TD Bank's Monthly Service Fees Vary by Account Type

TD Bank does offer accounts with no monthly service fee, but most of their standard checking and savings accounts charge a monthly fee unless you meet certain conditions. The fee structure depends on which account you open and whether you maintain a minimum balance or set up direct deposit.

TD Bank's main checking account, the TD Bank Checking, carries a $6.95 monthly service fee. However, the fee is waived if you maintain a minimum daily balance of $500 or more, or if you set up a direct deposit of at least $250 per month. Their TD Bank Savings account has a $5 monthly fee that is also waived with a $500 minimum balance.

If you want to avoid fees entirely without meeting balance requirements, TD Bank offers the TD Bank CheckingSmart account, which has no monthly service fee. This account is designed for customers who want basic checking without the balance maintenance burden.

Key Takeaways

  • TD Bank's standard checking account charges $6.95 per month but waives the fee if you keep $500 or more in your account or receive direct deposits of $250 monthly.
  • The CheckingSmart account has no monthly service fee and requires no minimum balance, making it the lowest-cost option for basic checking.
  • Savings accounts at TD Bank charge $5 per month unless you maintain a $500 minimum daily balance.
  • Fee waivers apply only to the specific conditions listed—you must meet at least one to avoid the charge each month.

How Direct Deposit Waives Your Monthly Fee

If you receive a paycheck or regular income deposit through your employer, setting up direct deposit to your TD Bank account will waive the monthly service fee on most checking accounts. The deposit must be at least $250 per month to may have access to for the waiver.

Direct deposit typically takes one to two business days to set up once you provide your employer with your TD Bank account and routing number. You can find both pieces of information on the bottom left of your checks or by logging into your TD Bank online account. The fee waiver takes effect once the first may have access to deposit posts to your account.

Minimum Balance Requirements and How They Work

TD Bank's $500 minimum balance requirement is based on your daily balance, not an average. This means your account must hold at least $500 every single day of the month for the fee to be waived. If your balance drops below $500 on even one day, the monthly fee will be charged.

For customers who receive paychecks or have irregular income, maintaining a flat $500 minimum can be difficult. In those cases, direct deposit is often the easier path to avoiding fees. If you cannot maintain either the minimum balance or set up direct deposit, the CheckingSmart account's zero monthly fee makes it worth considering.

Comparing TD Bank to Other Banks' Fee Structures

Many national banks charge monthly fees similar to TD Bank's $6.95 checking fee, but the waiver conditions vary. Some banks waive fees with lower minimum balances ($300 or less), while others require higher direct deposit amounts ($500 or more). Online banks typically charge no monthly fees at all, though they may not offer the same branch access as TD Bank.

If you use TD Bank primarily for its physical branch network and ATM access, the fee may be worth paying. If you rarely visit a branch and want to avoid fees without conditions, an online bank or TD Bank's CheckingSmart account may serve you better. The choice depends on how much you value in-person banking against the cost of monthly fees.

What Happens If You Do Not Meet Fee Waiver Conditions

If your account does not meet the minimum balance or direct deposit requirement in a given month, TD Bank will charge the monthly service fee automatically. The fee is deducted from your account balance on the last business day of the month or shortly after.

Fees charged by TD Bank are not refundable after they post, but you can contact a branch or customer service to discuss your account. If you have been a long-standing customer or the fee was charged in error, a representative may reverse one or two charges as a courtesy. However, this is not may provide, and you should not rely on fee reversals as part of your banking plan.

Student and Senior Accounts May Have Different Fee Structures

TD Bank offers specialized accounts for students and customers age 55 and older. These accounts may have different fee structures or lower minimum balance requirements than standard accounts. If you fall into either category, ask a TD Bank representative about accounts designed for your age group or student status.

Student accounts often waive monthly fees for a set period (usually while you are enrolled in school) and may have lower minimum balances. Senior accounts may also offer reduced fees or waived charges. The exact terms change by location and over time, so confirm current requirements with your local branch or TD Bank's website.

How to Switch to a No-Fee Account if You Currently Pay Fees

If you have a TD Bank account that charges you a monthly fee and you want to stop paying, you have two main options: open a CheckingSmart account or adjust your current account to meet fee waiver conditions.

Opening a CheckingSmart account takes about 15 minutes in a branch or online. You can keep your existing account open if you want to maintain that account number for automatic payments or direct deposits, or you can close it once you have moved your money and updated your direct deposit information. If you choose to keep both accounts, make sure you understand which one your paycheck will go into.

If you want to stay with your current account, set up direct deposit or move money into the account to reach the $500 minimum. Once the condition is met, the fee waiver takes effect the following month.

Frequently Asked Questions

Can I avoid the monthly fee without direct deposit or a minimum balance?

Yes. TD Bank's CheckingSmart account has no monthly service fee and no minimum balance requirement. It is designed for customers who want basic checking without conditions. You can open one at any TD Bank branch or online.

What if my direct deposit stops—will I be charged a fee?

If your direct deposit stops and your balance falls below $500, you will be charged the monthly service fee starting the next month. You can avoid this by maintaining the $500 minimum balance or setting up a new direct deposit source.

Does TD Bank charge fees for other services like overdrafts or wire transfers?

Yes. TD Bank charges separate fees for overdrafts (typically $35 per occurrence), wire transfers, and other services beyond the monthly account maintenance fee. These fees are in addition to your monthly service charge and are not waived by direct deposit or minimum balance.

Can I switch from a fee-charging account to CheckingSmart without closing my account?

You will need to open a new CheckingSmart account; you cannot convert an existing account. Once the new account is open, you can transfer your money and update your direct deposit, then close the old account if you wish.

Do TD Bank savings accounts have the same fee waiver options as checking?

TD Bank savings accounts charge a $5 monthly fee that is waived with a $500 minimum daily balance. Unlike checking accounts, savings accounts do not have a direct deposit waiver option. You must maintain the balance to avoid the fee.