TD Essential Banking Account 2024 Review

TD Essential Banking is an everyday checking account for people who like to keep things simple. There are no minimum balance requirements or overdraft fees, and a low monthly maintenance fee. 

TD Essential Banking is a checkless checking account with no overdraft fees and no monthly fees for teens aged 13 to 17. It could be a great starter account for teens and young adults but it's also suited to people who may be looking for second-chance banking. 

You might consider TD Essential Banking if you:

• Don't need to be able to write paper checks
• Prefer traditional banks to online banks
• Want to be able to access funds at branches, ATMs and online
• Would like to avoid overdraft fees

There's no opening deposit requirement or minimum balance requirement. There's a monthly fee, but unlike other checking accounts, you don't have the option to waive it.

Compared to Other Checking Accounts

Truist Confidence Account

The Truist Confidence account is a checkless checking account with no overdraft fees or paper checks. This account only allows you to spend the money that you have available. There's a $25 minimum opening deposit requirement and a low monthly fee, though Truist gives you several options for waiving it. 

Read our full editorial review of the Truist Confidence account

KeyBank Key Smart Checking Account

Key Smart Checking is a free checking account with no monthly fees or ongoing minimum balance requirements. You'll need $10 to open the account and KeyBank offers a new account bonus when you set up a qualifying direct deposit. You'll get paper checks and you can withdraw funds fee-free at KeyBank and Allpoint ATMs. 

Read our full editorial review of the KeyBank Key Smart Checking account

Varo Money Online Checking Account

If you're interested in an online checking account you might consider Varo Money. With Varo, there are no hidden fees and you can earn interest on savings balances. You can spend, save and build credit in one place and take advantage of interest-free cash advances if you need money in a pinch. 

Read our full editorial review of the Varo Money Online Checking account

Wells Fargo Clear Access Banking Account

Wells Fargo Clear Access Banking is another checkless checking account with no overdraft fees. This account is a great option for people who are looking for a first bank account and want to be able to spend without worrying about putting their balance in the red. You can bank at Wells Fargo branches and ATMs, online or through the Wells Fargo mobile app. 

Read our full editorial review of the Wells Fargo Clear Access Banking account

Interest and Rewards

TD Essential Banking is not a rewards checking account, nor does it earn interest. 

It's possible to find banks that offer rewards checking, interest checking or both perks in the same account. You might prefer that if you want to get back some of what you spend in rewards or earn a little interest on your balances. 

If you're looking for rewards or interest checking, online banks could be a great fit. Online banks typically offer better features and benefits with checking accounts, while charging fewer fees. 

Fees

Bank fees can be a pain and you might be wondering how to avoid them. The simplest option may be to choose an online checking account at a bank that doesn't tack on a pile of fees. 

Here's a look at what you'll pay with the TD Essential Banking account.

Other Service Fees - TD Essential Banking Account

Some banks that charge a monthly maintenance fee give you a chance to waive them. TD Essential Banking does not. 

The only way to avoid the fee is if the primary account owner is aged 13 to 17. If you're an adult opening this account for yourself then you'll have to be comfortable paying the monthly fee. 

The upside is no overdraft fees. But again, that's because this is a checkless checking account. You won't be able to spend more money than you have, which means no overdraft fees. 

Branch and ATM Access

TD Bank has over 1,100 branches and more than 2,600 ATMs in the U.S. located in 15 states and the District of Columbia. There's also an extensive network of branches and ATMs in Canada. 

You can withdraw funds from any TD Bank ATM fee-free. It'll cost you $3 per transaction to withdraw funds at another bank's ATM. 

TD Bank doesn't reimburse foreign ATM fees. There are limits on what you can withdraw; the standard daily ATM withdrawal limit is $1,250. 

Aside from withdrawing cash, you can also use TD Bank ATMs to:

• Transfer funds between linked accounts
• Deposit cash
• Pay bills
• Deposit checks
• Check balances

Compared to other traditional banks, TD Bank's branch and ATM footprint are a little smaller. That's something to keep in mind if you want to be sure you'll have access to branches and ATMs near you. 

Account Access

You can manage your account online or through the TD Bank mobile app. And of course, you can always visit a branch or ATM if there's one nearby. Phone banking is also an option. 

TD Bank can set limits on daily, weekly and monthly deposits and withdrawals. It's also important to be aware of how long you'll have to wait to access funds once you deposit them. 

Remote deposit capture lets you deposit checks from your phone. You can use online and mobile banking to move money between linked TD Bank accounts or schedule bill payments. 

TD Bank allows ACH transfers and wire transfers. ACH transfers are free but you'll pay a fee for incoming and outgoing wire transfers. 

If you want to send money to friends and family or receive payments, you can use Zelle for that. 

You'll need to log in to TD Bank mobile banking to view your Zelle transfer limits. There's no fee to send or receive money with Zelle. 

FDIC Insurance

FDIC insurance is meant to protect deposits at member banks. Should an insured bank fail, the FDIC steps in to help depositors get their money back. 

TD Bank is FDIC-insured, so you can rest assured that your money is safe. There is a limit to this protection, however. 

The current FDIC coverage limit is $250,000 per depositor, per account ownership type. 

What You Need to Open

If you're ready to open a TD Essential Banking account, you can apply online, visit a branch or open an account over the phone. 

Here's what you'll need to share with TD Bank to get started.

• Your name and address
• Date of birth 
• Social Security number
• Valid, government-issued ID
• Bank account information (to link for your first deposit)
• A mobile phone, for verification

Teens 17 and younger need a parent or legal guardian's help to open this account. A birth certificate may be substituted for a photo ID as proof of age and identity. 

Frequently Asked Questions

Is TD Bank a good bank? 

TD Bank is a good bank for people who prefer branch banking and live in TD Bank's service area. The range of accounts offered are comparable to what you'll find at other traditional banks, as are the fees. You might consider a checkless checking account with TD Bank if you'd like to avoid overdraft fees. 

Is TD Essential Banking a second-chance bank account?

TD Essential Banking is not marketed as a second-chance bank account or teen bank account. Instead, it's designed for people who are looking for a starter bank account. That being said, you might consider this account if you've been denied a bank account elsewhere and are looking for a secure place to keep your money. 

What are the benefits of checkless checking accounts? 

The main benefit of a checkless checking account is that they're typically designed to help you avoid overdraft fees. Overdraft fees can quickly add up if you have a negative balance in checking. Checkless accounts often don't have these fees since you can't spend more money than you have.