TD Bank offers multiple checking accounts, each designed for different banking habits and balance levels
TD Bank does offer more than one checking account. The bank maintains several checking options, each with different monthly fees, minimum balance requirements, and features. The main accounts are TD Checking, TD Premium Checking, and TD Student Checking. Which one makes sense depends on how much you keep in the account, how often you use it, and whether you want features like overdraft protection or higher interest rates.
The accounts differ most in their monthly maintenance fees and what you need to do to waive them. Some require a minimum daily balance; others waive fees if you set up direct deposit. A few have no monthly fee at all. Understanding these differences before you open an account saves you money and prevents surprise charges later.
Key Takeaways
- TD Bank offers at least three main checking accounts: TD Checking, TD Premium Checking, and TD Student Checking, each with different fee structures and features.
- Monthly maintenance fees range from $0 to around $15 depending on the account type, and most can be waived by meeting balance or direct deposit requirements.
- TD Premium Checking typically offers higher interest rates and more perks but requires a higher minimum balance than standard checking.
- You can open more than one checking account at TD Bank, though the bank may review your account history before approving a second account.
TD Checking: The standard option with low barriers
TD Checking is the entry-level account. It carries a monthly maintenance fee, but TD Bank waives it if you maintain a minimum daily balance (the exact amount varies by region and changes over time—contact your local branch for the current requirement) or set up a direct deposit of at least $250 per pay period. If you do neither, you pay the monthly fee.
This account includes standard features: a debit card, online banking, mobile app access, and the ability to link to savings accounts. You get a certain number of free transactions per month; additional transactions may incur a small fee. TD Checking does not typically pay interest on the balance.
TD Premium Checking: Higher interest and more features
TD Premium Checking is designed for customers who maintain larger balances or want more perks. This account usually pays interest on your checking balance—the rate varies and is typically low, but it is higher than you would earn in a standard checking account. It also often includes benefits like higher ATM withdrawal limits, priority customer service, and waived fees for certain services.
The monthly maintenance fee is higher than TD Checking, but it is waived if you maintain a higher minimum daily balance. If you regularly keep $2,500 or more in checking (the threshold varies by location), this account can make financial sense because the interest earned and fee waivers offset the higher fee structure.
TD Student Checking: For full-time students under 24
TD Student Checking has no monthly maintenance fee and is open to full-time students under age 24. You will need to provide proof of enrollment, such as a current student ID or enrollment verification letter from your school. This account includes the same basic features as TD Checking—debit card, online banking, mobile access—without the monthly charge.
The student account is designed to be low-cost while you are in school. Once you turn 24 or are no longer a full-time student, the account will convert to a standard TD Checking account, and regular fees will apply unless you meet the waiver requirements.
How to open a second checking account at TD Bank
You can open more than one checking account at TD Bank. You do not need permission, but the bank will review your account history. If you have a record of overdrafts, returned checks, or other issues, TD Bank may decline to open a second account or may require you to close an existing account first.
To open a second account, visit a branch in person or use online banking if the option is available in your region. You will need a government-issued ID and proof of address. Have your Social Security number ready. The process typically takes a few minutes in-branch or a few hours online. Both accounts will share the same login credentials, and you can manage them together through the mobile app or online banking portal.
Comparing fees and minimum balance requirements
| Account Type | Monthly Fee | Fee Waiver Option 1 | Fee Waiver Option 2 | Interest Paid |
|---|---|---|---|---|
| TD Checking | Varies by region | Minimum daily balance (amount varies) | Direct deposit $250+ | No |
| TD Premium Checking | Higher than TD Checking | Higher minimum daily balance | Varies by location | Yes, variable rate |
| TD Student Checking | $0 | N/A (no fee) | N/A (no fee) | No |
Exact fees and minimum balances change by location and over time. Call your local TD Bank branch or log into online banking to see the current requirements for your area. Some branches may offer slightly different terms than others, so it is worth asking what options are available near you.
When to switch between TD checking accounts
Switch to TD Premium Checking if you consistently maintain a balance above the minimum threshold and want to earn interest on your checking balance. The interest rate is modest, but combined with fee waivers and other perks, it can add up over time.
Switch to TD Checking if you cannot maintain the higher balance required for Premium Checking or if you do not use the extra features. Set up direct deposit to waive the monthly fee and avoid the minimum balance requirement altogether. If you are a student, keep TD Student Checking as long as you remain enrolled—the $0 fee is hard to beat.
You can also keep two accounts open simultaneously. Some people use one for regular bills and expenses and another as a dedicated savings or sinking fund account. Just remember that each account has its own fee structure, so make sure you are meeting the waiver requirements for both.
Frequently Asked Questions
Can I have both TD Checking and TD Premium Checking open at the same time?
Yes. TD Bank allows you to hold multiple checking accounts. You might use one for everyday spending and another for a specific purpose. Both accounts will appear in your online banking and mobile app under the same login. Just make sure you understand the fee structure for each account and meet the waiver requirements for both if you want to avoid monthly charges.
What happens to my TD Student Checking account after I graduate?
Your account will automatically convert to a standard TD Checking account once you turn 24 or are no longer a full-time student. At that point, the monthly maintenance fee will apply unless you meet one of the waiver requirements—maintaining the minimum balance or setting up direct deposit. Contact TD Bank before the conversion to understand what your new fee structure will be.
How do I waive the monthly fee on TD Checking?
You have two main options: maintain the required minimum daily balance (the amount varies by region) or set up a direct deposit of at least $250 per pay period. Direct deposit is often easier if your employer offers it, because you do not have to worry about keeping a specific balance. Log into online banking or call your branch to confirm the current minimum balance requirement in your area.
Does TD Bank charge a fee to open a second checking account?
No. Opening a second checking account at TD Bank is free. However, the bank will review your account history before approving the new account. If you have a pattern of overdrafts or other issues, they may decline or ask you to close an existing account first. The process itself—whether in-branch or online—does not cost anything.
Which TD checking account pays the most interest?
TD Premium Checking pays interest on your balance, while TD Checking and TD Student Checking do not. The interest rate on Premium Checking is variable and typically low, but it is better than earning nothing. Rates change frequently, so check with TD Bank for the current rate. If you keep a large balance, the interest plus fee waivers may make Premium Checking worth the higher monthly fee.