TD Bank's online banking is free, but the account itself may not be

TD Bank does not charge a separate fee to use online banking once you have an account open. You can check balances, transfer money between your own accounts, pay bills, and deposit checks by phone or camera at no extra cost. The catch is that TD Bank's checking and savings accounts come with monthly maintenance fees unless you meet certain conditions.

Whether online banking truly costs you nothing depends on which account you hold and whether you can avoid the monthly fee. A TD Bank Checking account costs $15 per month, but that fee drops to zero if you maintain a $500 minimum daily balance or set up a direct deposit. A TD Bank Savings account costs $5 per month unless you keep $300 on hand. If you meet these thresholds, online banking itself is free.

Key Takeaways

  • Online banking features—bill pay, transfers, check deposit, balance checks—carry no separate charge at TD Bank.
  • TD Bank checking accounts have a $15 monthly fee that you can waive by keeping $500 in the account or setting up direct deposit.
  • TD Bank savings accounts have a $5 monthly fee that you can waive by keeping $300 in the account.
  • If you cannot meet the minimum balance requirement, you will pay the monthly fee whether you use online banking or not.

How to avoid the monthly checking account fee

The $15 monthly maintenance fee on TD Bank Checking disappears if you satisfy either of two conditions. The first is maintaining a minimum daily balance of $500—this means your account balance must not fall below $500 on any day of the month. The second is setting up direct deposit, which means having your paycheck or other regular income deposited directly into the account by your employer or benefit provider.

Direct deposit is the easier path for most people because it does not require you to keep extra money sitting idle. Once your employer or benefit provider has your account number and routing number, the deposit happens automatically each pay period. You can confirm that direct deposit is active by checking your account online or calling TD Bank customer service.

If you cannot meet either condition, you will pay $15 each month. This fee applies regardless of how much you use online banking or whether you visit a branch in person.

What the savings account fee structure looks like

TD Bank Savings accounts charge a $5 monthly maintenance fee unless you keep a minimum daily balance of $300. Unlike the checking account, there is no direct deposit waiver for savings accounts—the only way to avoid the fee is to maintain the balance.

This is a lower threshold than checking, so many people can avoid it by straightforward keeping a small emergency fund in the savings account. If you cannot maintain $300, you will pay $5 per month. Over a year, that adds up to $60 even if you never use the account.

Which online banking features are included at no extra cost

Once your account is open and the monthly fee is either waived or paid, TD Bank includes these online features without charging extra: bill payment to any U.S. address, transfers between your own TD Bank accounts, person-to-person transfers through TD Bank's system, mobile check deposit (photograph a check and submit it through the app), and account alerts for low balance or large transactions.

You can also use TD Bank's mobile app to view statements, read transaction history, and set up recurring payments. None of these features cost money beyond the account maintenance fee itself.

How online banking compares to visiting a branch

TD Bank charges the same monthly fee whether you bank online, visit a branch, or use both. The fee is tied to the account type and your balance, not to how you access it. This means you are not paying extra to use online banking instead of going to a physical location.

However, some transactions may be faster or easier online. Bill payments typically post within one to three business days when submitted online, and mobile check deposits process overnight. If you need cash when ready or want to deposit a large check, a branch visit may be necessary, but that does not change what you pay monthly.

What happens if you fall below the minimum balance

If your checking account balance drops below $500 on any day of the month, you lose the fee waiver for that month and will be charged $15. This applies even if you bring the balance back up later in the month. The fee posts at the end of the month.

For savings accounts, falling below $300 triggers the $5 fee the same way. If you are close to the threshold, setting up a balance alert through online banking can warn you before you drop below it. Some people keep a small buffer above the minimum to avoid accidentally triggering the fee.

Frequently Asked Questions

Can I use TD Bank's online banking if I do not have a TD Bank branch near me?

Yes. You can open an account online, and all banking functions work through the website or mobile app. You can deposit checks by phone or camera, transfer money, and pay bills without visiting a branch. If you need to deposit cash, you can use TD Bank's ATM network or visit any TD Bank location.

Does TD Bank charge for mobile check deposit?

No. Mobile check deposit is included with your account at no extra charge. You photograph the front and back of the check through the TD Bank app, and it processes overnight. The only cost is the monthly account maintenance fee if you do not meet the balance requirement.

What if I have direct deposit but my balance still drops below $500?

Direct deposit waives the fee regardless of your balance. As long as direct deposit is active on your account, you will not pay the $15 monthly fee even if your balance falls below $500. The direct deposit itself does not have to be a large amount—any regular deposit counts.

Can I move money between TD Bank and other banks online?

Yes, through external transfers. You can link a bank account at another institution and transfer money in or out. These transfers typically take one to three business days. TD Bank does not charge a fee for this service, though your other bank might.

Is there a fee to close my TD Bank account?

TD Bank does not charge a fee to close a checking or savings account. You can close it online, by phone, or at a branch. If you close the account before the end of the month, you will not be charged the monthly maintenance fee for that month.