TD Bank touts itself as “America’s most convenient bank.” Since it opened its doors for the first time in 1852, TD Bank has undergone several acquisitions but continues to deliver outstanding customer service and hassle-free products to customers in the Eastern U.S. Customers can choose from five different TD Bank checking accounts and three savings accounts. Alongside these accounts, TD Bank also offers certificates of deposit, money market accounts, mortgages, loans and more.
Some unfavorable TD Bank reviews exist; they mention fickle website performance, low rates and high fees that make banking at TD Bank less than satisfactory for some. On the flip side, however, TD Bank has also earned positive reviews celebrating its superior customer service, seamless website performance and convenient access to all online services. The answer is to compare banks regarding what matters most to you, such as account options, interest rates, online access or fees.
Naturally, you have a lot of things to consider when opening a bank account — especially if this is your first account. Below, you’ll find a step-by-step guide to help you through the process so you can make the best decision about opening a bank account with TD Bank.
- Steps To Open a TD Bank Account
- TD Bank Checking Account Fees and Features
- TD Bank Savings Account Fees and Features
- How To Avoid Unwanted Fees
- Benefits of Having a TD Bank Account
- How Does TD Bank Measure Up?
- Monitoring and Protecting Your TD Bank Account
- Is TD Bank Right for You?
A bank account is a safe and secure place to stash away your money. Cash may help in certain circumstances, but it’s not always appropriate for paying the bills or forking out large sums of money. By opening a bank account, you’ll have the freedom to make payments and purchases without carrying loads of cash in your wallet.
Opening a bank account can also help you manage your personal finances and track your spending. Before you open a bank account, look at the benefits and drawbacks to determine whether a particular bank is right for you.
To open a TD Bank account, follow the steps below.
Federal law requires all financial institutions, including TD Bank, to obtain, verify and record information that identifies you. TD Bank will ask for:
- Your name
- Legal address
- Date of birth
- Social Security or tax identification number
- Initial deposit
You may also be asked to show your driver’s license or other identifying documents, such as your passport or military ID. If you give your mobile number to TD Bank, you must agree to accept calls related to the servicing of your account.
When opening a bank account for the first time, most people will choose to open a checking account or a savings account — or both. A checking account with a linked debit card is used for most day-to-day purchases, whereas a savings account is a safe and secure way to keep and grow your money.
TD Bank offers several different checking and savings accounts:
- TD Beyond Checking: Loaded with perks; currently offering new checking account customers a $300 bonus
- TD Convenience Checking: Low minimum daily balance requirement; no monthly maintenance fee with a $100 minimum daily balance; perks for students ages 17-23
- TD Simple Checking: No minimum balance; low monthly maintenance fee
- Student Checking: For students ages 17- 23; no minimum balance or monthly fees
- TD 60 Plus Checking: For people 60 or older; earn interest and pay no monthly maintenance fee with a $250 minimum daily balance
- TD Simple Savings: Offers a low monthly fee that can be waived for the first 12 months
- TD Growth Money Market: Write checks and earn tiered interest; get a rate increase when you set up a $50 monthly recurring transfer
- TD Preferred Savings: Rewards your higher balance with tiered interest rates; get a rate bump when you link an eligible TD account
If you have the funds to meet the minimum deposit for both a checking and a savings account, consider it, because having both can be beneficial. You can use your checking account for any daily expenses and put extra money in your savings to earn interest.
Related: Best National Bank of 2019 — TD Bank
If you decide to open a TD Bank account online, the process should be quick and easy. Plus, it can save you a trip to the nearest TD Bank branch. After you’ve decided which type of account you need, you’ll want to carefully fill out the online application.
TD Bank will ask if you are a resident of Canada or the U.S. You’ll also be required to supply your personal details, including:
- Full name
- Contact information, including phone number and email address
- Proof of identification
You may prefer to go to a branch to fill out the application instead of completing the application online. Use this TD branch locator to help you find the branch nearest you.
If you need assistance from a representative, you can reach TD Bank’s live customer service, 24/7, at 888-751-9000.
Different banks have different policies when it comes to monthly fees. Some charge high fees, while other banks charge fees but offer customers with an active account the ability to waive fees if they meet certain requirements.
Below is a breakdown of the fees and features associated with TD Bank’s checking accounts:
|TD Bank Checking Accounts at a Glance|
|Fees and Features||TD Beyond Checking||TD Convenience Checking||TD Simple Checking||Student Checking||TD 60 Plus Checking|
|Monthly service fee||$25 (may qualify to waive fee)||$15 (may qualify to waive fee)||$5.99||$15 (waived for students ages 17-23)||$10 (waived if a $250 minimum daily balance is maintained)|
|Minimum deposit to open account||$0||$0||$0||$0||$0|
|ATM fees||$0||$0 at all TD Bank ATMs; $3 at non-TD ATMs||$0 at all TD Bank ATMs; $3 at non-TD ATMs||$0 at all TD Bank ATMs; $3 at non-TD ATMs||$0 at all TD Bank ATMs; $3 at non-TD ATMs|
|Benefits||Earns interest||$150 bonus offer available for new checking accounts||Discount on first order of checks||$150 bonus offer available for new checking accounts||Earns interest|
TD Bank offers several savings accounts to choose from. Each account lets you earn interest on your money, but each one also comes with fees, including a monthly service charge, which can be waived by meeting certain requirements.
|TD Bank Savings Accounts at a Glance|
|Fees and Features||TD Simple Savings||TD Growth Money Market||TD Preferred Savings|
|Monthly service fee||$5 ($4 with online statements only); fee may be waived||$12 ($11 with online statements only); fee may be waived||$15 ($14 with online statements only); fee may be waived|
|Minimum deposit to open account||$0||$0||$0|
|ATM fees||$0 at all TD Bank ATMs; $3 at non-TD ATMs||$0 at all TD Bank ATMs; $3 at non-TD ATMs||$0|
|Annual percentage yield||0.05%||0.35%||1.50%|
Many bank accounts require customers to maintain an average daily balance to avoid monthly fees. Minimum balances vary by account, so it’s important to understand the requirements to avoid fees on your account.
Avoid ATM Fees
When you use an ATM outside your bank’s network, transaction fees can add up. If you have a TD Beyond checking account, TD Bank will waive your out-of-network ATM fees, and it will reimburse surcharges if you maintain a minimum daily balance of $2,500.
If you happen to have an account that doesn’t include ATM fee waivers or reimbursements, stick to TD Bank ATMs to save money on fees. TD Bank offers an ATM and branch locator on its website.
Set Up Email Alerts
Like most banks, some of TD Bank’s checking and savings account offerings allow you to keep a minimum monthly or daily balance in your account to avoid monthly fees. To make sure you don’t drop below these minimums, opt in to receive free balance alerts via email or the TD Bank mobile app, which works with most Android or iOS devices.
To avoid overdrafts, keep tabs on your account balance. Also, keep track of outstanding checks and scheduled bill payments that will lessen your balance. Using TD Bank’s online bill pay services can also help you keep a close eye on your account balance. By using TD Bank’s online bill pay services, you can automatically schedule recurring monthly payments to avoid having multiple bills hit at the same time.
TD Bank offers many benefits to its customers, including hassle-free banking and longer hours. In addition to checking and savings account options, it also offers an array of other products to help you manage every aspect of your personal finances.
Here are just a few of the many features that TD Bank offers:
- Online banking and bill pay, plus option to receive email alerts on electronic bills
- Mobile banking app with mobile deposits and access to online statements
- 24/7 live customer service and automated phone service
With TD Bank’s online application, you have the convenience of applying for a new checking or savings account from the comfort of your home. Just gather the information you need to provide, and you’re on your way to establishing your financial goals. TD Bank also offers a product selection tool that can help you choose the best checking or savings account for your needs.
Check out how TD Bank measures up to other banks in terms of features and requirements associated with basic savings and checking accounts:
|TD Bank vs. Other Top Banks|
|Features and Requirements||TD Bank||Bank of America||Chase||Wells Fargo||U.S. Bank|
|Initial Deposit||$0||$25 for Advantage SafeBalance Banking||$0||$25||$25|
|Length of Time To Open Account||Online approval within minutes||Online approval within minutes||Online approval within minutes||Online approval within minutes||Approval within a few days|
|Features||Online and mobile banking; bill pay; debit card||Virtual financial assistant available on mobile app; mobile banking; bill pay; debit card||Online bill pay and mobile banking; debit card||Debit card; account alerts; 24/7 fraud monitoring; mobile banking||Debit card; online and mobile banking|
|Basic Savings Interest Rate||0.05% APY to 1.50% APY||0.03% APY to 0.06% APY||0.01% APY||0.01% APY||0.01% APY|
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Identity theft was the third most common complaint reported to the Federal Trade Commission in 2018. Don’t become one of the statistics. Take action to monitor your TD Bank account and protect it against fraud, so you can avoid risk, including possible loss. Here’s how:
- Sign up for identity theft protection
- Monitor your mail if you receive paper statements; notify your bank if statements don’t show up in your mailbox
- Review all bank statements
- Check credit reports at least annually
- Shred bank documents
- Secure your computer; avoid using public Wi-Fi
- Secure your Social Security number, passwords and PIN numbers
Contact TD customer service at 888-751-9000 if any of these situations occur:
- You receive a fraudulent email concerning your bank account
- You disclosed confidential information about your account to the wrong party
- You have questions about online security for any of your TD Bank accounts
Opening your first bank account can be very satisfying. After all, it’s one of the first steps to financial security and managing your money. If you apply online at TD Bank’s website, you can open your account quickly, make your first deposit and even set up direct deposit.
Bill paying is easy and secure, and when you download the TD Bank app, you can track your spending and turn on alerts. Get the most out of your accounts by finding information on all of TD’s banking services at its website. And don’t forget to look into bank promotions. The right promotion might make your decision about which account to choose much easier.
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Information on accounts and rates is accurate as of Oct. 11, 2019. Fees and rates are subject to change.