TD Bank has no account opening fee, but minimum balance requirements and monthly fees depend on the account type you choose
TD Bank does not charge you to open a checking or savings account. However, most TD accounts come with a monthly maintenance fee unless you meet a minimum balance requirement or set up direct deposit. The fee ranges from $6.95 to $15 per month depending on the account. If you maintain the required balance—typically $500 to $2,500—the monthly fee is waived. Some accounts waive the fee if you receive direct deposit, regardless of balance.
The real cost of opening a TD account is not the opening itself but the ongoing fees if you do not meet the conditions that waive them. Before you open, you need to know which account type fits your situation and whether you can maintain the balance or set up direct deposit to avoid monthly charges.
Key Takeaways
- TD Bank charges no fee to open a checking or savings account, but most accounts carry a monthly maintenance fee of $6.95 to $15 unless you meet a waiver condition.
- The most common waiver is maintaining a minimum balance, which ranges from $500 for basic accounts to $2,500 for premium accounts.
- Direct deposit into the account can waive the monthly fee on many TD accounts, even if your balance stays low.
- TD offers a no-fee checking account for customers under 25, which has no minimum balance and no monthly charge.
- Overdraft fees, ATM fees outside the TD network, and other service charges apply separately and are not part of the opening cost.
TD Bank account types and their monthly fees
TD Bank offers several checking and savings accounts, each with different fee structures. TD Convenience Checking costs $6.95 per month but is waived if you maintain a $500 minimum balance or receive direct deposit. TD Premium Checking costs $15 per month and requires a $2,500 minimum balance to waive the fee, or you can waive it with direct deposit. TD Savings has no monthly fee but earns minimal interest.
TD Debit Card Checking is designed for customers who want a basic account and costs $6.95 per month unless you maintain $500 or set up direct deposit. TD Youth Checking is free for customers under 25 and has no minimum balance requirement or monthly maintenance fee, making it the lowest-cost option if you are may be able to access.
TD also offers money market accounts and certificates of deposit (CDs), which have different structures. Money market accounts may have monthly fees waived by maintaining higher balances, typically $2,500 or more. CDs have no monthly fees but lock your money for a set term, ranging from three months to five years.
How to waive the monthly maintenance fee
The easiest way to avoid paying a monthly fee is to set up direct deposit. If your paycheck, government benefits, or other regular income is deposited directly into your TD account, the monthly maintenance fee is waived on most checking accounts. You do not need to maintain any minimum balance. This is the best option if you receive regular deposits.
If you do not have direct deposit, you can waive the fee by maintaining the required minimum balance. For Convenience Checking, that is $500. For Premium Checking, it is $2,500. The balance is calculated as your average daily balance over the month or your ending balance on the last day of the month, depending on the account—TD will tell you which method applies when you open.
Some customers combine both methods: they maintain a modest balance and also receive direct deposit, giving them a cushion if their balance dips below the minimum in a given month.
Other costs to know before opening
Overdraft fees apply if you spend more than your balance. TD charges $35 per overdraft transaction, and you can incur multiple overdraft fees in a single day. Some accounts offer overdraft protection, which links your checking account to a savings account or line of credit to cover shortfalls, but this may come with its own fees.
Out-of-network ATM fees are charged when you withdraw cash from an ATM that is not owned by TD Bank. TD charges $3 per out-of-network withdrawal, and the other bank's ATM may charge an additional fee. TD has thousands of ATMs nationwide, so this fee is avoidable if you plan your withdrawals.
Wire transfer fees range from $15 to $30 depending on whether the transfer is domestic or international. Cashier's check fees are typically $10 per check. Stop payment fees are $35 if you need to cancel a check you have written. These are not opening costs, but they are charges you may encounter depending on how you use the account.
Minimum deposit to open an account
TD Bank does not require a minimum deposit to open a checking or savings account. You can open an account with $0 and deposit money later. However, if your account type requires a minimum balance to waive the monthly fee, you will need to deposit enough to meet that threshold within a reasonable time frame to avoid being charged.
If you open a CD, you must deposit the amount you want to invest in that CD—typically a minimum of $500 to $1,000, depending on the term. This is not an opening fee; it is the principal you are investing.
How to open a TD Bank account
You can open a TD Bank account online, by phone, or in person at a TD Bank branch. Online opening takes about 10 minutes and requires your Social Security number, date of birth, address, and initial funding information (debit card or bank account to transfer from). You will receive your account number immediately and can begin using it the same day for transfers and bill pay, though checks and debit cards arrive by mail.
In-person opening at a branch requires a government-issued ID and proof of address (utility bill, lease, or bank statement). You can fund the account immediately and receive a debit card on the spot at some locations. Phone opening is available but less common; you will need to verify your identity and may need to visit a branch to complete the process.
TD will perform a soft credit check and may review ChexSystems (a banking history database) to verify you do not have outstanding issues with another bank. This does not affect your credit score.
Comparing TD to other banks' opening costs
Many online banks—such as Ally, Charles Schwab, and Discover—offer checking accounts with no monthly fees and no minimum balance. However, they do not have physical branches, so they are best for customers who do not need in-person banking. TD's advantage is its branch network: over 1,200 locations in the Northeast and Mid-Atlantic, plus thousands of ATMs.
Traditional banks like Bank of America and Chase also charge monthly fees ($12 to $15) on their basic checking accounts, with similar waiver conditions (direct deposit or minimum balance). Credit unions often have lower fees and higher interest rates on savings, but membership is restricted to certain groups (employees of a company, members of a profession, or residents of a geographic area).
If you value convenience and branch access, TD's fee structure is competitive. If you rarely visit a branch and want to avoid fees entirely, an online bank may be cheaper.
Frequently Asked Questions
Can I open a TD Bank account online without visiting a branch?
Yes. You can open most TD checking and savings accounts entirely online using your Social Security number, date of birth, and address. Your account opens immediately, though your debit card and checks arrive by mail within 7 to 10 business days. You can fund the account from another bank account or debit card right away.
What happens if my balance drops below the minimum?
If you fall below the minimum balance required to waive the monthly fee, you will be charged the monthly maintenance fee for that month. The fee is deducted from your account automatically. If you have direct deposit set up, the fee is waived regardless of your balance, so you do not need to worry about dipping below the minimum temporarily.
Is there a fee to close a TD Bank account?
No. TD does not charge a fee to close a checking or savings account. However, if you close the account within 90 days of opening it, TD may flag it as unusual activity. There is no penalty, but it may affect your ability to open another TD account immediately.
Do I need a minimum balance to open a TD account?
No. You can open a TD checking or savings account with $0 and deposit money later. However, if your account type requires a minimum balance to waive the monthly fee, you will need to meet that balance within a reasonable time to avoid being charged the fee each month.
What is the difference between TD Convenience Checking and TD Premium Checking?
TD Convenience Checking costs $6.95 per month (waived with $500 minimum or direct deposit) and is designed for everyday banking. TD Premium Checking costs $15 per month (waived with $2,500 minimum or direct deposit) and includes benefits like higher interest on savings, travel insurance, and concierge services. Choose Convenience if you want basic banking; choose Premium if you maintain a higher balance and want extra perks.