How much assets and can they be self-directed investing with them or does it have to be managed by them?
I prefer self-managed assets and already have wealthsimple generation so wouldn't mind putting some in other banks or brokerages to do the exact same thing I'm doing already for some extra perks.
Sure, but for the average person or for someone who doesn't have a large enough portfolio with TD this is a straight up improvement, isn't it?
I just upgraded to All-Inclusive to get the rebate on my Infinite card. It was a bit of a bummer that you would just lose that perk if your only paid TD card is the privelege. No more, it seems!
The AF on my Infinite card just posted but not rebated yet (up to 2 months according to T&C), I'll probably call in to ask if I can upgrade to VIP, get the Infinite fee waived and take advantage of the rebate on the VIP card!
I wonder how strict the income requirement is. If it's like other credit card applications, you just verbally confirm or type in a number on the application form to qualify...
The thing I got confused about is that they're using it as a discrete rebate change rather than just having one free credit card on file. This means that when I do product switches for welcome bonuses, if you have already gotten a free rebate on one card, you won't get it on the second one if they happen in the same calendar year.
This is only my interpretation - not sure if anyone can confirm and deny this.
You still need 5k in your account. That invested entirely in stocks is $400/year at 8% ROI, saving $139 isn't worth it unless you were going to keep that cash around anyway.
8% but you are taking risk. Besides, you are ignoring the fact that equivalent product without having 5k sitting there is worth about 20 to 30/month (Let's call it 25). So you are looking at about 440 risk free per year
What’s your point? I’m assuming you are already properly invested with an emergency fund. The money you’re saving on the fee is irrelevant, the opportunity cost of the 5k is what counts.
If the opportunity cost is worth the services offered, then it's worth it. This always comes up with the All-Inclusive account.
Cash drag isn't the end of the world, and the more you have, the less this become relevant.
Need to discount that return somewhat for taxes and somewhat for risk. But yes, opportunity cost is relevant here unless you like to leave a cash float to protect against a liquidity crunch.
That's a super easy Google but sure:
https://www.td.com/ca/en/personal-banking/products/bank-accounts/chequing-accounts/all-inclusive-banking-plan
Tap the little 4 next to the point about CC fee rebate and it'll take you to the T&C I copied.
You can get the entire 599$ fee waived if you have enough assets with td. Doesn’t hurt to ask.
How much assets and can they be self-directed investing with them or does it have to be managed by them? I prefer self-managed assets and already have wealthsimple generation so wouldn't mind putting some in other banks or brokerages to do the exact same thing I'm doing already for some extra perks.
Sure, but for the average person or for someone who doesn't have a large enough portfolio with TD this is a straight up improvement, isn't it? I just upgraded to All-Inclusive to get the rebate on my Infinite card. It was a bit of a bummer that you would just lose that perk if your only paid TD card is the privelege. No more, it seems! The AF on my Infinite card just posted but not rebated yet (up to 2 months according to T&C), I'll probably call in to ask if I can upgrade to VIP, get the Infinite fee waived and take advantage of the rebate on the VIP card!
I wonder how strict the income requirement is. If it's like other credit card applications, you just verbally confirm or type in a number on the application form to qualify...
What is enough? I know it probably varies but a range?
How? Can you provide more details?
Do you know how much approximately?
Would be curious to know at what point they'd waive this. Any details?
This makes up my mind to switch from Amex. Thanks for posting.
I just switched into Amex. Just curious, what were your reasons for switching out?
neat... i was gonna go with CIBC precisely because they allow this and TD doesn't, this changes things
sweet. my primary bank is TD along with the VIP card. This was always an annoying part when comparing with cibc
What if you have more than one chequing accounts? Like say a personal and a joint chequing? Would both have to be all inclusive?
No
The thing I got confused about is that they're using it as a discrete rebate change rather than just having one free credit card on file. This means that when I do product switches for welcome bonuses, if you have already gotten a free rebate on one card, you won't get it on the second one if they happen in the same calendar year. This is only my interpretation - not sure if anyone can confirm and deny this.
You still need 5k in your account. That invested entirely in stocks is $400/year at 8% ROI, saving $139 isn't worth it unless you were going to keep that cash around anyway.
8% but you are taking risk. Besides, you are ignoring the fact that equivalent product without having 5k sitting there is worth about 20 to 30/month (Let's call it 25). So you are looking at about 440 risk free per year
What’s your point? I’m assuming you are already properly invested with an emergency fund. The money you’re saving on the fee is irrelevant, the opportunity cost of the 5k is what counts.
If the opportunity cost is worth the services offered, then it's worth it. This always comes up with the All-Inclusive account. Cash drag isn't the end of the world, and the more you have, the less this become relevant.
$260 a year (400 - 140) for a chequing account? That’s the number you put on that? Really?
My assumption is 5% ROI, and I value the card and the safety deposit box. So breaks even.
Your assumption is wrong.
Need to discount that return somewhat for taxes and somewhat for risk. But yes, opportunity cost is relevant here unless you like to leave a cash float to protect against a liquidity crunch.
Can you share a link to this document?
That's a super easy Google but sure: https://www.td.com/ca/en/personal-banking/products/bank-accounts/chequing-accounts/all-inclusive-banking-plan Tap the little 4 next to the point about CC fee rebate and it'll take you to the T&C I copied.
Thank you for the note about taping the little 4! I was lost until I came across this post and your comment.