TD Bank's minimum balance rules depend on which checking account you open
TD Bank does not charge a monthly fee on most of its checking accounts, but some accounts do have a minimum balance requirement. The requirement varies by account type: TD Bank's basic checking account (called Convenience Checking) has no minimum balance, while their interest-bearing accounts and premium checking products do. If you fall below the required minimum, you typically face a monthly maintenance fee rather than an immediate account closure.
The specific minimum balance for each account is set when you open it, and TD Bank publishes these requirements on their website and in account disclosures. Because minimums can change and vary by region or product update, you should confirm the current requirement for the exact account you are considering before opening it.
Key Takeaways
- TD Bank's Convenience Checking account has no minimum balance requirement and no monthly maintenance fee.
- Interest-bearing checking accounts and premium accounts do have minimum balance requirements, which range depending on the specific product.
- If your balance drops below the minimum, TD Bank charges a monthly maintenance fee rather than closing your account immediately.
- You can find the exact minimum balance for any TD Bank checking account in the account disclosure document or by calling TD Bank directly.
Which TD Bank checking accounts have no minimum balance
TD Bank's Convenience Checking is designed for customers who want no strings attached. This account has no minimum balance requirement, no monthly maintenance fee, and no overdraft fees if you link it to a savings account or credit line for overdraft protection. It is the most straightforward option if you want to avoid balance rules entirely.
If you are opening an account online or at a branch, ask the banker or read the account terms to confirm you are opening Convenience Checking. Some branches may also offer student or senior checking products with similar no-minimum structures, though these have age or status requirements.
Accounts that do require a minimum balance
TD Bank's interest-bearing checking accounts and premium checking products carry minimum balance requirements. These accounts typically offer higher interest rates or additional perks like fee waivers or cash back on debit purchases. The trade-off is that you must maintain a set balance to avoid a monthly fee.
The exact minimum varies by product. Some accounts require $500, others $1,500 or more. The account disclosure you receive when you open the account will state the minimum clearly. If you are unsure which account you have, log into your TD Bank online account or call customer service with your account number, and they can tell you the requirement for that specific account.
What happens if your balance falls below the minimum
If your balance drops below the required minimum, TD Bank charges a monthly maintenance fee. This fee is typically $10 to $15 per month, though the exact amount depends on your account type. The fee is deducted automatically from your account each month you remain below the minimum.
Your account does not close, and you can continue to use it. However, the fee will keep reducing your balance each month until you bring it back above the minimum or switch to an account with no minimum requirement. If you know you cannot maintain the minimum, it makes sense to move to Convenience Checking or another no-minimum product to avoid the recurring fee.
How to avoid minimum balance fees
The simplest approach is to open Convenience Checking if you do not need interest or premium features. There is no minimum to track and no fee to worry about. If you already have an account with a minimum requirement, you can transfer to Convenience Checking at any time by visiting a branch or calling TD Bank.
If you want to keep an interest-bearing or premium account, set up a recurring transfer from another account or arrange direct deposit to ensure your balance stays above the minimum. Some customers also use a savings account at TD Bank to hold the minimum balance in a separate pot, then transfer money to checking as needed. This way, your checking account can run lower without triggering a fee.
Minimum balance requirements by account type
| Account Type | Minimum Balance Requirement | Monthly Fee if Below Minimum |
|---|---|---|
| Convenience Checking | None | None |
| Interest-bearing checking | Varies by product (typically $500–$2,500) | $10–$15 |
| Premium checking | Varies by product (typically $1,500–$5,000) | $10–$15 |
These ranges are typical but not exhaustive. TD Bank updates account terms periodically, and minimums may differ by region. Always check your account disclosure or contact TD Bank directly for the exact requirement on your specific account.
Frequently Asked Questions
Can I have a TD Bank checking account with zero balance?
Yes, if you open Convenience Checking. You can let the balance drop to zero without penalty. Other account types will charge a monthly fee if you fall below the required minimum, but they do not close the account or prevent you from keeping a zero balance.
Does TD Bank charge a fee just for having a checking account?
No monthly maintenance fee on Convenience Checking. Interest-bearing and premium accounts charge a monthly fee only if your balance falls below the stated minimum. If you stay above the minimum, there is no fee.
What if I cannot maintain the minimum balance right now?
Switch to Convenience Checking, which has no minimum. You can change account types at any TD Bank branch or by calling customer service. There is no penalty for switching, and you keep the same account number and routing information.
Do I have to keep the minimum in checking, or can I keep it in savings?
The minimum must be in the checking account itself. Money in a linked savings account does not count toward the checking account minimum. However, you can keep most of your money in savings and transfer it to checking as needed to stay above the minimum.
Where can I find the exact minimum for my account?
Log into your TD Bank online account and look for the account details or disclosures section. You can also call TD Bank customer service with your account number, or visit a branch with your debit card. The account disclosure you received when you opened the account also lists the minimum.