Do you want to learn about all the features of the student checking account at TD Bank? At Responsible Economy, we present you with all the details of the student account at TD Bank and compare it to the best student checking accounts you can open in the United States. Let’s get started!
Features
In this section, we show you all the features. We want to inform you that TD Bank does not have a specific offer for students, and at Responsible Economy, we have selected the TD Convenience Checking as the top choice for student accounts offered by TD Bank.
Fees
The TD Bank Student Checking account is fee-free if you are a student and between 17 and 23 years old. You also won’t incur fees if you maintain a daily balance of $100.
In the event you do not meet any of these requirements, there is a monthly fee of $15.
Interest rate
This account does not offer any type of interest for the money you have saved. If you want an account that generates interest, take a look at the best savings accounts.
Wire transfers
Here is a list outlining each type of transfer and its associated fee:
- $15.00 Incoming wire (domestic and international).
- $30.00 Outgoing wire (domestic).
- $50.00 Outgoing wire (international), plus exchange rate, taxes and correspondent fee.
Minimum deposit
There is no need to make any minimum deposit to open the account.
ATMs
You can only withdraw money without fees at TD Bank ATMs.
Bonus
If you set up a direct deposit of $500 or more within the first 60 days of opening the account, you will receive a $200 bonus.
Overdraft service
TD Bank offers Overdraft service with a fee of $35 per ITEM, with a maximum of 3 per day.
Summary table
We have created a summary table with all the features we analyzed in the previous section:
| Feature | Details |
|---|---|
| Fees | $0 up to 23 years old |
| Interest Rate | 0% APY |
| Wire Transfers | Domestic – Incoming $15. Domestic – Outgoing $30. International – Outgoing $50. |
| Minimum Deposit | $0 |
| ATMs | $0 TD Bank |
| Bonus | $200 |
| Overdraft Service | Yes |
Comparison best student checking accounts
We have conducted a comparison of the TD Bank Student Checking accounts with the best student checking accounts you can open in the United States:
- It is very easy to avoid monthly commissions.
- Welcome bonus of 100 dollars fulfilling conditions.
- More than 16,000 ATMs in the United States.
- $25 minimum deposit.
- Very low interest rates.
- It is very easy to avoid monthly commissions.
- $0 welcome bonus.
- More than 70,000 ATMs in the United States.
- $0 minimum deposit.
- Very low interest rates.
- $0 fees up to 23 years old.
- $0 welcome bonus
- Two withdrawals free
- $0 minimum deposit
- Very low interest rates
- $0 Annual fees
- $0 welcome bonus
- ATMs free: BMO and Allpoints
- $0 minimum deposit
- Very low interest rates
- Easy to avoid monthly commissions
- $0 welcome bonus
- ATMs free: U.S. Bank
- $0 minimum deposit
- Very low interest rates
- Easy to avoid monthly commissions
- $0 welcome bonus
- ATMs free: TD Bank
- $0 minimum deposit
- Very low interest rates
- No monthly fees
- $0 welcome bonus
- More than 70,000 ATMs in the United States
- $0 minimum deposit
- High interest rates.
- It is very easy to avoid monthly commissions
- $0 welcome bonus
- fulfilling conditions
- More than 60,000 ATMs in the United States
- $25 minimum deposit ($0 online)
- Very low interest rates
- It is very easy to avoid monthly commissions
- No welcome bonus
- More than 16,000 ATMs in the United States
- $100 minimum deposit
- No welcome bonus
- High interest rates if you have a lot of savings
- It is very easy to avoid monthly commissions
- Nearly 12,000 ATMs
- $25 minimum deposit
- Welcome bonus of 300 dollars fulfilling conditions
- High interest rates on CDs
Requirements
These are the requirements to open the student account at TD Bank:
- Being a student.
- Reside in the United States.
- Have a Social Security number.
- Have an American phone number.
Pros and cons
Now that we have reviewed the features and explored the best student checking accounts, we have created a table outlining all the advantages and disadvantages:
| Pros | Cons |
|---|---|
| $0 fees up to 23 years old | 0% APY |
| $200 welcome bonus | Limited number of ATMs for fee-free withdrawals. |
| $0 initial deposit |
Conclusion and opinions
After conducting our analysis, we conclude that the TD Bank Student Checking account may not be competitive due to the following reasons: it is fee-free only until the age of 23, fee-free ATM withdrawals are limited to TD Bank ATMs, it does not offer any interest, and bank transfers come with high fees. On the other hand, if you are a new student, you won’t have fees, you can use the Zelle service, and there’s a $200 bonus if you set up a direct deposit.
Truist Bank interest information
We have created a table with relevant information about TD Bank:
| Information | Description |
|---|---|
| Website | https://www.td.com/us/ |
| https://twitter.com/TDBank_US | |
| https://www.instagram.com/TDBank_US/ | |
| https://www.linkedin.com/company/td/ |
Frequent questions
If you still have any questions, here we provide answers to all your inquiries.
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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