TD Bank's no-fee checking options

TD Bank offers two checking accounts with no monthly maintenance fee: the TD Bank Checking and the TD Bank Premier Checking. Both waive the fee entirely—there is no minimum balance requirement, no direct deposit requirement, and no conditions attached. The difference between them is the interest rate and the perks included, not the fee structure.

TD Bank Checking is the basic option. It has no monthly fee, no minimum opening deposit, and no minimum balance to maintain. You get a debit card, online banking, and access to TD's ATM network. The account earns little to no interest, depending on your balance.

TD Bank Premier Checking also has no monthly fee, but it offers a higher interest rate on your balance and includes additional benefits like higher ATM withdrawal limits and priority customer service. You still need no minimum balance to avoid the fee—the fee is simply not charged.

Key Takeaways

  • Both TD Bank Checking and TD Bank Premier Checking have zero monthly maintenance fees with no minimum balance or direct deposit requirement.
  • TD Bank Checking is the basic no-fee option; TD Bank Premier Checking is the same account with added interest and perks, still at no cost.
  • You can open either account online, by phone, or in a branch with no opening deposit required.
  • Both accounts include access to TD's ATM network and online banking at no charge.

What you get with TD Bank Checking

TD Bank Checking includes a debit card, online and mobile banking, bill pay, and access to over 1,200 TD ATMs nationwide. You can make unlimited deposits and withdrawals. There are no limits on the number of checks you can write or the number of transactions you can make per month.

The account comes with fraud protection on your debit card and online banking security features. If someone uses your card without permission, you report it to TD and the bank investigates. Your liability is typically limited to $50 if you report the fraud within two business days.

You can set up direct deposit, but it is not required to keep the account free. You can also link the account to other TD accounts you hold for easy transfers.

What you get with TD Bank Premier Checking

TD Bank Premier Checking includes everything in the basic checking account, plus a higher interest rate on your balance. The rate changes based on market conditions and your balance tier, so check with TD for the current rate. You also get higher ATM withdrawal limits and priority phone support.

Premier Checking is still free—there is no monthly fee and no minimum balance. The main reason to choose it over basic checking is if you keep a larger balance in the account and want to earn interest on it, or if you value the priority support.

Both accounts are FDIC-insured up to $250,000, so your money is protected if TD Bank fails.

How to open a no-fee TD Bank checking account

You can open TD Bank Checking or Premier Checking online through TD's website, by phone at 1-800-937-8835, or in person at any TD Bank branch. Online opening takes about 10 minutes and requires your Social Security number, date of birth, address, and an initial funding source (a bank account to transfer money from, or a debit card).

You do not need an opening deposit. Some banks require you to fund the account immediately; TD does not. You can open the account and fund it later, though you will need to add money before you can use the debit card or write checks.

If you open online, your debit card arrives by mail in 7 to 10 business days. You can use your account number to set up direct deposit or transfers before the card arrives.

Fees that still apply

While the monthly maintenance fee is waived, other fees can still apply. Overdraft fees occur if you spend more than your balance; TD charges $35 per overdraft transaction. You can opt out of overdraft protection, which means transactions will be declined instead of charged a fee.

Out-of-network ATM withdrawals are not free. If you use an ATM that is not part of the TD network, you pay a fee (usually $2 to $3) charged by the other bank, plus a fee from TD (usually $1 to $2). Using TD's 1,200+ ATMs avoids this cost.

Wire transfers, cashier's checks, and stop-payment requests may carry fees. Expedited shipping of checks or cards costs extra. Ask TD about the full fee schedule when you open the account.

Comparing TD Bank checking to other banks

Many banks offer no-fee checking accounts, but the details vary. Some require a minimum balance or direct deposit; TD does not. Some offer no interest on checking; TD Premier offers a rate, though it is typically low. Some limit ATM access; TD gives you 1,200+ ATMs.

Online banks like Ally, Charles Schwab, and Discover often offer higher interest rates on checking and reimburse out-of-network ATM fees, but they have no physical branches. If you value in-person banking, TD's branch network and ATM access may be worth the lower interest rate.

Credit unions often have no-fee checking with no minimums, and some offer better rates than TD. If you are a member of a credit union, compare their checking account to TD's before deciding.

Switching to TD Bank Checking

If you have a checking account at another bank and want to move to TD, you can set up a transfer of your existing balance. TD can help you move direct deposits and automatic payments to the new account. This usually takes a few business days.

You do not have to close your old account immediately. Many people keep both open for a week or two to make sure all transfers have cleared, then close the old account. Check your old bank's policy on closing—some charge a fee if you close within a certain period.

Your new TD account number and routing number will be different from your old account, so update any automatic payments (utilities, subscriptions, loan payments) to use the new information before you close the old account.

Frequently Asked Questions

Does TD Bank Checking require direct deposit to stay free?

No. TD Bank Checking and Premier Checking have no monthly fee regardless of whether you set up direct deposit. Direct deposit is optional, not a condition of the account.

What is the difference between TD Bank Checking and Premier Checking?

Both are free. Premier Checking offers a higher interest rate on your balance, higher ATM withdrawal limits, and priority customer service. If you keep a small balance and do not need those extras, basic Checking is sufficient.

Can I use TD Bank ATMs if I open an account online?

Yes. Your account gives you access to TD's ATM network whether you open online, by phone, or in a branch. You can withdraw cash at any of TD's 1,200+ ATMs without a fee.

What happens if I overdraft my TD Bank checking account?

TD charges $35 per overdraft transaction. You can opt out of overdraft protection when you open the account, which means transactions will be declined instead of charged a fee. This prevents overdraft fees but may cause a purchase to fail at checkout.

Is my money safe in a TD Bank checking account?

Yes. TD Bank checking accounts are FDIC-insured up to $250,000. If the bank fails, the FDIC protects your deposits. Your debit card also has fraud protection—report unauthorized charges within two business days to limit your liability to $50.