Updated May 20, 2023

TD Bank Review

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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.

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 1,100 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

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 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.

  • 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.

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

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.

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.

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 Bank
Member FDIC

TD Beyond Checking - $300 Cash Bonus

  • New customers who apply online for a TD Beyond Checking account can earn a $300 cash bonus after receiving direct deposits of $2,500 or more within 60 days. To qualify for this offer, you must be a U.S. resident and apply for the offer online. Offer is available in these states: CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, SC, VT, VA
  • Three ways to go monthly maintenance fee-free: Monthly Maintenance fee waived when you set up direct deposits of $5,000 or more within a statement cycle, maintain a $2,500 minimum daily balance, or have a $25,000 combined balance across eligible TD accounts.
  • ATM perks: TD fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
  • A little extra time. A lot of extra relief: Avoid fees with Grace Period, which gives you until 11 PM ET the next business day to fix an overdraft. Make sure your available balance is at least $0 by depositing enough to cover the overdrawn balance plus any additional transactions and TD will refund the overdraft fee to your checking account.
  • Fast and secure payments: TD Bank debit cards are backed by the Zero Liability guarantee and 24/7 fraud monitoring
  • Convenient locations with the longest hours around: We have over 1,100 locations from Maine to Florida that's open early, late, and weekends.
  • Get reimbursed for fees including two overdraft fees per year, all Rush Bill Payments, and one outgoing wire per statement cycle (domestic or international).
  • Additional TD Bank checking account perks worth talking about: Get 24/7 access to all your TD accounts with Online & Mobile Banking, plus Bill Pay, Send Money with Zelle®, Mobile Deposit and Online Statements.
Chase
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 4/17/2024
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • Access to more than 15,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • 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 fees 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*
Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 5/31/2024
  • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 5/31/2024.
  • To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
  • Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • Bank of America, N.A. Member FDIC.
Citibank
Member FDIC

Enhanced Direct Deposit - Earn $300 Cash Bonus

Earn $300 cash bonus when you open a new eligible checking account with Enhanced Direct Deposit and complete required activities. Member FDIC

  • Open a new eligible Citi Checking account with Enhanced Direct Deposits
  • Deposit at least two Enhanced Direct Deposits directly into your new checking account within 90 calendar days from account opening.
  • Your total combined Enhanced Direct Deposit must equal $1,500 or more.
  • Earn a $300 cash bonus. Your cash bonus will be deposited to your open, eligible checking account within 30 calendar days after required activities have been completed.
Discover Bank
Member FDIC

Online Savings Account - Earn 4.30% APY

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

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CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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