TD Bank's Free Checking Options

TD Bank offers several checking accounts with no monthly maintenance fee, but "free" comes with conditions. The TD Bank Checking account has no monthly fee if you maintain a $100 minimum balance or set up direct deposit. The TD Bank Premier Checking account also waives the monthly fee with a $2,500 minimum balance or direct deposit. If you do not meet these requirements, you pay $15 per month on the standard account or $25 per month on the Premier account.

The key difference between free and paid is not the account itself—it is whether you can keep the minimum balance or arrange direct deposit. Many people may have access to for free checking without realizing it because they already receive a paycheck via direct deposit. If you do not have direct deposit and cannot maintain the minimum, you will pay the monthly fee.

Key Takeaways

  • TD Bank Checking is free with either a $100 minimum balance or active direct deposit; without either, you pay $15 per month.
  • TD Bank Premier Checking requires a $2,500 minimum balance or direct deposit to avoid a $25 monthly fee.
  • Direct deposit from an employer, government benefit, or regular transfer counts toward the fee waiver on both accounts.
  • Both accounts include unlimited debit card transactions, online bill pay, and mobile banking at no extra cost.
  • Overdraft fees, ATM fees outside the TD network, and other service charges are separate from the monthly maintenance fee.

What "Free" Actually Covers

When TD Bank says an account is free, they mean no monthly maintenance charge. This does not mean every transaction is free. Both the Checking and Premier Checking accounts include unlimited debit card purchases, check writing, and online bill pay. You can transfer money between your own TD accounts without charge, and you can use any TD ATM in the United States without a fee.

What you still pay for: overdraft fees (currently $35 per overdraft), out-of-network ATM fees ($3 per withdrawal), wire transfer fees ($15 domestic, $25 international), and cashier's check fees ($10). If you bounce a check or return a payment, that is another $35. These charges exist on free accounts just as they do on paid ones.

How to may have access to for No Monthly Fee

You have two paths to avoid the monthly maintenance charge on TD Bank Checking. The first is maintaining a $100 minimum daily balance. This means your account balance cannot drop below $100 on any day of the month. If it does, you owe the $15 fee for that month. The second path is setting up direct deposit—a recurring transfer of funds from an employer, government agency, or other source into your account.

Direct deposit does not have to be large. Even a $25 monthly transfer counts. Many people use direct deposit from Social Security, unemployment benefits, pension payments, or a side job to meet this requirement. Once direct deposit is active, the monthly fee is waived regardless of your balance. You can verify direct deposit is set up by checking your account online or calling TD Bank customer service.

Premier Checking and Higher Balance Requirements

TD Bank Premier Checking is designed for people who keep larger balances or want additional perks. The monthly fee is $25 instead of $15, but it waives the same way: with a $2,500 minimum balance or direct deposit. The account includes the same core features as standard Checking—unlimited transactions, online bill pay, mobile banking—plus a few extras.

Premier Checking holders get a higher interest rate on their balance (though TD Bank's rates are typically low), priority customer service, and discounts on certain products like safe deposit boxes. If you do not need these extras and can maintain a $100 balance, the standard Checking account saves you $120 per year. Choose Premier only if the additional features matter to you or if you already keep $2,500 or more in the account.

What Happens If You Do Not Meet the Requirements

If your balance falls below $100 and you do not have direct deposit set up, TD Bank charges the monthly maintenance fee. On Checking, that is $15. On Premier Checking, it is $25. The fee posts to your account automatically each month you do not meet the requirement. There is no grace period or warning—the charge appears on your statement.

If your account balance is low when the fee posts, you could end up overdrawn. An overdraft fee ($35) then stacks on top of the maintenance fee. This is why it matters to know your account type and your balance. If you are close to the minimum, set a phone reminder or check your balance weekly to avoid surprise fees.

Comparing TD Bank Checking to Other Banks

Many online banks and credit unions offer checking accounts with no monthly fee and no minimum balance requirement. Banks like Ally, Charles Schwab, and Discover have zero-fee checking with no strings attached. Credit unions often have similar offers if you are a member. The trade-off is that these institutions have fewer physical branches than TD Bank, which has over 1,200 locations across the northeastern and mid-Atlantic United States.

If you value in-person banking, TD Bank's free checking with a $100 minimum is competitive. If you rarely visit a branch and want to avoid any balance requirement, an online bank may suit you better. The choice depends on whether you need physical locations and whether you can easily maintain the minimum balance.

How to Open a TD Bank Checking Account

You can open a TD Bank Checking account online, by phone, or in person at any TD Bank branch. Online applications take about 10 minutes and require your Social Security number, date of birth, address, and initial deposit (usually $25 minimum). You can fund the account from another bank account via transfer or bring cash or a check to a branch.

Once your account is open, set up direct deposit immediately if you have one. This is the easiest way to keep the account free long-term. You can set it up through your employer's payroll system, your benefits provider, or TD Bank's website. If you do not have direct deposit, set a calendar reminder to check your balance before the end of each month to make sure it stays above $100.

Frequently Asked Questions

Does TD Bank charge a fee to open a checking account?

No. TD Bank does not charge an opening fee. You need an initial deposit to fund the account (usually $25), but that money is yours—it is not a fee. The deposit goes into your account balance.

Can I use direct deposit from a side job or gig work?

Yes. Direct deposit from any employer counts, including gig work, freelance income, or part-time jobs. The deposit must be recurring and come from an employer's payroll system. A one-time transfer you initiate yourself does not count.

What if my balance drops below $100 for one day?

TD Bank charges the monthly maintenance fee if your balance falls below $100 on any single day during the month. You cannot avoid the fee by bringing it back above $100 later. This is why the $100 minimum is a daily requirement, not an average.

Can I switch from Checking to Premier Checking later?

Yes. You can upgrade or downgrade between TD Bank Checking and Premier Checking at any time by calling customer service or visiting a branch. There is no fee to switch. Your account number stays the same.

Are there other fees I should know about besides the monthly maintenance charge?

Yes. Overdraft fees ($35), out-of-network ATM fees ($3), wire transfers ($15 domestic), and returned check fees ($35) all apply to free checking accounts. Review TD Bank's fee schedule on their website to see the full list before you open an account.