TD Convenience Checking has no minimum balance requirement

TD Bank's Convenience Checking account does not require you to keep a minimum balance to open or maintain the account. You can deposit any amount and let it sit at zero without triggering fees tied to a low balance.

This is different from some of TD's other checking products. TD's Premium Checking and TD Preferred Checking both have minimum balance thresholds that, if you fall below them, can cost you a monthly fee. Convenience Checking avoids that trap entirely.

Key Takeaways

  • TD Convenience Checking has zero minimum balance requirement, so you will not pay a fee for keeping a low balance.
  • The account does charge a monthly maintenance fee of $6.95, which is separate from any balance-based fees.
  • You can waive the monthly fee by setting up direct deposit or maintaining a linked savings account with a $500 minimum balance.
  • Other TD checking accounts (Premium and Preferred) do have minimum balance requirements and higher monthly fees if you do not meet them.

What the $6.95 monthly fee covers and how to avoid it

Even though there is no minimum balance requirement, Convenience Checking does charge a $6.95 monthly maintenance fee. This fee is not tied to how much money you have in the account—it is a flat charge that appears every month unless you meet one of the waiver conditions.

You can eliminate this fee in two ways. The first is to set up direct deposit of your paycheck, government benefits, or other regular income into the account. The second is to link a TD savings account to your checking account and keep at least $500 in that savings account at all times. If you do either one, the $6.95 fee disappears.

Many people find the direct deposit route easier because it requires no ongoing balance maintenance—you just need the deposit to hit the account once per month. If you do not receive regular direct deposits, the linked savings account option works, but you have to watch that $500 threshold.

How TD Convenience Checking compares to TD's other checking accounts

TD offers three main checking products for personal customers, and they differ significantly in their balance and fee structure. Convenience Checking is the entry-level option with no minimum balance but a $6.95 monthly fee (waivable). Premium Checking requires a $2,500 minimum balance and charges $12.95 per month if you fall below it. Preferred Checking requires a $25,000 minimum balance and charges $25 per month if you do not meet it.

If you carry a low balance most of the time, Convenience Checking is usually the cheapest choice because you can waive the fee with direct deposit. If you maintain higher balances anyway, Premium or Preferred might offer better perks—like higher interest rates on savings, waived fees on linked products, or ATM fee reimbursement—that offset their higher monthly costs.

What happens if you close the account or go inactive

TD does not charge an inactivity fee on Convenience Checking, meaning you can leave the account open without using it and not face penalties. However, if you close the account, you need to withdraw any remaining balance or request a check from TD.

If your account sits dormant for an extended period (typically three to five years, depending on state law), TD may declare it abandoned and turn the funds over to your state's unclaimed property program. You can still recover the money, but you will have to file a claim with your state rather than withdraw it from TD directly.

ATM access and other fees to watch for

Convenience Checking comes with access to TD's ATM network at no charge. If you use an out-of-network ATM, TD charges $3 per transaction, and the other bank's ATM may charge an additional fee on top of that.

Other common fees on this account include overdraft fees ($35 per overdraft transaction), returned deposit fees, and wire transfer fees. None of these are tied to your balance, but they can add up if you are not careful. The monthly maintenance fee is the only one you can waive by meeting the direct deposit or linked savings conditions.

How to open a TD Convenience Checking account

You can open Convenience Checking online, by phone, or in person at a TD Bank branch. Online applications typically take a few minutes and require basic information: your name, address, Social Security number, and initial deposit method. TD will run a soft credit check and verify your identity through ChexSystems, which is a banking history database.

If you open online, you can usually start using the account within one business day. In-person applications are processed immediately, and you can receive a debit card on the spot at many branches. By phone, the process takes about 15 minutes, and TD will mail your debit card to you.

Frequently Asked Questions

Do I have to keep money in the account to avoid fees?

No. Convenience Checking has no minimum balance requirement. You only pay the $6.95 monthly fee, which you can waive by setting up direct deposit or linking a savings account with $500 in it. Your checking account balance itself does not matter.

What if I do not get direct deposit and do not have a savings account?

You will pay the $6.95 monthly maintenance fee. That is the cost of the account if you do not meet either waiver condition. Some people find it worth it for the convenience; others switch to a bank with no monthly fee if they cannot waive it.

Can I waive the fee with a linked savings account at a different bank?

No. The waiver requires a TD savings account with at least $500 in it. Savings accounts at other banks do not count. However, direct deposit from any employer or benefit program does count, regardless of which bank it comes from.

Is there a fee if my balance goes negative?

Yes, but it is separate from the minimum balance fee. An overdraft fee of $35 applies each time your account goes below zero. This is different from falling below a minimum balance—it is a penalty for spending money you do not have.

What if I want to switch to a different TD checking account later?

You can convert Convenience Checking to Premium or Preferred Checking at any time by visiting a branch or calling TD. There is no fee to switch. However, you will then be subject to the higher minimum balance requirements and monthly fees of the new account.