TD U.S. Daily Interest Chequing Account review
- Monthly Account Fee
- $0
Our verdict
Get a small return on interest whenever you build up your balance in US dollars with this innovative cross-border account.
The TD U.S. Daily Interest Chequing Account lets you earn a flat rate of interest on your US dollar savings. This account comes with no monthly fees, though you'll have to pay a fee of US$1.25 per transaction unless you keep a minimum balance of US$1,500 in your account. It's also important to remember that you'll still have to pay foreign exchange rates to switch between currencies when you make transfers.
Pros
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No monthly fees
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Earn interest in US dollars
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Quick internal transfers
Cons
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Fees in US dollars
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Currency exchange rates
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No bill payments
The TD U.S. Daily Interest Chequing Account is a cross-border account that offers a 0.01% interest rate on every dollar you put away. You won’t have to pay monthly account fees and you can seamlessly transfer funds between your Canadian and US accounts. Just be aware that you'll have to pay US$1.25 for every transfer you make from this account unless you hold a minimum balance of US$1,500.
30-second take
- Think about this account if you want to earn interest in US dollars and you don’t mind paying currency conversion fees.
- Choose something else if you’d prefer to make ATM withdrawals, bill payments or debit purchases using your US dollar account.
What are the benefits of the TD U.S. Daily Interest Chequing Account?
The TD U.S. Daily Interest Chequing Account comes with a number of benefits:
- No monthly fees. You won't have to pay monthly fees and you can get your transaction fees waived if you keep a minimum balance of US$1,500 in your account.
- Earn interest in US dollars. You’ll earn a flat rate of 0.01% interest in US dollars.
- Quick internal transfers. You can easily transfer funds between your US and Canadian TD accounts.
- No minimum deposits. You won’t be obligated to keep a minimum balance in your account (though you may want to for transfer fee rebates).
- Mobile banking. You’ll be able to manage your transactions and banking details hassle-free using the TD Mobile Banking app.
- Foreign currency services. You can access competitive exchange rates on US dollars and over 50 foreign currencies.
What should I look out for?
The TD U.S. Daily Interest Chequing Account has a handful of drawbacks that you may want to consider before you sign up:
- Fees in US dollars. You’ll have to pay transaction fees in US dollars, which can cut into your budget more than anticipated.
- Currency exchange rates. You might spend a significant amount on foreign exchange rates if you regularly transfer funds between your US and Canadian account.
- No bill payments. You won’t be able to pay bills, authorize cheques or set up pre-authorized payments using this account.
- Debit purchases aren’t allowed. It’s not possible to make point-of-sale transactions or Interac online purchases using your debit card.
- No ATM withdrawals. You won’t be able to withdraw cash using an ATM or debit card with this account.
- No Interac e-Transfers. You can’t send money to family or friends using Interac e-Transfers with the TD U.S. Daily Interest Chequing Account.
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How do I open a TD U.S. Daily Interest Chequing Account?
Follow these steps to open a TD U.S. Daily Interest Chequing Account online:
- Go to TD’s website and click “U.S. Dollar Accounts” under the tab “Bank Accounts”.
- Select the TD U.S. Daily Interest Chequing Account and click “Open Account”.
- Enter your personal information such as your full name, date of birth, Social Insurance Number (SIN) and email address.
- Submit your application and sign up for an online TD account with your new banking information.
Eligibility requirements
To apply for a TD U.S. Daily Interest Chequing Account, you need to meet the following criteria:
- Be a Canadian citizen or resident who is at least 18 years old (19 in some provinces)
- Be opening a sole account in your name
Required documents and information
- Your name, residential status and contact information
- Your Social Insurance Number (optional) and date of birth
- Your email address and phone number
How do I deposit or withdraw my money?
The only way to withdraw funds from this account is to transfer your money from your TD U.S. Daily Interest Chequing Account to your Canadian account. To deposit funds, you’ll typically need to transfer them into your US account from your Canadian chequing or savings account.
How can I get in touch with customer service?
It’s easy to get in touch with TD’s customer service team using a variety of methods:
- By phone. You can call into TD’s customer service hotline to get help from an agent over the phone.
- In person. If you’d prefer to deal with your account in person, you can choose to visit a branch to speak to a TD agent.
- By mail. It’s possible to send inquiries or documents to TD’s head office in Toronto.
- By email. You’ll be able to send secure messages from your online account to make inquiries about your TD U.S. Daily Interest Chequing Account.
Frequently asked questions about the TD U.S. Daily Interest Chequing Account
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