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.

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.

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.

Cogsy

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.

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,

Cogsy

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?

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,
Dave