TD Bank's checking accounts are not free, but the cost depends on which account you choose

TD Bank offers several checking accounts with different fee structures. Most of them charge a monthly maintenance fee unless you meet certain conditions — like keeping a minimum balance or setting up direct deposit. The most basic option, called the TD Bank Checking account, charges $15 per month, but that fee is waived if you maintain a $500 minimum daily balance or have a direct deposit of at least $250 per month.

If you want to avoid fees without meeting those conditions, TD Bank also offers the TD Bank Student Checking account, which has no monthly fee if you are under 24 years old and a full-time student. There is also the TD Bank Everyday Checking account, which charges $6 per month but waives the fee with a $100 minimum daily balance or a $250 direct deposit.

The specific fees and conditions can change, so it is worth checking TD Bank's website or calling a branch to confirm the current terms before you open an account.

Key Takeaways

  • TD Bank's standard checking account costs $15 per month unless you keep $500 in the account or receive direct deposits of at least $250 monthly.
  • The Everyday Checking account costs $6 per month but waives the fee with a $100 minimum balance or $250 direct deposit.
  • Student Checking has no monthly fee if you are under 24 and enrolled full-time in school.
  • Direct deposit and minimum balance requirements are the most common ways to avoid monthly fees at TD Bank.

How direct deposit and minimum balance requirements work

When TD Bank says you can waive a fee with direct deposit, they mean your employer or benefit provider deposits money straight into your account — you do not have to do anything after setting it up the first time. The deposit must meet the minimum amount (usually $250) and must happen at least once per month. If you miss a month, the fee applies that month.

A minimum daily balance is simpler in concept but harder to maintain if your paycheck varies. TD Bank looks at the lowest balance your account reaches on any single day during the month. If it never drops below $500 (for the standard account) or $100 (for Everyday Checking), the fee is waived for that month. If you dip below even once, you owe the full fee.

Many people find direct deposit easier to rely on because it happens automatically. If your income is irregular or you live paycheck to paycheck, the balance requirement can be risky — one unexpected expense could trigger the fee.

What happens if you do not meet the waiver conditions

If your account does not meet the direct deposit or balance requirement in a given month, TD Bank charges the monthly maintenance fee. This fee comes out of your account automatically, so your balance drops by $6 or $15 depending on which account you have.

These fees add up over time. A $15 monthly fee on the standard account means you pay $180 per year just to have the account open. For someone living on a tight budget, that money could go toward groceries or utilities instead. This is why it matters to understand the conditions upfront and pick an account that matches your actual situation.

Comparing TD Bank checking to other banks

Many banks still charge monthly fees for checking, but some do not. Online banks like Ally, Charles Schwab, and Discover offer checking accounts with no monthly fee and no minimum balance requirement. Credit unions often have low-fee or no-fee checking as well, especially if you are a member.

The trade-off is usually convenience. TD Bank has physical branches in many states, so you can deposit cash, talk to someone in person, or withdraw money without using an ATM. Online banks have no branches but often have better interest rates and lower fees. Credit unions may have fewer ATMs and branches but often treat members more flexibly if you have trouble meeting requirements.

If you already bank with TD Bank or value having a physical location nearby, the Everyday Checking account at $6 per month (or free with a $100 balance) is cheaper than the standard option. If you are willing to bank online, you might find a no-fee account elsewhere.

How to avoid overdraft fees on top of monthly fees

Monthly maintenance fees are just one cost. Overdraft fees happen when you spend more money than you have in the account. TD Bank charges an overdraft fee each time this happens, and the fee is separate from your monthly maintenance charge.

To avoid overdrafts, keep track of your balance before you spend. Many banks, including TD Bank, let you set up alerts that text or email you when your balance drops below a certain amount. You can also turn on overdraft protection, which links your checking account to a savings account or credit line — if you overdraw, the bank pulls money from the linked account instead of charging a fee.

Some people choose to opt out of overdraft protection entirely. This means if you try to spend more than you have, the transaction is declined at the register or ATM. It is less convenient in the moment, but it prevents surprise fees.

What to bring when you open a TD Bank checking account

If you decide to open a checking account at TD Bank, you will need a government-issued photo ID (like a driver's license or passport) and proof of your address (like a utility bill or lease). You will also need to provide your Social Security number so the bank can verify your identity and check your banking history.

Some TD Bank branches let you open an account online, while others require you to visit in person. If you open online, you may still need to visit a branch later to deposit cash or complete verification. Call ahead or check the TD Bank website to see what your local branch offers.

Frequently Asked Questions

Can I get a TD Bank checking account with no monthly fee?

Yes, if you are under 24 and a full-time student, the Student Checking account has no monthly fee. Otherwise, you need either a $500 minimum balance (standard account) or $100 minimum balance (Everyday Checking), or a monthly direct deposit of at least $250 to waive the fee.

What is the difference between TD Bank Checking and Everyday Checking?

TD Bank Checking costs $15 per month and requires a $500 balance or $250 direct deposit to waive the fee. Everyday Checking costs $6 per month and requires only a $100 balance or $250 direct deposit. If you cannot maintain either requirement, Everyday Checking is cheaper.

Does direct deposit have to be from my job?

No. Direct deposit can come from an employer, but also from Social Security, unemployment benefits, tax refunds, or other government payments. The key is that the money must be deposited electronically by the source — you cannot deposit it yourself and have it count as direct deposit.

What happens if I fall below the minimum balance for one day?

The monthly fee applies. TD Bank checks your lowest balance on any day during the month. If you dip below the requirement even once, you do not get the waiver that month. You will owe the full $6 or $15 fee.

Can I switch to a different TD Bank checking account later?

Yes. If you open the standard account and later find you cannot maintain the $500 balance, you can switch to Everyday Checking at a lower fee. Contact your branch or call customer service to make the change.