TD Minimum Chequing Account

Pros

• Lowest flat monthly fee among TD’s standard personal chequing accounts
• Completely free for several specific eligible groups (GIS recipients, Indigenous peoples from Canada, RDSP beneficiaries, newcomers in year one)
• 12 included transactions plus unlimited public transit transactions covers basic day-to-day banking
• Free Interac e-Transfer sends
• Meets Canada’s basic banking access requirements for a low-cost account

Cons

• The $3.95 fee applies regardless of balance for customers outside the eligible groups — there’s no way to waive it by keeping money in the account
• Only 12 transactions included, fewer than TD’s other chequing accounts
• Additional transactions cost $1.25 each once you exceed the 12 included
• Requesting money via Interac e-Transfer costs $0.50 (up to $100) or $1.00 (over $100), unlike some no-fee accounts that don’t charge for this
• Non-TD and foreign ATM fees apply on top of the monthly fee

Best For

• Anyone who qualifies for the fee waiver (GIS recipients, Indigenous peoples from Canada, RDSP beneficiaries, or newcomers in their first year)
• Light bankers who use 12 or fewer transactions a month and don’t want to keep a minimum balance elsewhere
• Someone who specifically needs a basic, low-cost account that meets Canada’s basic banking access standards

Not For

• Anyone who regularly exceeds 12 transactions a month, since each additional one costs $1.25
• Customers who’d rather pay no fee at all by keeping a balance, since this account doesn’t offer a balance-based waiver for most people
• Frequent Interac e-Transfer requesters, given the per-request fee