Personal Finance

TD Select Service Acct: Avoiding going under 5k

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  • Jan 26th, 2014 4:28 pm
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Deal Addict
Dec 7, 2011
3586 posts
1993 upvotes
Whitehorse
Piro21 wrote: If your only aim is to avoid fees then you'd just stick with PCF/ING and not open an account that charges fees in the first place. That Visa, safety deposit box, and USD account are the only reasons to open the Select Service account.
The main reasons yes, but not the only ones. For example, TD gives free money orders. And you can have them immediately at the branch (not like paying a fee and then waiting for it in the mail, as with PCF). This can come in handy. And there is no fee for using any Interac ATM in Canada.

And there is, of course, the in-person-service-at-a-branch advantage.
Deal Fanatic
Mar 24, 2008
6278 posts
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Toronto
Chingyul wrote: Its not like I'm not using it.
For people, the $5k could be their emergency fund. I rarely touch the TD checking account, but I used the TD Visa Infinite as my main CC (annual fee waved), I use the safety deposit box, I use my borderless account and US dollar card. S...
Do you really think that you should pay $30 to access this "emergency fund"? That's what TD is going to charge you if your balance dips below $5000. Not a good emergency fund in my opinion.
Deal Addict
Oct 12, 2006
2332 posts
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Alberta
ksgill wrote: Do you really think that you should pay $30 to access this "emergency fund"? That's what TD is going to charge you if your balance dips below $5000. Not a good emergency fund in my opinion.
And how often do you think you'd have to access said EMERGENCY fund?
Like others have suggested, you could max out your credit card first or a LOC. It's just a suggestion as a last ditch source of cash.
And anyways, if you're THAT strapped for money, you should probably be ditching the select account anyways.


In other news, did my first electronic transfer from PC to TD. Occurred and cleared next day. Now I have a fast/free source for bank drafts too.
Deal Fanatic
Mar 24, 2008
6278 posts
2753 upvotes
Toronto
Chingyul wrote: And how often do you think you'd have to access said EMERGENCY fund?
Like others have suggested, you could max out your credit card first or a LOC. It's just a suggestion as a last ditch source of cash.
And anyways, if you're THAT strapped for money, you should probably be ditching the select account anyways.


In other news, did my first electronic transfer from PC to TD. Occurred and cleared next day. Now I have a fast/free source for bank drafts too.
It's not a matter of how often but how much it costs you to get to your money.

Anyways, I moved from TD Select Money grab to a different bank since I couldn't be bothered with keeping a track of my balance so it doesn't drop below some arbitrary number. I put that same 5k + a bit more (so I can withdraw money if I ever need to) in a TFSA earning 4.8% in dividends ( +2-3% potential equity growth)/year and still get free banking. To each their own, I guess.
Deal Addict
Dec 7, 2011
3586 posts
1993 upvotes
Whitehorse
MaverickHHH wrote: Awesome! I didnt know about this. Im signing up :) Thanks!

http://www.tdcanadatrust.com/products-s ... toclub.jsp
The TD Autoclub is only included with one of the credit cards, and it is not the First Class one. Depending on your usage scenario, it could be better to buy roadside assistance from Canadian Tire or Costco/DAA (no Costco membership required).
Deal Addict
Oct 17, 2007
1110 posts
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Toronto
napoleon1769 wrote: I don't see the benefits of going to Pcf. Just leave everything in td. The interest difference is like the same now.
but what about the benefit of not having quite a big chunk of money just sitting there that doesn't generate anything? the thing with TD's all inclusive account is that you need the min bal of $5000 to get those unlimited privileges like cheques and transactions.

I'm just starting to setup my finances and I don't really like the idea of having 5000 dollars tied down when it can go towards my TFSA or RRSP. Any comments?
Sr. Member
User avatar
Sep 4, 2007
611 posts
80 upvotes
Orange Key holder in…
kit25 wrote: but what about the benefit of not having quite a big chunk of money just sitting there that doesn't generate anything? the thing with TD's all inclusive account is that you need the min bal of $5000 to get those unlimited privileges like cheques and transactions.

I'm just starting to setup my finances and I don't really like the idea of having 5000 dollars tied down when it can go towards my TFSA or RRSP. Any comments?
Your point is valid.

The TD All-Inclusive comes with a small safety deposit box. Do you need one to store your important documents (or other stuff??). That is $60+tax. So 5K@ 1.2% is 60 bucks and is subject to income tax.

I don't need unlimited cheques/transactions as I never use Debit card for purchases. The on-line payments for various things may add up to 50-60 transactions a month. So the way I see it, the 5K is a trade off for my SDB being free.
Deal Addict
Aug 30, 2003
4399 posts
1248 upvotes
Chingyul wrote: And how often do you think you'd have to access said EMERGENCY fund?
Like others have suggested, you could max out your credit card first or a LOC. It's just a suggestion as a last ditch source of cash.
And anyways, if you're THAT strapped for money, you should probably be ditching the select account anyways.


In other news, did my first electronic transfer from PC to TD. Occurred and cleared next day. Now I have a fast/free source for bank drafts too.
I plan to do the same thing and add my td account to PCF. Did it really clear the next day? I thought it takes a few days!

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