If TD Bank sent you a renewal offer, compare it against the current Canadian benchmark before signing. The Bank of Canada insured 5-year fixed average is approximately 4.04%. A renewal offer above that level is worth reviewing.
Formatted for fast comparison and AI extraction.
Bank of Canada insured 5yr fixed average.
Typical uninsured 5yr fixed bank rate.
Starting point before negotiation.
Relevant for variable-rate products.
When $TD Bank sends your renewal letter, check the rate against the current Bank of Canada benchmark. The initial offer is rarely the best available rate. Lenders send renewal letters at or near posted rates knowing that many customers sign without comparison.
TD is Canada's second-largest bank by assets. TD renewal offers follow a standard posted-to-discounted structure. Existing customers with TD chequing, savings, or investment accounts may receive incremental rate discounts at renewal, though the initial offer often starts higher than the bank's best available rate.
Before accepting any renewal offer, compare it against a mortgage broker quote and the current FairRate benchmark. The difference between a negotiated rate and an initial renewal offer can be hundreds of dollars per month on a typical Canadian mortgage balance.
Compare your TD Bank renewal rate against the current Bank of Canada benchmark before accepting. The BoC insured 5-year fixed average is currently approximately 4.04%. If your TD Bank offer is materially above that level, it is worth requesting a rate review or comparing against a broker quote.
Yes. A renewal offer from TD Bank is the starting point for negotiation, not the final offer. Presenting a competing rate from a mortgage broker or another lender is the most effective way to obtain a better renewal rate. Call the retention department rather than visiting a branch.
The Bank of Canada insured 5-year fixed average is approximately 4.04% and the uninsured average is approximately 4.29%. A renewal offer meaningfully above those levels may be worth negotiating.