Updated July 27, 2022

TD Bank Review: Account Good for You?

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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.

TD Bank Promotions
TD Beyond Checking - $300 Cash Bonus

Overall Score

3.9

Savings

3.0

CD

3.5

Checking

4.5

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. 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

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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

Expires 10/31/2023
  • Earn $300 when you receive direct deposits totaling $2,500 or more within 60 days
  • Get more from your checking account. With TD Beyond Checking with Payback Plus, you'll earn interest and get reimbursed for non-TD ATM transactions, Overdraft Payback and more.
  • Monthly maintenance fee waived when you receive monthly direct deposits of $5,000 or more within a statement cycle, or maintain a minimum daily balance of $2,500, or a combined balance of $25,000 across eligible TD accounts.
  • TD ATM fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
  • Get overdraft fees automatically reversed up to two times a year.
  • Get your money where it needs to go —fast— with Rush Bill Payments, Send Money with Zelle®, incoming wires and a reimbursement for one outgoing wire (domestic or international) per statement cycle.
  • TD checking accounts come with an instant-issue debit card - and, you can pay with confidence with contactless technology Visa Zero Liability protection and 24/7 fraud monitoring.
  • Monthly maintenance fee waived on one TD Simple Checking℠ account and any Savings accounts. Plus, get free standard check orders, money orders, official bank checks and stop payments.
Chase
Member FDIC

Chase Total Checking® - $200 Bonus

Expires 1/25/2023
  • New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
  • Access to more than 16,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • 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 fee 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*

*With Chase Overdraft Assist℠, we won't charge an Insufficient Funds Fee 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 you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.

Citibank

Citi Priority Account - Earn up to $2,000 Cash Bonus

Expires 1/9/2023
  • Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
  • Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
  • Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
  • If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
  • Bonus will be paid within 30 days after you successfully complete all required activities.
CIT Bank
Member FDIC

CIT Bank Savings Connect - 3.60% APY

  • Earn 15x the national average
  • $100 minimum opening deposit
  • No monthly maintenance fee
Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY922 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 12/15/2022

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