I used to have chequing account with TD and CIBC but eventually moved to PC Financial for the following advantages:
1. unlimited transactions
2. no minimum balance
3. free cheques
4. free online cheque images
5. No monthly fee.
Frankly, PC financial has its cons which, from my experience, cannot provide efficient counter services like bank draft.
I have been with PC Financial for more than seven years and am very satisfactory with PC Financial. (My bank card was compromised in year 2009 and someone withdrew around $100 from account. PC Financial credited money back in two days after I found the issue.)
PC Financial account is still number one daily banking account for my family.
I vaguely remember that it was December last year when I got the flyer from TD bank mentioning giving you bonus if opening a chequing account. I threw it into garbage with whole bunch of other flyers.
At the time of renewing my TD Auto Club ( I have TD Gold Select Visa Card) membership, I noticed TD Gold Elite (with $99 annual fee) covering the membership fee. When I check TD website, I was surprised that TD Select Service Account provides the advantage to waive TD GOLD Elite annual fee.
After reading TD Select Service Chequing Account brochure on their website, I found this type of account really fits some of my needs above my daily banking.
1. Look for Auto Club with less or no annual fee. I have two cars in my home, one is covered by manufacture’s auto club, and the other one is covered by TD Auto Club with $79 annual fee.
2. Need US dollars once a while. I usually change some US dollar when traveling.
3. Want a US dollar credit card for traveling outside of country. (The best deal I could find was BMO US dollar card with $25.00 annual fee).
4. Have been thinking of a safe deposit box for some time to keep passports, wills and etc.
5. Look for ways to waive my wife’s TD Waterhouse RRSP account administration fee.
TD Select Service Chequeing Account can provide the following benefits:
Benefits | My Minimum Saving | |
1. Unlimited transactions | 0 | PC Financial |
2. Deposits are FREE | 0 | |
3. Annual fee waived on a TD Gold Elite Credit Card | 0 | |
4. 1% rebate spent on TD Gold Elite Credit Card | 0 | |
5. TD Gold Elite Credit Card which translates to FREE TD Auto Deluxe Auto Club. | $79 | TD Deluxe Auto Club |
6. FREE small Safety Deposit Box | $42.50 | |
7. FREE certified cheques No-fee Canadian and U.S. Dollar drafts | $5 | Twice a year |
8. FREE personal cheques | 0 | |
9. FREE cheque image service if you choose Paperless Record Keeping | 0 | |
10. No commission fee for Canadian and U.S. traveler's cheques | 0 | |
11. No TD or network fee for non-TD ATM use anywhere in world | 0 | |
12. A free U.S. Dollar Account | 0 | |
13. TD U.S. Dollar Visa Card with annual fee waived | $25 | BMO US dollar Visa |
14. No commission fee for regular U.S. Dollar Travelers' Cheques | 0 | |
15. $25 off the annual fee on your Self-Directed RSP/RIF with TD Waterhouse Discount Brokerage | $25 | |
Total Minimum Saving: | $176 |
But the price is
No interest on balance with monthly fee: $29.95 - or waived with a $5,000 minimum monthly balance.
I won't get any interest on $5000 in this account. I may make 7% average return yearly if investing in dividend paying stocks. (There is no guarantee). That means I lose $350 to keep this account and other binding benefits.
TD Select Service Account won’t save you $350 per year from minimum saving perspective. But considering my total financial portfolio balance, I have to keep emergency fund in some places, either saving account or under my mattress.
As far as I know, the best deal might be 2.5% from Canadian financial institutions;it translates to $100 per year. From this perspective, I can save $76 by having TD Select service account.
Saving $76 is good, but the flexibility and other functions of this account are even better. It is really worth to have one.
The best part is when I went to branch, I was told, there is a promotion option in my bank profile, that I can get $150 bonus if, in two months after opening this account, I can deposit my pay through payroll to this account and do two or more bill payments.
I was also told there was another promotion that if using TD Gold Elite card 10 times in two months, I would be able to get extra $100. But that promotion is not in my profile yet, I have to wait, the time is uncertain.
I am happy with $150 bonus and I decided to open the account with current promotion.
There was a trick. If I want to get $150 bonus, I have to deposit $5000 to my account on the day of opening account, otherwise, I have to pay the monthly fee for this account ($29.95). This is in the fine print.
Another benefit is the 1% rebate on TD Gold Elite Visa Card. Not like other rebate cards which having different rebate layers, this card rebates 1% on all spendings.
BTW, I also got overdraft limit $5000 charged on per use basis. That means my emergency fund increased by $5000. That is not a bad either.
Questions? Search it.
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