TD Convenience Checking has no minimum balance requirement

TD Convenience Checking does not require you to maintain a minimum balance to keep the account open or avoid monthly fees. You can open the account and hold it with zero dollars in it. There is no threshold you must stay above, and the bank will not charge you a maintenance fee based on your balance falling below a certain amount.

This is different from some of TD's other checking products. TD Preferred Checking, for example, has a $2,500 minimum balance requirement — if your balance drops below that, you pay a monthly fee. TD Convenience Checking avoids that entirely, which is why it appeals to people who want a basic checking account without balance pressure.

Key Takeaways

  • TD Convenience Checking has zero minimum balance requirement at any point during the month.
  • You will not be charged a maintenance fee because of low or zero balance — the account costs nothing to hold empty.
  • The account does charge a monthly service fee of $6.95 unless you meet one of the fee waiver conditions.
  • Fee waivers are available if you maintain a $500 minimum balance, set up direct deposit, or are a student or senior.
  • The $500 threshold for fee waiver is different from a minimum balance requirement — you only need it to avoid the monthly charge, not to keep the account open.

How the $500 balance threshold works

While there is no minimum balance requirement to hold the account, TD does offer a way to waive the $6.95 monthly service fee: maintain a $500 average daily balance during the statement period. This is not the same as a minimum balance requirement. You can drop below $500 at any time without penalty. The bank looks at your average balance across the entire month — if it averages $500 or higher, the fee is waived.

If your balance falls below $500 on average, you pay the $6.95 fee that month. The next month starts fresh. There is no cumulative penalty, no account closure threat, and no additional charges tied to the balance itself.

Other ways to waive the monthly fee

You do not have to maintain the $500 balance to avoid the fee. TD offers three other paths: set up a direct deposit of any amount to the account, be a student under 25 with a valid student ID, or be 62 or older. If any of these explore to you, the $6.95 monthly fee is waived regardless of your balance.

Direct deposit is the most straightforward option if you do not may have access to for the student or senior waiver. Even a single paycheck, pension payment, or government benefit deposit per month will waive the fee. You do not need a minimum amount — the deposit just has to post to the account during the statement period.

What happens if you do not meet any waiver condition

If you do not maintain the $500 average balance and do not have direct deposit or a may have access to status, you will be charged $6.95 per month. The fee comes out of your account automatically. There is no warning, no chance to deposit money at the last second — the fee is assessed based on your balance history for that statement period.

The fee is the only charge tied to your balance. You will not face overdraft fees, inactivity fees, or closure threats because of low balance. The account will remain open and functional even if the fee is charged repeatedly.

How to check your current balance and statement

You can see your balance and review whether you met the fee waiver conditions through TD's online banking portal, the TD mobile app, or by calling 1-800-788-8000. Your monthly statement will show whether the $6.95 fee was charged and why — it will note if the fee was waived due to direct deposit, student status, or senior status, or if it was charged because the balance fell short.

Statements are available online when ready after the statement period closes. You do not have to wait for paper mail. Checking your statement is the clearest way to understand whether you are meeting the balance threshold or if you need to set up direct deposit to avoid future fees.

Comparing TD Convenience Checking to other TD accounts

TD offers several checking accounts with different balance requirements and fee structures. TD Preferred Checking requires a $2,500 minimum balance to avoid a $15 monthly fee — that is a higher bar than Convenience Checking. TD Checking Plus sits between them, with a $1,000 minimum balance requirement and a $10 monthly fee if you fall short.

If you are trying to avoid balance requirements altogether, Convenience Checking is the right choice. If you have $2,500 or more to keep in checking and want additional perks like higher interest rates or better overdraft terms, Preferred Checking may be worth the higher threshold. Most people choosing between them are deciding whether the $500 balance or direct deposit requirement feels manageable.

Frequently Asked Questions

Can I open TD Convenience Checking with no money?

Yes. You can open the account with a zero balance. There is no minimum deposit required to start the account, and you will not be charged for holding an empty account as long as you meet one of the fee waiver conditions or are willing to pay the $6.95 monthly fee.

What if my balance goes below $500 for one day?

A single day below $500 will not trigger the fee. The bank calculates your average daily balance across the entire statement period. If your average for the month is $500 or higher, the fee is waived. You can dip below $500 multiple times as long as the monthly average stays at or above that threshold.

Does direct deposit have to be from my employer?

No. Direct deposit from any source counts — paychecks, Social Security, pension payments, tax refunds, or transfers from another bank. The deposit just has to be set up as a recurring automatic transfer or a one-time ACH deposit during the statement period. A single deposit per month is enough to waive the fee.

If I close the account, do I lose any money?

No. Closing a TD Convenience Checking account does not result in any penalty or fee. You straightforward withdraw your remaining balance and request closure. The account closes with no charge. There is no early closure fee or waiting period.

Can the minimum balance requirement change?

TD can change account terms, including balance requirements and fees, but they must notify you in advance — typically 30 days. You would receive notice by mail or through your online banking portal. If the new terms do not work for you, you can close the account before the change takes effect.