Toronto Dominion Bank Review

Toronto Dominion Bank Information

TD Bank’s workforce of approximately 90,000 employees serves 26 million customers worldwide. Customers have access to various products and services, including personal banking, small business banking, commercial banking, wealth management, and insurance. TD Bank has won awards in many categories, for example, Best Consumer Digital Bank in Canada by Global Finance and ranked #1 by Brand Finance in 2022 as Canada’s most valuable brand.

Address Main Office

79 Wellington Street West 

Toronto, ON 

M5J 2Z9

Business Hours

• Business hours may vary depending on your location. Standard business hours are:
• Monday-Friday 8:00 a.m.-6:30 p.m.
• Saturday 9:00 a.m.-2:00 p.m.
• Sunday 11:00 am.-2:00 p.m.

Email & Phone

• [email protected]
• 1-866-222-3456

Types of loans offered at TD Bank

TD Bank has a full suite of borrowing products for personal needs. Customers can apply for personal loans, vehicle loans, RRSP loans, lines of credit, overdrafts, and mortgages. Some lending products are designed to meet specific needs, such as vehicle loans and mortgages, while others, like a personal loan or line of credit, can be used for general purposes. 

TD personal loans

Personal loans can help borrowers accomplish their goals. For example, borrowers often use personal loans at TD Bank to fund large purchases such as home renovations or consolidate debt.

Features of a TD personal loan:

• Limits from $5,000 up to $50,000
• Choice of a variable or fixed interest rate
• Payment frequency of monthly, semi-monthly, bi-weekly, or weekly
• No penalties or fees for prepaying or paying off the loan
• Manage your loan through your online banking or mobile app

Dealership vehicle loans

One of the most common reasons people borrow is to buy a vehicle. TD Bank partners with dealerships across Canada to offer financing for automotive, RV (Recreational Vehicle), Marine, and Powersport purchases.

Features of dealership vehicle financing

• Auto loans can be used to purchase a new or used SUV, truck or car, or RV
• Fixed or variable rate
• The term can be up to 96 months (8 years)
• Flexible payment schedule

Marine financing

• Available for most types of marine craft, either new or used
• Amortization up to 240 months (20 years)
• Fixed or variable rate
• No fees or penalties to prepay the loan or pay it off early

Powersport Loan

• Financing for ATVs, motorcycles, snowmobiles, and personal watercrafts
• Terms up to 84 months
• Fixed interest rates
• Choice of payment frequency
• Apply at the dealerships and ask for TD financing

Car loans for newcomers to Canada

• For customers who have been in Canada for five years or less
• Maximum loan amount of $75,000
• Maximum amortization of 60 months (five years) for foreign workers and 96 months (8 years) for permanent residents
• A downpayment of 10% is required for permanent residents and 15% for foreign workers (based on the cash selling price of the vehicle)
• The maximum age of vehicle being purchased is 10 years old for permanent residents and 4 years old for foreign workers
• Permanent residents must provide both sides of their Permanent Resident Card or Confirmation of Permanent Resident form (IMM 5292 or IMM 5688)
• Apply for financing at the dealership by asking for TD financing

RRSP loans

TD Bank offers two types of RRSP loans. The first is the TD On-The-Spoy-RSP Loan, and the other is the TD CarryForward RSP Loan.

TD On-The-Spot Loan features

• Enable customers to borrow to make their RSP contribution for the current tax year
• A loan limit up to your unused RSP contribution room for the current tax year
• Amortization of one year
• Fixed or variable rate

Carryforward RSP Loan features

• Borrowers can use this loan to catch up on missed RSP contributions from previous years
• Maximum loan limit of $50,000
• Choose from a fixed interest rate with a maximum 5-year term and 10-year amortization (Quebec loans have a maximum 5-year amortization) or a variable rate loan with a 10-year amortization

Lines of Credit

TD Bank offers several types of lines of credit. Borrowers can apply for a Personal line of credit, a TD Home Equity FlexLine or an Investment Secured Line of Credit. In addition, student lines of credit are available for students pursuing post-secondary education.

Lines of credit give borrowers flexibility. All lines of credit come with some similar features, which are as follows:

• You can access the entire limit, part of the limit, or not access it until you need it
• Interest rate is variable based on TD prime rate
• A minimum monthly payment but no penalties or fees to pay more
• No need to reapply for credit to access the limit again once you have paid it down or off

TD Personal Line of Credit features

• Minimum limit of $5,000 up to a maximum limit of $50,000
• Accessible through the TD Mobile App, EasyWeb Online Banking, at the ATM, cheques, and your TD Access Card.
• Option to lock part or all of your outstanding balance into a fixed rate to protect yourself from increases in interest rates
• Set up your TD Access card so you can use your TD Personal Line of Credit to pay for purchases at retailers

TD Home Equity FlexLine

TD Home Equity FlexLine is a line of credit secured by the equity in your home. You can reaccess the limit without reapplying as you pay down your TD Home Equity Flexline. Borrowers often use the FlexLine for home renovations or repairs, consolidate debt, or to make a major purchase.

TD Home Equity Flex Line features

• A line of credit secured by the equity in your home
• You can borrow up to 80% of your home’s value with a secured component or up to 65% of your home equity
• Often used for major purchases, home renovations, or repairs
• Variable-rate based on TD prime
• The interest rate can be lower than an unsecured personal line of credit
• Option to lock part or all of your outstanding balance into a fixed rate term to protect yourself from increases in interest rates
• Potential for a higher credit limit than with an unsecured line of credit

Investment Secured Line of Credit

• Minimum limit of $5,000 to a maximum of $200,000
• Secured by the value of your eligible investments 
• TD Investment Secured Line of Credit allows you to borrow up to 100% of the value of your eligible investments
• Minimum payments of interest only
• No fees or penalties to prepay or pay off the line of credit

Student Line of Credit

• Available for undergraduate university or college students in an accredited Canadian university or college
• Full and part-time students are eligible
• $20,000 limit per year to a maximum of $80,000 over 4 years for full or part-time students
• Available for graduates and professionals enrolled in a Master’s or Ph.D. (maximum limit $80,000 over 2 years of study), Naturopathy (maximum limit $80,000 over 4 years of study), MBA (maximum limit $125,000 over the study period), Law (maximum limit $150,000 over 3 years of study), Chiropractic or Optometry/Pharmacy program (maximum limit of $175,000 over 4 years of study)
• Professional program for medical and dental students ($100,000 in the first year to a maximum of $350,000) and veterinary students available ( $50,000 in the first year to a maximum of $200,000)

• Variable rates based on prime
• Pay only on what you use
• Minimum payment of interest only while you are in school and for 24 months after you leave school
• Access limit as you need it without having to reapply

To apply for a Student Line of Credit, you need to provide

• Proof of enrollment
• Proof of income and employment
• Your monthly amount of mortgage or rent
• List of your household expenses
• Your current address and addresses of previous residences for the last three years
• Undergraduate students usually require a co-signer
• Co-signers are not usually required for Professional or Graduate student lines of credit

Overdraft protection

TD Bank offers overdraft protection as a monthly plan or a pay-as-you-go. Overdraft protection is an amount connected to your bank account that lets you overdraw the limit. The monthly plan is designed for customers who often have a shortfall, while the pay-as-you-go plan works best for people who rarely are short covering their monthly expenses. Customers can choose which plan works best for them depending on their needs.

Monthly plan overdraft protection features

• Minimum limit of $300 to a maximum of $5,000
• $5 fee per month with an interest rate of 21% on the amount overdrawn per year
• Overdraft helps customers avoid non-sufficient fund transactions and fees, declined payments, and possible late fees on bills
• Up to 89 days are allowed to pay your overdraft balance

Pay-as-you-go overdraft protection

• No monthly fee
• A fee of $5 per use
• An interest rate of 21% on overdrawn balances per year
• Up to 89 days are allowed to pay your overdraft balance

TD mortgages

TD Bank has mortgages for borrowers who want to buy a home, refinance their existing property, purchase a second property or finance a multi-unit residential property.

Buying a first home or another home

If you want to buy your first home or sell your existing home to purchase another, a TD Mortgage can help you accomplish your goal. A mortgage is a loan that provides the financing to buy a homeless borrower’s down payment.  Lenders typically advise borrowers to get a mortgage pre-approval before they start looking for a home because the pre-approval will give them a good idea of how much of a mortgage they can qualify for.

Features of mortgages

• A downpayment is required, which can be as little as 5% of the purchase price or appraised value
• Buyers who have less than a 20% down payment will need mortgage default insurance which is usually added to the mortgage balance
• Mortgages are amortized over a certain period, meaning the mortgage will be paid off within that time frame. 
• The maximum amortization with less than 20% as a downpayment is 25 years, while those who have 20% or more can have an amortization up to 30 years
• Mortgages have a term, which is the length of time the interest rate is fixed. With TD Bank, the term can be as short as 6 months or as long as 10 years. 
• Interest rates for the term can be fixed, which means the rate stays the same for the entire term, or variable, meaning the rate will fluctuate with the TD mortgage prime rate

Refinancing a home

If you already own your home but need to access its equity, you can consider refinancing. Refinancing allows you to borrow up to 80% of the value of your home. You will need to apply for credit, get a home appraisal, and possibly pay to have a new charge registered to refinance your home. 

TD mortgage features

• Competitive interest rates
• Choose from a variable or fixed rate
• 120-day interest rate hold from the day of application
• Choice of monthly, semi-monthly, bi-weekly, rapid bi-weekly, weekly, or rapid-weekly payments
• Option to increase your original payment by up to 100% during the term of your mortgage
• Pay up to 15% of the original amount you borrowed once a year with no penalties
• Take a payment pause that allows you to skip an amount equal to one monthly payment partially or in full once a calendar year, up to a maximum of four times over the amortization of the mortgage
• If you have reduced your amortization by prepaying lump sums or increasing your payments, you can take a payment vacation of up to 4 months as long as you have a prepaid amount that has decreased your amortization schedule

Mortgages for a second property

Borrowers who want to buy a vacation home, investment property, or property for a family member can apply for another mortgage at TD Bank. A down payment will be required, and depending on the amount of your down payment, you can apply for a TD mortgage or a TD Home Equity FlexLine mortgage.

Multi-unit residential property

Multi-unit residential property mortgages allow borrowers to finance rental properties with five or more units. Additionally, borrowers can refinance their multi-unit residential property with TD Bank.

Features of multi-unit residential property mortgages

• Financing available for up to 75% of the building’s appraised value
• Multi-unit mortgage specialists available to assist you with the process
• Available to be used to make capital improvements to your property
• Option to refinance at competitive rates to access the equity you have in the property

Mortgage special offers

Borrowers who want to get a new mortgage with TD, refinance an existing mortgage with TD,  switch their mortgage to TD Bank, or who set up a fixed term with a TD Home Equity FlexLine, can get up to $3,000 cash back. 

• The mortgage must be a minimum of $150,000 principal
• It must be funded by August 31, 2022
• Has a minimum 4 year term closed to prepayments

Information TD Bank needs to process your application

• You will need to provide your name, address, date of birth, and Social Insurance Number (optional)
• Proof of income and employment, usually payslips and a letter of employment
• Confirmation of your assets such as vehicles, your home, and investments
• List of your liabilities and payments such as loans, balances on lines of credit or credit cards, and mortgages
• For mortgage applications, TD Bank will require your property taxes and property insurance

Small Business Services

Many Canadians are self-employed as sole proprietors or own small businesses. Borrowing products can provide necessary financing when income is unpredictable. TD Bank has short-term and long-term credit products to help small business owners with their cash flow needs.

TD Bank offers Business Overdraft Protection, TD Business Credit Cards and a Business Line of Credit. Business owners can access them as they need them and, in addition to making their payments, can pay them down or pay them off.

Your business also might require a significant investment. TD Bank has options for small business owners who are looking for medium-to-long term financing. Borrowers can consider a business loan, business mortgage or Canada Small Business FInancing Act Loan.

Business Overdraft protection

Business overdraft protection allows you to overdraw your business account to meet expenses or cover purchases.

Features of Business Overdraft Protection

• Limits available of $1,000-$10,000
• Accessible at ATM’s, by cheque, cash advance or by using EasyLine Telephone or EasyWeb Internet Banking Service
• No fee to apply
• Approval process is easy and fast
• No fee for small business owners who have a TD Every Day Business, Community or TD Unlimited Business Plan account

TD Business Credit Cards

Small business owners can apply for a variety of credit cards, with the features and rewards that best suit their needs.

TD Aeroplan Visa Business Card features

• Minimum credit limit of $1,000
• Annual fee of $149 and $49 annual fee for additional cardholders
• Aeroplan Points as rewards
• 14.99% interest rate on purchases
• 22.99% interest rate on cash advances
• Current special offer of up to 60,000 Aeroplan points and $247 in annual fee rebates for the first year for applications made by September 5, 2022
• Borrower must be a Canadian citizen
• Borrower must be the age of majority in the province or territory they reside in

TD Business Travel Visa Card features

• Same minimum credit limit, cash advance interest rate and annual fees as the TD Aeroplan Visa Business Card
• Eligibility requirements the same as the TD Aeroplan Business Visa Card
• Interest rate on purchases 19.99%
• TD Rewards points as loyalty rewards
• Current special offer of 150,000 TD Rewards Points and $247 in annual fee rebates for the first year for applications made by September 5, 2022

TD Business Cash Back Visa Card features

• No annual fee for primary or additional borrowers
• 19.99% interest rate on purchases and 22.99% interest rate on cash advances
• $1,000 minimum credit limit
• Borrower must be a Canadian citizen
• Borrower must be the age of majority in the province or territory they reside in
• Cash back from .05%-2% as rewards plus 50% more stars at Starbucks

TD Business Select Rate Visa Card features

• No annual fee for primary or additional borrowers
• 11.99% interest rate on purchases and cash advances
• Option to pay a $49 annual fee and get a rate of 8.99% on cash advances and purchases
• Minimum credit limit of $1,000
• Borrower must be a Canadian resident and the age of majority in the province or territory where they reside

Small Business Line of Credit

You can apply for a Small Business Line of Credit at TD Bank. The line of credit is attached to your Small Business Chequing account, either in Canadian or U.S. dollars, for easy access. The rate is based on TD prime rate for Canadian accounts or TD U.S. prime rate for U.S. dollar business accounts. The line of credit is easy to access and revolving, so you can access the limit again once you pay it down or off.  Interest is payable on the amount you owe.

The TD Small Business Line of Credit can be secured by a variety of assets. You have several options that you can use to secure your line of credit including either full or partial liquid or margin security, residential real estate or business real estate or business assets.

Small business loan

TD Small Business Loans are available to help business owners purchase equipment, assets or take advantage of opportunities to expand. 

Features of small business loans:

• Amortize up to 30 years
• Terms of 1-5 years available for fixed rate loans
• Option to choose a floating interest rate with no prepayment penalties based on TD prime rate
• Fixed rate loans offer the borrower the option to prepay up to 10% of the original amount of the loan annually with no penalty
• Borrower can secure the loan with either full or partial liquid or margin security, residential real estate or business real estate or business assets

Business Mortgage

Business mortgages are available to help business owners with their need for financing. They can be used to purchase assets, improve existing assets, or improve your business’s premises. You can choose a variable rate that allows you to pay off your business mortgage at any time without penalties. If you choose a fixed rate mortgage, you can make pre-payments of up to 10% of the original loan amount each year with no fees or penalties.

Canada Small Business Financing Loan (CSBFL)

For businesses that want to finance the purchase of equipment, land, buildings or the improvement of those assets, there is an option for financing through the Canadian Government and TD Bank called the Canada Small Business Financing Loan.

Features of the CSBFL

• Terms up to 10 years and amortizations can be up to 20 years
• Choose from variable or fixed interest rate
• Monthly payments
• 2% Federal Government registration fee
• Possible to finance up to 90% of the “eligible costs of assets” 

CSBFL government loan requirements

• Business must be for profit and either operating or about to operate in Canada
• Available for the purchase or improvement of assets that will be used in your business
• In the year you apply, the annual gross revenue of your business must be less than 10 million dollars 

Commercial Loans

TD Bank offers several types of financing for commercial enterprises, depending on the needs of the business. Commercial borrowers can consider term loans, asset-based lending, operating credit and specialty financing.

TD Bank has expertise in multiple sectors of commercial banking including real estate, professional services, franchising, equipment financing, automotive dealer financing, and agriculture. TD commercial bankers can offer your business excellent solutions for your financing needs.

Why choose TD Bank

TD Bank has been part of the Canadian banking scene for more than150 years. It operates in all provinces and territories, has an extensive workforce, is one of Canada’s largest banks and most valuable brands. 

Products and Services

TD Bank offers customers a full range of services, including bank accounts, investments, borrowing, mortgages, and credit cards. In addition, TD Bank offers tools, information, and advice to help customers reach their financial goals. Additional services include wealth management, small business banking, commercial banking, and insurance. TD has the expertise to help customers with all their financial needs regardless of whether they are simple or complex.

Accessibility

Customers have several choices when it comes to how to do their banking. They can go to a branch, use their mobile app, bank online with EasyWeb, bank over the phone with EasyLine or use ABMs. In addition, debit and credit cards give customers convenient access to their accounts for making purchases.

Awards and recognition

The number of awards TD Bank has won is evidence of their commitment to their customers and shareholders. TD Bank has won awards for being a top workplace in Canada, being the most valuable brand in Canada and many more. Industry leaders recognize TD Bank’s excellence for its customers, employees, and shareholders.

Global presence

Td Bank has offices worldwide, contributing to its size and diversity. In addition to its Canadian operations, TD Bank can be found in America, Mexico, Barbados, Europe and the Asia-Pacific region.

How to sign up

• Personal loans: You can apply online using Easyweb at the branch or by calling 1-877-247-2265. If the loan is joint, you cannot apply online but can apply at the branch or by calling 1-877-247-2265.
• Vehicle loans: Apply at the dealership and ask for TD financing.
• RRSP loans: Book an appointment online or call 1-866-222-3456
• Personal line of credit: Apply online using Easyweb, book an appointment to apply at a branch, or call 1-888-828-7233
• Investment secured line of credit: Book an appointment online to apply at a branch or call the branch closest to you to book an appointment
• Student line of credit: Book an appointment online or call TD Bank at 1-855-882-6918.
• Overdraft protection: You can apply online using Easyweb, book an appointment or call 1-888-282-8637.

TD mortgages-You can get pre-approved online and receive an immediate response to your application. You can submit your mortgage application online, speak to a TD Mortgage Specialist by calling 1-877-230-6275, book an appointment online to apply at a branch, or find a TD Mortgage Specialist online who will meet with you regarding applying for a mortgage.

To book an appointment online:

How to apply for credit online

Conclusion

TD Bank is one of the largest financial institutions in Canada, offering customers a wide range of products and services. Customers find banking with TD very convenient because they can choose how they bank with TD. TD offers branch banking, online banking, a mobile app, and ABMs. TD Bank is an excellent choice for customers who want full-service banking or a specific product or service.