The TD Student Chequing Account is a banking product offered by TD Canada Trust designed for students, providing no monthly fee, unlimited transactions, and free Interac e-Transfers. This account is available to Canadian students under the age of 23 or those who can provide proof of enrolment in a recognized post-secondary institution. It forms part of a Student Banking Package that can include additional value through promotional offers. Understanding the features, eligibility, and associated fees is important for students managing their finances in Canada.
Account Features and Benefits
The TD Student Chequing Account provides several core features aimed at simplifying banking for students. The account has no monthly fee, which removes a recurring cost for account holders. It includes unlimited transactions per month, allowing for frequent use without incurring per-transaction charges. Interac e-Transfers sent or requested through this account are free, facilitating easy money transfers. The account also includes a monthly plan for overdraft protection at no fee, though interest applies to any overdrawn balance. These features are designed to support the typical financial activity of a student.
This account is a component of the TD Student Banking Package. The package valuation, calculated to be up to $475, is based on completing specific activities. These activities include setting up a recurring direct deposit, sending or receiving an Interac e-Transfer of at least $40, making an online purchase with the TD Access Card with Visa Debit, and setting up a Pre-Authorized Transfer or Simply Save service to an eligible TD savings account. The first transaction for the savings service must be processed within 30 days of the chequing account opening. The offers within the package may be changed or withdrawn.
An additional benefit for students is a savings account offer. Eligible students can earn a 4% bonus interest rate for 90 days on deposits in a new eligible TD Savings Account, applicable on balances up to $1,000,000.00. The TD app pairs with the account for mobile banking and can be used with TD MySpend to track monthly spending. The app also allows for remote cheque deposit and setting up direct deposit for paycheques or CRA payments. The Student Banking Package has been extended until June 29, 2026 and no longer requires auto-deposit for Interac e-Transfers to qualify for offers.
Eligibility Requirements for Students
To open a TD Student Chequing Account, an applicant must meet specific eligibility criteria based on their student status. For domestic Canadian students, the primary requirement is being under the age of 23. If the applicant is 23 years of age or older, they must provide proof of enrolment in a recognized post-secondary program in Canada. This proof of enrolment is the key document for establishing eligibility beyond the age limit. There is no requirement for the student to provide proof of enrolment if they are under 23.
International students have a separate set of eligibility criteria for banking packages. To qualify for the TD International Student Banking Package, which includes the TD Student Chequing Account, an applicant must be of the age of majority in their province or territory of residence. They must possess a valid Canadian study permit. Furthermore, they must provide proof of full-time enrollment at an accredited Canadian post-secondary institution. These requirements are designed to confirm the applicant's legal status and active student role in Canada.
The age of majority varies by province and territory in Canada, which affects eligibility. Applicants must be aware of the legal age in their province to enter into a banking agreement. For domestic students, the age criterion is simply being under 23, regardless of the age of majority. The account is described as ideal for students at all academic stages, including post graduate and professional studies. It is also noted as an option for parents and legal guardians of youth for everyday banking needs.
Fees and Potential Charges
While the TD Student Chequing Account itself has no monthly fee and offers unlimited free transactions, other banking activities can incur charges. Using ATMs outside the TD network results in fees. Transactions at non-TD ATMs within Canada generally cost $2 per transaction. Using an ATM in a foreign country incurs a fee of $2. It is important for students to be aware of these costs when accessing cash while travelling or away from a TD branch.
Overdraft protection on the student account carries no monthly plan fee. However, if the account is used, interest is charged on the overdrawn amount at an annual rate of 21%. This is a cost to consider if relying on this service. Other TD chequing accounts not designed for students may charge a monthly fee for overdraft protection or a per-use fee. The student account provides a buffer against non-sufficient funds (NSF) fees, but the interest cost applies.
Other potential fees relate to account maintenance and additional services. Some accounts may charge a fee for receiving a monthly paper bank statement, though students can typically opt for online statements to avoid this. The TD Every Day Savings Account, which may be paired with the chequing account, has one free transaction per month, with additional transactions costing $3 each. Interac e-Transfers from non-student accounts may cost $0.50 or $1.00 per transfer. Regular transaction fees for non-qualifying activities are outlined in the bank's About Our Accounts and Related Services document.
How to Open the Account
Opening a TD Student Chequing Account can be done through multiple channels. The process requires providing specific documentation to verify identity and student status. Applicants can choose the method most convenient for them, whether online or in person. The required documents are consistent across application methods. The first step is to gather the necessary documentation, which for domestic students includes a government-issued photo ID and, if 23 or older, proof of enrolment from a recognized post-secondary institution.
For all applicants, a Social Insurance Number is needed. International students must provide their valid Canadian study permit, proof of full-time post-secondary enrollment, and be of the age of majority in their province. With documents in hand, an applicant can proceed with the application. The online application is described as a secure process that takes approximately five minutes to complete by answering a few simple questions. Alternatively, an applicant can meet with a banking specialist in person at the nearest TD branch. The banking specialists can answer questions and assist with the account opening process. After opening the account, students can access it immediately through the TD app for mobile banking.
- Gather required documents: Government photo ID, proof of enrolment (if 23+), and Social Insurance Number.
- For international students: Also provide a valid Canadian study permit and proof of full-time enrollment.
- Choose an application method: Online via TD's website or in person at a branch.
- Complete the application form, providing personal and student status details.
- Review and agree to the account terms and conditions.
- Fund the account with an initial deposit if required.
- Set up online and mobile banking access through the TD app.
Promotional Offers and Package Valuation
The TD Student Banking Package includes promotional offers that provide additional value to new account holders. A key offer is the opportunity to earn $150 cash by opening a new TD Student Chequing Account within a specific promotional period. This period runs from June 30, 2026, to November 2, 2026. To qualify for the $150 cash, the account holder must complete any two of four specified activities with the new account by January 2, 2027. The four qualifying activities are clearly defined and must be completed within the deadline.
The first activity is to set up and receive a recurring direct deposit from an employer or the government, with the first deposit posted to the new account by the January deadline. The direct deposit must occur on a weekly, biweekly, monthly, or twice-monthly schedule, subject to bank approval. The second activity is to send or receive one Interac e-Transfer of at least $40 by the deadline. The third is to make an online purchase using the TD Access Card with Visa Debit. The fourth is to set up a Pre-Authorized Transfer Service or Simply Save Service to an eligible TD Savings Account, with the first transaction processing within 30 days of the chequing account opening. Certain customers are not eligible for this cash offer, including customers who already have a TD Chequing account.
The offers within the TD Student Banking Package may be changed, withdrawn, or extended at any time and generally cannot be combined with other offers unless indicated. All amounts for these promotions are in Canadian dollars. The total package valuation of up to $475 is a combined total based on completing the set of activities, not a single lump sum. Students should review the specific terms and conditions attached to any promotional offer to understand all requirements and deadlines.
Related Accounts and Services for Students
TD offers several other accounts and services that students may find relevant alongside the Student Chequing Account. The TD International Student Banking Package is designed specifically for international students establishing finances in Canada. This package includes the TD Student Chequing Account, a TD Cash Back Visa Card, a TD Every Day Savings Account, a TD Direct Investing account, overdraft protection, and international money transfer services. Eligibility requires being of the age of majority, having a valid study permit, and proof of full-time enrollment.
The TD Every Day Savings Account is a no-fee savings option that earns daily interest. It allows for one free transaction per month, with additional transactions costing $3 each. Transfers to other TD accounts are free, but Interac e-Transfers from this account cost $0.50 or $1.00. This account can be linked to the student chequing account for easy fund transfers. Students may also consider the TD Minimum Chequing Account, which provides 12 free transactions per month for a monthly fee of approximately $4, as an option after graduating from the student account.
Additional services include credit cards for building credit, which may feature low annual fees and cash back or rewards. The International Student GIC program is available for students applying for a Study Direct Stream (SDS) study permit, allowing them to provide proof of a Guaranteed Investment Certificate for tuition and living expenses. Overdraft protection, as part of the student chequing account, helps avoid NSF fees, though the 21% interest on the used balance is a cost to manage. Students can use tools like TD MySpend through the TD app to monitor their spending habits and financial activity.
Important Considerations and Common Mistakes
Account holders should be mindful of the conditions that maintain the account's no-fee status. For domestic students, the account remains free for those under 23 without any action. Once a student turns 23, they must provide proof of enrolment in a post-secondary program to retain the no monthly fee and unlimited transactions. Failing to provide this proof upon request could result in the account being converted to a standard chequing account with monthly fees and transaction limits. Students should keep their enrolment status updated with the bank.
A common area of confusion involves the promotional offers and their specific deadlines. The $150 cash offer has a strict opening window from June 30, 2026, to November 2, 2026, and the qualifying activities must be completed by January 2, 2027. Missing these dates means the offer is not available. Furthermore, the offers cannot typically be combined with other promotions. Students should carefully read the terms and conditions of any offer to understand the exact steps and timelines required to receive the benefit. The offers may be changed or withdrawn at any time by the bank.
Another consideration is the usage of non-TD services, which incur fees. Using another bank's ATM in Canada costs $2 per transaction, and using an ATM abroad costs $2. These fees can add up for students who travel or live in areas with limited TD ATM access. Additionally, while overdraft protection has no monthly fee, the 21% annual interest on the used balance is a significant cost if the overdraft is not repaid quickly. Students should monitor their account balance to avoid unexpected interest charges. It is also important to note that deposits in the account are insurable by the Canada Deposit Insurance Corporation (CDIC).
| Fee Type | Cost on TD Student Chequing Account | Cost on Other TD Accounts (Example) |
|---|---|---|
| Monthly Fee | $0 | Varies (e.g., ~$4 for Minimum Chequing) |
| Monthly Transactions | Unlimited, $0 | Limited free transactions (e.g., 12) |
| Interac e-Transfer | $0 | $0.50 or $1.00 |
| Monthly Overdraft Protection Fee | $0 | $5 per month or per use (varies) |
| Overdraft Interest | 21% per annum | 21% per annum |
| Domestic Non-TD ATM Fee | $2 | $2 |
| Foreign ATM Fee | $2 | $2 |
Frequently asked questions
What are the fees for a TD Student Chequing Account?
The TD Student Chequing Account has no monthly fee and offers unlimited transactions at no cost. Interac e-Transfers sent or requested are free. The monthly plan fee for overdraft protection is also $0, though interest of 21% per annum applies to any overdrawn amount. Fees are charged for using non-TD ATMs, costing $2 per transaction in Canada and $2 per transaction in foreign countries.
Who is eligible to open a TD Student Chequing Account?
Eligibility is based on age and student status. Domestic Canadian students under the age of 23 are eligible. Students who are 23 years of age or older must provide proof of enrolment in a recognized post-secondary program in Canada. International students must be of the age of majority in their province, have a valid Canadian study permit, and provide proof of full-time enrollment at an accredited Canadian post-secondary institution.
What is the $150 offer for the TD Student Chequing Account?
New account holders can obtain $150 cash by opening a TD Student Chequing Account between June 30, 2026, and November 2, 2026, and completing any two of four qualifying activities by January 2, 2027. The qualifying activities include setting up and receiving a recurring direct deposit from an employer or the government. Another activity is sending or receiving one Interac e-Transfer of at least $40. A third option is making an online purchase using your TD Access Card with Visa Debit. The final qualifying activity is setting up a Pre-Authorized Transfer Service or Simply Save Service to an eligible TD Savings Account, with the first transaction processed within 30 days of opening the new account.
What happens to my TD Student Chequing Account when I turn 23?
The TD Student Chequing Account has no monthly fee for account holders under 23 years of age. Once you turn 23, you must provide proof of enrolment in a recognized post-secondary institution to maintain the account's no-fee status and unlimited transactions. Without this proof of enrolment, the account may be converted to a standard chequing account. A standard chequing account would likely have a monthly fee and transaction limits.
Does the TD Student Chequing Account have overdraft protection?
Yes, the TD Student Chequing Account includes a monthly plan for overdraft protection at no fee. This service helps protect against non-sufficient funds (NSF) fees. However, if you use the overdraft facility, interest is charged on the overdrawn amount at an annual rate of 21%. The overdrawn amount plus interest must be repaid.
Can international students open a TD Student Chequing Account?
Yes, international students can open a TD Student Chequing Account, typically as part of the TD International Student Banking Package. To qualify, they must be the age of majority in their province or territory of residence. Applicants must also have a valid Canadian study permit. Furthermore, they must provide proof of full-time enrollment at an accredited Canadian post-secondary institution.
Sources and further reading
- Open a TD Student Chequing Account td.com
- Guide to TD Bank Student Accounts nerdwallet.com
This article explains how things work and is not financial, tax or legal advice. Rules, limits and rates change, so check the current figures with the Canada Revenue Agency, your province or your financial institution before you act.