TD Student Chequing Account

TD Student Chequing Account Overview

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Managing finances is always complex for a student, but the TD Student Chequing Account makes it all easier. This student-friendly account from TD Bank makes everyday banking possible.

The TD Student Chequing Account is an account that requires no monthly fees and offers unlimited transactions.

Although its no-monthly-fee structure is age and education-dependent, this account makes online shopping easy and even provides many Starbucks-related perks. Opening this account now allows newcomers to enjoy a bonus of up to $125 and up to $75 in Amazon gift cards.

If you’re a student in Canada, everyday banking doesn’t get any better than this. Nonetheless, you can check out other chequing account options if you find this account lacking.

TD Student Chequing Account features

When you open the TD Student Chequing Account, you’re offered access to many premium features, such as:

TD Bank App: Canadians can transact and manage their accounts anytime with their mobile app.
TD MySpend: This works with the TD Bank app to track an account owner’s monthly spending.
TD Mobile Deposit: This allows TD account owners to deposit cheques through their mobile phones.
Simple Save Program: With this feature, account owners can automate saving money.
Overdraft Protection: This uses a preset limit to allow account owners to escape Non-Sufficient Funds (NSF) fees.
No Monthly Fees: No monthly fees are charged for owning this account for Canadians younger than 24 years or those enrolled in post-secondary education.
Unlimited Monthly Transactions: Account owners don’t need to pay any fees for monthly transactions.

The pros of the TD Student Chequing Account

Easy Online Shopping

With the TD Access Card, account owners can make purchases at Canadian online stores and other worldwide online stores. This card is accepted in any store that accepts Visa cards.

Unlimited Transactions

With this account, there is no need to pay any fees for transactions conducted within the month. It doesn’t matter if it’s transferring money to another account within Canada or outside Canada; they’re all free.

50% More Stars at Starbucks

Shopping with your Access Cards and TD Credit Cards at eligible Starbucks will allow account owners to earn 50% more stars. Account owners can start earning as long as these cards are linked to the TD Student Chequing Account.

The cons of the TD Student Chequing Account

Td Student Chequing Account - Comparewise

Monthly Fee Rebates Are for Youths

Although this account doesn’t come with monthly fees, account owners must be younger than 24 to qualify. Account owners enrolled in full-time post-secondary education also qualify for a monthly fee rebate. As such, anyone older than 23 and not a student will pay monthly fees on this account.

Fees on Non-TD ATMS

Withdrawing or depositing funds using Non-TD ATMs in Canada will attract a $2 fee. This is also the case for transactions done at any ATM in foreign countries.

TD Student Chequing Account fees

There are no fees for online or paper statements, monthly account maintenance, Interac e-Transfers, or deposit and withdrawal transactions.

However, fees apply for ATM transactions conducted outside TD’s network in Canada ($2.00), Mexico and the United States ($3.00), and other foreign countries ($5.00). Despite these, it’s a valuable account option for students due to its predominantly fee-free services.

TD Student Chequing Account special offers

The TD Student Chequing Account offers up to $125 for all new account owners. Opening this account awards $100, while $25 comes from setting up an overdraft protection plan on the account.

$75 also comes when the account owner gets a new TD Rewards Visa Card. Acquiring this Visa card offers 22,727 TD reward points, equivalent to $75 in Amazon gift cards. Take note that these offers are only valid until October 31, 2023.

Other TD Student Chequing Account options

Apart from the TD Student Chequing Account, there are other TD Bank accounts that you can choose from. Below are some options that you can consider if the Student Chequing Account doesn’t suit you.

TD Unlimited Chequing Account

This chequing account offers unlimited transactions and no ATM fees for all Canadians. The account comes with a limited offer of up to $450 and a $16.95 monthly fee.

TD Every Day Chequing Account

This is a chequing account for Canadians on a budget, requiring a low monthly fee of $10.95. There are only 25 free transactions offered per month on this account. However, all Interac e-Transfers are free.

TD Minimum Chequing Account

If you don’t have many daily transactions to conduct, then this might be the account for you. This account demands a minimal $3.95 monthly fee and also offers 12 transactions every month.

How to open the TD Student Chequing Account

You’ll only need about 5 minutes to open this chequing account, as long as you follow the instructions below:

Start the Online Application: You’ll need to visit the TD Bank website and scroll to their personal banking section. You can choose the “TD Student Chequing Account” from the available options. Scroll to the “Open Account” button at the bottom of the page.
Provide Personal Information: At this point, you’ll provide your full name, phone number, email address, home address, and date of birth. You can also provide your Social Insurance Number (SIN) if you wish. You’ll also need to indicate your work status.
Credit History Questions: Here, you’ll be asked about your credit history and required to answer them.
Confirm Your Identity: This is the point where you’ll need to submit some personal documents to confirm who you are. You’ll also need to provide proof that you’re a student who’s studying full-time.
Account Activation: Once your identity has been confirmed, your application will be approved, and your new account will be opened. You’ll also be given an account number at the end.

TD Student Chequing Account conclusion

The TD Student Chequing Account is designed for the average Canadian youth and those enrolled in post-secondary education. It’s the perfect account for Canadian youths who want to enjoy free everyday banking all through their time in school.

If you’re not a student or someone under 24 years old, then TD’s student chequing account option might not be the best option.

FAQs about the TD Student Chequing Account

Can I keep my student chequing account even after I am done with secondary school?

Yes, you can continue using your Student Chequing Account even after you've graduated from high school. To accomplish this, however, you must provide proof of your full-time enrollment in post-secondary education.

What is the minimum balance to enjoy the $0 monthly fee for this TD account?

The Student Chequing Account's $0 monthly fee is not subject to a minimum balance requirement. Only being under 24 years old or enrolled in post-secondary school count as qualifying factors. Therefore, account holders who are under 24 or who are enrolled in post-secondary education won't need to pay a monthly charge.

What is the minimum age for opening this student chequing account?

Individuals wanting to open this TD account must be at the age of majority in their province in Canada. This is 18 years for most Canadian provinces, like Ontario and Prince Edward Island. However, some other provinces, like British Columbia and Nova Scotia, pushed theirs up to 19 years.