TD checking accounts have no minimum balance requirement

TD Bank does not require you to keep a minimum balance in any of its personal checking accounts. You can open an account with $0 and maintain a $0 balance without triggering fees for falling below a threshold. This applies to TD's main checking products: TD Checking, TD Checking Plus, and TD Premier Checking.

However, the absence of a minimum balance requirement does not mean the account is free to maintain. TD charges a monthly service fee on most checking accounts unless you meet other conditions—such as maintaining a certain direct deposit amount, keeping a linked savings account above a threshold, or being a student or senior who qualifies for a waived-fee product.

Key Takeaways

  • TD checking accounts have no minimum balance requirement, so you will not be charged for having $0 in the account.
  • Monthly service fees apply to most TD checking accounts, but these are separate from minimum balance rules and can be waived through direct deposit or linked account balances.
  • TD Checking Plus and TD Premier Checking have higher monthly fees than TD Checking but offer additional benefits like ATM fee reimbursement.
  • The way to avoid monthly fees is to set up a may have access to direct deposit or maintain a linked savings account balance, not to keep cash in the checking account itself.

How TD's monthly service fees work instead

TD charges a monthly maintenance fee on checking accounts, but you can waive it by meeting one of two conditions. The first is to have a direct deposit of at least $500 per month deposited into the account. The second is to maintain a combined balance of $2,500 or more across your TD checking and savings accounts.

The monthly fee itself varies by account type. TD Checking costs $6.95 per month if the fee is not waived. TD Checking Plus costs $9.95 per month. TD Premier Checking costs $25 per month but includes benefits like ATM fee reimbursement and higher interest rates on linked savings.

If you do not meet either waiver condition and do not pay the fee, TD will deduct it from your account balance each month. This is different from a minimum balance requirement—you are not forbidden from having $0; the fee simply gets charged regardless.

Which TD accounts have no monthly fee at all

TD offers a few checking products that have no monthly service fee and no minimum balance requirement. TD Student Checking is free for customers under 24 years old and converts to a standard account once you age out. TD Checking for Seniors is free for customers 62 and older.

These accounts still function as full checking accounts with debit cards and online banking. The trade-off is that they may have fewer perks than paid accounts—for example, TD Student Checking does not include ATM fee reimbursement outside the TD network.

What happens if your account goes negative

Having a $0 balance is permitted. Going negative—spending more than you have—is not. If a transaction would overdraw your account, TD will either decline the transaction or allow it and charge you an overdraft fee.

TD's overdraft fees are $35 per transaction if you have overdraft protection enabled. If you do not have overdraft protection, transactions that would overdraw your account are typically declined at the point of sale. You can enable or disable overdraft protection through TD's online banking or by calling customer service.

Linked savings accounts and the combined balance waiver

If you want to waive the monthly checking fee by maintaining a combined balance, you need to open a TD savings account and link it to your checking account. The combined balance of both accounts must reach $2,500 to waive the fee on the checking account.

This means you could keep $1 in checking and $2,499 in savings, and the checking fee would be waived. The savings account itself may have its own monthly fee—TD's regular savings account has a $2.50 monthly fee if the balance falls below $100—so confirm the terms of both accounts before opening them.

Direct deposit as the easiest fee waiver

Setting up a direct deposit of $500 or more per month is the most straightforward way to waive TD's checking account fee. This can be a paycheck, a government benefit, a pension, or any recurring deposit from an employer or institution.

Once the direct deposit is set up, TD will waive the monthly fee automatically. You do not need to maintain any balance in the account—the fee waiver is based on the deposit activity, not the account balance. If the direct deposit stops or falls below $500 in a given month, the fee will resume the following month.

Frequently Asked Questions

Can I keep my TD checking account open with $0 in it?

Yes. TD has no minimum balance requirement, so you can maintain a $0 balance indefinitely. The monthly service fee will still apply unless you waive it through direct deposit or a linked savings account, but the fee is charged separately from any balance rule.

What is the difference between a minimum balance requirement and a monthly service fee?

A minimum balance requirement means you cannot let your balance drop below a certain amount without being charged. TD has no such requirement. A monthly service fee is a flat charge TD deducts each month unless you meet waiver conditions. TD charges the fee regardless of your balance.

If I have $0 in my TD checking account, will I be charged overdraft fees?

No, not unless you attempt to spend money you do not have. A $0 balance itself incurs no fee. If you try to make a purchase or withdrawal that exceeds your balance, overdraft fees apply only if you have overdraft protection enabled and the transaction is approved.

Do I need to keep money in a TD savings account to avoid checking fees?

Only if you choose the combined balance waiver. You need $2,500 combined across checking and savings. If you prefer, you can waive the checking fee through direct deposit instead, which requires no savings account at all.

What happens if my direct deposit stops?

If your direct deposit falls below $500 in a month or stops entirely, the monthly checking fee will resume the following month. You can reactivate the fee waiver by setting up a new direct deposit or by switching to the combined balance waiver method.