Guide to TD Bank Student Accounts

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Student bank accounts generally have low fees and flexible service offerings to make managing daily finances easier and more affordable. Here’s what to know if you’re comparing student bank account options from TD Bank in Canada.

Introduction to TD Bank student accounts

TD offers several low-cost accounts with features that may appeal to students. Some are designed specifically for students, while others offer compelling features that may benefit young account holders working to establish sound financial habits.

Many banks offer compelling introductory offers for new account holders, so it’s worth comparing the value of account features before making your decision.

Types of TD bank accounts for students

TD Student Chequing Account: This account has no monthly fee for account holders under 23 or with proof of enrolment in a recognized post-secondary institution. It offers unlimited monthly transactions, free Interac e-Transfers, and no fees for overdraft protection.
TD International Student Banking Package: This package is designed to help international students establish a financial presence in Canada and to reach their financial goals. It includes a TD Student Chequing Account, TD Cash Back Visa* Card, TD Savings Account, a TD Direct Investing account, overdraft protection and international money transfers.
TD Every Day Savings Account: A no-fee savings account that enables you to earn daily interest on every dollar. Transfer money to your other TD accounts with no fee. It also allows one free transaction per month.

Comparing TD Bank accounts for students

	TD Student Chequing	TD International Student Banking Package	Every Day Savings
Eligibility requirements.	Must be under 23 or provide proof of enrollment in a post-secondary program.	Must be the age of majority in the province or territory of residence, and have a valid study permit and a proof of full-time post-secondary enrollment.	Must be the age of majority in the province or territory of residence.
Monthly maintenance and transaction fees.	$0 monthly fee, unlimited free transactions.	$0 monthly fee, unlimited free transactions.	$0 monthly fee, one free transaction/month, $3 each for additional transactions.
Minimum daily balance.	None.	None.	None.
Money transfers.	Free Interac e-transfers.	Free Interac e-transfers.	Free transfers to other TD accounts. Interac e-transfers cost $0.50 or $1.00.
Interest earned.	None.	Yes, with the TD Every Day Savings Account.	Yes.
Monthly paper statement fees.	$0	$0	$2
Overdraft protection.	No monthly fee.	No monthly fee.	Not applicable.

Compare to other offers from our partners

KOHO Spending and Savings Account	Simplii Financial™ No Fee Chequing Account with Student Banking Offer	BMO Performance Chequing Account
Apply Now	Apply Now	Apply Now
Bonus Offer
30-day free trial All KOHO subscription plans come with a free 30 day trial.	$500 Welcome offer: Earn $500† when you become a new client and open a No-fee Chequing Account by February 28th, 2025. Add an eligible direct deposit of at least $100 a month for 3 straight months. Offer ends February 28th, 2025.	Up to $600* Get up to a $600* cash bonus: Earn $400 when you open a new BMO Performance Chequing Account and make a deposit of any amount by March 3, 2025. Earn an extra $50 when you invite a family member as part of a BMO Family Bundle and have them open their account by March 3, 2025. BMO's most popular account offers unlimited everyday banking transactions for a competitive price. Earn an additional $150 when you open a Savings Amplifier Account, make a deposit of $10,000 or more by March 3, 2025 and maintain that balance at all times until March 31, 2025.
Monthly Fee
$4-$19 Monthly fee waived if a direct deposit for paycheques or government benefits is set up or a monthly contribution of $1,000 or more.	$0	$17.95 Waive the monthly fee by maintaining a $4,000 minimum balance. Waived with minimum balance
Number of Transactions
Dollar limits apply* Daily limits include store payments of $9,000, ATM withdrawals of $1,010 and e-transfers of $3,000.	Unlimited	Unlimited

Who can open a TD student bank account?

TD Student accounts are available for individuals under age 23 or individuals who can provide proof of enrollment in a post-secondary program in Canada.

International student applicants must be of the age of majority in their province of residence, have a valid Canadian study permit, and provide proof of full-time enrollment at an accredited Canadian post-secondary institution.

Understanding TD Bank student account fees

While TD student accounts have minimal fees, there are some potential banking charges to be aware of, especially if you’re using other TD accounts as a student.

Monthly account fees: Non-existent on the domestic and international TD student accounts, but other chequing accounts may charge a monthly fee.
Transaction fees: Student chequing accounts don’t charge transaction fees, but savings and general chequing accounts may charge fees if you exceed your monthly transaction limit.
ATM fees: Transactions at ATMs within the TD network are free, but non-TD ATMs in Canada generally cost $2, and foreign ATMs may cost $3 or $5 per transaction, depending on the location.
Overdraft services: The Student Chequing Account offers monthly overdraft protection for no fee, but an interest rate of 21% per annum applies on the overdrawn amount. Other accounts may charge $5 per month or $5 per use, depending on the type of coverage you select.
Interac e-transfers: The student chequing account does not charge for Interac e-transfers, but other accounts may charge per transfer.
Statement fees: Some accounts may charge a fee to receive a monthly paper bank statement. Be sure to opt-out if you prefer online statements.

Benefits of using a TD Bank student account

Student bank accounts offer many compelling benefits that make them an affordable and flexible tool to help you meet your financial goals:

Reduced monthly fees are ideal for students with limited budgets.
Access to online and mobile banking enables students to move money between accounts and easily make payments on the go.
Compelling welcome offers mean these accounts may put money back in your pocket simply for using your account as you normally would, such as setting up direct deposit.
Many accounts offer perks and rewards, such as 50% more stars at Starbucks, which could represent a cost savings for frequent patrons.

Additional TD Bank services for students

Students may benefit from additional TD Bank offerings, such as:

Overdraft protection: This service can protect you from costly non-sufficient funds (NSF) fees. If you are operating on a tight budget, consider the cost of overdraft protection versus the NSF fees to determine whether this service benefits you.
Credit cards: Students can begin building and managing credit with a TD secured credit card by paying off their credit card bills each month.
International Student GIC program: International students applying for the Student Direct Stream (SDS) study permit can use the International Student GIC program to provide proof of a GIC with the amount needed for their tuition payment.
TD Simply Save Program: When you enable this automated savings program, it will automatically transfer a set amount (up to $5) to your savings account every time you make a transaction. Automatic transfers are a great way for students to incrementally build their savings without additional effort!
Student Line of Credit: Students who need additional financial support may appreciate the flexibility of a student line of credit. TD requires interest-only payments while you study, and the product converts to a student loan after you graduate. While students should be cautious about taking on unnecessary debt, this product may be right for some.