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Our verdict
Get unlimited transactions and pay no monthly fees for this student chequing account with TD.
The TD Student Chequing Account offers Unlimited debit transactions and comes with free Interac e-Transfers up to that limit. You won't pay a monthly fee to access this account and you'll be able to take advantage of TD's mobile app and a number of budgeting tools. Find out more about whether this account might be a good fit for you and learn about what alternatives are available if you're looking for something else.
Pros
Unlimited debit transactions. You can carry out Unlimited transactions, including debit purchases, bill payments and ATM withdrawals.
No fees for Interac e-Transfers. You won't pay additional fees to carry out Interac e-Transfers unless you surpass your allowable number of free withdrawals each month.
Free TD ATM withdrawals. You won't have to pay a fee to withdraw cash at any ATM on the TD network (but you will pay for non-TD ATM withdrawals).
Overdraft protection. Avoid paying extra fees if you dip into a negative balance with free overdraft protection.
Budgeting tools. Use TD MySpend to keep track of your monthly spending and get help to improve your spending habits.
Mobile app. Manage your transactions and personal information on the go when you sign up for the TD mobile app.
Cons
No interest on savings. You won't earn interest on the money you hold in your account.
Limited free services. You'll have to pay additional fees for TD products such as bank drafts, cross-border debits or personalized cheques.
Only available to students. You won't be able to qualify for this account unless you can prove that you're a student registered at an eligible institution.
Fees for non-TD ATM withdrawals. It will cost you an extra fee to take money out at non-TD ATMs both domestically and internationally.
In this guide
Our verdict
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 up to your monthly limit, along with free overdraft protection.
30-second take
Think about this account if you're registered in a Canadian post-secondary institution and you'd prefer not to pay a monthly fee.
Choose something else if you would prefer to earn interest on any balance you hold in your account.
TD Student Chequing Account‘s ATM network and fees
You won’t be required to pay any monthly fees for the TD Student Chequing Account. You’ll also get Unlimited debit transactions and free Interac e-Transfers on this account.
You won’t have to pay for ATM withdrawals if you take money out on the TD ATM network. However, you’ll pay $2 for every withdrawal you make on a non-TD ATM in Canada (and between $3 and $5 to withdraw funds internationally, depending on your location).
What other chequing options does TD offer?
TD has a number of other chequing accounts that could be useful for students, though most come with a monthly fee. These include the following:
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 along with some basic banking benefits. You can also get this account for free as long as you can prove that you’re a student.
The 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. 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 free ATM withdrawals in Canada. This plan costs $16.95 per month to maintain but this fee can be waived if you keep a minimum balance of $4,000.
Compare with other chequing accounts
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How do I open a TD Student Chequing Account
Eligibility requirements
To apply for a TD Student Chequing Account, you need to meet the following criteria:
Be a Canadian citizen or permanent resident who is at least 18 years old (19 in some provinces)
Be a full-time student at a registered post-secondary institution in Canada
Be opening a sole account in your name
Required documents and information
Your name, residential status and contact information
You can easily deposit or take money out of your account by going into a branch or by using a TD ATM. You can also send money in and out of your bank account by logging into TD’s mobile or online app to send an Interac e-Transfer or a bank-to-bank transfer.
It’s also easy to use your bank account to pay bills by pre-authorized debit or to register for automatic deposits to build up your savings. Many customers also use their debit cards in-store to make purchases, though this will cut into your monthly transaction limit.
Frequently asked questions about the TD Student Chequing Account
Unfortunately, no. This account is only available to students who can prove they’re studying full-time at a registered institution in Canada. This account also needs to be converted into a regular bank account as soon as you graduate.
You have to pay a monthly fee to help cover the overhead costs that the bank takes on when you become a customer. Overhead costs include incidentals that the bank has to pay to meet the needs of its customer base (such as costs for office supplies, training and staffing).
No. Unlike other Big Five Banks in Canada, TD doesn’t offer a welcome bonus to students who sign up for an account at this time. That said, you may want to check TD’s main page periodically to make sure that this is still the case.
TD has mechanisms in place to safeguard your personal and financial information. It’s also a member of the Canada Deposit Insurance Corporation. This means that any money you put into your account will be protected up to $100,000 in the unlikely event that TD goes bankrupt.
Yes, you can apply by visiting TD’s website, calling in to its service desk or visiting a branch in person to sign up for an account.
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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