TD checking accounts have no single minimum balance requirement — it depends on which account type you choose

TD Bank offers several checking accounts, and the minimum balance rules differ for each one. Some accounts have no minimum at all. Others require you to keep a certain amount in the account at all times to avoid a monthly fee. The account you open depends on what you need and how much you typically keep in checking.

The three main TD checking options are TD Checking, TD Premier Checking, and TD Convenience Checking. Each has its own balance rules and fee structure. Before you open an account, it helps to understand what "minimum balance" actually means and how it affects your monthly costs.

Key Takeaways

  • TD Checking has no minimum balance requirement and no monthly maintenance fee, making it the simplest option if you want to avoid balance rules.
  • TD Premier Checking requires you to maintain a higher balance to avoid fees, and is designed for people who keep larger amounts in checking.
  • The minimum balance is measured on a specific day each month — usually the last day of the statement period — not an average across the month.
  • If your balance falls below the minimum on that measurement day, you will be charged a monthly fee, typically between $10 and $25 depending on the account.
  • You can avoid fees by keeping the required balance, setting up direct deposit, or maintaining linked savings accounts, depending on which account you have.

TD Checking: no minimum balance, no monthly fee

TD Checking is the account with the fewest rules. It has no minimum balance requirement and no monthly maintenance fee. This means you can open it, keep $5 in it, and never pay a fee based on your balance. You will not be charged straightforward for having the account open.

This account is straightforward if you want to avoid tracking a balance or worrying about fees. You get a debit card, online banking, and the ability to write checks. The trade-off is that you do not get some of the perks that come with higher-tier accounts, like higher interest rates or fee waivers on other products.

TD Premier Checking: higher balance requirement, more features

TD Premier Checking is designed for people who keep more money in their checking account. This account requires you to maintain a minimum balance to avoid a monthly fee. The exact minimum varies — it is typically $2,500 or $5,000, but you should confirm the current requirement when you open the account, as these amounts can change.

If your balance drops below the minimum on the measurement day (usually the last day of your statement period), you will be charged a monthly maintenance fee, usually around $15 to $25. However, some versions of this account waive the fee if you set up direct deposit or maintain a linked savings account with a certain balance.

The benefit of Premier Checking is that it often comes with perks like higher interest rates on your balance, fee waivers on certain services, and priority customer service. If you regularly keep a larger balance in checking anyway, these perks can offset the risk of the monthly fee.

TD Convenience Checking: designed for basic banking

TD Convenience Checking is a simpler account option that may have a lower or no minimum balance requirement, depending on your location and the current product offerings. This account is meant for people who want basic checking features without the complexity of higher-tier accounts.

Availability and terms for this account vary by branch and region, so you will need to ask a TD representative about the specific minimum balance and fees for your area. Not all branches offer all account types.

How TD measures your minimum balance

TD does not average your balance across the month. Instead, the bank looks at your balance on a specific day — usually the last day of your statement period. If your balance on that day meets or exceeds the minimum, you avoid the fee for that month. If it falls short, you are charged.

This matters because you could have a high balance for most of the month and still be charged a fee if your balance happens to be low on the measurement day. For example, if you receive a paycheck on the first of the month and spend most of it by the end, you might fall below the minimum on the last day, even though you had plenty of money earlier.

Some accounts allow you to avoid the fee through alternative methods, such as setting up direct deposit or maintaining a linked savings account. These options let you meet the requirement without keeping a large balance in checking itself.

Ways to avoid minimum balance fees

If you have an account with a minimum balance requirement, you have several options to avoid paying the monthly fee. The most common is to straightforward keep the required balance in your checking account. If you regularly have that much money in checking anyway, this is the easiest path.

Many TD accounts also waive the fee if you set up direct deposit — having your paycheck or other regular income deposited directly into the account. This shows the bank that money is flowing in regularly, and they waive the balance requirement as a result. You do not have to keep the balance; you just need the direct deposit active.

Another option is to maintain a linked savings account with a certain balance. Some TD accounts will waive checking fees if you keep a minimum in savings instead. This can be useful if you are saving money anyway and want to avoid the checking fee without tying up funds in checking itself.

What happens if you fall below the minimum

If your balance falls below the minimum on the measurement day and you do not have an alternative fee waiver in place (like direct deposit), you will be charged a monthly maintenance fee. This fee is typically deducted from your account automatically, further lowering your balance.

The fee is not a one-time charge — it happens every month that your balance is below the minimum. So if you consistently keep less than the required amount, you will pay the fee every month. Over a year, this can add up to $120 to $300 or more, depending on the fee amount.

If you find yourself regularly falling below the minimum, it may be worth switching to an account with no minimum requirement, like TD Checking, to avoid the ongoing fees.

Frequently Asked Questions

Can I switch from one TD checking account to another if the minimum is too high?

Yes, you can close one account and open another, or in many cases straightforward convert your existing account to a different type. Contact your local TD branch or call customer service to discuss your options. There is usually no penalty for switching account types, though you should confirm this before you make the change.

Does the minimum balance include money in my savings account?

Not usually — the minimum balance requirement applies only to your checking account balance. However, some accounts waive the checking fee if you maintain a separate minimum in a linked savings account. Ask your bank which rule applies to your specific account.

What if I have direct deposit but my balance still drops below the minimum?

If your account waives the fee based on direct deposit, the fee is waived even if your balance is low. Direct deposit is the trigger for the waiver, not your actual balance. As long as direct deposit is active, you should not be charged the monthly fee.

Is the minimum balance measured every day or just once a month?

TD measures your balance on a specific day — typically the last day of your statement period — not every day. You could have a low balance on other days without triggering a fee, as long as your balance meets the minimum on the measurement day.

Do I need to maintain the minimum balance to use my debit card?

No. The minimum balance requirement only affects whether you are charged a monthly fee. You can use your debit card and write checks regardless of your balance. However, if your balance is too low to cover a transaction, that transaction may be declined or result in an overdraft fee.