How To Avoid TD Bank’s Monthly Maintenance Fees
TD Bank offers checking and savings accounts geared toward students, seniors and everyone in between. The bank charges a monthly maintenance fee on most of these accounts, but it waives the fees for customers who maintain a minimum balance or meet other qualifying criteria.
Keep reading to find out more about TD Bank account fees and how you can avoid paying them.
What Are TD Bank Checking Account Fees?
As listed in the table below, TD Bank’s checking account fees range from $5.99 to $25 per month, depending on which account you have. The Student Checking account is the exception — it’s the only fee-free checking account TD Bank offers.
|TD Bank Checking Account Fees|
|Account||Monthly Service Fee||Interest Rate|
|TD Beyond Checking||$25||Up to 0.01% APY|
|TD Convenience Checking||$0 for customers ages 17-23
$15 for customers over age 23
|TD Simple Checking||$5.99||N/A|
|TD 60 Plus Checking||$10||0.05% APY|
What Are TD Bank Savings Account Fees?
TD Bank’s monthly savings account fees range from $5 to $15, depending on the account. In addition to having fees waived for meeting certain criteria, you can offset them with interest-rate bumps for meeting minimum TD Growth Money Market deposit requirements or linking your TD Beyond Savings account to an eligible TD account.
|TD Bank Savings Account Fees|
|Account||Monthly Service Fee||Interest Rate|
|TD Beyond Savings||$15||Standard rates: 0.05%-0.20% depending on account balance
Bumped rates: 0.10%-1% depending on account balance
|TD Growth Money Market||$12||Standard rates: 0.03%-0.20% depending on account balance
Bumped rates: 0.05%-0.25% depending on account balance
|TD Simple Savings||$5||0.05%|
How To Avoid TD Bank Monthly Maintenance Fees
You’ll pay anywhere from $5 to $25 in monthly maintenance fees for your TD Bank account unless you get them waived by maintaining a minimum balance or scheduling direct deposits. Students and individuals ages 62 and over can bank without maintenance fees on some account types.
Just as the monthly fees vary by account, so do the ways you can avoid paying them. Here’s how to get your fees waived on qualifying accounts:
1. Maintain a Minimum Account Balance
TD Bank waives fees for customers who keep the following minimum daily balances in their eligible accounts:
- TD Beyond Checking: $2,500 or a combined balance of $25,000 in eligible TD accounts
- TD Convenience Checking: $100
- TD Beyond Savings: $20,000
- TD Growth Money Market: $2,000
- TD Simple Savings: $300
2. Schedule Qualifying Direct Deposits
Just one TD Bank account lets you waive monthly maintenance fees by scheduling direct deposits into your account. That account is TD Beyond Checking, and you’ll need $5,000 in direct deposits each month to qualify.
3. Link Your TD Bank Accounts
You can save money on monthly maintenance fees by linking qualifying TD Bank accounts and scheduling recurring transfers.
- TD Simple Savings: Set up a $25 recurring transfer from your linked TD Bank checking account to have your TD Simple Savings monthly fee waived for the first year.
- TD Student Checking: No monthly maintenance fee for young adults ages 17 to 23 who link a Simple Savings account to their TD Student Checking account
4. Take Advantage of Student and Senior Waivers
TD Bank waives monthly maintenance fees for students and senior citizens who have qualifying accounts. Young adults under age 24 qualify for the student discounts even if they’re not enrolled in school.
- TD Convenience Checking: No monthly maintenance fees for customers ages 17 to 23
- TD Student Checking: No maintenance fees for customers ages 17 to 23
- TD Simple Savings: No monthly maintenance fees for customers 18 or younger and customers 62 or older
- TD Growth Money Market: No monthly maintenance fee for customers 62 or older
How To Avoid TD Bank Overdraft Fees
An overdraft fee is the amount a bank charges you in the event you spend more than you have in your checking account. Although TD Bank won’t charge you for overdrafts of less than $5, if you overdraw by $5 or more, you’ll pay $35 for each occurrence, up to five occurrences — or $175 — per account, per day.
The best way to avoid TD Bank overdraft fees is to keep track of your account balance and your budget so you don’t overspend. In the event a mistake does happen, TD Bank account has tools you can use to reduce the fee or eliminate it entirely.
1. Opt Into Overdraft Protection
Overdraft protection lets you link any TD savings account to your checking account. In case of an overdraft, the amount you’re short will be transferred from the linked savings account to cover the withdrawal. You’ll pay a $10 transfer fee with a Student Checking account and a $3 per day fee for a 60 Plus, Simple or Convenience checking account each day you use this service. The fee is waived for Convenience Checking customers ages 17 to 23.
Overdraft protection transfers are free for TD Beyond Checking accounts, which have the added bonus of two overdraft fee reversals per calendar year.
2. Stick With Standard Overdraft Service
TD Debit Card Advance is an optional program that overrides the bank’s Standard Overdraft Service to allow one-time debit transactions like card swipes to go through even if they’ll overdraw your account. This might be a nice convenience, but it’ll cost you $35 per occurrence, up to five occurrences per day. Sticking with TD Bank’s Standard Overdraft Service will ensure that these one-time transactions will be declined if your balance can’t cover them.
3. Subscribe To Low Balance Alerts
TD Bank offers several account alerts, including one that notifies you when your balance drops below a certain amount. You choose the amount or, better yet, set several so you’ll always know how much is in your account.
How To Avoid TD Bank ATM Fees
You can use TD Bank ATMs in the U.S. and Canada free of charge no matter what checking and/or savings account you have. The fee for using a non-TD Bank ATM is $3 for most accounts, but TD Beyond checking and savings customers can use those for free as well. What’s more, TD Bank reimburses fees charged by the non-TD Bank ATM terminal or network as long as you maintain a $2,500 minimum daily balance in your Beyond account.
How TD Bank’s Account Fees Compare To Other Banks
TD Bank’s fees are about on par with fees from competing banks, including several that made GOBankingRates’ list of Best National Banks of 2020. Here’s how they compare:
|Fees at TD Bank and Other Banks|
|Fee||TD Bank||Citibank||U.S. Bank||PNC||Wells Fargo|
|Monthly Maintenance||Up to $25||Up to $30||Up to $25||Up to $25||Up to $10|
|Out-of-network ATM withdrawal||Up to $3||Up to $2.50||Up to $2.50||Up to $3||Up to $2.50|
|Overdraft (nonsufficient funds)||$35||$34||$36||$36||$15-$35|
|Excess transactions||$9||No fee, but Citibank can restrict account access or move funds from another account if transaction limit is exceeded three times in a 12-month period||$15||$15||$15|
|International debit purchase||3% of transaction amount||3% of transaction amount||2%-3% of transaction amount||3% of transaction amount||3% of transaction amount|
|Information is accurate as of March 24, 2020. Fees listed reflect amounts typically charged; exceptions may apply.|
You’ll get the most benefit from your TD Bank account when you meet the criteria for the special perks the bank offers. Here are some rewards you can earn in addition to the maintenance fee waivers for maintaining a specific minimum balance, scheduling qualifying direct deposits or linking your TD checking and savings accounts:
- Get a “rate bump” for depositing at least $50 per month into your TD Growth Money Market account or linking a qualifying account to your TD Beyond Savings account.
- Simplify saving by scheduling automatic transfers to your Simple Savings account from other TD Bank accounts.
- Earn interest-rate discounts on personal and home-equity loans with a qualifying TD Bank checking account.
- Keep your accounts secure with contactless debit card payments and transaction alerts.
In addition to a student services page geared toward helping students learn the ins and outs of banking and credit, the TD Bank website offers a Learning Center with tips for making the most of TD’s banking products, managing your accounts and understanding and improving credit. You’ll also find a wealth of information about financing a home purchase or refinancing your current home loan.
More on TD Bank
- TD Bank Review: Convenience, Selection and Service
- Newest TD Bank Promotions: Best Offers, Coupons and Bonuses
- TD Bank Routing Number – Locate Your Number
- How To Open a TD Bank Account
- TD Bank CD Rates as of April 2020
- What Are TD Bank’s Hours?
- How To Find and Use Your TD Bank Login
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This content is not provided by TD Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by TD Bank.
Rates are subject to change. Information on accounts is accurate as of March 24, 2020.