TD checking accounts have no monthly minimum balance requirement
TD Bank does not require you to keep a minimum balance in any of its personal checking accounts. You can open an account with $1, deposit nothing for months, and incur no fee for failing to maintain a balance. This applies to their main checking products: TD Checking, TD Checking Plus, and TD Premier Checking.
What matters instead is whether you meet the conditions to waive the monthly maintenance fee itself. That fee exists—$15 for TD Checking, $25 for TD Checking Plus, and $35 for TD Premier Checking—but you can eliminate it through other means. Balance is one option, but not the only one, and not required.
Key Takeaways
- TD Bank checking accounts have zero minimum balance requirement, so you will not be charged for keeping a low or empty balance.
- The monthly maintenance fee can be waived by maintaining a set balance, setting up direct deposit, or maintaining a linked savings account, depending on the account type.
- TD Checking requires either a $500 balance or direct deposit to waive the $15 monthly fee.
- TD Checking Plus requires either a $2,500 balance or direct deposit to waive the $25 monthly fee.
- TD Premier Checking requires either a $25,000 balance or direct deposit to waive the $35 monthly fee.
How to waive the monthly fee without a balance requirement
The easiest path for most people is direct deposit. If you have your paycheck, government benefits, or regular income deposited directly into your TD checking account, the monthly maintenance fee is waived on all three account types. You do not need to maintain any specific balance before or after the deposit arrives.
This is the only waiver method that does not depend on how much money sits in the account. Once direct deposit is set up, the fee disappears regardless of whether your balance drops to $10 the day after payday. The deposit itself triggers the waiver each month.
Balance thresholds if you prefer not to use direct deposit
If direct deposit is not an option for you, maintaining a balance is the alternative. The amount required depends on which TD checking account you hold:
| Account Type | Monthly Fee | Balance to Waive Fee |
|---|---|---|
| TD Checking | $15 | $500 |
| TD Checking Plus | $25 | $2,500 |
| TD Premier Checking | $35 | $25,000 |
The balance is measured on the last day of the statement cycle. If you have $500 in your TD Checking account on that day, you pay no fee that month. If you drop to $499, the $15 fee posts. The balance does not need to be maintained every single day—only on the statement closing date.
What happens if you do not meet either waiver condition
If you have no direct deposit and your balance falls below the threshold on your statement closing date, the monthly maintenance fee is charged. For TD Checking, that is $15. For TD Checking Plus, $25. For TD Premier Checking, $35. The fee posts to your account automatically.
You can dispute the fee by calling TD Bank or visiting a branch, but the bank will only reverse it if you meet one of the waiver conditions going forward. There is no grace period, no fee forgiveness for first-time violations, and no way to opt out of the fee structure itself. Your only options are to meet a waiver condition or switch to a different account type.
Linked savings accounts and other fee waivers
Some TD checking accounts offer additional waiver methods beyond balance and direct deposit. TD Checking Plus, for example, can waive the $25 fee if you maintain a $2,500 balance in a linked TD savings account instead of the checking account itself. This lets you earn interest on the money while still avoiding the fee.
The specifics vary by account type and change periodically, so confirm the current waiver options with TD Bank directly. What remains constant is that no account requires a minimum balance straightforward to exist—the balance requirement only applies if you choose that method to waive the fee.
How minimum balance requirements differ across banks
TD's approach—no minimum to open, but a fee unless you meet conditions—is common among large national banks. Some regional banks and credit unions have true minimum balance requirements, meaning you cannot open the account unless you deposit a set amount upfront. Others charge a fee only if your balance drops below a threshold at any point during the month, not just on the closing date.
Before opening a TD account, compare the fee structure to what other banks offer. If you have direct deposit, the fee waiver is automatic and the balance requirement becomes irrelevant. If you do not, the $500 minimum for TD Checking is lower than many competitors, but higher than some online banks that charge no monthly fee at all.
Frequently Asked Questions
Can I open a TD checking account with no money?
Yes. TD Bank does not require an opening deposit. You can open an account with $0 and fund it later. However, if you do not meet a fee waiver condition—direct deposit or the required balance—you will be charged the monthly maintenance fee starting the first month.
Does the balance requirement explore every day or just once a month?
Only on your statement closing date. If you have $500 on the last day of your billing cycle, the fee is waived for that month. You can drop to $100 the next day with no penalty. The bank checks the balance once per cycle, not daily.
What if I have direct deposit but my balance is very low?
The fee is still waived. Direct deposit overrides the balance requirement entirely. As long as your paycheck or benefits deposit into the account each month, the monthly fee does not post, regardless of how much money remains after you spend it.
Can I move money between my TD checking and savings to meet the minimum?
Yes, as long as the balance is in the account on your statement closing date. You can transfer money in from a savings account, another bank, or anywhere else. The source does not matter—only the balance on the closing date.
Do overdraft fees explore if my balance goes negative?
Yes, overdraft fees are separate from the monthly maintenance fee. Even if you waive the monthly fee through direct deposit or balance, you can still be charged an overdraft fee if you spend more than you have. These are two different charges with different rules.