TD Bank's free checking options and what they cost

TD Bank offers free checking accounts, but the account you get depends on which one you open. TD Checking is genuinely free—no monthly fee, no minimum balance required. TD Premier Checking is also free if you maintain a $2,500 minimum daily balance or set up a direct deposit of at least $250 per month. If you fall below that threshold on Premier, you pay $15 per month.

The difference between the two is not dramatic. Both come with a debit card, online banking, and mobile deposits. Premier adds a few perks: higher interest on savings accounts linked to it, priority customer service, and waived fees on certain services like wire transfers. For most people, TD Checking is the right choice if you want to avoid any conditions.

TD also offers TD Student Checking, which is free for students under 24 with a valid student ID. This account has no minimum balance and no monthly fee for as long as you remain a student.

Key Takeaways

  • TD Checking has no monthly fee and no minimum balance requirement, making it the simplest free option.
  • TD Premier Checking is free only if you keep $2,500 in your account daily or set up direct deposit of $250 or more per month; otherwise you pay $15 monthly.
  • Both accounts include a debit card, online banking, and mobile check deposits at no extra cost.
  • TD Student Checking is free for students under 24 and requires no minimum balance.

What fees you might still pay

Free checking does not mean zero fees. TD charges for specific transactions and services outside the account itself. Overdraft fees run $35 per occurrence if you spend more than your balance. ATM fees apply if you use a machine outside the TD network—typically $3 per transaction, though this varies by location.

Wire transfers, cashier's checks, and stop-payment requests each carry their own fees unless you have Premier Checking or meet certain balance thresholds. Expedited shipping of checks costs extra. If you need a replacement debit card, that is usually free, but rush delivery is not.

The key is that the account itself is free; the fees come from how you use it. If you stick to TD ATMs, avoid overdrafts, and do not request specialty services, your only cost is the account opening—which is free.

How to open a TD Checking account

You can open an account online, by phone, or in person at a TD Bank branch. Online is fastest: you provide your Social Security number, date of birth, address, and employment information. TD runs a background check through ChexSystems, which typically takes a few minutes. You can start using the account the same day, though your debit card arrives by mail in 7 to 10 business days.

If you open in a branch, bring a government-issued ID and proof of address (a recent utility bill or lease works). You can get a temporary debit card on the spot and start using it immediately. Phone applications take about 15 minutes and require the same information as online.

You do not need an existing TD account to open checking. If you are switching from another bank, you can set up a direct deposit from your employer to move money over automatically.

Comparing TD Checking to other free checking accounts

Most major banks offer free checking with no strings attached: Chase Total Checking, Bank of America Checking, and Ally Bank Checking all have zero monthly fees and no minimum balance. The difference is usually in the perks and the ATM network. TD has about 1,100 branches and 1,600 ATMs in the Northeast and Mid-Atlantic, so if you live in that region, TD's network is a real advantage. If you live elsewhere, you will pay out-of-network ATM fees more often.

Online banks like Ally and Charles Schwab often offer higher interest rates on checking balances and no ATM fees anywhere in the country, but they have no physical branches. Credit unions sometimes offer free checking with no minimums, but you have to be a member first, which requires living or working in a specific area or joining an affinity group.

The best choice depends on where you live and how you bank. If you are near TD branches and ATMs, TD Checking is competitive. If you rarely visit branches and want the widest ATM access, an online bank or credit union might save you money.

Moving money in and out of your TD account

TD Checking supports all the standard ways to move money: direct deposit from your employer, ACH transfers from another bank account, mobile check deposits, and in-person deposits at a branch or ATM. Direct deposit is free and usually takes one business day. ACH transfers from another bank are also free and typically settle in one to three business days.

Mobile check deposits work through the TD Bank app: you photograph the front and back of a check, and the funds appear in your account within one business day. There is no fee for this. Depositing cash requires a branch visit or an ATM that accepts cash deposits—not all TD ATMs do, so check the machine before you go.

Sending money out works the same way. You can set up automatic bill payments to any company, transfer money to another bank account via ACH, or withdraw cash at any TD ATM or branch. Wire transfers cost money ($15 to $25 depending on whether it is domestic or international), but ACH transfers are free.

Interest rates and savings features

TD Checking does not earn interest. Your balance sits at zero percent, which is standard for checking accounts at most banks. If you want to earn interest on your money, you need a separate savings account. TD offers savings accounts with rates that change based on market conditions—check TD's website for the current rate, as it varies.

TD Premier Checking does earn a small amount of interest if you link it to a TD savings account, but the rate is still very low compared to online savings accounts. If earning interest matters to you, an online savings account at a bank like Ally or Marcus will pay significantly more.

The checking account itself is a place to hold money for spending, not for saving. Use it to receive paychecks and pay bills, and move extra money to a savings account if you want it to grow.

Frequently Asked Questions

Can I get a TD Checking account if I have been denied before?

TD uses ChexSystems to check your banking history. If you were denied in the past because of unpaid fees or fraud, you may be denied again. Call TD directly to ask about your specific situation—some banks offer second-chance checking accounts, though TD does not always advertise this option.

What happens if I overdraft my TD Checking account?

If you spend more than your balance, TD charges a $35 overdraft fee per transaction. You can set up overdraft protection by linking a savings account or credit card, which transfers money automatically to cover the shortfall. This usually costs $1 per transfer, which is cheaper than an overdraft fee.

Do I need to keep a minimum balance in TD Checking?

No, not for TD Checking. You can keep a zero balance and never pay a monthly fee. TD Premier Checking requires $2,500 minimum or a $250 monthly direct deposit to avoid the $15 monthly fee.

Can I use my TD debit card outside the United States?

Yes, but you will pay a 3% foreign transaction fee on purchases and ATM withdrawals. If you travel internationally often, a bank that waives foreign fees might save you money.

How do I close my TD Checking account?

Call TD customer service, visit a branch, or use online banking to request closure. Make sure your balance is zero and all pending transactions have cleared before you close. TD will send you a final statement by mail.