TD Bank's checking account lineup has no truly free option

TD Bank does not offer a checking account with zero monthly fees. Every checking account TD Bank offers carries a monthly maintenance fee unless you meet specific conditions to waive it. The bank's basic checking product is the TD Bank Checking account, which costs $15 per month, but the fee drops to $0 if you maintain a minimum daily balance of $2,500 or set up a direct deposit of at least $250 per pay period.

The second option is TD Bank Premium Checking, which costs $25 per month and waives the fee with either a $15,000 minimum daily balance or a $1,500 direct deposit per pay period. Neither account is free outright — both require you to meet one of the stated conditions, and both charge the full monthly fee if you do not.

If you cannot maintain those balances or direct deposits, you will pay the monthly fee. TD Bank does not have a no-strings checking account for customers who want to avoid conditions entirely.

Key Takeaways

  • TD Bank Checking costs $15 per month unless you keep $2,500 in the account daily or receive a direct deposit of $250 or more per pay period.
  • TD Bank Premium Checking costs $25 per month and waives the fee with either $15,000 in daily balance or $1,500 in direct deposits per pay period.
  • Direct deposit is often easier to maintain than a high balance, especially if your employer already offers it.
  • If you cannot meet either waiver condition, you will pay the monthly maintenance fee regardless of how little you use the account.

How the direct deposit waiver works in practice

The direct deposit route is simpler for most people than maintaining a balance. You do not need to deposit $250 or $1,500 all at once — the requirement is per pay period. If you are paid biweekly and your paycheck is $500 or more, you already meet the TD Bank Checking waiver. If you are paid weekly and your paycheck is $250 or more, you meet it. The direct deposit must actually land in the TD account; transfers from another bank do not count.

This matters because many people already have direct deposit set up with their employer. If your paycheck goes to a TD account, the fee waiver is automatic — you do not need to do anything after the first deposit posts. The bank tracks this monthly, so if your employer stops sending direct deposits, the fee resumes the following month.

How the balance waiver works and what it costs you

The $2,500 minimum for TD Bank Checking is a daily balance requirement, not an average. This means your account must hold at least $2,500 every single day of the month. If it drops to $2,499 on any day, you do not waive the fee that month. For someone living paycheck to paycheck, this is often not realistic — you would need to keep that money sitting in the checking account instead of spending it or moving it elsewhere.

The opportunity cost matters. If you keep $2,500 in a TD checking account earning little to no interest when you could put it in a savings account or money market account earning 4% or higher, you are losing roughly $100 per year in interest just to avoid a $15 monthly fee. The math only works if you would keep that money in checking anyway.

The $15,000 balance for Premium Checking has the same problem, only worse. You would be tying up $15,000 to avoid a $25 monthly fee — $300 per year — when that money could earn $600 or more in a higher-yield savings account elsewhere.

Comparing TD Bank to other banks' checking accounts

Many regional and online banks do offer checking accounts with no monthly fee and no balance or direct deposit requirement. Banks like Ally, Charles Schwab, and Discover have no-fee checking with no strings attached. Some credit unions also offer free checking to members. The trade-off is usually that these banks have fewer physical branches than TD Bank, or they do not offer the same range of products.

If you value TD Bank's branch network and customer service, the $15 or $25 monthly fee may be worth it to you. If you are willing to bank online or use a different bank's branches, you can find checking accounts that cost nothing. The choice depends on what matters more: convenience and familiarity, or lower fees.

What happens if you do not meet the waiver conditions

If your account balance falls below the minimum and you do not have direct deposit, TD Bank charges the full monthly maintenance fee. This fee is deducted automatically from your account on a set date each month. If your account balance is low, the fee can push you into overdraft, which triggers additional overdraft fees on top of the maintenance fee.

For example, if you have $500 in your TD Bank Checking account and the $15 monthly fee is charged, your balance drops to $485. If you then make a purchase for $500, the transaction will overdraft your account, and TD Bank will charge an overdraft fee (typically $35 per transaction). You end up paying both the maintenance fee and the overdraft fee.

How to set up the direct deposit waiver

To waive the monthly fee using direct deposit, you need to provide your employer or payroll provider with your TD Bank account number and routing number. Your employer's payroll department can set this up, usually through an online portal or by submitting a form. Once the first direct deposit posts to your TD account, the waiver takes effect automatically.

You can find your account number and routing number on the bottom left of your TD checks, or by logging into your online account. The routing number for TD Bank is the same across all accounts. After you set up direct deposit, check your account the month after the first deposit to confirm the monthly fee was waived.

Other fees to know about

The monthly maintenance fee is not the only cost associated with a TD Bank checking account. The bank also charges fees for overdrafts ($35 per transaction), ATM withdrawals outside the TD network (varies by location), wire transfers, and stop payments. Some of these fees can be waived depending on your account type or relationship with the bank, but they are worth understanding before you open an account.

If you use ATMs frequently, check whether TD Bank has branches and ATMs near your home and work. Using out-of-network ATMs regularly can add up faster than the monthly maintenance fee.

Frequently Asked Questions

Can I waive the monthly fee with both direct deposit and a balance, or do I have to pick one?

You only need to meet one condition to waive the fee. If you have both direct deposit and a $2,500 balance, the fee is still waived — you do not get a discount or benefit for meeting both. If your direct deposit stops, the balance alone will keep the fee waived as long as you maintain it.

What if I have a TD savings account — does that count toward the checking account balance requirement?

No. The balance requirement is for the checking account only. Money in a linked savings account does not count toward the $2,500 or $15,000 minimum. You must keep the full amount in the checking account itself.

If I close my TD checking account, do I owe any fees?

TD Bank does not charge a closing fee for checking accounts. However, if you close the account before the monthly fee is charged, you will not owe that month's fee. If you close it after the fee has been deducted, you cannot get a refund.

Does a transfer from another bank count as a direct deposit for the waiver?

No. Only payroll direct deposits from your employer count toward the waiver. Transfers you initiate from another bank, even if they are recurring, do not meet the direct deposit requirement. The deposit must come directly from your employer's payroll system.

What is the difference between TD Bank Checking and TD Bank Premium Checking besides the fee?

Premium Checking offers higher balance and direct deposit thresholds to waive the fee, plus additional perks like higher interest rates on the account balance and priority customer service. If you can meet the waiver conditions on either account, the choice comes down to whether you want those extra benefits and whether you can maintain the higher balance or direct deposit amount.