TD Bank Convenience Checking review: Low account minimum and free for those under 24

Young Asian man on his mobile phone, smiling as he checks on his TD Bank Checking accountImage: Young Asian man on his mobile phone, smiling as he checks on his TD Bank Checking account
Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

TD Bank Convenience checking account at a glance

Physical locations2,300 branches and 4,000+ ATMs across North America
Getting startedOpen an account online, in person or by phone, no minimum deposit required
Monthly service fee$15 (waived with a $100 minimum daily balance or if you’re age 17–23)
Overdraft feesNone with Savings Overdraft Protection, otherwise $35 per overdraw over $50
Other feesVarious, including wire transfer fee, out-of-network ATM fee, return payment fee, stop payment fee
How to depositATM, direct deposit, mobile check deposit, check, Zelle
How to withdrawATM, Zelle, check
Notable featureWaived monthly service fee — $100 minimum daily balance or if you’re age 17–23

TD Bank is a large institution that serves 15 states, Washington, D.C., and Canada with a wide network of branches and ATMs. The bank has several checking account options, all of which include online and mobile banking, a free debit card and 24/7 customer service.

The most popular checking option is the TD Convenience Checking account. This account comes with a low minimum daily balance requirement and free mobile banking, plus there’s no minimum deposit requirement when opening an account. Account holders can also get a 0.25% discount on TD Bank home equity loans and personal loans.

6 things to know about a TD Bank Convenience Checking account

Although it doesn’t earn interest, the TD Bank Convenience Checking account could be a useful option for your everyday banking needs.

Let’s take a closer look at some of its most notable features.

1. Easily waived monthly fee

The TD Convenience Checking account has a monthly maintenance fee of $15. But you can waive it if you maintain a $100 minimum daily balance or if you’re between the ages of 17 and 23 years old, making it a low-cost checking account for students and others alike.

2. Avoidable overdraft fees

Many banks charge an overdraft fee of around $30 if a transaction exceeds your account balance.

With TD Bank’s Convenience Checking, if you overdraw your account balance by more than $50, you’ll be charged a $35 overdraft fee per transaction (up to three transactions per business day). But you can get a refund on this fee if you make a deposit that brings your account balance to at least $0 by 11 p.m. ET on the next business day.

Or you can avoid overdraft fees altogether by signing up for Savings Overdraft Protection, which links your checking account to your TD savings account. If a transaction overdraws your checking account, the needed funds, if available, will be pulled from your savings account free of charge.

3. Contactless debit card with convenient replacement options

Every TD Bank checking account comes with a debit card that can be added to your digital wallet. You can then use your contactless debit card for online, in-store and in-app purchases.

If your card is lost or stolen, you can easily replace it online, in person, by phone or via the TD Bank app. And if you’re in a rush, you can schedule curbside pickup.

4. Rate discounts

If you sign up for a TD Convenience Checking account, you’re eligible for a 0.25% discount on TD Bank home equity loans and personal loans. Personal loans can be used to purchase a vehicle, cover medical expenses or even take a vacation. TD Bank home equity loans can be used for home renovations, debt consolidation or other major purchases.

5. Full-service banking

TD Bank makes it easy to manage your personal banking, investments and retirement accounts in one location. You can transfer money from a TD Convenience Checking account to another TD account free of charge.

The bank also provides savings accounts, credit cards, investment products, and online banking for small businesses, as well as customized banking and lending solutions for larger institutions.

6. Limited availability

TD Bank’s digital banking and many in-person locations and ATMs make it a convenient option — but only if you live in the Northeast and along the East Coast. TD Bank has branches in 15 states plus Washington, D.C.

You’ll also find TD ATMs and branches in parts of Canada, allowing Canadian residents to use TD Bank as cross-border customers.

Does TD Bank have free checking?

All TD Bank checking accounts have a monthly fee, ranging from $4.95 to $25 — but there are ways to waive these. TD Bank also charges various fees for overdraft services, money orders, withdrawals at non-TD ATMs, incoming and outgoing wire transfers, print bank statements and more.

Is TD Bank a good bank?

TD Bank claims to be “America’s most convenient bank.” With many physical locations, extended business hours, curbside debit card replacement, fraud alerts and mobile banking options, it’d seem the case. But even with its wide range of banking, lending and investment products, it’s limited availability by location is a drawback. 

If you’re looking for a bank that’s available across the nation or a checking account with fewer fees that also earns interest, TD Bank may not be the best fit.

Not sure if TD Bank is right for you? Consider these alternatives.

  • SoFi: If you want an account that earns interest, SoFi is an online option offering checking and savings with a strong APY, zero monthly service fees and no minimum balance requirement.
  • Chase: If in-person services are important to you, and you don’t mind paying some fees, Chase has numerous physical locations across the U.S. with a variety of services.

About the author: Jenny Rose Spaudo is a freelance writer and content strategist specializing in finance, technology and real estate. Her writing has appeared in Business Insider, Credit Karma, GOBankingRates and more. Visit jennyroses… Read more.