TD Student Chequing Account Review 2022

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by Enoch Omololu, MSc (Econ)

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Students who are enrolled in full-time post-secondary education can save on banking fees by opening dedicated student bank accounts.

Available at all the big banks in Canada, these student accounts include unlimited free transactions and other discounts.

This TD Student Chequing account review covers how it works, its benefits, downsides, and alternatives.

TD Student Chequing Account Features

No monthly account fee: This TD student account does not have a monthly fee if you are under age 23 or can show proof of full-time enrollment at a post-secondary school.

Unlimited transactions: Enjoy unlimited debit, bill payments, and Interac e-Transfer® transactions.

Overdraft protection: The monthly overdraft protection fee is waived. However, overdraft interest fees apply if you use this service.

TD Access Card: Use your TD Access Card with Visa Debit to shop online and in-person wherever Visa is accepted.

Earn Starbucks rewards: You earn 50% more Stars when you pay for purchases at participating Starbucks locations using your TD credit card or Access Card with Visa Debit. You can also redeem TD points for free coffee.

Simply Save Program: This feature helps you save money every time you make a payment with your TD Access Card. It transfers $0.50 to $5.00 per transaction into your TD savings account.

TD Student Chequing Account Benefits

TD Canada Trust is one of Canada’s largest banks. With your student account, you get access to over 3,000 TD ATMs and more than 1,000 branches across Canada.

In addition to saving on monthly bank fees, a TD student chequing account also comes with overdraft protection.

If you are a newcomer to Canada, you can open a TD international student bank account.

Lastly, TD offers a wide array of financial products including credit cards, investments, loans, insurance, and business accounts.

Downsides of a TD Student Account

If you are over 23 years of age, you must provide proof of full-time enrollment at a post-secondary school to waive the monthly fee on this account.

There is a fee for using non-TD ATMs in Canada, and service fees apply to some transactions.

TD Student Checking Account Fees

ServiceFee
Non-TD ATM use in Canada$2 each
Foreign ATM use (in U.S. & Mexico)$3 each
Foreign ATM use (other countries)$5 each
Overdraft interest rate21%/year
Use TD Access Card with Visa Debit logo abroad3.50% FX fee
Wire transfers (outgoing)$16 – $50
Wire transfers (incoming)$17.50
Non-Sufficient Funds fee$48
Safety deposit box$60 (small); $100 (medium), $150 (large)(annual rental)
Paper statement by mail$2/month
Bank draft$9.95

Related: TD Void Cheque Sample.

TD vs. RBC vs. CIBC Student Chequing Accounts

FeaturesTD Student ChequingRBC Advantage BankingCIBC Smart for Students
Monthly fee$0$0$0
Debit transactionsUnlimitedUnlimitedUnlimited
e-Transfer transactionsUnlimitedUnlimited (999 cap/month)Unlimited
Non-TD ATM fee in Canada$2Free (ATM operator may charge convenience fee)$2 (1 free each month)
Foreign ATM fee in the U.S.$3 each$3 each$3 each
Foreign ATM fee (other countries)$5 each$5 each$5 each
Other featuresNo monthly fee on overdraft protection; earn extra Stars at some Starbucks locationsUp to $39 rebate on credit card annual feeAccess to a free SPC+ membership
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TD Student Chequing Account Review

TD Student Chequing Account Alternatives

Some of the best chequing accounts for students in Canada include:

Simplii Financial

The No Fee Simplii Chequing account offers several benefits you would normally get with a premium chequing account including:

  • No monthly account fees.
  • Unlimited debit purchases, bill payments, and Interac e-Transfer transactions.
  • Free access to thousands of CIBC ATMs across Canada.
  • Access to international money transfers.
  • Interest is paid on your balance.
  • Available to both students and non-students.

For a limited time, you could also get a $350 cash bonus when you open an account.

Simplii Financial has millions of customers and it is owned by the Canadian Imperial Bank of Commerce (CIBC). Learn more about its products and services.

EQ Bank

EQ Bank is an online bank owned by Equitable Bank, one of Canada’s largest banks.

It offers a high interest savings account that beats the rates offered by many of the big banks.

The EQ Bank Savings Plus Account also includes free and unlimited transactions, mobile cheque deposits, and access to GIC investments and global money transfers.

Learn more about what EQ Bank offers in this review.

Note: It is better to combine an EQ Bank account with a traditional chequing account as it does not offer a debit card or paper cheques.

Related:

Best Banking Offers in August 2022

Get a free chequing account and a *$350 cash bonus*

Unlimited free debits and Interac e-Transfer transactions.

No monthly account or transaction fees.

$350 cash bonus when you deposit $100 for 3 months.

Earn a high-interest rate on your savings (3% interest rate offer).

No monthly or minimum balance is required.

Earn cash back on purchases & grow your savings ($20 bonus)

Free reloadable prepaid card and budgeting app.

Up to 2% cash back on all purchases and 5% at brand partners.

1.20% savings interest on your entire account balance.

Get 3-day early access to $100 of your paycheque for free.

$20 bonus after using the card for your first purchase (use CASHBACK referral code at signup).

Best no-fee cashback credit card with a $150 bonus

Earn 2% unlimited cash back in three spending categories.

Get a $150 welcome bonus with $1,000 spending in first 2 months.

0.5% unlimited cash back on all other purchases.

1.95% low balance transfer rate and insurance coverage benefits.

Earn high interest rates on your savings at 2.25%

Earn up to 225x the interest offered by other banks.

Pay no monthly or annual banking fees.

Combines savings and chequing account features.

Includes unlimited free debit transactions and Interac e-Transfers.

Get access to a no-fee credit card with up to 5% cashback.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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  • Earn 3.00% interest rate* on every dollar.
  • One of the best savings rates in Canada.
  • Access to a free chequing account with $350 bonus.
*Terms and conditions apply. Limited time offer.
Earn one of the highest savings rates in Canada! Get a 3.00% interest rate + $350 bonus with a free chequing account.*
*Terms and conditions apply. Limited time offer.
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