The TD Go Prepaid Card is targeted to teens. But it’s only offered to parents with a TD Bank account, and it comes with some surprising fees.
TD Go Prepaid Card Review
TD Go -- At-a-Glance
Pros
- No Monthly Fee
- Free ATM (but limited to TD Bank)
- Parental monitoring
Cons
- Fees for Funding the Card
- Limited Service Area
- High out-of-network ATM fees
- Limited teen features
TD Go Prepaid Card Overview
The TD Go card is a teen prepaid card. Teens 13 or older can use the card, but an adult needs to open the account. It’s available only to TD Bank customers with a checking or credit card account.
Compared to other teen cards available today, it’s pretty basic. Teens and their parents can monitor balances and see transaction history online. And like all Visa-branded prepaid cards, the TD Go card can be used for purchases anywhere Visa debit cards are accepted, including most online and brick and mortar stores.
But it lacks a mobile application. And it’s missing features that other teen cards, like FamZoo Prepaid Card or GoHenry Prepaid Card, provide. Tools like savings features, help with budgeting, or more specific controls for parents over spending categories.
One of the best benefits of the TD Go is that there’s no monthly fee. But it charges for funding the card–$1 per transaction. And the card can be funded only from a TD Bank debit or credit card.
Features
The TD Go Prepaid Card is one of the two remaining Visa Buxx cards. So, it has the features required by Visa Buxx–such as the ability for parents to monitor card activity online.
The TD Go card also offers:
- Free Direct Deposits: Teens with part-time jobs can set up their paychecks to be deposited directly to the card. While direct deposit is typical among prepaid cards, it’s not always available with teen cards.
- Free ATM Transactions: You can withdraw cash or check the card balance for free at TD Bank ATMs. The service area covers 17 states, mostly on the East Coast. You can find ATM and branch locations here.
Limits
As a teen card, the TD Go card has lower limits than their adult prepaid card counterparts. The maximum balance that you can have on the TD Go card is $2,000.
The ATM cash withdrawal limit is unusually low, even for teen cards. It’s $60 per week. Maybe parents who want to see a little more thrift by their teen will appreciate the low limit. I prefer the approach of the FamZoo Prepaid Card, however. That card has a (much) higher ATM limit of $510, but lets parents set it lower if they wish.
Parents can load up to $500 to the card in a given day. Daily spending is plenty adequate at $2,000.
TD Go Fees
The TD Go card costs $4.95 to purchase. It has no monthly fee or transaction fees.
But there is a fee for adding money to the card. TD Go charges $1 for every transaction, and money can be added only using a TD Bank debit or credit card. The fee is charged to the credit or debit card, rather than directly to the TD Go card.
The card also offers free ATM transactions at TD Bank ATMs.
ATM transactions at other non-TD Bank ATMs are costly. Withdrawals and balance inquiries both cost $3.00–higher than most prepaid cards. Out-of-network ATM transactions will have any additional fee charged by the ATM owner.
The card has an inactivity fee of $2.50 per month, but it only kicks in after 12 months of no transactions. If your card is lost or stolen, there’s a $5.00 fee for a replacement.
How to Load Money on the TD Go Card
Direct Deposit: Payroll checks and government benefits checks can be deposited directly to the card without a fee.
TD Bank Debit or Credit Card: The only other way to add funds to the card is from a TD Bank debit or credit card.
Getting Cash
You can use the TD Go card to get cash at any ATM with the Visa logo. There is no fee when using TD Bank ATMs. Other ATMs will cost $3.00 plus any charge by the ATM operator.
Where to Get the TD Go Card
The TD Go Prepaid Card is available online or at TD Bank locations. Since a TD Bank account is required to get the card, you’ll need your TD Bank debit or credit card information at the time you apply. You’ll also need to provide your teen’s social security number.
The Final Word on the TD Go Card
One of the benefits of a teen prepaid card is to give teens a way to learn some basic financial management skills. The TD Go Prepaid Card lags behind other teen cards in providing budgeting or savings features to take advantage of that benefit. The card gives parents the ability to monitor their teen’s spending but offers little else.
The TD Go card can be cheap for teens funding the card through their part-time job. There’s no monthly fee. And the card offers free ATM withdrawals at TD Bank ATMs. But for parents that are paying a weekly allowance, the charges for loading the card will equal or exceed other teen cards that charge a monthly fee.
The TD Go card isn’t an option for those without a TD Bank account. That’s required. For existing TD Bank customers, it’s an option. Just not a great one.
Best For: Existing TD Bank checking and credit card account customers
Not So Good For: Those without TD Bank account; those outside the bank’s service area; and those that want more money-management tools for teens.