TD Ameritrade 300
TD Ameritrade rating

TD Ameritrade Checking Account and Bank Debit Card

2023 TD Ameritrade checking/savings account review and APR interest rate yield. TD Ameritrade debit card, bank ATM fees, brokerage bill pay, and credit card rewards.

TD Ameritrade Checking Account Overview

A range of financial services are available to TD Ameritrade clients. The broker of course provides securities trading, but it also offers many other useful services, including checking account features. Investors who need cash management tools can skip the traditional bank and simply use TD Ameritrade’s banking services instead.

Checking Account (Cash Management) Details

An investment account at TD Ameritrade can have checks and a Visa debit card added. These tools can withdraw funds from the core cash position in the account. Note that this is not an independent checking account. It is a normal brokerage account with checks and debit card attached to it. This means that in addition to banking transactions, securities can be bought and sold in the account.

TD Ameritrade Checking Account

A host of other cash management tools are also available. Online bill pay with the broker’s sophisticated website is available. A TD Ameritrade mobile app has a handy check deposit feature that will take photos of a paper check and send the funds to the brokerage account.

Cash balances in a TD Ameritrade securities account are FDIC insured. The broker uses two banks in a sweep program, which results in twice the usual $250,000 insurance that is available at traditional banks. Both of the sweep banks are affiliates of the broker, which means the parent company makes a profit off of the program.

Also available is a non-sweep SIPC-insured program. If you choose this option, TD Ameritrade will leave cash balances insured by SIPC up to $250,000. The third and final choice is to set up a money market mutual fund as an account’s core position. Because a money market fund is technically a security, and not cash, it is protected by SIPC up to $500,000.

Some of the broker’s employees specialize in working with cash management services. The banking desk is open 24 hours a day, 7 days a week to help clients with all types of cash management needs. The desk can be reached at 1-800-454-9272.

Funds transfers are straightforward using the broker’s user-friendly on-line transfer form, which is available on the website. ACH deposits can be initiated with a recurring frequency, such as weekly or semi-annually. Multiple external bank accounts can be added. There are also instructions on how to deposit funds using wire service or a paper check. The TD Ameritrade mobile app, too, has a user-friendly funds transfer service.

Besides the Visa debit card, TD Ameritrade also offers a Visa Signature credit card that comes with a 1.5% cash back bonus for all purchases plus an additional bonus for depositing the rewards into a brokerage account.

TD Ameritrade Checking Review

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$0 commissions + transfer fee reimbursement.

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The checks and Visa debit card are available to all clients free of charge. The broker does not impose any account minimums or trading requirements. The credit card also comes with no annual fee.

The FDIC-sweep program pays an interest rate that varies from 0.01% to 0.09%, depending on account balance. Balances below $5,000 earn just 1 basis point. It takes a $1,000,000 to reach the highest yield. Clients with at least $1,000,000 in assets receive a bonus of 1 basis point on top of these rates.

Given that TD Bank loans these funds back out to credit card customers at 14% to 24%, these deposit rates seem rather paltry. The SIPC cash APR’s are even worse, earning just 1 basis point for all balances. The available money market funds range in yields from 8 to 69 basis points.

The first set of checks is free, and reorders of 100 are also free. Individual Retirement Accounts receive free reorders of 20 checks. A copy of a check costs $15, although Apex customers receive this service at no charge. To qualify for Apex level, an account must have at least $100,000 in assets or place 5 or more trades per month. A stop payment on a check costs $25, although it is free for Apex clients.

TD Ameritrade charges no ATM fees, and in fact, it actually reimburses charges that owners of cash machines charge. This policy has no maximum for US-based machines. There is no minimum balance requirement or trading minimum to qualify for this very generous policy.


Several other brokerage firms offer cash management tools, and these services vary widely in price and requirements. For example, WellsTrade offers checks and a Visa debit card, but charges $100 per year for them. Vanguard customers have access to a hybrid bank-investment account like TD Ameritrade’s, but the broker requires at least $500,000 in assets just to apply for checks and a debit card; and even then there are fees. There is a $30 annual fee, and checkbook reorders cost $9.95.

TD Ameritrade Checking Account Summary

TD Ameritrade offers one of the brokerage industry’s best cash management services. Other companies have checking accounts, but fees and requirements often exceed what TD Ameritrade imposes.

Open TDA Broker+Checking Account

$0 commissions + transfer fee reimbursement.

Open TD Ameritrade Account

About the Author
Chad Morris is a financial writer with more than 20 years experience as both an English teacher and an avid trader. When he isn’t writing expert content for, Chad can usually be found managing his portfolio or building a new home computer.