Things to Know Before Starting a TD Student Account

VD February 02 2022

Having financial independence is like a dream for many of us still. It is an excellent step showing that you are already looking for ways to save your money or at least have a firm understanding of where you are spending it.

What’s the best way of managing your money, then? Of course, you can start with opening a bank account, and what can be better than a TD student checking account!

What are the eligibility requirements for TD student checking account?

TD offers specific student accounts. The account is specific for youngsters under the age range of 17-23. But you must be a full-time student to be eligible for the account. Once you surpass the 24-age limit, the student account will automatically be converted into a convenience checking account.

The account can be opened through the online portal and TD Bank locations. You can open the account in minutes if you are over 18 years old. But for those who are 17 years old yet, you need to visit the bank location.

The checking accounts offered by TD

So, when we talk about the checking accounts that TD Bank offers, students can access two kinds of checking accounts at this point. The first is the TS convenience checking account, and the second is the TD beyond checking account. 

There is not much of a difference between both accounts. Both accounts will offer packages like waiving off the monthly service fees if you can maintain a specific limit of balance in your account. But the Beyond Checking Account does provide additional perks.

Pros of TD checking accounts for students

  • If any bank in the United States has the exceptional distribution of the bank working hours, it is the TD bank. Almost all the bank branches of the TD bank have working hours on even Saturday and Sunday. This is perfect for students who have school/college on regular days.
  • TD bank practically provides you with solutions to avoid the maintenance charges of your account. You can prevent the maintenance balance if your age is somewhere between 17-24. You can also control the maintenance charges by ensuring a 100 USD minimum balance daily for a whole month.
  • To help you prevent paying extra bucks for an overdraft, TD bank account offers overdraft protection. In this way, you can avoid overdraft fees. If you are a student with a TD checking student account, you are already protected from paying a service fee for your overdrafts.
  • Among all the prominent US banks that offer student checking accounts, TD bank is one of the few banks that provide cross-border banking transactions. TD bank also has operational branches in Canada and allows US students to access cross-border transactions with their TD student checking account.
  • Amazingly, the TD checking accounts also come with a free debit card. The debit card is also included with the student checking account and can be used at a nationwide and international network of TD ATMs. The debit card can also be used for online transactions and managing your money.
  • You might not believe it, but you can also connect a savings account with your TD checking account. The saving accounts can be used to store all your extra money. The account record will be official and helpful when you apply for a TD credit card.
  • The TD student checking account is designed to keep in mind all the possible features the youth of this country might need to control their financials. The very reason why the TD checking student account also offers features like mobile app-based banking and online banking.
  • The account opening is effortless with the TD online work module. If you are 18 years old, you can practically open a fully functional account in like minutes. Students are also given features like using Zelle to send and receive funds through their accounts anywhere around the globe.

Cons of TD student accounts

  • Even with all the fantastic TD student checking account features, there's a major con that can't be overlooked. TD Bank has not had a widely distributed presence in the United States. There are certain states where the bank is non-existent, which can be a real issue for students.
  • Remember, the TD student checking account is made for students. The account doesn’t work as a regular checking account. In simple words, the account won’t be making any money on the cash deposited in it just because of the interest or something like that.
  • It’s true. The TD student checking account is better than similar student accounts in terms of service charges. But still, there are some severe charges charged by the banking for some frequently used services. We are talking about money orders and wire transfers, like services often used by students.

Service Fee

There are certain types of service fees charged by banks around the globe. The service charge is like a bank to get repayment for the services it's providing you. Similarly, the service charges also differ depending upon the type of bank you are talking about.

In the case of a TD student checking account, the service charges are very minute. First, the bank gives special perks to students and doesn't charge maintenance charges up to the age limit of 24 years. Second, the ATM charges are also quite reasonable per transaction.

Are there any minimum account balances?

Almost every bank has the 'minimum balance' clause included in the account registration form. This is a way of ensuring that the bank will have sufficient funds to run the bank’s activities. An account that's not usually able to maintain the minimum account balances becomes dormant or inactive.

The TD bank also has a ‘minimum balance’ clause applicable on various TD bank accounts but not on the TD student checking account. Plus, you don’t need to have a minimum balance if you are a full-time student or are under the 24 years age limit.

Final note

Besides all the fantastic services, TD Bank also offers exceptional bonuses to first-time TD bank account holders.

If you have deposited a collective 2500 USD balance within the first 60 days, the bank will give a 300 USD bonus right in your account. Similarly, if you can deposit a 500 USD balance within the first 60 days, you will receive a 150 USD bonus from the bank.