TD Bank Review: Full-Service and Convenient Banking in the Northeast
Written by
Rudri Bhatt Patel, CFHC™
Edited by
Joe Evans
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TD Bank has options for checking, savings and CDs as well as wealth management and business banking
TD Bank has an assortment of options, from a range of checking and savings accounts to credit cards, personal loans and home equity loans. It is best for East Coast customers who prefer extended hours at branches, great customer service and advantageous bonuses in their accounts.
TD Bank provides banking services at more than 1,100 branch locations and 2,600 ATMs, as well as online banking and a mobile app. It also offers investment services through its TD Ameritrade affiliate, its TD Wealth Private Client Group and TD Financial Services, plus small business and commercial banking services.
TD Bank Checking Accounts
TD Bank checking accounts offer instant issues of debit cards, and easy replacement of your card if it’s lost, stolen or damaged. You also get access to the TD Bank mobile app, and you can send and receive money with Zelle. TD Bank offers four different checking account options.
- All TD checking accounts do not require a minimum deposit.
- Most checking accounts have a waivable monthly maintenance fee.
- TD Essential checking account has a non-waivable $4.95 fee and no overdraft protection.
- TD Complete checking account has a $15 monthly fee that can be waived if you have direct deposits of $500 or more, maintain a daily balance of at least $500 or have a $5,000 combined balance across eligible accounts.
- A TD Beyond checking account earns interest.
Best For
New Accounts
Various Checking Options
FDIC-Insured
Bonus Money for New Customers
No Minimum Opening Costs
TD checking accounts don’t require a minimum deposit
TD checking accounts have something for everyone. Whether you’re a student, need everyday banking or want to earn interest on your funds, there are several checking accounts to choose from.
Fees
$4.95 to $25
APY
Up to 0.25%
Min Opening
$0
Pros
- Bonus money for new account holders
- Funds are FDIC-insured
- A variety of checking account options
Cons
- Monthly fees on checking accounts can be high if you’re not able to waive them.
- TD Bank has a smaller network of ATMs compared to other banks.
- Overdraft fees are steep at TD Bank.
Why We Like It
TD Bank allows anyone to open a checking account since no minimum deposit is required. However, checking account fees tend to be higher if you’re unable to waive them.
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TD Bank Savings Accounts
TD Bank offers two savings accounts — Simple Savings and Signature Savings. Here are the details:
- The Simple Savings account is best for everyday savings, especially for students and seniors.
- The Simple Savings account requires a $300 minimum balance to waive the monthly fee.
- No minimum deposit is required for Simple Savings, but APY is generally low.
- The Signature Savings account can earn up to an APY of 3% with a minimum balance of $250,000.
- To waive your monthly fee for a Signature Savings account, you must keep a balance of $10,000 or link to an eligible TD bank account.
Best For
No Minimum Deposit
High APY
FDIC-Insured
Two Different Options
Continued Growth
Grow your funds with the APY
TD Bank offers accessible savings account options for those who are starting to save or those who have already accumulated funds that they want to continue to grow.
Fees
$5 to $15
APY
Up to 3% APY
Min Opening
$0
Pros
- No minimum deposit is required to open
- Can get a higher APY if you link to other TD accounts
- FDIC-insured
Cons
- Low APY for Simple Savings
- High thresholds for better rates
- Must live in one of the 15 states where TD Bank has branches
Why We Like It
TD Bank offers two accessible savings account options for savers. Those who already have existing banking accounts with TD Bank can potentially capitalize on a higher APY.
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TD Bank CD Accounts
TD Bank offers TD Choice Promotional CDs with terms ranging from three months to five years. The interest rate varies depending on the term and whether you qualify for the relationship rate.
- You can open a TD No-Catch CD, which has a low opening deposit of $250.
- CDs are FDIC-insured.
- You can earn up to 3.51% APY on CDs.
- With certain CDs, you can withdraw without incurring a penalty.
Best For
Versatile Options
FDIC-Insured
Low Minimum Deposit
Existing Customer Bonus
Short-Term Options
Receive a bump-up rate on CDs
TD Bank provides a versatile lineup of CDs ranging from 3 months to 5 years, featuring low $250 minimum deposits and monthly compounding interest. While standard rates are modest, their Choice Promotional CDs offer a competitive yield.
Fees
No monthly maintenance fees
APY
Up to 3.51% APY
Min Opening
$250
Pros
- Relatively low minimum deposit for CDs
- FDIC-insured
- Existing customers can receive a bump-up rate
Cons
- Rates are lower than competitors
- Limited liquidity
- Early withdrawal penalty
Why We Like It
CDs offer a way for those who have extra cash to save. TD Bank has good short-term CD rates.
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Banking Experience
TD customer service is accessible. To contact TD Bank with questions, dial 1-888-751-9000, which is the general service number.
The TD Bank mobile app earns high marks from users. It’s rated 4.8 stars on the App Store and 4.1 stars on Google Play.
How Does TD Bank Compare?
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$4.95 to $25
$0 or $15, with options to waive
$5 to $35 waivable monthly fee
APY
APY
APY
Up to 0.25%
N/A
Up to
Min Opening
Min Opening
Min Opening
$0
$0
$25
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$5 to $15
$5 monthly, waivable
Up to $12 monthly service fee – can be waived
APY
APY
APY
Up to 3% APY
Up to for Platinum Savings accounts
Min Opening
Min Opening
Min Opening
$0
$0
$25
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly maintenance fees
No monthly service fee
Early withdrawal penalty may apply
APY
APY
APY
Up to 3.51% APY
Up to
Up to
Min Opening
Min Opening
Min Opening
$250
$1,000
$2,500 to $5,000
TD Bank vs. Chase Bank
If you’re looking at other major banks, you might consider Chase Bank, which has a wide variety of credit card choices, each with its benefits. If having the perfect credit card is important to you, Chase is a good option to look at.
TD Bank vs. Wells Fargo
Wells Fargo is a national bank with thousands of branches and ATMs nationwide, so if you need a bank you can get to anywhere in the country, Wells Fargo may be a better choice for you. TD Bank branches are open more days and longer hours than Wells Fargo, however.
TD Bank vs. Bank of America
TD Bank has more of a regional presence, while Bank of America has multiple nationwide locations. If you have higher balances, Bank of America may be a better fit. TD Bank has several checking account options, and if you prefer a personalized experience, this financial center is ideal for you.
Final Take
TD Bank’s tagline of being “America’s Most Convenient Bank” is not hyperbole. From lots of physical branches throughout its service area to longer hours than most banks, you can get your banking done any time. TD Bank offers one-stop shopping for checking, savings and CDs, as well as small business banking and wealth management.
TD Bank FAQ
Here are the answers to some commonly asked questions about TD Bank.- Is TD Bank or Chase better?
- Chase does have a wider variety of credit card options available, but TD Bank has extended hours at their branches on both nights and weekends. These are factors to consider when choosing a bank that matches your banking needs.
- How safe is TD Bank?
- TD Bank is FDIC insured and all accounts are protected up to $250,000.
- What is TD Bank good at?
- TD Bank is considered a convenient bank with great customer service. They have a variety of checking account options as well as 24/7 customer service.
- What are some disadvantages of choosing TD Bank?
- TD Bank is located throughout the East Coast in the U.S. as well as Canada. Though it does have a highly rated mobile app, if you are someone who doesn't live in this region but likes to do in-person banking, this may not be the best bank for you.
