Closing a TD bank account is one of the cost-effective decisions you will make when looking to improve your banking experience.
As digital banking continues to dominate the Canadian banking industry, we have many reasons to bid brick-and-mortar banks goodbye.
TD Bank shares the common characteristics of most traditional brick-and-mortar banks in Canada which include low-interest rates and high fees.
Notwithstanding, you may want to close your TD account due to divorce or relocation to a place where TD doesn’t exist. Regardless of your reasons, you can close your TD bank account anytime you wish.
This article provides a step-by-step guide on how to close a TD Bank account fast. It also provides some of the best alternatives to TD Bank accounts.
What to Do Before You Close a TD Bank Account
The first thing you want to do before closing any bank account is to empty your account. This means withdrawing all your money or transferring them to another account.
If you don’t have another bank account, you need to create a new one before closing your TD account.
But if you don’t want to withdraw or transfer your money before closing the account, you can proceed to close the account and cash the funds by cheque or draft.
In a situation where you set up Autodeposit with your TD bank account probably on your investment account, you need to deactivate the automated transfer before closing the account.
Other things you need to do before you close your TD Bank account include:
- Clearing all negative balances
- Updating your paycheck information
- Downloading or printing your account statement for the previous six months
How to Close TD Bank Account
There are four major ways you can close a TD Bank account – online, by phone, in-branch and by mail. The method you used will depend on your preference, account balance and account type.
Below is an overview of the different methods of closing a TD bank account within a few minutes.
1. Online
If you have a zero account balance, you can close your TD account online by sending a secure e-mail request through your TD Online Banking account.
The subject of the email should read “Request to Close Bank Account” and the body should contain your full name, account number and reasons for the account closure.
After reviewing your request, a TD customer service representative will respond to your email probably within a business day depending on the time you sent the email.
2. By Phone
So far your bank account balance is empty, you can also close your TD bank account by phone. All you need is to call the bank customer service at 1-888-751-9000 or 1-866-222-3456.
The customer service will ask you a series of questions to understand your needs and authenticate your account ownership.
To achieve the desired result, ensure you provide the TD customer care representative with the correct answers and follow all the given instructions.
3. In-Branch
This option is tailored to business accounts and individuals with money in their personal accounts. In this case, you need to visit the nearest TD branch to close your account in person.
You can easily locate the nearest TD branch by using the Branch Locator.
Once you find a branch, you need to book an appointment at a time that works for you.
4. By Mail
Finally, you can also close your TD bank account by mail especially if you have money in the account.
All you need is to write a letter and address it to the closest TD branch. In the letter, you need to state your request and reasons for the account closure in addition to providing your banking information (e.g full name and account number).
After writing the letter, you need to sign and notarize it before mailing it to the nearest TD branch.
About TD Bank Accounts
Chances are that you’re just not comfortable with your current TD account but you still want to bank with TD.
If that’s the case, you need to compare all the TD Bank accounts to see if you can find a suitable one.
The following is an overview of all the TD Bank accounts for your easy comparison:
1. TD Minimum Chequing Account
As the name implies, this chequing account serves minimal banking needs. The account has the following features:
- $3.95 monthly fee (no fee for RDSP account holders and seniors who are receiving GIS)
- 12 transactions per month
- $1.25 transaction fee
- Free transactions on your initial 12 months
- Online statements
2. TD Every Day Chequing Account
This chequing account is tailored to individuals looking to make everyday banking at a low cost. The account has the following features:
- $10.95 monthly fee, $8.20 for seniors. (The fee is waived if you have a $3,000 minimum monthly balance)
- 25 transactions per month
- $1.25 transaction fee
- Free transaction on your initial 25 transactions per month
- Free Interac e-Transfers
3. TD Student Chequing Account
If you’re a student or youth looking for a no-fee chequing account, this account may be suitable for you. The account has the following features:
- No monthly fee until you reach the age of 23
- A $75 promotional Amazon.ca Gift Card
- Unlimited transactions per month
- Free Interac e-Transfers
- Free paper/online statement
- Overdraft Protection service
4. U.S. Daily Interest Chequing Account
This account is designed for Canadians looking to bank through a US dollar account at a low cost. Below are the key features of the account:
- No monthly fee
- Fast exchange on Canadian dollar-USD
- Daily interest in USD on a $1,000+ balance
- $1.24 USD transaction fee
- Currency exchange on over 50 foreign currencies
5. TD Unlimited Chequing Account
As the name implies, this bank account is tailored to individuals looking for unlimited banking experience in everyday banking. The account has the following key features:
- $16.95 monthly fee ($5 rebate for seniors aged 60 or older, and a full monthly fee rebate when you have a minimum monthly balance of $4,000)
- Annual fee waiver for the first year on eligible TD credit cards
- A $300 promotional Amazon.ca Gift Card
- Unlimited transactions
- Free ATM access in Canada
- Free Interac e-Transfers
6. TD Every Day Savings Account
The TD Every Day Savings Account is designed for those looking to start saving or accessing their money frequently. The following are the key features of the account:
- No monthly fee
- Daily interest on every dollar
- 1 transaction per month
- Free transfers to other TD Bank accounts
- Free online statements
- Automated savings option
7. TD High-Interest Savings Account
Compared to the HISAs of other big banks, the TD High-Interest Savings Account is up to its name. However, the same can’t be said if you compare the account with online-only banks’ high-interest savings accounts. The following are the key features of the account:
- No monthly fee
- 0% to 0.050% interest on every dollar
- Transaction fee waiver if you maintain a minimum monthly balance of $25,000
- Automated savings option
- Free online statements
8. TD ePremium Savings Account
The ePremium Savings Account shares much in common with the TD High-Interest Savings Account but it has a relatively high-interest rate. Below are some of the account features:
- No monthly fees
- 0% to 1.85% interest on every dollar
- Unlimited free transfers to other TD Bank accounts
- Automated savings option
- Free online account statements
9. TD All-Inclusive Banking Plan
This is an all-in-one banking plan that offers premium access to a chequing account and selected TD credit cards. The account has the following key features:
- $29.95 monthly fee (waived if you have a minimum monthly balance of $5,000)
- Annual fee waiver on selected TD credit cards
- A $300 promotional Amazon.ca Gift Card
- Premium banking benefits
- Unlimited banking transactions
- Free ATM access at TD and non-TD ATMs
- Free cheques and drafts
- Online statements
- Discount on Borderless Plan monthly fee ($3 USD rebate)
10. TD Borderless Plan
If you travel to the US frequently, the TD Borderless Plan is tailored to people like you. The account has the following features:
- $4.95 USD monthly fee (waived if you have a minimum monthly balance of $3,000 USD)
- Annual fee rebate on TD U.S. Dollar Visa Credit Card (worth $39 USD)
- Unlimited transactions
- Preferred FX rates in USD
- Competitive conversion rate on 50+ foreign currencies
READ ALSO:
- How to Cancel TD Credit Card Online and Offline
- TD e-Transfer Limit
Alternatives to TD Bank Accounts
The major reasons why you’re looking to close a TD account are common with all the big banks. They have low interest in savings and charge some of the highest banking fees.
This explains why so many Canadians are now saying hello to online-only banks.
If you’re closing a TD Bank account to bank with another financial institution, the best alternative is an online bank A.K.A digital bank or neobank.
Online banks convert their low overhead costs to low fees and high savings interest. This is in addition to the seamless banking experience they provide.
While not all online banks are recommendable to everyone, the following online banks are unequivocally considered among the best Canadian online banks.
| Key Features | Tangerine | EQ Bank | Neo Financial |
| Products | Personal and business banking accounts, investment accounts, mortgages, HELOC, lines of credit & credit cards | Banking, GICs, prepaid card, RSPs, TFSAs, mortgages & money transfers | Banking, credit cards, mortgages & wealth management |
| Bank account type | No-fee chequing account, HISA, registered savings accounts & USD savings account | HISA (with mobile cheque), TSA savings account & USD account | HISA |
| Interest on savings account | 5.75% promotional interest & 1.00% standard interest | 2.50% (3.00% on FHSA, TFSA and RSP savings accounts) | 2.25% |
| Monthly fee | None | None | None |
| Minimum balance | None | None | None |
| Interac e-Transfer fee | Free | Free | Free |
| Best For | Mortgages | Savings | Savings and cashback credit cards |
To make an informed selection decision, I recommend you read my article on how to choose the best online bank in Canada.
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Takeaways
The bottom line is that you have different options when it comes to closing a TD Bank account. You can do so online, via email, by phone or by mail.
That’s it!
If you need more clarification on how to close a TD Bank account, please let me know in the comment section.
Don’t forget to consider online banks when looking to open another bank account.
Even if you want to keep banking with TD, there’s nothing wrong with having a combo with one of the best online banks out there.
I wish you all the best in your banking journey.
- Do you have a Scotiabank account? You may also want to learn how to close it through this posts.
- Find out how to close CIBC bank account
Close TD Bank Account FAQs
Can a closed TD Bank account be reopened?
Sure! A closed TD Bank account can be reopened the same year it was closed.
Do I need anything to close my TD Bank saving account?
All you need to close a TD savings account is to withdraw or transfer all the money in the account to a new account, clear all negative balances, update your Autodeposit and paycheck details and download/print your account statement for the previous six months.
Does closing a TD bank account cost money?
Closing a TD bank account is free if you’re withdrawing the money in your account or switching to another TD Bank account. But if you’re closing the account and transferring your balance to another financial institution, TD will charge you $15.
Have more questions on how to close TD Bank accounts? Kindly drop them in the comment section.
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