Investing

Investing in TD E-Series via Mutual Fund Account

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  • Apr 12th, 2021 12:48 pm
[OP]
Newbie
May 11, 2020
4 posts
1 upvote

Investing in TD E-Series via Mutual Fund Account

My wife banks with TD and is fairly convinced she wants to stay there although I wasn't keen on her money sitting in a TFSA savings account so we've been looking at some investing options with TD.

We ended up deciding on setting up a passive portfolio via some TD E-Series Funds. After some googling, apparently it is possible to open up a TFSA Mutual fund account and then having TD convert that to a E-Series account.
Source; https://letstalkaboutmoney.ca/td-e-seri ... here-cost/
*albeit the link is back in 2017..

That said, when we went to the bank the other day to set this up, we were told buying E-series funds via the mutual fund account is no longer possible and must be done through TD Self-Directed Investing. Given we're not investing huge amounts, the cost of a self directed account ($25/quarter) just didn't make sense to us so we declined to go the self-directed investing route.

So my question is whether the validity of what the advisor told me was true. If the "Mutual account" way of buying TD E-series funds is no longer possible, how are people buying TD E-series funds? Just through TD Self-directed or another platform like Questrade?

Many thanks for any insight provided.
Thread Summary
TD E-Series funds are no longer offered through a mutual fund account. If you want to stay with TD, the only way to do so is via TD Direct Investing.
7 replies
Deal Addict
Jul 23, 2007
4766 posts
3860 upvotes
Subgd257 wrote: My wife banks with TD and is fairly convinced she wants to stay there although I wasn't keen on her money sitting in a TFSA savings account so we've been looking at some investing options with TD.

We ended up deciding on setting up a passive portfolio via some TD E-Series Funds. After some googling, apparently it is possible to open up a TFSA Mutual fund account and then having TD convert that to a E-Series account.
Source; https://letstalkaboutmoney.ca/td-e-seri ... here-cost/
*albeit the link is back in 2017..

That said, when we went to the bank the other day to set this up, we were told buying E-series funds via the mutual fund account is no longer possible and must be done through TD Self-Directed Investing. Given we're not investing huge amounts, the cost of a self directed account ($25/quarter) just didn't make sense to us so we declined to go the self-directed investing route.

So my question is whether the validity of what the advisor told me was true. If the "Mutual account" way of buying TD E-series funds is no longer possible, how are people buying TD E-series funds? Just through TD Self-directed or another platform like Questrade?

Many thanks for any insight provided.
I'm no expert, but I used to own TD e-Series for about a decade in the TFSA's and RRSP's through TD Direct Investing. My wife and I had enough assets in the accounts that we didn't get charged the quarterly fees though, otherwise I would of been looking for another brokerage elsewhere.

Here's a list of the fees for 2020 at TDDI.

https://www.td.com/ca/document/PDF/forms/521778.pdf

As it says under Maintenance Fees, there's a few ways you can get around these fees if applicable.

As Couch Potato said:

The e-Series funds were formerly available only to TD customers, but since 2019 they’ve been offered through any online brokerage.

https://canadiancouchpotato.com/model-portfolios/
Deal Addict
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Feb 1, 2012
1971 posts
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Thunder Bay, ON
Look at the comments starting at the top of this page: https://canadiancouchpotato.com/2019/08 ... /#comments
Several posters including Dan B confirm that TD e-Series are no longer available through TD Canada Trust.

You can see TDDI's fee schedule here: https://www.td.com/ca/document/PDF/forms/521778.pdf

See p.5 for how to get the $25/qtr mtce fee waived even if you don't have $15k assets including:
The fee will be waived if any one of the following conditions is
met:
ƒ The first account in your household accounts^ has been open
for less than six months
ƒ One or more of the accounts in your household accounts^ are
enrolled in a Systematic Investment Plan (SIP) or Preauthorized
Deposit or Preauthorized Contribution that totals $100/month
or more
I solemnly swear, to never assume I have an inkling at which direction the market will head, and to never make any investments based on a timing strategy.
[OP]
Newbie
May 11, 2020
4 posts
1 upvote
Thank you so much for this answer and for the link as well. Answered my question perfectly.
Sr. Member
May 2, 2019
723 posts
955 upvotes
Vancouver
Subgd257 wrote: Thank you so much for this answer and for the link as well. Answered my question perfectly.
Note the answer also contained a clue for a possible workaround, if it fits your situation. If you set up a regular contribution of $100/month to that account, the $25 fee will be waived. The wording is such that you'd still be able to withdraw the money from that account if necessary (subject to TFSA contribution/withdrawal rules).
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Feb 1, 2012
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yvrbanker wrote: Note the answer also contained a clue for a possible workaround, if it fits your situation. If you set up a regular contribution of $100/month to that account, the $25 fee will be waived. The wording is such that you'd still be able to withdraw the money from that account if necessary (subject to TFSA contribution/withdrawal rules).
Interesting comment. I wonder if you could open a non-registered account and set up a $100 preauthorized monthly contribution, then just withdraw it each month. That would avoid having to worry about the TFSA contribution/withdrawal rules. But really, most people should be saving at least 10% of income so $100/month to a TFSA should be within a lot of people's reach unless they have heavy mortgage and childcare expenses.

I really prefer TDDI over a TDCT mutual fund account since you can hold cash and a very wide variety of investments not available at TDCT.
I solemnly swear, to never assume I have an inkling at which direction the market will head, and to never make any investments based on a timing strategy.
Newbie
Jan 19, 2021
27 posts
17 upvotes
I tried buying some TD "e series" online last week and I noticed that it's no longer an mutual fund option on the menu in TD easyweb. I've been with TD for a long time and have held "e series" funds for over a decade now. So I called them and the guy I got on the phone couldn't help me nor could I understand a word he was saying with his strong East Indian accent. He said "call back in a week, things will be sorted". What kind of service is this?
Deal Addict
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Feb 1, 2012
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user987 wrote: I tried buying some TD "e series" online last week and I noticed that it's no longer an mutual fund option on the menu in TD easyweb. I've been with TD for a long time and have held "e series" funds for over a decade now. So I called them and the guy I got on the phone couldn't help me nor could I understand a word he was saying with his strong East Indian accent. He said "call back in a week, things will be sorted". What kind of service is this?
I've never seen an announcement, but it's been reported on blogs (including Canadian Couch Potato) and forums that new eSeries fund accounts are no longer available through TD Canada Trust or EasyWeb, although existing clients can still buy them. eSeries funds are still available through TDDI and WebBroker.
I solemnly swear, to never assume I have an inkling at which direction the market will head, and to never make any investments based on a timing strategy.

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