TD Canada Trust is offering a $300 cash bonus for opening a chequing account and fulfilling certain conditions. These types of offers aren’t terribly common in Canada, and they’re an easy opportunity for free cash.
In order to get this offer, you have to use a specially generated link. Fortunately, TD posted an advertisement on their Facebook page which generates an offer link (this link will bring you to Facebook, though you don’t need a Facebook account – just click “Follow Link” to get the offer). On that link, complete the form to get the offer confirmation email. Once you get that email, print it off, and then go to a TD Canada Trust branch within 30 days to open an All-Inclusive Banking Plan or Unlimited Chequing Account.
Tip: when you got to open the account, there should be a line on the documents/computer form to decline a credit check. You should also decline overdraft protection/any insurance. This will help ensure you maximize the bonus and aren’t hit by a credit inquiry.
Once your account is opened, you have to do two of the following items within 45 days of opening the account:
- Set-up a direct deposit to the new account (ex. payroll);
- A $50+ pre-authorized debit (ex. authorized payment for credit card, utilities, rent, etc.), or;
- Pay a bill of $50+ through their online banking system (EasyWeb) or through the TD Canada Trust app.
Unfortunately, if you currently have any TD Canada Trust bank account OR closed one on or after November 1, 2015, you are not eligible for this offer.
Once you’ve met the above conditions, $300 will be deposited in the new account within 12 weeks. There’s no requirement that you keep the account for any period of time after you receive the $300.
Which account should I get?
The All-Inclusive Banking Plan costs $29.95/month, which is waived if you have $5,000+ throughout the month in the account. The Unlimited Chequing Account costs $14.95/month , which is waived if you have $4,000+ throughout the month in the account.
Obviously, the Unlimited Chequing Account is your best option. Theoretically, if you complete the requirements the day you open your account, and if TD takes the full 12 weeks to give the bonus, you’re only paying three monthly fees. For the Unlimited Chequing Account, that comes to $44.85, which means you have a $255.15 profit. If you are able to park $4,000 in that account for three months, you’ll get the full $300 as profit.
Terms and Conditions
Here are the full terms of the offer:
This offer is available to individuals that are the age of majority in their province or territory who (a) open an All-Inclusive Banking Plan or Unlimited Chequing Account within 30 days of receiving the offer confirmation email (the “New Account”), and (b) complete two of the following within 45 days of the “New Account” opening: (1) complete an eligible direct deposit; (2) a minimum $50 monthly pre-authorized debit; or (3) a minimum $50 online bill pay through EasyWeb or the TD mobile app. Individuals who (i) have an existing TD chequing account or had one that was closed after November 1, 2015, or (ii) have not received the offer confirmation email directly from TD Canada Trust and/or have not completed an offer form submission online, are not eligible. Individuals that receive the confirmation email will need to bring a copy of the confirmation email they received directly from TD Canada Trust in order for the offer to be fulfilled. Any youth account that is converted into an All-Inclusive Banking Plan or Unlimited Chequing Account does not qualify as a “New Account”. This offer can be changed, extended or withdrawn at any time by TD Canada Trust, and cannot be used in conjunction with any other offer or discount for the same product. In the scenario where multiple offers or discounts are offered for the same product, TD Canada Trust reserves the right to choose which offer/discount will apply. Limit of one $300 offer per customer and per joint account. The “New Account” must still be open before the $300 cash offer is deposited into the “New Account”, and the monthly account fee for the “New Account” cannot be waived for any reason, other than maintaining the minimum monthly balance, and the “New Account” must remain an All-Inclusive Banking Plan or Unlimited Chequing Account, before the $300 cash is deposited into the “New Account”. Please allow up to 12 weeks after all conditions have been met, for the $300 cash offer to be deposited into the “New Account”. Whether or not a recurring direct deposit (for example from your employer or pension provider) is an acceptable form of direct deposit for this offer is subject to our approval. Other conditions may apply.