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Published October 20, 2023

Canada’s TD Bank Review

TD Bank offers bank accounts, credit cards and investment options aplenty. But watch for service fees and minimum balance requirements.

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TD Bank at a glance

TD Bank was founded in 1955 and is one of Canada’s Big Six banks.

  • TD Bank account options
    Visa credit cards
  • Other TD Bank services
    Loans and lines of credit
    Wealth management services
    Business accounts and financing

TD Bank overview

The Toronto-Dominion Bank, or TD Bank, is known as one of Canada’s Big Six banks. It serves more than 27.5 million customers around the world, including 15 million in Canada, and has a robust product lineup that reflects its many decades in business. TD Bank offers a broad spectrum of personal and business accounts, including chequing and savings accounts, credit cards, investments, lending products and more. You can find TD branches and ATMs in every province and territory in the country, with the exception of Nunavut. And its digital banking platform, EasyWeb, can be accessed from a variety of devices.

Online banking capabilities at TD Bank

TD Bank’s online banking portal is called EasyWeb. It offers online and mobile banking access for customers who prefer to bank digitally. From the EasyWeb platform, you can pay bills, transfer money, manage your investments, deposit cheques and more. Customers can access TD’s online banking services from a computer, tablet, mobile device, or Apple Watch.

TD’s main mobile app for Apple and Android devices lets you manage your accounts, make payments, deposit cheques and more. It has 4.5 stars on the Apple App Store and 4.2 stars on the Google Play Store, as of this writing.

TD also offers two other apps. TD MySpend is a budgeting app that can track and categorize your expenses and help you save toward big goals. TD Wallet lets you store loyalty and membership cards, along with the balance of gift cards.

Is my money safe at TD Bank?

TD Bank carries Canada Deposit Insurance Corporation (CDIC) insurance, which covers up to $100,000 of eligible deposits if TD goes under. It also has coverage from the Canadian Investor Protection Fund (CIPF), which protects up to $1 million of investor assets across different accounts in the event of insolvency. TD Bank customers are also protected from losses that result from unauthorized transactions. 

The bank uses firewalls, 128-bit data encryption and website cookies to protect sensitive banking data. Additionally, TD customers can elect to enroll in voice authentication technology to further safeguard their accounts.

TD Bank accounts and services

As one of Canada’s biggest banks, TD offers a wide selection of accounts for you to choose from.

TD Bank savings accounts

None of TD’s personal savings accounts have monthly fees.

TD Bank chequing accounts

TD Bank credit cards

TD Bank credit cards include a large selection of options, including:

» MORE: Read our review of the Expedia for TD travel rewards program

TD Bank investing accounts

Other TD Bank services

TD Bank

Find the best TD bank services to meet your needs

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TD Bank fees

Banking fees vary by account and service. Here are some of the common fees you may encounter using TD Bank’s financial products:

Who TD Bank is best for

Canadians who prefer a Big Bank and want to keep all their financial accounts in one place.

TD Bank has much to offer. In fact, there isn’t much missing from its account and service lineup, which means it may be a good choice for people who want to keep all their financial accounts in one place, and desire a mix of in-person and digital banking services. TD Bank’s foothold in the U.S. is also good news for those who frequently cross the border or deal in U.S. dollars. Overall, TD Bank may be a practical fit for people who want a one-stop shop for their financial accounts and prefer a bank that can offer both in-person and online services.

Pros and cons of TD Bank

There’s plenty to like about TD Bank but no bank or credit union is without its drawbacks. Here’s what to consider before you open an account.

Pros of TD Bank

Cons of TD Bank

How TD Bank compares to other big banks

TD BankBMO BankRBC Bank
Number of countries served10More than 1029
Number of branches in CanadaMore than 1,000More than 800More than 1,200
Mobile app?YesYesYes
Are deposits insured?Yes, by the Canada Deposit Insurance Corporation.Yes, by the Canada Deposit Insurance Corporation.Yes, by the Canada Deposit Insurance Corporation.

TD Bank frequently asked questions

What does TD Bank stand for?

The Toronto-Dominion Bank, or TD Bank, is the retail banking arm of TD Bank Group — an international financial services provider.

Does TD Bank send text alerts?

Yes. TD Bank sends text alerts to warn customers about suspected fraudulent activity. It may also send you a text message to confirm changes you make in the TD app.

About the Author

Shannon Terrell

Shannon Terrell is a lead writer and spokesperson for NerdWallet, where she writes about credit cards and personal finance. Previously, she was a writer, editor and video host for financial…

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