TD Bank student account review: Everything you need to know


Looking for the best way to manage your money now you’re off to university or college? You’re probably thinking of getting yourself a student account.

Student accounts often come with perks which are specifically designed to make life easier - although most accounts also come with fees which you’ll want to know about.

This guide makes it easy to find the right account for you, with an overview of the TD Bank student account, as well as an alternative - the borderless account from Wise. Let’s dive right in.

Table of contents:

How to open a student account with TD Bank

You can apply for a TD Bank student account if you’re aged under 24 and enrolled in a full time course at school, college or university. This account gets you a debit card, online banking, and access to fee free domestic payments to friends with Zelle. You’ll not need to pay a monthly maintenance fee while eligible for the student account, and can also apply for a secured credit card to build credit history if you would like to.¹

If you’re under 18, you’ll need to apply for an account in joint names with a parent or guardian. You can then hold the account for 5 years, or until you’re 24 - whichever comes first. After the student account has matured, you’ll be moved onto a TD Convenience Checking Account.²

Get free access to 40+ currencies and bank details to use as a local for US, Australia, New Zealand, Europe and UK with Wise

What kind of student bank account does TD Bank offer?

Here’s all you need to know about the TD Student Checking account and its key features.

TD Bank Student Checking Account

The TD Student Checking Account is aimed at customers aged under 24, and offers low cost banking with options to manage your money online. You’ll get a linked debit card for easy spending, and can access other services such as an overdraft if you need it. You can order checks to use with your account if you wish, and get access to a range of handy tools like budgeting sheets and financial education resources.

There are no monthly fees to pay, but you’ll be charged for certain services - more on that later.

Overdraft facilities

With your TD Student Checking Account, you can access overdraft facilities for a fee. This means the bank will cover your payments if you’re short of funds - but you’ll be charged for the service.

If you choose the standard overdraft option, you’ll pay $35 per transaction - up to 5 transactions per day. Otherwise you can link a savings account and use this to cover the shortfall if you haven’t got enough in your student account to pay a bill. You’ll pay an administration fee of $3 if you choose this service.³

International payments

You’ll pay a fee to both send and receive wire payments with TD Bank - up to $40 to send money to an account based overseas. We’ll take a look at these charges later in more detail.

If you’re planning on sending or receiving payments internationally, it’s good to know that you might save money if you use a multi-currency account from Wise instead of, or alongside, your TD Student Account.

This account lets you hold your balance in dozens of different currencies and switch between them using the mid-market exchange rate. There’s no markup added - you just pay a low transparent fee per transaction. You can receive payments for free in US, Australian, and New Zealand dollars, euros and British pounds, and send payments globally for a small charge. For many customers, this can work out far cheaper than using a regular bank for international transactions.

Receive and send international payments at great rates and low fees with Wise

ATM fees

Using your TD Student Account card at a TD Bank ATM in the US or Canada is free. However, you’ll be charged $3 for each transaction at a non-TD ATM.³

What are the requirements to open a student bank account with TD Bank?

TD Bank Claims that an online application will take just 5 - 10 minutes - pretty impressive. Otherwise, you can apply by phone or by visiting a local TD Bank branch with your documents.

You’ll need to provide:

  • Your Social Security Number
  • Personal details including address, phone number and email
  • Official photo ID such as a state ID card
  • Account or debit card details to make your initial payment

TD Bank student account fees

Here are the main fees you’ll want to know about if you’re thinking about opening a TD Student Checking Account.

Service Fee³
Monthly maintenance fee No fee if you’re under the age of 24
ATM fees Withdrawals from TD Bank ATMs in the US and Canada are free All other transactions cost $3
Overdraft services $35 per item under the regular overdraft service $3 per item if you have Overdraft Protection
Domestic wire payments Incoming domestic wire payments - $15 Outgoing domestic wire payments - $25
International wire payments Incoming international wire payments - $15 Outgoing international wire payments - $40
Wise's multi-currency Mastercard can be up to 4x cheaper when spending abroad, compared to banks and PayPal

If you’re about to head off to college or university, you have a lot to contend with. As well as adjusting to your studies, and settling into a new routine, you’ll need to be able to manage your money effectively to avoid unnecessary costs and fees.

Finding the right account for you can help save you money, and make daily life more convenient. Do some research to get the right product for your needs, taking in specific student accounts such as the TD Student Checking Account, as well as modern alternatives such as the borderless account from Wise, to get the best deal for your needs.


  1. TD Bank - Student banking services, free accounts and tips
  2. TD Bank - Student checking
  3. TD Bank - Personal Fees schedule

All sources last checked 6 January 2020

Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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