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The TD Student Checking Account, offered by TD Bank, allows parents to kick start their teenagers personal finance education with “legendary” convenience. The legendary part is bit of an exaggeration by TD Bank, but they do offer the simplest terms and fees for their student bank accountproducts. The TD Student Checking Account is a great deal for parents and students to sign up with because it doesn’t try to bleed you with fees. From a parental perspective, you can appreciate the simplicity since your main focus is your kid’s education, not the expense.
The main feature of the TD Bank student account is the lack of fees. Most student checking accounts come with monthly service fees, but the exact opposite is true for this TD product. There is no monthly service fee for the TD Student Checking Account which is sure to appeal to anyone on a budget.
On top of this, TD Bank does not require any sort of initial deposit to start an account. The opposite is true for all other student checking accounts. While these fee rates set the TD student account apart from others, there is not much differentiation in terms of the other standard fees. TD Bank ATM withdrawals are free, but $3 is charged for withdrawing from any other ATM (discounting the ATM-owner fee).
If your teen has overdraft protection set up, then a fee of $35 is charged for every item paid for by TD Bank. For every ten days with a negative balance, $20 is charged to the student account. These fees are sure to inspire your student teen to keep a positive balance. Without overdraft protection, transactions will be simply declined. There are still plenty of standard fees for certain transactions with the TD student account, but the most common ones are left out.
Now let’ talk about this “legendary” convenience. TD bank definitely offers a degree of convenience that is a step up from many banks, but overall, it is standard and then some at best. Your teenager can access thousands of ATMs and bank locations as an account member which is normal. The only difference may be the bank hours which are open seven days a week for extended periods of time.
Aside from this, student members can access their accounts via online website or mobile device which is a standard banking perk. At any rate, TD bank still provides simple and easy to use products that definitely help your teenager to get a feeling for personal banking. Other traditional bank alternatives include PNC Student Banking, Wells Fargo Student Banking, and Bank of America Student Banking.
The TD Student Checking Account is a decent product with a few benefits that set it apart from the pack. The first and foremost benefit is the absence of certain fees. $0 in start-up deposits and monthly service fees is the best part about the TD Student Checking Account. Aside from this aspect, there is not much else to get up in arms about.
To be fair, this product is definitely good, but it gets much less of a rapport since it tries to make its claim off of reduced fees. The truth of the matter is most of its counterparts make it easy to eliminate that monthly service fee. This reduces the significance of TD bank’s headline. Set that aside, and you have another great educational product that you can’t go wrong with as a parent.
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Author: Jeff Gitlen
Jeff Gitlen writes about a wide range of finance topics including everything from student loans to credit cards to small business financing. Jeff's work has been featured on a number of sites including Bloomberg, CNBC, Forbes, Market Watch, and more.