When it comes to their personal banking, the majority of Americans — 87 percent of consumers, including 86 percent of millennials, according to a 2016 survey by consulting firm Accenture — want the ability to visit bank branches. Nearly half of those surveyed said that they trust their banks more when they can speak to a bank representative in person. Deciding which brick-and-mortar bank is best for your needs can be hard, but GOBankingRates surveyed 72 national banks by asset size, according to the FDIC, and determined a winner.
For 2017, TD Bank is the best national bank in GOBankingRates’ Best Banks study. This is the first year that TD Bank took the top spot as the nation’s best brick-and-mortar bank. Find out why TD Bank beat out the competition and how being its customer can help you achieve your financial goals.
What Makes TD Bank the Best National Bank of 2017
TD Bank is second to none in the industry, offering a full range of products and services to cater to any personal finance need. Those features and more accounted for it taking the top spot in the Best National Banks category. It employs more than 80,000 people throughout the world, has branches in 15 states in the U.S., and has an estimated 11 million active online and mobile banking customers. Here are a few other reasons it’s one of the best banks in America.
High Savings APYs and Tiered Interest Rates
For saving, TD Bank provides two types of bank accounts: TD Simple Savings and TD Select Savings. TD Simple Savings is a good option for building savings, regardless of your age or financial goals. The account has a 0.05% APY, which is better than comparable savings account yields at competing banks. You can grow your savings quickly and also pay no monthly maintenance fees with recurring transfers from a TD Bank account.
If you compare bank accounts, you’ll find that one of the best bank accounts TD Bank offers is its TD Select Savings account, designed for you to earn more money by maintaining a higher balance. TD Select Savings offers tiered interest rates that reward you for building your savings. The standard savings APY is 0.05 percent with the basic, TD Simple Savings account, but if you maintain a minimum daily balance over a certain amount with the TD Select Savings account — $15,000 for example — your savings APY increases to 0.10 percent.
You can turn your Select Savings into a high-interest account by linking it to an eligible TD Bank account. For example, you can link your TD Bank personal mortgage, home equity, credit card account, or active personal or small business checking account to your Select Savings. With a linked account, you get a rate bump, setting the base APY at 0.10 percent instead of 0.05 percent. And, if you increase your daily minimum balance to at least $50,000 with a linked account, your savings APY jumps from 0.25 to 0.45 percent, one of TD Bank’s best bank interest rates.
Valuable and Convenient Banking Products
If you’re looking for the best bank rates, TD Bank also offers competitive promotional CD rates. You can open a TD Choice Promotional CD and earn high interest on your money by increasing your CD balance; however, you can earn even more with an interest rate bump from linking an eligible TD Bank account to your TD Choice Promotional CD. The bank requires an initial deposit of only $250, and five-year terms for TD Choice CDs come with APYs between 0.75 percent and 1.50 percent.
TD Bank has more than 1,300 branch locations in the U.S., and it offers comprehensive, easy-to-use online banking and mobile banking services, as well. Its online banking site and mobile app are both easy to navigate, making account management and remote deposit virtually effortless.
Account-to-account transfers are simple to make, and pending transactions, including debit transactions, are always updated. If you have a TD rewards card, you’ll have access to a separate site allowing you to view and redeem points earned.
The bank provides customer service access in person during normal bank hours and 24/7 over the phone and online, where Twitter has proven one of the fastest ways to receive a response from the TD Bank team. Whether your checking account becomes compromised or you lose your debit card while traveling, TD Bank customer service is readily available to offer customer assistance.
See Last Year’s Winner: Wells Fargo Is the Best National Bank of 2016
Methodology: To determine its Best National Brick-and-Mortar Banks category ranking, GOBankingRates examined the top 72 national banks by asset size according to the FDIC, excluding non-active institutions, investment banks and any institutions that require customers to use investment services to access commercial bank accounts.
Criteria for ranking: GOBankingRates scored the banks from most to least favorable on the following factors: (1) checking account fee, (2) savings account annual percentage yield, (3) 12-month certificate of deposit APY and (4) BauerFinancial Star Rating for overall financial strength. Banks were then scored according to whether they offered each of the following services, all of which contributed to a single weighting: (5) auto loans, (6) mortgage loans, (7) credit cards, (8) investment services and (9) insurance services. Next, banks were scored according to accessibility factors: (10) overall geographic presence, (11) mobile banking and (12) 24/7 customer service with a live person. Banks were then ranked according to their total score and then by the specific number of states they have physical branches in.
Data was compiled via the GOBankingRates interest rate database and verified against the individual institutions’ websites between Oct. 11 and Oct. 26, 2016. Rates, terms and conditions are subject to change at the discretion of the individual financial institutions.
GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some banks mentioned in the Best Banks of 2017 survey are clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement.