TD vs RBC: which everyday chequing account costs less?
Canada’s two largest banks both want your everyday banking, but their standard chequing accounts are priced on opposite philosophies. TD’s Every Day Chequing charges more up front but bundles more transactions and waives the fee if you keep a balance. RBC’s Day to Day Banking is cheap to open but caps your transactions and offers no balance waiver. Here is the verified, fee-by-fee comparison — including the senior pricing that often decides it.
TD
Every Day Chequing
$11.95/mo standard
- Fee waived with a $3,000 balance
- 25 transactions a month included
- Seniors 60+ pay $8.20/mo
RBC
Day to Day Banking
$4.00/mo standard
- No balance waiver on the monthly fee
- 12 transactions a month included
- Seniors 65+ pay $0.00/mo
The verified comparison
Fees verified · June 9, 2026| What you pay | TD Every Day Chequing | RBC Day to Day Banking |
|---|---|---|
| Monthly fee | $11.95 | $4.00 |
| Fee waiver | $3,000 balance Fee waived with a $3,000 minimum balance at the end of every day in the month. | No balance waiver No minimum-balance waiver — rebates only via RBC Value Program bundles. |
| Transactions included | 25/mo | 12/mo |
| Excess transaction fee | $1.25 per debit | $1.25 per debit |
| Senior pricing | $8.20/mo at 60+ Seniors 60+ get a $3.75 discount — they still pay $8.20 a month. | $0.00/mo at 65+ Seniors 65+ get the full $4.00 rebated — the account is free. |
| Other-bank ATM fee | $2.00 $2.00 per withdrawal at non-TD ATMs in Canada, plus any operator surcharge. | Not published RBC does not publish its other-bank Interac fee on its fee pages — ATM costs are not included in this estimate. |
| NSF fee | $10.00 | $10.00 |
Every figure above is read from each bank's own fee page — TD and RBC — last checked June 9, 2026. Banks change fees without notice; confirm before opening.
The monthly fee is only half the story
On the sticker, RBC looks far cheaper — $4.00 a month for Day to Day Banking versus $11.95 for TD’s Every Day Chequing. But the two accounts are not the same product. RBC’s $4 account includes only 12 transactions a month with no way to waive the fee, while TD’s $11.95 account includes 25 transactions and waives the fee entirely if you keep a $3,000 end-of-day balance all month.
So the real question is your balance and your activity. If you can park $3,000 and leave it, TD is effectively free with more than double the transactions. If you cannot, RBC’s $4 is the cheaper floor — until you run past 12 debits, where each extra one costs $1.25.
For seniors, RBC pulls clearly ahead
This is where the accounts diverge most. RBC fully rebates the $4.00 fee for clients 65 and older — the Day to Day account becomes free. TD only discounts its fee by $3.75 for seniors 60+, so an older TD client still pays $8.20 a month, nearly $100 a year. For a retiree doing ordinary everyday banking, RBC’s free senior account is the stronger deal by a wide margin.
Pick this one if…
TD Every Day Chequing
- You make more than 12 transactions a month
- You can keep $3,000 in the account to waive the fee
- You want a published other-bank ATM fee ($2.00) rather than an unlisted one
RBC Day to Day Banking
- You are 65 or older (RBC rebates the fee — it is free)
- You keep a low balance and bank lightly (12 transactions or fewer)
- You want the lowest possible monthly cost without a balance condition
Neither big-bank account is cheap by national standards. If you keep $3,000, TD is free with more transactions; if you bank lightly, RBC’s $4 floor wins — and RBC is the clear pick for seniors 65+, who pay nothing. But a no-fee digital chequing account beats both on price, which is the comparison most people should really be running.
Keep comparing
Frequently asked questions
Is RBC or TD cheaper for chequing?
It depends on your balance. RBC’s Day to Day account is $4.00 a month versus TD’s $11.95, so RBC is cheaper at face value. But TD waives its fee if you keep a $3,000 daily balance, which makes it effectively free with 25 transactions versus RBC’s 12. If you can hold $3,000, TD is the better value; if not, RBC’s $4 floor is lower.
Which bank is better for seniors, TD or RBC?
RBC. It fully rebates the $4.00 monthly fee for clients 65 and older, making the Day to Day account free. TD only trims $3.75 off for seniors 60+, so an older TD client still pays $8.20 a month. For ordinary everyday banking in retirement, RBC’s free senior account is the stronger deal.
How many transactions do these accounts include?
RBC Day to Day includes 12 transactions a month, with each extra debit costing $1.25. TD Every Day includes 25 transactions, also $1.25 for each one beyond that. If you regularly exceed these caps, look at an unlimited-transaction tier or a no-fee digital account instead.
Can I avoid the monthly fee at either bank?
At TD, yes — keep a $3,000 end-of-day balance every day of the month and the $11.95 fee is waived. At RBC, the $4.00 Day to Day fee has no balance waiver; the only way to zero it is the senior rebate at 65+ or an RBC bundle. A no-fee online bank avoids the fee with no balance condition at all.
This page is for educational purposes only and is not financial advice. Account fees, waivers, senior pricing and transaction limits change frequently and vary by institution; the figures referenced were last verified June 9, 2026 at each bank's own fee page. Confirm current terms with TD and RBC before opening an account. See our methodology.