[Remembrance Day 2009]

TD Canada Trust, which used to attract new customers by offering iPods, is now offering hard, cold cash of up to $250 to customers opening a new bank account. The promotion was initially limited to a few locations but TD Bank has now extended it to all its branches. There are three tiers of cash bonuses on offer:

  1. $100 for opening any chequing account and signing up for direct deposit plus two pre-authorized debits or signing up for TD Bank’s Simply Save.
  2. $150 for opening up an Infinity Account or Select Service Account and fulfilling the above conditions.
  3. $250 for opening up an Infinity or Select Service Account, fulfilling the conditions in (1) and signing up for an approved TD Visa credit card and making ten purchases with it.

It may not make much sense to jump through hoops just to snag the cash offer but if you’ve considered switching to TD Canada Trust for their all-you-can-eat Select Service account, this may be the chance you were waiting for. The Select Service Account comes with unlimited transactions, personal cheques, a small safe deposit box, free US dollar chequing account and annual fees waived for many TD Visa cards. One of these cards, the TD Gold Elite Visa, offers emergency roadside assistance for the card holder and her family. The monthly fee on the Select Service Account is $24.95 which is waived with a monthly balance of $5,000. TD Bank’s offer is tempting because the Select Service Account features that I’m interested in (but don’t currently get for free elsewhere) are worth around $200 per year. Still, I’m inclined to stick to our current banking arrangements as I’m don’t want to constantly watch for the balance dipping below $5,000.

This article has 26 comments

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  2. Yeah, it would take an awful lot more than an offer like this to make me switch banks. I’ve had my eye on another bank for five years now, but the hassle involved in switching everything is just too great a barrier for me.

    Switching the basics like direct deposit etc. is simple, but when you have bills automatically paid from your chequing account, other bank and investment accounts linked to it (e.g., ING Direct, TD eSeries), and your credit card number on file with frequently used online merchants and charities, switching banks becomes a serious chore.

  3. Hey CC,

    I had my bank account with PC Financial. We had a chequing account, savings account, TFSA, car loan, line of credit (for emergencies) and mortgage.

    I contacted my local TD bank and asked for a free account based on my portfolio value with TD Waterhouse. They took a few days to think about it and offered me an Infinity account for 12 months, renewable each year as long as I didn’t pull my other assets from TDW. The Infinity account offers unlimited transactions. You will have to buy cheques but we don’t use a lot of them so it should be a one-time purchase.

    I was already in the process of moving my TFSA to TDW, so it was a no-brainer for me. They offer an EasySwitch services where they call you up and review the direct debits that needs to be ported over. They send the switch requests to the companies for you. I can still get PC points by using my PC Mastercard so no huge loss there.

    I have to say that having my Webbroker linked to my TD EasyWeb account is very nice. Once I log in to Webbroker I can click a link to get in to my bank account. Transferring money to my TDW accounts is very easy and I can even see my TDW account balances in the TD EasyWeb screen.

    In terms of my saving account, TDW offers an account that will give comparable interest to PC Financial…I do not believe it is advertised on their site. I am not switching my line of credit, car loan or mortgage. My mortgage is Variable -0.45 (1.8%) and my car loan can’t be matched by TD.

    And no, I do not receive compensation of any kind from TD. Just a satisifed customer.


  4. Same thing here, you have to go in and ASK for the “free” banking but it does happen if you are a good customer or a very good complainer (luckily I am both).


  5. Canadian Capitalist

    @brad: Fortunately, I don’t have any pre-authorized payments on my bank account. Still, I agree that it is a bit of a chore. I’m not convinced that Select Service is such a great deal considering it is $25/month. I’m going to find out if TD is willing to give me a break on banking fees if I move to TDW.

    @Cogsy: Thanks for the info. I suppose it is worth a shot asking if TDW is willing to provide a break on the banking fees. I like the convenience of consolidating all accounts in one place as well, which is why I like my arrangement with RBC.

    @Big Cajun Man: Hopefully, TDW will make a sweet offer to come back and I can consolidate everything with TD. I really liked TDW, especially wash trades and e-Series funds. RRSP season is coming up, so let’s see what TD comes up with.

    Perhaps, I should have made it clear in my post. I have no incentive, monetary or otherwise, to write this post. Just thought it would make an interesting post…

  6. I think it is CRAZY to have to pay $24.95 for any kind of account especially if you have a mortgage or investments with that particular bank. They use our deposits to lend back out to make money and then on top of that they charge us $299.40 a year on top of that! Bonkers.

    What I do is get the basic plan that covers my needs, keep the $1,500 minimum balance in the account to waive the fee, and then use cash for everything. I have all of my monthly charges like, cell, cable, gym, hydro, and insurance come out on my no fee cash-back card and then pay it off every month. I make five account withdrawals a month. One time cash withdrawals for each week of the month to cover all of my variable expenses and one credit card payment to pay for all of my fixed.

    It is also a nice way to keep a spending ceiling on my variable expenses because I know when my cash is gone for the week — bye, bye it’s gone. I could enjoy that saved $299.40 in bank fees so many ways.

    Love your blog CC,

  7. I admit to finding this very tempting.

    1. Get a 1% cashback card for no-annual fee. Current card is points only, equivalent to 1%, but not as flexible as cash.
    2. Get all the perks of a gold card – travel cancellation, roadside assistance, no need to buy car rental insurance, etc. My card does not have this.
    3. No fees for daily banking if $5000 balance kept. Not much bother really.
    4. My bank does not offer RESP’s. Ability to grow with TD.
    5. Could simplify future option to move into TD e-Series funds, TDW brokerage account, TFSA holdings. Current bank offers only cash TFSA.
    6. Almost forgot about $250 bonus bucks….
    7. Basically, this seems to amount to a full-service bank for no-cost.
    8. TD strikes me favourably as a corporation. Hard pressed to say exactly why. Good CEO, Jon Drummond in the house, J.D. Powers awards, e-Series funds, etc, I suppose.

    Small downside I can see is the opportunity cost of tying up $5000 in a 0.05% chequing account. This equates to $35 in taxable income ($25 after tax) that I lose by not keeping it in a high interest savings account elsewhere. This is not a big downside, compared to the upside. Could also get dinged with $25 monthly fee from time to time if I carelessly let the balance slip below $5000.

    Also a bit of an inconvenience to switch auto-withdrawals, but this doesn’t have to be done this all in one day. There are 2 paycheques on auto-deposit to present joint chequing account, and after switching one to TD, the other can stay and “float the boat” until all other details are transitioned.

    Seriously considering taking the plunge – need to fully think this out though first.

    Any other downsides to be seen? Perhaps I could do even better elsewhere?

  8. As I mentioned in my post, talk to your local TD branch about a free Infinity account. If you will have a significant value of assets with TDW, they should be able to give you a free account. I do not have to keep a minimum balance and I get unlimited transactions.

    Since my last post, I have also found out the name of the savings account with TDW. It is called Renaissance (ATL5000) and is bought and sold over the phone for no charge. It is currently at 0.75% which is comparable to high interest savings at other institutions. You can transfer money between your TD and TDW accounts easily if you need access to the money. You need a non-registered account with TDW for this to work.

    TD only offers one non-TFSA savings account that is also at 0.75%. You need to maintain a balance of $5,000 and you only get one free debit transaction (withdrawal or transfer) each month. Subsequent debit transactions are $5 each.

    Hope this helps,


  9. Canadian Capitalist

    @Ben: Your point #2 isn’t quite right. The Visa card comes with Trip Interruption insurance, not trip cancellation.

    I’m still mulling over the offer. The way I see it, I get a safe deposit box ($50), roadside assistance ($100) and US checking ($30) for a yield of about 3.6% on a $5,000 min. balance. With Cogsy’s comments, if TD Waterhouse offers an incentive to switch back in the near future and I can get some sort of deal on the all-you-can-eat banking, it may be attractive.

    @Cogsy: Thanks for all the information. Consolidating all accounts with TD does sound attractive. Especially, if I can get some sort of break on one of the all-I-can-eat accounts.

    TD seems to be playing it quiet about the Renaissance savings account. 0.75% is a competitive rate — maybe not the best but close enough.

  10. ……”You will have to buy cheques but”………here’s what you do if your at TDW all ready …… you tell them the terms “YOU” want to bank with them (no fees for anything, Free cheques,free transfers ,free Gold CC, etc,etc)……if they say no…..just tell them your new Bank or CU , will be sending a 2022 form…….worked for me

  11. CC,

    One of my friends went in to a local TD branch to get the free banking deal that I have. He laid everything on the table and talked about all of the business he could move to TD. He just recently moved all of his RRSP investments to TDW.

    Apparently they had just received a memo that TD could only offer free accounts for 3 months. Given that I just finished moving all of my money over I will not be happy if I get that line at the end of my 12 months.

    I can’t believe that the branch (and Corporate TD) would be so close-minded and not want to win all of his business. They reiterated about the minimum balance but it is more the principal of the whole thing.

    Just wanted to give you an update and encourage people to leave comments if they were told the same thing at their branch. It would be a shame if I had to move all my money back after 12 months but I refuse to pay for monthly banking fees. TD is making enough money from me on all my other products.


  12. MikeInMississauga

    I visited the local branch today and also ask to have the fees waived based upon my TD Waterhouse balance. The response was “No way we can do that….”

    I pointed out that “You’d waive the fees, for $5K/mon balance, however a balance 25 times higher in a TDW account is not good enough?” I then got a 3 minute explanation from the manager how TDW was actually not a part of TD Bank….blah, blah, blah.

    It’s nice to see that departmental silos are alive and well at TD Bank.

  13. No, you talk to your TDW -CFP,and you tell him or her to get it sorted out with your bank manager at your TD branch…….if they don’t , just tell TDW that your new Broker-bank will be sending over a 2022 form …..trust me TDW will get it sorted out.

  14. MikeInMississauga

    Re dj:

    I talked to the branch TDW CFP, and they just got back to me. No go. Just more explanations that branch banking and TDW aren’t really related in anyway….

    I told him that I’d be by later this week to cancel my US and Cdn trading accounts. He responded “Why would you do that…?” What a moron. Just doesn’t get it.

  15. Ok, Mike don’t rush it,shop around to find the best deal, also we are near year end, so wait until Jan.2010 to make the change (T5’s,TFees,Mfees)your 2009 tax return will go a lot smoother . Form number is T2033 (not 2022)….look at some of the CU deals out there….

  16. Pingback: The Renaissance High Interest Savings Account | Canadian Capitalist

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  18. Hi,

    @Cogsy, thanks for the tip re Renaissance.

    A tip: to get a no-fee unlimited bank account with automatic overdraft protection, unlimited checks, debits, etc. all you need to do is get a line of credit account and cancel your regular bank accounts. You can get use the LOC like a regular bank account (direct deposit, checking on ATMs, etc). The banks don’t like you doing this as it is a loop-hole (LOC make money off of you borrowing…but if you don’t borrow, everything is free). A good excuse is to say you do your daily banking somewhere else (like a bank that has no fees).


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  20. I find that $250. offer most unfair to curent clients. I was never offered anything when I chose TD/Canada Trust. I also have direct deposits and some bills paid directly.

  21. I keep posting my reply to no avail. I’m a present customer and was never offered anything when I joined the bank.

  22. Pingback: TD Canada Trust again offering up to $250 for new accounts | Canadian Capitalist

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  24. Scam! TD doesnt pay up for opening the account even after following all their rules. They expect you to follow up to see why they havent paid. They just hope people forget and take the money. In my case, after 9 months of fighting and following ups they agreed to pay with no additional compensation.
    Hi Ammar,

    This amount was originally supposed to be paid on March 31/2012.

    When promotions are offered, given the volume of the promotions, it is recommended that customers follow up if the funds are not credited.

    The Branch became aware of this error on June 15/2012 and from the investigation, the service plan was manually waived, (not at this Branch) causing the system not to make the payment to your account.

    No further compensation will be given at this time, but your $150 will be credited to your account at month end.

    Once again, I apologize for the inconvenience this has caused you. We appreciate your business.


    Roxanne Bacchus | Branch Manager | TD Canada Trust
    Transit 1529 | 673 Warden Avenue, Toronto, ON M1L 3Z5
    T: 416-690-5018 x 250 | F: 416-690-2740
    From: Ammar ****** ****** [mailto:******a@gmail.com]
    Sent: June 26, 2012 11:09 AM
    To: Bacchus, Roxanne Alison
    Cc: Maiolo, Robert

    Subject: Re: FW: Fall 2011 Chequing Cash Offer Cross-sell (Oct 26 – Dec 31/11)

    Thanks Roxanne.

    I would like to understand:
    1) When was this amount initially due?
    2) Had I not complained and followed up diligently numerous times, this amount would have never been credited to my account.

    I see this as a process gap within TD with no compensation for all the efforts put into it for resolving a TD error.

    Look forward to hearing back from you.
    On Tue, Jun 26, 2012 at 9:40 AM, Bacchus, Roxanne Alison wrote:
    Hello Ammar,

    As per my voicemail. Your complaint has been resolved.

    You will receive the promotion offer for the chequing account opened. Please note that this promotion was $150 and not $250 as indicated by you in an earlier email.
    The funds will be credited to your account at the end of the month when the exceptions are paid.

    I apologize for the inconvenience this may have caused. Thanks for continuing to chose TD Canada Trust.

    Please let me know if you require any further information.


    Roxanne Bacchus | Branch Manager | TD Canada Trust
    Transit 1529 | 673 Warden Avenue, Toronto, ON M1L 3Z5
    T: 416-690-5018 x 250 | F: 416-690-2740

    From: Ammar ****** ****** [mailto:******a@gmail.com]
    Sent: Wednesday, June 20, 2012 09:18 AM
    To: Maiolo, Robert
    Cc: Coraci, Angela
    Subject: Re: FW: Fall 2011 Chequing Cash Offer Cross-sell (Oct 26 – Dec 31/11)

    Haven’t heard back from either of you guys. Please acknowledge.
    On Fri, Jun 15, 2012 at 3:52 PM, Ammar ****** ****** wrote:

    You may not recall, but reason I had opened the account was as a result of the promotion being offered and had brought with me the mail offer that was sent to me. I am not sure why the fee would be waived manually without my consent, as I was told to maintain the balance of $5000/month in order to avoid fees, which I have done. You can review my account for the details.

    It has been frustrating last few months with multiple phone calls, long wait times, and different answers. Earlier I was told to wait 6 months from the date of opening (by you), then the customer service representatives, said April, then May. And now I am being told that my account fees was manually waived. I even tried contacting through email and was not sent a response, except for an automated response acknowledging the complaint.

    More than the $250 deposit, I feel at loss due to the time and effort I have put into resolving this. It appears TD is just trying to find loop holes to avoid fulfilling their end of the deal. I sincerely hope that this request now would be looked after in a timely manner and I am appropriately compensated for this extensive delay and round about runs.


    On Fri, Jun 15, 2012 at 3:42 PM, Mac, Van wrote:
    Good afternoon Robert,

    In the Fall of 2011, TD did a promotion for a cash back if a Select Service account was opened with all the requirements met. You had helped AMMAR ************** open his account for the promo but he didn’t get the cash back. When I forwarded his concern to our product group, they said that he didn’t qualify because his monthly fees had been manually waived. I’ve attached the communication I’ve had with the product group. You may want to talk to your Branch Manager to discuss a resolution you can provide to Ammar.

    Please contact him directly with the decision your branch decides to make. His can be called @ 416.728.6786 (cell), 416.480.3003(work) or emailed at ******a@gmail.com.

    Have a great weekend.


    Van Kim Mac

    • @Ammar: It is a stretch calling the TD promotion a scam. Thousands of Canadians (myself included) have taken advantage of this offer and received the bonus without any issues.

  25. Wonderful info, thanks.
    Are there any other similar attractive offers being made by othere banks…I am already with TD so I would like my “new bank” to cover the cost of a tablet for my 14 year old for X-Mas.