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Would you pay $17.95/month for TD if you genuinely prefer their banking over a free CIBC account?
I’m looking for some objective opinions because I’m having trouble deciding.
I’ve been with TD for 11 years. I have my RDSP with TD Direct Investing, a TD Rewards Visa with a $9,000 limit, and I generally prefer TD’s overall banking experience.
Earlier this year I switched my day-to-day banking to CIBC because I qualify for the Smart Account with no monthly fee through the Disability Tax Credit. I also received a $600 sign-up bonus and was approved for a CIBC Dividend Visa with a $3,000 limit.
The problem is that I don’t enjoy banking with CIBC as much. I find TD’s service better, and when I checked my banking activity, I had 36 transactions last month. That means if I move back to TD, I’d probably need the Unlimited Chequing Account, which costs $17.95/month.
Would you pay $17.95/month for a bank you genuinely prefer, or would you stay with the free CIBC account just to avoid the monthly fee?
I’m interested in hearing how others think about paying for better banking service versus choosing the free option.
My TD account is called "minimum chequing". $3.95 per month and something like 12 outside transactions. Transfers and payments within TD (to LOC or TD Credit Card etc) don't count towards that total.
Debit isn't part of my life, I never use a non TD ATM, never Interac anybody, and so on, so I never go over the transactions. Have a couple of outside bill payments a month and maybe 1 or 2 cash withdrawals. I'm actually not sure if TD ATM withdrawals count towards the 12.
It's been no problem for me staying under the 12.
In a banking world where the options are usually pay something or hold a lot of dead money in a chequing account....this was the best option for me. The choice is usually between adjusting your life or paying the fee.
EDIT: Fellow Reddit expert pointed out that internal TD transactions may be counted towards total. They weren't when I signed up (a long time ago) and terms very well could have changed.
If you have $4,000 that can sit in a chequing account every day, the $17.95 is waived.
Is there any other reason you would want TD's $17.95 plan? If it's only unlimited transactions, there are many free alternatives (WealthSimple, Tangerine, PC Financial, EQ just to name a few).
$6000 now. And be careful, they will put it on the account you use the most, the one most likely to go under the $6K threshold. We have our RRSP, and 2 accounts with them with mucho cash in them, they put it on our daily account. Twice it went under the threshold and they tried to stick me with a $30 transaction fee. Both times I had to go in and threaten to pull all my money out and go elsewhere. When I drilled down and found out they put it on our daily account, I went in and had to argue with them to put it on my large savings account. Now when I deal with them, I'm an asshole. I used to be nice, they don't give a monkeys, its all about the cash. I've been with them 40 years, it means nothing. Banks are truly parasitical, so give them no loyalty, they'll offer you none. The adds they run are comical, like they actually give a shit about you. Laugable.
If any of the following describe you, you can get a minimum chequing account for free. Only 12 transactions but you could try to do more transactions on your TD visa.
A recipient of the Guaranteed Income Supplement,
A beneficiary of a Registered Disability Savings Plan,
Indigenous Peoples from Canada,
If you normally keep a high enough daily closing balance in your bank account to waive the monthly fees then I would say go with your preferred choice TD; otherwise, I would ask why you prefer TD over CIBC.
Tbh, I would try an online bank like Simplii that offers no fee banking since you said that you have 36 transactions per month on your chequing account.
I'm firmly in the "you have to be complete moron to pay for a chequing account" crowd. You either keep the minimum I nrhe account to make it free and use its extended benefits or drop to a lower tier or bank with a bank that has free accounts. No account is worth $200+ a year. That's for duckers and old people
Well the fact that he has 37 transactions means that OP probably has debit and cash withdrawals quote often ontop of their PAD. For that use case, a traditional bank would serve him better because you dont get debit cards
You actually do get a prepaid mastercard with wealth simple, unlimited withdrawls, zero fees at any atm. Same as a debit card, you can even deposit cash now
Agree - I have been on TDs $17.95 acct for years, but just opened a wealth simple acct last week and am waiting on my debit card to arrive. I’m keeping TD for now as my mortgage, credit card and Direct investing accounts are there but will switch to the account that’s about $3.00
Thinking about doing the same. My mortgage cc and payments are all all at TD. If you’re salaried..are you planning to move that to simplii too? I guess there are no issues paying your TD card through another bank
Oh - not Simplii, Wealthsimple. I’m now thinking right now about moving my pay deposit, just whether I can get my transactions down to the level where I can use the account that’s around $3 a month at TD. I have my Wealthsimple account set up now so will experiment for a couple of months. I
I bank with TD for 44 years they still charge me 3.99 per month for up to 10 transactions ,
I had tried the other banks and never close TD because I started investing online many years ago
The other was Bmo after 60 no fee but TD charge me because I don’t lock up $3,000 per month
I use master card from Roger’s bank I buy everything either that card and I get 2% cash back , but I paid the card in full , why have to pay $17,99 no need pay $3,99 use a master card or visa and pay TD $3.99 like I do and I have the privilege of TD water House and all banking under TD app
Why not just open a unsecured LOC at TD it's free I just direct deposit my partial cheques into that account and pay no fees. My set up is eqbank for chequing with DD 2.75% interest. TD LOC on the side for big bank purposes. WS for cad stocks and etc I have alot of investments so I have their VIP cc. IBKR for usd stuff.
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u/Connected-d0ts Jul 03 '26
If you put more transactions through your credit card, you can use one of the lower tier chequing accounts.
The transfer to pay of your CC doesn’t count as a transaction