October 16, 2018

TD Bank Review: Account Good for You?

Read more about TD Bank
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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.

Overall Score

3.4

Savings

3.0

CD

1.0

Checking

4.0

Money Market

3.0

Customer Service

5.0

Mobile App

4.5
5-point scale (the higher, the better)

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 1,300 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.

With the exception of their Simple Savings program, 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.

© CreditDonkey

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 Bank

    Online Savings Account - Earn 1.90% APY

    • No fees
    • No minimum opening deposit
    • No minimum balance required
    Chase

    Chase Total Checking® + Chase Savings℠

    • Enjoy up to $350 when you open a new Chase Total Checking® account with Direct Deposit and/or open a new Chase Savings℠ account, deposit $10,000 or more in new money and maintain a $10,000 balance for 90 days
    • Enjoy a $200 bonus when you open a new Chase Total Checking® account and set up direct deposit
    • Enjoy a $150 bonus when you open a new Chase Savings℠ account, deposit a total of $10,000 or more in new money within 20 days, and maintain a $10,000 balance for 90 days
    • Access to 16,000 Chase ATMs and nearly 5,000 branches
    • Apply online in minutes. Open your account online now.
    • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
    • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.

CHECKING ACCOUNTS

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.

    You won't earn interest on this checking account either. But you can potentially have the account free of charge.

  • 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 balance of $2,500 in order 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.

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.

Using the TD Bank Mobile App
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

    Chase

    Chase Total Checking® + Chase Savings℠

    • Enjoy up to $350 when you open a new Chase Total Checking® account with Direct Deposit and/or open a new Chase Savings℠ account, deposit $10,000 or more in new money and maintain a $10,000 balance for 90 days
    • Enjoy a $200 bonus when you open a new Chase Total Checking® account and set up direct deposit
    • Enjoy a $150 bonus when you open a new Chase Savings℠ account, deposit a total of $10,000 or more in new money within 20 days, and maintain a $10,000 balance for 90 days
    • Access to 16,000 Chase ATMs and nearly 5,000 branches
    • Apply online in minutes. Open your account online now.
    • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
    • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
    NBKC Bank

    NBKC Checking Account - 1.01% APY

    • Earn 1.01% APY
    • No monthly account fees
    • No minimum balance
    • No ATM fees at 32,000+ Moneypass ATMs and up to $12/month refund for any other ATM fees
    Axos Bank

    Rewards Checking

    • Up to 1.25% APY
    • No minimum balance requirements
    • No fees to open or maintain account
    • Overdraft Protection
    • Daily Compounding Interest
    • FDIC insured

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 18 and 24 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 $6 - $15 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.

 

TD Bank

Bank of America

SPECIAL OFFER
TD Bank Beyond Checking Account - $300 Cash Bonus - Learn More

SPECIAL OFFER
Advantage Plus Banking Checking Account - $100 Bonus - Learn More

 

Benefits and Features

Savings0.05% 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.0.03% APY (up to 0.06% if enrolled in Preferred Rewards). $8 monthly maintenance fee, unless you have 1) daily balance of $500, 2) are a Bank of America Preferred Rewards Client, or 3) link your Rewards Savings Account to your Interest Checking Account. Minimum deposit of $100.
CD0.10% - 1.19% APY (up to 1.50% for Rate Bump APY). Terms of 3 months to 5 years. Minimum deposit of $250. Allows one penalty-free withdrawal (depending on account).Standard Term CD: 0.03% - 0.75% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.07% - 1.70% APY. Terms of 12, 13, 25, and 37 months. Minimum deposit of $10,000.
Customer Service24/7 Live Customer Service (Telephone)Mon-Fri: 8am - 11pm(ET)
Sat-Sun: 8am - 8pm (ET)
ATMsApproximately 1,300 ATMs throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and FloridaApproximately 15,900 ATMs around the country.
IRA CD0.10% - 1.19% APY (up to 1.50% 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).Standard Term CD: 0.03% - 0.75% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.07% - 1.70% APY. Terms of 12, 13, 25, and 37 months. Minimum deposit of $2,000.
Locations1300 locations along the east coast.4600 retail financial centres around the country and brances in more than 40 other countries.

TD Bank: Pricing information from published website as of 9/21/2019 based on 08034 zip code.

Bank of America: Pricing information from published website as of 09/21/2019 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.

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.

Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content.

Disclaimer: This content was first published on October 16, 2018. Information including rates, fees, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check the bank's website for updated information.

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