expanding its market share in Canada
• 2005 – TD acquires Banknorth, marking its major entrance into US retail banking
• 2011 – TD acquires MBNA Canada’s credit card business

Chequing and Savings Accounts

TD has four personal chequing accounts and three personal savings accounts, which we’ll go over in this section.

When considering which type of account to open, it’s important to think about your banking priorities and preferences, and how you tend to use and access your account.

TD also often has promotional offers when you sign up for a specific account or multiple accounts together that can garner you a cash bonus, higher interest rates on savings, and other perks (e.g., merchandise).

Chequing Accounts

Chequing accounts are the best day-to-day account as they tend to offer more monthly transactions and lower fees compared to savings accounts. Plus, they often come with perks such as free Interac e-transfers and rebates on credit card annual fees.

To learn more, let’s take a look the key characteristics of each of TD’s personal chequing accounts from the simplest to the most comprehensive:

TD Minimum Chequing Account

• Monthly fee: $3.95 (all figures in CAD)
• Included transactions: 12 (additional transactions = $1.25/each)
• Interac e-transfers: $0.50/each (for transactions up to $100) and $1/each (for transactions above $100)
• ATM fees: $2 for non-TD ATMs in Canada, $3 for foreign ATMs in the US and…