Personal Finance

TD All Inclusive Account (Formerly Select Service)

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[OP]
Newbie
User avatar
Mar 30, 2007
67 posts
3 upvotes
Vancouver

TD All Inclusive Account (Formerly Select Service)

I wanted to get the forum's opinion on the following bank account:

TD Select Service
http://www.tdcanadatrust.com/accounts/select.jsp

Cons:
The $5000 min balance
Paperwork of switching accounts

Pros:
Unlimited transactions (saves me $12 a month)
Free safety deposit box ($50)
Fees waived for 2 TD Platinum Travel Visa Card ( $170?)
Free Borderless Plan - US Chequing Accounts
Fees waived for US dollar visa

I am currently with RBC and this is looking tempting to switch over. I am a big fan of the TD travel visa so that is the primary reason I started looking at this + I travel to the US quite a bit.

Any comments or thoughts ?
1884 replies
Deal Addict
User avatar
May 31, 2003
3214 posts
428 upvotes
Toronto, ON
Meh, it's cheaper than the RBC VIP Banking package...if you plan to do all of your banking with TD, and can either have the 5000+ balance, or don't mind the 24.95 monthly fee then why not.

Ensure to take things into consideration when switching though like banking relationships you may have established with RBC, etc...
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HeatWare
[OP]
Newbie
User avatar
Mar 30, 2007
67 posts
3 upvotes
Vancouver
I plan to keep the 5K min balance. It does mean switching and consolidating to one place...I am worried a little about the relationship thing, but really in todays world not sure if it matters. It would be nice if they gave me a free gift for switching over too :)
Deal Addict
Nov 6, 2003
3463 posts
355 upvotes
Calgary
I have both PCF & TD Select Service. I think they both good accounts to have. They complement each others.
Jr. Member
Feb 17, 2008
104 posts
4 upvotes
jerryhung wrote: +1 for a loyal TD Select Service account user for 3 years, since their iPod Shuffle promotion

The Pros I get out of it > interest of $5000
Just thought of something!

$5000 interest on that would be ? let's say a 1 year GIC = 3.5%

Therefore the missed interest would be = $175

BUT the interest is income and has to be reported so let's say 35% tax bracket
($175 * .65 =) 113.75 after tax.

In my opinion all the services/products are worth more than a 3.5% GIC or interest account as the tax bracket goes higher.

Question, does TD select service offer free cheques? The good ones ie duplicates?

Ali

EDIT I read the OP's link again and it does say free cheques. I still would like to know if it is the duplicate type. Can anyone affirm?
Thanks.
Deal Expert
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Sep 19, 2004
25947 posts
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where I belong
ali1800 wrote: Just thought of something!

$5000 interest on that would be ? let's say a 1 year GIC = 3.5%

Therefore the missed interest would be = $175

BUT the interest is income and has to be reported so let's say 35% tax bracket
($175 * .65 =) 113.75 after tax.

In my opinion all the services/products are worth more than a 3.5% GIC or interest account as the tax bracket goes higher.

Question, does TD select service offer free cheques? The good ones ie duplicates?

Ali

EDIT I read the OP's link again and it does say free cheques. I still would like to know if it is the duplicate type. Can anyone affirm?
Thanks.
I am pretty sure you can order duplicate cheques for Select Service, and pick the designs as well

otherwise where did I get my duplicate ones.... as LOC/HELOC only offers BASIC cheques
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Deal Fanatic
User avatar
Apr 1, 2001
6256 posts
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You can choose from a wide assortment of cheques, including duplicate type.
ali1800 wrote: Just thought of something!

$5000 interest on that would be ? let's say a 1 year GIC = 3.5%

Therefore the missed interest would be = $175

BUT the interest is income and has to be reported so let's say 35% tax bracket
($175 * .65 =) 113.75 after tax.

In my opinion all the services/products are worth more than a 3.5% GIC or interest account as the tax bracket goes higher.

Question, does TD select service offer free cheques? The good ones ie duplicates?

Ali

EDIT I read the OP's link again and it does say free cheques. I still would like to know if it is the duplicate type. Can anyone affirm?
Thanks.
Jr. Member
Nov 28, 2006
192 posts
5 upvotes
Calgary
I believe you also get the following with a Select Service acct:

- Free bank drafts ($7.50 per)
- Free Cheque Certification ($10 per)
- No Fee Travellers Cheques (1% commission)
- $25 discount from annual TD Waterhouse RSP Admin fee ($100/$50 per year depending on the type of RSP)
-Interac fee is waived ($1.50 fee charged for using other ABM's - you still have to pay the other banks ABM fee)
-Plus fee is waived ($3.00 in US/Mexico $5.00 in rest of world).
Deal Addict
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Aug 12, 2006
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jerryhung wrote: I am pretty sure you can order duplicate cheques for Select Service, and pick the designs as well

otherwise where did I get my duplicate ones.... as LOC/HELOC only offers BASIC cheques
Duplicate cheques? I never knew Banks issue duplicates? Anybody care to explain this term to this idiot(me)?
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Sr. Member
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Jun 12, 2008
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A duplicate cheque comes with a piece of carbon paper and a second copy of the cheque. This allows you to make a copy of the cheque, hence the name duplicate.

I'm pretty sure you can get duplicate cheques at any bank.
Deal Fanatic
Jul 1, 2007
8532 posts
1692 upvotes
Yes, you can order any type of cheque you want. Even duplicates with shiny holograms on them. You can even get free cheques on the USD account too.
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Apr 29, 2002
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Mississauga
Thalo wrote: Yes, you can order any type of cheque you want. Even duplicates with shiny holograms on them. You can even get free cheques on the USD account too.
Absolutely. When I had SS I got the holograms, included free.
Moderator
User avatar
Mar 23, 2004
47136 posts
13327 upvotes
Markham
just noticed that this account will waive the fee for the infinite visa as well, tempting, might open one soon. I hope there will be a promo...

they have free money transfer between banks right? also to confirm again, cheques are free as well? So this is basically a PCF chequing account (with almost everything free) except the $5000 required monthly balance.
Member
Aug 12, 2007
255 posts
1 upvote
Yes, it's really like a PCF account except for the $5000 minimum balance and the lack of interest. Good thing about cheques is you can order the most expensive duplicate ones, and they're all free. Free money orders, drafts, cheque gold card and safe deposit box make it worth keeping $5000. Unfortunately the high interest savings account at TD sucks as you can only make one withdrawal.
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Dec 11, 2005
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the_unknown wrote: Yes, it's really like a PCF account except for the $5000 minimum balance and the lack of interest. Good thing about cheques is you can order the most expensive duplicate ones, and they're all free. Free money orders, drafts, cheque gold card and safe deposit box make it worth keeping $5000. Unfortunately the high interest savings account at TD sucks as you can only make one withdrawal.
$175 / year for fancier cheques (that really have no extra security, just a feel-good feeling), and a tiny tiny safety deposit box?

Spend $50 and buy a waterproof/fireproof safe.
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Member
Oct 17, 2005
254 posts
2 upvotes
Richmond Hill
I definintely value having a safety deposit box at the bank.

A $50 waterproof safe is only good for 20 minutes in a fire.
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Mar 23, 2004
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Markham
the_unknown wrote: Yes, it's really like a PCF account except for the $5000 minimum balance and the lack of interest. Good thing about cheques is you can order the most expensive duplicate ones, and they're all free. Free money orders, drafts, cheque gold card and safe deposit box make it worth keeping $5000. Unfortunately the high interest savings account at TD sucks as you can only make one withdrawal.
well pcf chequing account has virtually no interest so it's ok. What's a cheque gold card?

The safe deposit box is tempting...but dont think i will really use it. The kicker for me would be the fee waive for TD infinite cc and well, td is located closer to my house than cibc/pcf machines :D

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