TD Bank Review: Account Good for You?
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TD Bank offers extended customer hours and easy online banking. Are these perks worth it? Find out what makes TD Bank a great choice for you and some reasons to look elsewhere.
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TD Beyond Checking - $300 Cash Bonus | |||
Overall Score | 3.9 | ||
Savings | 3.0 | ||
CD | 3.5 | ||
Checking | 4.5 | ||
Money Market | 3.0 | ||
Customer Service | 5.0 | ||
Mobile App | 4.5 | ||
Pros and Cons
- Extended banking hours
- Low requirements to waive monthly fees
- No foreign transaction fees
- No free checking
- Low APY
- Only on East Coast
Bottom Line
East Coast bank with relatively low minimum balance requirements
TD Bank calls themselves "American's Most Convenient Bank," due to their extended hours. Today, TD Bank has approximately 1,100 branches located throughout the East Coast from Maine to Florida.
They also cater to clients nationwide through their 24/7 customer service and online account access.
Keep reading to learn more about your banking options with TD Bank.
What Services Does TD Bank Offer?
TD Bank offers a variety of banking products, including savings, checking, and CDs. They also offer CDs and IRAs for those who want to invest.
The bank is fairly "fee heavy." You can't waive the fee by signing up for direct deposit. Checking and savings accounts require a minimum average balance or you'll pay a monthly fee.
In exchange for their unique fee structure, TD tends to offer higher than average interest rates on their checking and savings accounts.
SAVINGS ACCOUNTS
Here's a brief look at their 3 savings accounts: Simple Savings, Growth Money Market, and Preferred Savings
- Simple Savings: As the name suggests, this savings account keeps things simple by offering one interest rate rather than tiered rates.
There is a small monthly fee, which can be waived if you are younger than 18 or older than 62. You can also have it waived if you have a $300 minimum daily balance.
- Preferred Savings: If you have more money to keep in savings, you can increase the amount of interest you earn with a Preferred Savings Account.
The more money you have in the account, the higher the interest rate you'll earn. One downside, however, is that you need at least $20,000 in the account to waive the monthly fee.
- Growth Money Market: This account is a savings account with check writing privileges. You can write up to 6 checks per month and take advantage of the free bill pay service.
Just as with the Preferred Savings, the more money you have in the account, the higher the interest rate you may earn. In order to waive the monthly fee, you need a minimum balance of $2,000.
Compare Savings Accounts
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
CIT Bank Savings Connect - 4.20% APY
- Earn 12x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Premier Savings - Up to 4.38% APY
- 4.38% APY when you have at least $1,000 balance
- No minimum opening deposit
- No monthly service fees
CHECKING ACCOUNTS
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| © CreditDonkey |
TD Bank also offers several checking accounts, including 3 popular choices: Simple, Convenience, and Beyond Checking accounts.
- Simple Checking: If you don't like keeping up with minimum balance requirements, the Simple Checking may be a good option.
Your money won't earn interest, but you'll only pay a small monthly fee. You won't have the hassle of dealing with minimum opening deposits or account balances, though.
- Convenience Checking: If you can keep at least a $100 minimum daily balance in your checking account, the Convenience Checking may be worth it. You can beat the monthly fee with just a $100 balance or if the Primary account holder is age 17 through 23.
You won't earn interest on this checking account either. But you can potentially have the account free of charge.
TD Convenience Checking℠ - $200 Cash Bonus
- Earn $200 when you receive direct deposits totaling $500 or more within 60 days
- Low minimum daily balance of $100 waives the $15 monthly fee.
- Students and young adults ages 17 through 23 get additional perks like no minimum balance requirements and no monthly maintenance fee.
- Instantly replace a lost, stolen, or damaged debit card by visiting a TD Bank location near you
- Access accounts via Online Banking with Bill Pay, Online Statements, Send Money with Zelle and TD Bank Mobile Deposit. Plus, get 24/7 cash access at TD ATMs in the U.S. and Canada and around-the-clock Live Customer Service.
- TD checking accounts come with an instant-issue debit card - and, you can pay with confidence with contactless technology Visa Zero Liability protection and 24/7 fraud monitoring.
- Get a 0.25% discount on TD Bank Home Equity and Personal Loans.
- Beyond Checking: If you have a larger amount of money you can keep in your checking account, you can earn interest on it with this account.
You'll need a $2,500 minimum daily balance or receive $5,000 monthly in direct deposits or have $25,000 combined balance across eligible TD accounts to waive the monthly fee, though. As an added benefit, you may get your non-TD ATM fees reimbursed if you keep the minimum $2,500 balance.
TD Beyond Checking - $300 Cash Bonus
- Earn $300 when you receive direct deposits totaling $2,500 or more within 60 days
- Get more from your checking account. With TD Beyond Checking with Payback Plus, you'll earn interest and get reimbursed for non-TD ATM transactions, Overdraft Payback and more.
- Monthly maintenance fee waived when you receive monthly direct deposits of $5,000 or more within a statement cycle, or maintain a minimum daily balance of $2,500, or a combined balance of $25,000 across eligible TD accounts.
- TD ATM fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
- Get overdraft fees automatically reversed up to two times a year.
- Get your money where it needs to go —fast— with Rush Bill Payments, Send Money with Zelle®, incoming wires and a reimbursement for one outgoing wire (domestic or international) per statement cycle.
- TD checking accounts come with an instant-issue debit card - and, you can pay with confidence with contactless technology Visa Zero Liability protection and 24/7 fraud monitoring.
- Monthly maintenance fee waived on one TD Simple Checking℠ account and any Savings accounts. Plus, get free standard check orders, money orders, official bank checks and stop payments.
If you have money to set aside for future needs like retirement, TD Bank also offers a variety of CD and IRA accounts. The accounts have tiered interest rates and no monthly fees to help you make the most out of your investment.
TD Bank offers use of their mobile app to any client that uses online banking. Using the same login credentials, you can manage your banking while on the go.
You can view your account balances, check on account activity, transfer funds, pay friends or use mobile deposit to deposit your checks right into your TD Bank checking or savings account.
Compare Checking Account Promotion
Citi Priority Account - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 16,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
*With Chase Overdraft Assist℠, we won't charge an Insufficient Funds Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Rewards Checking - Up to 2% Cash Back
- 2% cash back on common everyday expenses (up to $500 in rewards per calendar year)
- Unlimited 1% cash back on everything else
- $0 monthly fee
- No ATM fees
Reasons We Like TD Bank
- You can reach a customer service representative 24/7. Even if you're banking in the middle of the night, you can call TD Bank, press 0 and talk to a customer service representative.
Use this hotline to ask questions, resolve issues, or even open an account.
- TD Bank offers some of the longest hours at their physical branches compared to other banks. They operate on "extended hours" during the week.
TIP: Save your banking till your day off. TD Bank is also open on Sundays and even some holidays.
- You can score a free checking account. If you manage to keep at least $100 in your checking account most of the time, you can get the fees on the Convenience Checking account waived.
You'll also have access to free mobile banking, online bill pay, and mobile deposit.
- You can get your monthly fees waived with somewhat low balance requirements. With the exception of the Preferred Savings Account, you can get your monthly fees waived with as little as $100 to $2,500 average balance in your account.
- Students can get free checking or savings accounts. Between the ages of 17 and 23 years old and can prove that you are an active student?
Then you can get fee-free Student Checking or Savings accounts. You still get access to online and mobile banking to make it easy to bank from wherever you are.
- You can use the TD Digital Wallet to pay anywhere digital payments are accepted. Just add your TD Bank Visa to your digital wallet and use it to pay at any retailer or restaurant accepting Apple Pay, Samsung Pay, Google Play, Microsoft Wallet, and Visa Checkout.
- You can set up email alerts. You can set up a low-balance alert. This may help you avoid overdraft fees. You can also set up high-balance alerts.
This tells you when you've reached your savings goal. At that point, you can jump to the next tiered checking or savings account to maximize interest.
- You can easily open an account online. It only takes a matter of minutes and a little personal information to get your account open.
Once you fund it, either in person or via electronic transfer, you are ready to start earning interest.
- TD Bank offers a wide variety of products including mortgage loans, home equity loans, personal loans, and credit cards. You can have your deposit, investment, and loan accounts all in one convenient place.
Reasons You May Want to Look Elsewhere
- Many of the checking and savings accounts have monthly fees. Fees of $5 - $25 per month can add up over the course of a year.
Many of the accounts allow you to waive the fees with somewhat low minimum balance requirements.
- If you don't live on the East Coast, you can often find interest rates that are much higher at online-only banks.
TD Bank has overhead to manage, which minimizes the interest they can offer their online clients.
- You'll pay a fee for using non-TD ATMs unless you have the Beyond Checking account, which requires a $2,500 minimum balance.
If you don't keep that high of a balance in your checking account, making minimal interest, the ATM fees can add up.
How It Compares
Bank of America
Along the East Coast, you'll likely find just as many Bank of America branches as you do TD Bank branches.
Bank of America offers similar bank accounts, but at slightly lower fees. They have slightly lower balance requirements to waive the monthly fee.
They also allow you to waive the fees if you set up direct deposit, which TD Bank doesn't allow.
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TD Bank | Bank of America | |
|---|---|---|
TD $300 Beyond Checking Bonus - | Bank of America Advantage Plus Banking® - $100 Bonus Offer - | |
Benefits and Features | ||
| Savings | 0.02% APY. No minimum deposit. $5.00 monthly fee waived if 1) minimum $300 balance or 2) waived for the first 12 months if with recurring transfer of $25 or more from a TD Bank account or if you're under 18 or 62 and older. |  |
| CD | 0.05% to 1.00% APY (up to 4.35% for Rate Bump APY). Terms of 3 months to 5 years. Minimum deposit of $250. Allows one penalty-free withdrawal (depending on account). | |
| Checking | TD Simple Checking℠, TD Beyond Checking, TD Convenience Checking℠ | |
| Customer Service | 24/7 Live Customer Service (Telephone) |
|
| ATMs | Approximately 700 ATMs throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida | |
| IRA CD | 0.05% to 1.00% APY (up to 4.35% for Rate Bump APY). Terms of 3 months to 5 years. Minimum deposit of $250. Additional contributions and penalty-free withdrawal available (depending on account). | |
| Locations | 1100 locations along the east coast. | Approximately 3,800+ retail financial centers |
| | |
TD Bank: Pricing information from published website as of 02/26/2023 based on 08034 zip code. Bank of America: Pricing information from published website as of 3/25/2022 based on 91107 zip code. | ||
Wells Fargo
Wells Fargo is another popular bank along the East Coast and throughout the US. While they offer similar bank accounts, they do have higher monthly balance requirements than TD Bank.
Wells Fargo also charges students a monthly fee, whereas TD Bank waives fees for students.
Chase
Chase Bank offers similar bank products as TD Bank, but they make it easier to get the fees waived. Qualified direct deposit will usually get you free checking at Chase. If you have Chase credit cards or mortgage loans, you can transfer money between accounts instantly. Chase does offer interest rates on the lower end of the spectrum, though.
| | |
| | |
TD Bank | Chase | |
|---|---|---|
TD $300 Beyond Checking Bonus - | Chase Bank $200 Bonus - | |
Benefits and Features | ||
| Savings | 0.02% APY. No minimum deposit. $5.00 monthly fee waived if 1) minimum $300 balance or 2) waived for the first 12 months if with recurring transfer of $25 or more from a TD Bank account or if you're under 18 or 62 and older. |
|
| CD | 0.05% to 1.00% APY (up to 4.35% for Rate Bump APY). Terms of 3 months to 5 years. Minimum deposit of $250. Allows one penalty-free withdrawal (depending on account). | Terms of 1 month to 10 years. $1,000 minimum opening deposit. No monthly service fee. |
| Checking | TD Simple Checking℠, TD Beyond Checking, TD Convenience Checking℠ |
|
| ATMs | Approximately 700 ATMs throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida | |
| Locations | 1100 locations along the east coast. | |
| | |
TD Bank: Pricing information from published website as of 02/26/2023 based on 08034 zip code. Chase: Pricing information and data points from published website as of 12/17/2020 | ||
Bottom Line
If you live on the East Coast and are near a TD Bank branch, you can enjoy the many benefits the bank accounts have to offer, including its convenient hours of operation.
Even if you don't live on the East Coast, you can enjoy their online banking services nationwide. Since they aren't only an online bank, though, you may find higher interest rates elsewhere.
TD Beyond Checking - $300 Cash Bonus
- Earn $300 when you receive direct deposits totaling $2,500 or more within 60 days
- Get more from your checking account. With TD Beyond Checking with Payback Plus, you'll earn interest and get reimbursed for non-TD ATM transactions, Overdraft Payback and more.
- Monthly maintenance fee waived when you receive monthly direct deposits of $5,000 or more within a statement cycle, or maintain a minimum daily balance of $2,500, or a combined balance of $25,000 across eligible TD accounts.
- TD ATM fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
- Get overdraft fees automatically reversed up to two times a year.
- Get your money where it needs to go —fast— with Rush Bill Payments, Send Money with Zelle®, incoming wires and a reimbursement for one outgoing wire (domestic or international) per statement cycle.
- TD checking accounts come with an instant-issue debit card - and, you can pay with confidence with contactless technology Visa Zero Liability protection and 24/7 fraud monitoring.
- Monthly maintenance fee waived on one TD Simple Checking℠ account and any Savings accounts. Plus, get free standard check orders, money orders, official bank checks and stop payments.
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 16,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
*With Chase Overdraft Assist℠, we won't charge an Insufficient Funds Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Citi Priority Account - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
CIT Bank Savings Connect - 4.20% APY
- Earn 12x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
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