6 Things Know Before Starting a TD Student Account

Written by: Matt Kuncaitis
Updated: 6/07/21

For young adults ready to assume some financial independence, a student bank account can be a step in the right direction. Savings accounts and checking accounts for students often come with various perks and special arrangements for young adults as they learn to manage their personal finances. 

We’ll explore the TD Bank student checking account and what you should know about the benefits and drawbacks of this particular banking option. This will help you make a better decision regarding your student banking options and figure out if a TD student account will work for you. 

Eligibility Requirements for TD Bank Student Checking Accounts

TD Bank offers student checking accounts for those between the ages of 17 and 23 who are full-time students. However, when you turn 24, the bank account will automatically transition to a Convenience Checking account, where you must abide by the minimum daily balance required or pay a monthly maintenance fee. Therefore, as you get close to your 24th birthday, keep an eye on your balance and current guidelines for the standard TD checking account so that you don’t get hit with unexpected account fees. 

A TD student account can be opened in minutes online, provided you are over the age of 18. If you want to open the account when you are 17, you will need to open your account in person at a TD Bank location. 

TD Convenience Checking and TD Beyond Checking

TD Bank offers two main types of checking accounts: TD Convenience Checking and TD Beyond Checking. The student checking account is a form of the TD Convenience Checking option, but it’s worth examining the similarities between these two options, particularly for students preparing to age out of the student checking option.

Both checking accounts offer banking customers the opportunity to waive the monthly maintenance fee by holding a minimum balance or meeting other requirements, although the minimum monthly balance is significantly higher with the Beyond Checking account.

However, the Beyond Checking account offers a wider range of benefits. Banking customers have a few ways to waive their monthly fees. They can meet the minimum daily balance, as explained, hit a monthly direct deposit minimum, or meet a minimum balance across all their eligible TD bank accounts. This account also offers no ATM fees and reimbursement on some wire transfers. Holders can even get reimbursed for overdraft fees two times per year. 

This option can work well for those who meet the monthly requirements to waive the monthly maintenance fee, for example, established professionals who are enrolled in direct deposit. However, students who may struggle to meet the requirements to waive the fee on the Beyond Checking account will find that Convenience Checking offers an excellent option. The Convenience Checking account comes with a waived minimum balance, no monthly fees and free overdraft protection.

Pros and Cons of TD Bank Checking Accounts

Like all banking options, the checking accounts from TD bank come with benefits and drawbacks. Those interested in opening an account should carefully evaluate what this particular bank can offer them. Here are some pros and cons of TD Bank student checking that you should know. 

Pros of TD Bank Checking

TD Bank offers a variety of benefits for student checking account holders. Here are a few key advantages:

  • TD Bank has great hours. Most branches have hours on both Saturday and Sunday, which is convenient for those who have school during normal operating hours on business days.
  • There are many ways to avoid maintenance fees. Although TD Bank has monthly maintenance fees, there are several ways to avoid them, including simply being between the ages of 17 and 24 or maintaining a $100 minimum daily balance.
  • You can get overdraft protection to avoid overdraft fees. Although most account holders have to pay a fee for overdraft protection, this is waived for students with a TD Bank savings account.
  • Since TD Bank has Canadian branches, people in unique situations, such as American students studying in Canada full time, can use cross-border banking.
  • Each checking account comes with a free debit card to give you more control over your accounts. 
  • TD checking accounts can be easily connected to savings accounts. The savings accounts can also be used as a security deposit when applying for a credit card. The TD Cash Secured Credit Card offers 1% cash back. Students can use this card to start building their credit history with a line of credit.
  • Users have access to online banking and a mobile app to help them manage their accounts on the go.
  • An account opening can be done quickly and easily, often without the help of a banking specialist.
  • Students can use Zelle to send money and receive funds through their accounts.

Cons of TD Bank Checking

Those considering TD checking should also be aware of the potential drawbacks they might encounter as they evaluate this in-person and mobile banking option for their checking account.

  • TD Banks are not everywhere, and students might find that there are no branches or ATMs convenient to their campus. This means they might be forced to use a non-TD ATM and pay an ATM fee for the use. 
  • TD student checking accounts don’t come with an interest rate, so any money sitting in the account won’t make money due to interest. 
  • Some transaction fees still apply to TD Bank’s student checking accounts, such as wire transfers and money orders.

TD Bank Checking Service Fees

Many banks will charge various service fees to manage account holders’ accounts. For example, customers might be charged an overdraft fee if they take out more money than what is in their account. Other common fees that banks may charge include:

  • ATM fees, particularly for those not associated with the actual bank
  • Fees for wire transfers, money orders and cashiers checks
  • Foreign financial transactions

Those interested in a TD student checking account should note, as mentioned, that TD Bank doesn’t charge ATM fees at its own branches or a monthly maintenance fee for those with a student Convenience Checking account.

TD Bank Checking Minimum Account Balances

Many banks require minimum balances so that they have enough funds on hand to support other banking activities, such as providing loans. However, they may offer an alternative option to having a minimum balance, such as TD’s Beyond Checking account, which requires a significant direct deposit made to the account in exchange for the removal of the maintenance fee. 

However, TD Bank’s student checking account doesn’t have a minimum balance requirement if you’re a full-time student between the ages of 17 and 23.

TD Bank Signup Bonuses

To encourage more customers to sign up for TD Bank checking accounts, the bank offers various bonuses when people sign up for a new account: 

  • With the TD Beyond Checking account, new customers can get $300 when they have a minimum of $2,500 in direct deposits within 60 days.
  • With the TD Convenience Checking account, new customers can receive a $150 bonus when they have at least $500 in direct deposits within 60 days.

Is TD Bank Checking Good for You?

TD Bank offers several checking account options, including a student checking account that will benefit many different customers. These accounts generally work best for those who can meet the requirements for waiving maintenance fees, either as a student or by maintaining a minimum daily deposit. 

For students and young adults who have easy access to a TD Bank ATM, this student checking account can make an excellent choice, as it’s easy to use and can help students transition to greater financial freedom. 

Prepare Your Financial Future With Help From CollegeFinance.com

For those looking for a checking account at a convenient bank, the TD student checking account can offer a good option. If you still need more information about the best bank accounts for students and other information regarding your college education, CollegeFinance.com can help. 

When it comes to important topics like saving for college, refinancing student loans and planning your college priorities, we can help you understand your options and what you need to know. Make the most of your college education today.