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Our verdict
Say goodbye to stressful bank fees and annoying account limits with the TD Student Chequing Account.
The TD Student Chequing Account offers unlimited free debits and Interac e-Transfers. You won't pay a monthly fee for this account, plus you can take advantage of TD's mobile app and handy budgeting tools.
Pros
$0 monthly fee
Unlimited free debit transactions
Unlimited free Interac e-Transfers and TD ATM withdrawals
$0 overdraft protection
Supports direct deposit and mobile cheque deposit
Track & improve your spending habits with TD MySpend
Manage your money anywhere with the TD mobile app
Cons
Fees for bank drafts, cross-border debits and personalized cheques
Fees for non-TD ATM withdrawals
Automatically converts to a paid TD chequing account after graduation
In this guide
Our verdict
Frequently asked questions
Your reviews
The TD Student Chequing Account is a fee-free student account that comes with unlimited debit transactions. It also offers unlimited free Interac e-Transfers and free overdraft protection.
Quick take
Consider this account if you want to save on fees while studying at a Canadian college or university and prefer banking with a major, established financial institution.
Choose a different account if you're not a student, are graduating soon or want to earn a competitive interest rate on your balance.
What are the benefits of the TD Unlimited Chequing Account?
The TD Unlimited Chequing Account offers a number of benefits for a mid-level fee. These include the following:
Welcome offer. Earn up to $225 in value when you open a new TD Student Chequing Account. Valid until May 6, 2024
For students and youth. Open a TD Student Chequing Account as young as 12 years old. Keep your account after age 23 by showing proof of full-time enrollment.
Unlimited free transactions. Pay nothing for unlimited free debits, Interac e-Transfers and withdrawals.
Free overdraft protection. Enjoy free overdraft protection for those unexpected moments when you accidentally forget a bill payment or spend a little more than you have.
No monthly fee. With the TD Student Chequing Account, you don’t have to worry about account maintenance fees while you study.
Free statements. Whether you choose paper or electronic account statements, the fee is still $0.
Accelerated Starbucks rewards. Link your TD Visa debit card with your Starbucks Rewards account to earn 50% more Stars at participating stores.
CDIC insured. In the unlikely event the bank fails, your deposits are insured up to $100,000 across all TD accounts through the Canada Deposit Insurance Corporation (CDIC).
Earn interest. TD pays a modest 0.01% yield on your Student Chequing Account balance.
What should I watch out for?
There are a couple of drawbacks you might want to consider before signing up for this account:
Automatic conversion after graduation. When you graduate, your TD Student Chequing Account automatically converts into a TD Minimum Chequing Account, TD Every Day Chequing Account or TD Unlimited Chequing Account. Account fees apply.
Non-TD ATM fees. Pay $2 to use non-TD ATMs in Canada, $3 to use US ATMs and $5 for other international ATMs.
Limited perks. This account doesn’t come with free cheques, money orders or a safety deposit box. These add-ons will cost you extra.
What other chequing accounts does TD offer?
TD has a number of other chequing accounts that could be useful for students, although most come with a monthly fee.
TD Minimum Chequing Account. This is a very simple account that comes with a low monthly fee of $3.95. In return, you’ll get 12 free transactions per month (subsequent transactions cost $1.25 each) along with some basic banking benefits. Like the TD Student Chequing Account, you can earn 50% more Starbucks Stars by linking your TD Visa debit card with your Starbucks Rewards account.
TD Every Day Chequing Account. This account is very similar to the TD Student Chequing Account, except it comes with a monthly fee of $10.95. It offers 25 free transactions per month, including Interac e-Transfers (subsequent transactions cost $1.25 each). This account could be a good fit for you if you’ve recently graduated or are no longer a student.
TD Unlimited Chequing Account. The TD Unlimited Chequing Account offers unlimited free transactions, free Interac e-Transfers, a generous welcome bonus and $0 fees for TD and non-TD ATMs in Canada. Plus, you get the annual fee for select TD credit cards rebated in the first year. This plan costs $16.95 per month, but the fee is waived with a minimum balance of $4,000.
How do I open a TD Student Chequing Account?
Here’s what you need to know about opening a TD Student Chequing Account.
Eligibility requirements
To open a TD Student Chequing Account, you need to meet the following criteria:
Be a Canadian citizen or permanent resident
Be at least the age of majority in your province or territory (18 or 19 years old)
Provide a valid email address that is not shared with anyone else
Required information
You’ll likely need to provide the following information to apply for a TD Unlimited Chequing Account:
Your name, residential status and contact information
You can easily deposit or take money out of your account by visiting a local branch or using a TD ATM. Transfer money in and out of your TD Student Chequing Account by logging into TD online or mobile banking and sending an Interac e-Transfer.
Through the TD app, it’s easy to pay bills, set up recurring transfers and get your account direct deposit information. Use your TD debit card to make purchases in stores and online.
No. To open a TD Student Chequing Account, you must show proof of full-time enrollment at a recognized Canadian post-secondary educational institution. Upon graduation, the account automatically converts into a paid TD chequing account.
Earn up to $225 in value when you open a new TD Student Chequing Account. Valid until May 6, 2024. From time to time, TD runs special offers for various accounts. Check the TD website to view any promotional offers or special deals currently available for the TD Student Chequing Account.
Yes, you can apply to open a TD Student Chequing Account online, by phone or by stopping by a local TD branch.
Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee.
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Stacie Hurst is an editor at Finder, specializing in a wide range of topics including stock trading, money transfers, loans, banking products, online shopping and streaming. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, Stacie can usually be found watching K-dramas or playing games with her friends and family.
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