TD Canada Trust’s defining advantage over every other Big 5 bank is its branch hours. Many TD locations stay open until 8 PM on weekdays and are open on Saturdays, with some Sunday hours as well — a meaningful difference for Canadians whose schedules do not align with the 9:30 AM to 5:00 PM window most competitors maintain. That physical accessibility, combined with the strongest cross-border banking relationship in the country via TD Bank in the United States, makes TD the default choice for snowbirds, cross-border workers, and anyone who genuinely values in-person service at flexible hours.
The trade-off is cost and yield. TD’s monthly fees are higher than online alternatives, and its savings rates are a fraction of what EQ Bank and other online banks pay. On a $20,000 savings balance, the gap between TD’s posted savings rate and EQ Bank’s current high-interest rate can translate to $500–$700 or more in foregone annual interest. TD’s platform is excellent; the question is whether the branch access and cross-border capability justify the cost premium over fully online alternatives.
TD at a Glance
| Feature | Details |
|---|---|
| Full name | TD Canada Trust |
| Parent | Toronto-Dominion Bank |
| Headquarters | Toronto, Ontario |
| Branches | 1,100+ across Canada |
| ATMs | 3,500+ (TD Green Machine network) |
| CDIC insured | Yes |
| US banking | TD Bank (America’s Most Convenient Bank) |
| Known for | Extended branch hours; cross-border banking |
TD Quick Reference
| Topic | Details |
|---|---|
| Routing & Transit Number | Institution number: 004 |
| ATM Withdrawal Limit | $1,000/day standard |
| E-Transfer Limit | Up to $3,000/transaction |
| Wire Transfer Limit | Up to $50,000/day online |
| Mobile Deposit Limit | Up to $5,000/cheque |
| Customer Service | 1-866-222-3456 (24/7) |
| Branch Hours | Mon–Fri 9:00 AM – 8:00 PM (many locations) |
| Fees | From $3.95/month |
Chequing Accounts
TD’s chequing lineup spans from a bare-bones minimum account to an all-in premium tier. TD Minimum Chequing is a flat $3.95/month with no balance waiver and a 12-transaction limit, which is impractical for everyday spending — most Canadians exceed 12 transactions per month without thinking about it. TD Every Day Chequing at $11.95/month raises the cap to 25 transactions and is waived at a $3,000 minimum daily balance. The TD Unlimited Chequing Account — TD’s most commonly used account — removes the transaction cap entirely for $17.95/month and is waived when you hold a $4,000 minimum daily balance, making it free for anyone who keeps that level in their chequing account. (td.com, verified August 2026)
The All-Inclusive Banking Plan at $30.95 (waived at $6,000) includes features that justify the premium if you would otherwise pay for them separately: free bank drafts, a safety deposit box, an annual fee rebate on a qualifying TD credit card, and free Interac e-Transfers and wire transfers. If you hold the $5,000 balance to waive the fee and use two or three of those perks, the All-Inclusive account has real value.
| Account | Monthly Fee | Fee Waiver (Min Balance) | Transactions |
|---|---|---|---|
| TD Minimum Chequing | $3.95 | None (flat fee) | 12/month |
| TD Every Day Chequing | $11.95 | $3,000 | 25/month |
| TD Unlimited Chequing Account | $17.95 | $4,000 | Unlimited |
| TD All-Inclusive Banking Plan | $30.95 | $6,000 | Unlimited + extras |
| TD Student Account | $0 | N/A | Unlimited |
| TD New to Canada | $0 for 1 year | N/A | Unlimited |
Savings Accounts
TD’s savings rates are low relative to online banks — this is the most significant financial disadvantage of keeping money at a Big 5 bank. The TD High Interest Savings Account pays a promotional rate for new deposits before reverting to a standard rate well below what EQ Bank or other online banks pay on an ongoing basis.
The practical approach for most TD clients: use TD for everyday chequing and branch access, move savings to EQ Bank or another high-interest account. The gap on a $20,000 savings balance can compound to thousands of dollars over a few years.
Credit Cards
TD’s credit card lineup is one of the strongest at any Canadian bank, anchored by its Aeroplan Visa Infinite and Cash Back Visa Infinite cards. The Aeroplan partnership makes TD the natural bank for Air Canada loyalists — the card earns 1.5 Aeroplan points per dollar on groceries, gas, and Air Canada purchases. The Cash Back Visa Infinite earns 3% on groceries, gas, and recurring bills — one of the highest flat rates available from a Big 5 bank in those categories.
| Card | Annual Fee | Earn Rate | Best For |
|---|---|---|---|
| TD Cash Back Visa Infinite | $139 | 3% groceries, gas, bills | Cash back spenders |
| TD Aeroplan Visa Infinite | $139 | 1.5 pts/$ groceries, gas, Air Canada | Air Canada travellers |
| TD First Class Travel Visa Infinite | $120 | 8 TD pts/$1 on travel | Flexible travel rewards |
| TD Rewards Visa | $0 | 2 TD pts/$1 | No-fee travel rewards |
| TD Cash Back Visa | $0 | 1% groceries and gas | No-fee cash back |
TD regularly offers first-year annual fee waivers as promotional incentives. The All-Inclusive chequing account includes an annual fee rebate on select TD credit cards, which effectively reduces the net cost of the Infinite tier to $0 if you maintain the $5,000 chequing balance.
Investing
TD Direct Investing is a full-service online brokerage with access to Canadian and US stocks, ETFs, options, bonds, GICs, mutual funds, and all registered account types (TFSA, RRSP, FHSA, RESP, margin). The platform integrates seamlessly with TD banking accounts, which is its main appeal over standalone brokerages.
The significant drawback is commissions: $9.99 per equity trade, reduced to $7.00 for active traders (150+ trades/quarter). This compares unfavourably with Wealthsimple Trade ($0 for Canadian equities) and Questrade (ETFs free to buy). For most buy-and-hold investors, a commission-free platform is meaningfully better value.
| Service | Commission | Minimum | Account Types |
|---|---|---|---|
| TD Direct Investing | $9.99/trade | $0 | All registered + margin |
| TD Automated Investing (robo) | 0.50% annual fee | $0 | TFSA, RRSP, non-registered |
Cross-Border Banking
TD’s US banking subsidiary is its most distinctive differentiator. TD Bank in the United States operates as a full US retail bank — not just a FX product — with thousands of US branches, primarily concentrated in the Northeast and Southeast. Canadian TD clients can open a US TD Bank account and transfer funds between their Canadian and US accounts through the TD app.
For snowbirds, cross-border commuters, and Canadians who frequently spend in USD, this eliminates the friction and fees of currency conversion on every US transaction. No other Canadian Big 5 bank offers an integrated US retail banking relationship of this scale.
TD vs Competitors
| Feature | TD | RBC | BMO | Simplii |
|---|---|---|---|---|
| Monthly fee (unlimited) | $17.95 | $16.95 | $17.95 | $0 |
| Fee waiver balance | $4,000 | Value Program (no fixed balance) | $4,000 | N/A |
| Branches | 1,100+ | 1,300+ | 900+ | 0 |
| Extended evening hours | Yes (to 8 PM) | No | No | N/A |
| US banking | TD Bank US | RBC Bank US | No | No |
| New to Canada program | Yes (1 year free) | Yes | Yes | Yes |
Who Should Bank with TD
Extended hours and branch access. If your schedule requires evening or weekend in-person banking, TD is the only Big 5 bank with hours that reliably accommodate this. Until 8 PM on weekdays at many locations, with Saturday and some Sunday service, is meaningfully better than the competition.
Cross-border Canadians. Snowbirds, cross-border commuters, and Canadians who spend extended time in the US benefit from the TD Canada / TD Bank US relationship more than from any other banking product available in Canada.
Aeroplan collectors. TD’s Aeroplan Visa Infinite is one of the strongest Aeroplan-earning cards available. Air Canada loyalists building Aeroplan balances are well-served by the TD ecosystem.
Not the right fit. If you do not use branches, do not travel cross-border, and do not collect Aeroplan points, TD’s monthly fees and low savings rates are hard to justify versus no-fee online alternatives. Moving to Simplii or Tangerine for chequing and EQ Bank for savings would eliminate the monthly fee entirely and earn substantially more on savings balances.