More often than not, a student account is the very first bank account most people open in their lives. It eases young adults into the financial world. The financial needs and capabilities of college students cannot be compared to those of professionals; this is why they have special accounts.
Students have relatively small incomes, and most of them are just managing their finances for the first time. It’s for reasons like these that student accounts exist. These accounts are tailored to those unique needs and circumstances encompassing the life of a student.
Toronto-Dominion Canada Trust is the bank of choice to a large and growing number of Canadians. Whether you were born in Canada or just moved here, you’ve most likely heard of TD Bank, and if you’re a student, you’ve probably considered opening a TD student account. If you have considered it, then you’re in luck. We’re going to tell you everything you need to know about TD’s student accounts.
As the name implies, a student account is an account tailored to students’ specific financial needs. What these needs are, is open to interpretation by the bank in question. TD Canada Trust offers two kinds of accounts to students, the TD student Chequing Account and the TD Every Day Savings Account.
TD Student Chequing Account
The TD Student Chequing Account was designed to cater to students’ financial needs to free up valuable time to focus on their studies. It comes with many perks.
For starters, unlike a regular TD Chequing Account, the student chequing account has no monthly maintenance fee. This also means that there’s no minimum monthly balance required for a fee rebate because, again, there’s no monthly fee. The account also comes with 25 free transactions monthly, but each subsequent transaction after the 25th will cost $1.15.
TD also offers overdraft protection for those tight times when you run out of money and need to spend more than you currently have. If you don’t understand how you spent that much last week and need help keeping track of your finances, then you can also download the TD MySpend app. It instantly keeps track of your spending and categorizes it for you so that you don’t have to.
- No monthly fee
- No minimum monthly balance required
- No transaction fees on your first 25 transactions in a month; additional transactions are $1.25 each
- Free deposits
- Overdraft protection
- Free Interac e-Transfers
- Free paperless record-keeping or online statements. Paper statements cost $2 per month.
- Free EasyWeb® View Cheque Service
If the Student Chequing account is too busy for you and you’d prefer an account where you can save your money and watch it grow, then the next account is ideal for you.
TD Every Day Savings Account
It was designed as part of TD’s student banking package to help students save and grow their finances. Like the Student Chequing Account, the Every Day Savings Account also carries no monthly fee and monthly minimum balance.
It offers one free debit transaction monthly, but the biggest perk is its interest-earning capability. The account earns interest on every dollar, and the interest is calculated and paid daily; with this feature, you can watch your savings grow in real-time. The account also allows for unlimited free transfers to your other linked TD personal accounts.
- No monthly fee
- Unlimited free transfers to your other TD Canada Trust personal deposit accounts
- Interest paid on every dollar, calculated daily
- One free debit transaction per month. $3 per additional transaction
- Free paperless record-keeping or online statements
Owning a TD student account also grants you access to their flurry of loan options for students, which we’ll discuss below.
TD Line of Credit for Students
This refers to the loan options available for students to aid with expenses related to post-secondary education. TD Lines of credit can be used to pay tuition fees, rent, and purchase books. TD Bank loan rates are based on the education program of students.
Undergrad students can finance up to $20,000 per year and a maximum of $80,000 throughout their education.
As of today, 26th February 2021, these are the TD lending rates for Undergraduate students.
|Post-Secondary Certificate Program||2.450% + 1.50%|
|Undergradraduate||2.450% + 1.00%|
|Undergraduate - Honours Business Administration (University of Western Ontario)||2.450%|
Professional and Graduate Students can get up to $325,000 and a suite of banking products tailored to them. However, the maximum loanable amount and interest rates vary across courses of study.
Today, 26th February 2021, these are the TD Lending rates for Professional and Graduate students.
|Graduate (Masters, Ph.D.)||2.450% + 0.50%|
|Medical, Dental, and Veterinary||2.450% + 0.25%|
|MBA and MFin||2.450%|
|Chiropractic and Naturopathy||2.450% + 1.00%|
|Optometry, Pharmacy, and Law||2.450%|
Note that TD prime rate as of today, 26th February 2021, is 2.45%
- Access to your credit through your TD Access Card
- Variable interest rates that don’t change even when you’re done with school
- You pay the minimum amount during your time in school and even up to 24 months after graduation
- Monthly payments don’t start until 24 months after school. Your line of credit will be converted to a student loan with fixed payments.
Disclaimer: Rates and product offerings are always changing, so this article might not reflect the current market situation. Please contact your financial advisor before making any financial decisions.
What is the difference between a student account and a normal one?
There are many differences, and the exact difference depends on the specific bank and the perks it offers to student accounts. , the significant difference between them is that most banks will give student accounts an interest-free overdraft.
How old do I have to be to open a TD student account?
The TD student account is available to students at least 18 and under the age of 24. Students under 18 must open a joint checking account with either a parent or legal guardian at any TD Bank location.
What happens after I turn 24?
Upon reaching 24 years of age, the account will be converted to a TD Convenience Chequing account.
What documents do I need to open a TD student account?
To open a TD student account, you need to prove to TD that you’re an active student. TD requires proof either in the form of a student ID or a bill of receipt of payment made to or from the institution you attend.
Can secondary school students apply?
No. The TD student account is strictly for post-secondary school students only. If you’re under 19, consider the TD Youth Savings Account.
Can international students apply?
Yes. TD has an International student package that caters to the specific needs of international students. But you have to meet the following criteria to be eligible for an account.
- You are a Temporary or Permanent Resident of Canada for two years or less.
- You are a student registered full-time and attending a post-secondary program at a registered University or Community College.
- You provide proof of your status through your Temporary Permit, Permanent Resident Card, or Student Permit.
- You have never opened or held a TD Chequing Account
- You are the age of majority in your Province or Territory of Residence.
What are the ATM fees for TD Student accounts?
Using your TD student Account card at a TD Bank ATM in Canada or the US is free. However, you’ll be charged for each transaction at a non-TD ATM, $2 per transaction at a non-TD ATM in Canada, $3 per transaction at a non-TD ATM U.S or Mexico, and $5 per transaction at ATMs in any other foreign country.
Are TD Bank lines of credit open to students?
Yes. TD has student lines of credit that are both suitable and tailored to student’s needs. It can help you pay your tuition, buy books and settle rent. Learn more about it.
Can I apply for a TD Credit Card online if I am a student?
Yes. You can apply online for a TD Credit Card. Learn more about the TD Credit Cards available to students.
What types of TD Credit Cards are available to students?
TD offers a variety of credit card options for students. From reward points cards like the TD Platinum Travel Visa Card to cashback cards such as the TD Cash Back Visa* Card.
How old do I have to be to get a TD Credit Card?
To own a TD Credit card, you must be the age of majority in your province/territory of residence. However, if you’re under 18, you can be added as an additional cardholder to the 18+ primary cardholder’s account. This is because the primary cardholder remains responsible for all purchases, balances, and fees charged to the account.
How do I locate a TD bank branch?
With the TD branch Locator, information such as branch phone numbers, operation hours, and branch and ATM locations can be found. You can also download the TD app and, with it, locate the branch nearest to you.