TD Bank Review - Everything You Need to Know

See what we have to say before opening an account

Exterior of TD Waterhouse bank in New York city.
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TD Bank is a physical, brick and mortar bank serving the East Coast of the United States with nearly 1,300 locations and extended hours of operations. They have a full line of services, including checking, savings, credit cards, lending, and more. TD Bank originally opened in 1852 as Portland Savings Bank in Portland, Maine and is now known as “America’s Most Convenient Bank.”

Who is TD Bank Best For?

TD Bank is great for people who can’t get to a bank during “normal banking hours." They are open earlier and later than most banks and even have hours on Sunday. Their fees and interest rates are within the normal range for a brick and mortar bank and they have a large network of free ATMs.

Pros

  • 1,300 locations on the east coast of the United States

  • Full-service bank, including mortgages and home equity loans

  • Extended hours of operation – including Sunday hours (11 a.m. to 3 p.m.)

  • 24/7 Customer service at 1-888-758-9000

Cons

  • Most checking and savings accounts have monthly fees that you must meet minimum requirements to avoid

  • Low interest rates compared to online-only banks

  • Out of network ATM fees only reimbursed with average daily balance of $2,500 or more

  • Best interest rates reserved for those with $20,000 or more on deposit

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Types of Accounts

TD Bank offers the following types of accounts:

  • Checking accounts
  • Savings accounts
  • CDs
  • Credit Cards
  • Mortgage Products
  • Personal Loans
  • IRAs
  • Prepaid Cards

Learn more about each type of account TD Bank offers below.

Checking Accounts

TD Bank offers 6 different types of checking accounts that vary in monthly fees (and what you have to do to avoid those fees) and interest rates paid. All accounts have free ATMs at in-network TD ATMs and some have re-imbursement for non-TD ATMs. Checking accounts are FDIC-insured up to $250,000 per depositor, per institution.

Checking Account Options
Name of Account Monthly Fee How to Waive Monthly Fee Free ATMs? APYs
TD Premier Checking $25 $2,500 minmum daily balance Yes, In Network. Out-of-network ATM fees reimbursed with $2,500 minmum daily balance .00% to .05%
TD Convenience Checking $15 $100 minimum daily balance Yes, In Network. No, Out of Network No interest
TD Simple Checking $5.99 N/A Yes, In Network. No, Out of Network No interest
TD Relationship Checking $25 $20,000 combined minimum daily balance Yes, In Network. Out-of-network ATM fees reimbursed with $2,500 minimum daily balance .03%
TD 60 Plus Checking $10 $250 dailt balance + 60 or older Yes, In Network. No, Out of Network .05%
TD Student Checking $0 Under 24 + full time student Yes, In Network. No, Out of Network No interest

Overall, TD Bank’s checking offerings are mostly standard for a large brick and mortar bank. Online banks, like Bank 5 Connect, offer significantly higher interest rates (.76 percent vs. .05 percent) on checking accounts and have far fewer hoops to jump through.

But, if you prefer a bank with physical locations and people you can talk to in person then TD Bank is a bank where you can easily avoid monthly maintenance fees on checking. (You just need to keep a minimum daily balance of $100 in the convenience checking account.) And you can earn at least a little interest if you have a minimum of $2,500 to keep on deposit.

Savings Accounts

TD Bank has three different options for savings accounts. They all bear interest with higher deposits earning higher interest rates, and the TD Growth Money Market and TD Preferred Savings have a feature called Rate Bump. Rate Bump allows you to earn a higher interest rate for meeting certain conditions – see table below.

Savings accounts are FDIC-insured up to the federal limit.

Savings Account Options
Name of Account Monthly Maintenance Fee Minimum Daily Balance to Avoid Monthly Maintenance Fee Rate Bump? How to Qualify for Rate Bump Standard APYs APYs with Rate Bump
TD Simple Savings $5 $300 or recurring transfer No N/A .05% N/A
TD Growth Money Market $12 $2,000 Yes Recurring transfer of at least $50 a month .03% to .30% .05% to .35%
TD Preferred Savings $15 $20,000 Yes Linked TD Bank account – active personal or small business checking, mortgage, home equity or credit card .05% to .45% .10% to 1.75%

Like most banks, the more money you have on deposit, the more interest you’ll earn on savings accounts, with the best savings rates when you have $250,000 or more on deposit with the bank.

If you have less to deposit or if you want to earn a higher interest rate, then you may want to consider an online only bank like SFGI Direct. This institution only has savings accounts, but you can start earning an impressive 2.07 percent interest rate with just $1 on deposit.

CDs

CDs are an area where TD Bank is far more competitive. With a minimum deposit of just $250 and a linked eligible checking account you can earn a decent return on a CD through their rate bump CDs. Eligibility for checking accounts means that the account is in good standing and active. CDs are FDIC-insured up to the federal limit.

Rate Bump CDs 6-Month Term
Deposit Amount Rate Bump APY Standard APY
$250.00 to $9,999.99 1.70% .15%
$10,000 to $49,999.99 2.10% .20%
$50,000 to $99,999.99 2.10% .20%
$100,000+ 2.10% .25%
Rate Bump CDs 12-Month Term
Deposit Amount Rate Bump APY Standard APY
$250.00 to $9,999.99 1.85% .25%
$10,000 to $49,999.99 2.25% .30%
$50,000 to $99,999.99 2.25% .30%
$100,000+ 2.25% .35%
Rate Bump CDs 18-Month Term
Deposit Amount Rate Bump APY Standard APY
$250.00 to $9,999.99 2.10% .30%
$10,000 to $49,999.99 2.50% .35%
$50,000 to $99,999.99 2.50% .35%
$100,000 2.50% .45%

While these rates aren’t the very best rates you can get (current rates can top three percent), they are competitive rates and start at low enough deposits to be useful to smaller depositors. These CDs are a good choice for people with an eligible linked checking account at TD Bank.

Credit Cards

TD Bank has three different credit card offers – all with rewards or cash back.

Credit Card Offerings
Credit Card Name Cash Back or Rewards Annual Fee Intro APR? APRs
TD Cash Credit Card Cash Back: 3% on dining, 2% on groceries, 1% on everything else $0 0% for the first 12 billing cycles 14.99% to 24.99%
TD First Class Visa Signature Credit Card Miles Card: 3X First Class miles on travel and dining, 1X First Class miles on everything else $89 (waived first year) 0% for 12 billing cycles 15.24%
TD Ameritrade Client Rewards Card Cash Back: 1.5% on eligible purchases, 10% bonus on rewards redeemed into a TD Ameritrade Account $0 None 17.99% to 24.99%

If you don’t carry a balance and are looking for cards that give you airline miles or cashback rewards, these cards are all competitive. If you do carry a balance on your credit cards, then it may be a good idea to shop around for a lower rate.

Mortgage Products

All mortgage products (home equity lines of credit and loans and mortgages) are dependent on the income and credit scores of the people applying for the loans. TD Bank offers a wide array of mortgage options, including fixed-rate mortgages, adjustable rate mortgages, construction mortgages, jumbo loans, and government loans.

Current rates for mortgages at TD Bank are:

Mortgage Rates
Term Rate
30-Year Fixed 4.687%
15-Year Fixed 4.218%
5/1 ARM 3.843%

It’s a good idea to always shop around for the best rates on mortgages. A small difference in interest can easily lead to huge differences in the amount you have to pay back over time, and right now there are better rates on the market for mortgages.

Personal Loans

TD Bank offers three different types of personal loans. They all have no origination or application fees.

Personal Loan Offerings
Type of Loan Amount You Can Borrow Rate
TD Express Loan $2,000 to $25,000 6.99% to 18.99%
Unsecured Loan $2,000 to $50,000 6.99% to 18.99%
Unsecured Line of Credit $20,000 to $50,000 10.25% to 15.25%

Generally speaking, you must have good credit and income to get a personal loan. If you can get the lower interest rates in these ranges, then these personal loans are competitive and worth looking into.

IRAs

TD Bank offers five different IRA options to help you save for retirement, some with rate bumps that allow you to receive higher interest rates for linking to an eligible TD account.

IRA Offerings
Type of IRA Minimum to Open Rate Bump APY Standard APY Term for CDs
TD Simple Savings IRA $300 N/A .05% N/A
TD Preferred Savings IRA $20,000 .10% .05% N/A
TD Choice Promotional IRA CDs $250 .15% to 2.10% .10% to .30% 3 months to 5 years
TD IRA ADD-Vantage CDs $250 N/A .25% 12 months
TD Step Rate IRA CDs $250 N/A .33% to .64% 3 years to 5 years

The best deal at TD Bank for IRA savings is the TD Choice Promotional IRA with the checking account linked Rate Bump. The minimum to deposit is reasonable and the highest rate of return is on the 18-month CD. This one is worth checking out.

The good thing about using a savings or CD for an IRA is that it is FDIC-insured up to $250,000 per depositor, per bank. That means your savings are as safe as the federal government is.

Prepaid Cards

This is an unusual service for a bank, but TD offers three different pre-paid options.

Prepaid Card Options
Type of Card Amount to Open Monthly Fee
TD Connect Reloadable $25 $5.99
TD Go Reloadable $20 $0
TD Bank Visa Gift Card $25 to $750 $0

You can get pre-paid cards in almost every drugstore and grocery store in America. Most of these cards carry a monthly fee so the TD Go Reloadable is a particularly good deal. Prepaid cards offer an option where you can have a Visa card even if you don’t want a bank account. You have to pre-load money on these cards, and you need a social security number to open them at TD Bank.

How to Open an Account at TD Bank

With TD Bank you can open an account online or in a branch. To open an account online simply click on any of the “open account” buttons on their account explanation pages.

You’ll need a social security number, date of birth, and government-issued ID to open an account as well as a way to make the initial deposit – such as a debit card or routing and account numbers.

Online it takes 5 to 10 minutes to apply for an account, and with the extended hours at TD Bank branches, it’s easy to find time to go in and visit a branch if you want to open an account in person.

Hours of Operation

Most TD Banks have extended hours of operations. It’s why they call themselves “America’s Most Convenient Bank.”

Here are hours that are typical of a TD Bank branch.

Lobby Hours
Day Time
Monday 8:30 AM to 5:00 PM
Tuesday 8:30 AM to 5:00 PM
Wednesday 8:30 AM to 5:00 PM
Thursday 8:30 AM to 6:00 PM
Friday 8:30 AM to 7:00 PM
Saturday 9:00 AM to 3:00 PM
Sunday 11:00 AM to 3:00 PM
Drive-Up Hours
Day Time
Monday 8:30 AM to 6:00 PM
Tuesday 8:30 AM to 6:00 PM
Wednesday 8:30 AM to 6:00 PM
Thursday 8:30 AM to 7:00 PM
Friday 8:30 AM to 7:00 PM
Saturday 9:00 AM to 3:00 PM
Sunday 11:00 AM to 3:00 PM

If you want a bank with hours that you can get to without having to take off work and you live on the East Coast of the United States, TD Bank has some of the most extensive hours available.

Customer Service

TD Bank has two primary customer service options.

  1. A 24/7 customer service number: 1-888-758-9000
  2. Contact on Facebook Messenger

About TD Bank

TD Bank has over 27,000 employees and is one of the 10 biggest banks in the United States. It serves more than nine million customers and is a member of the TD Bank Group. The financial institution has standard banking security and a wide array of banking feature. They also have a robust online interface and convenient app. Although the bank had a large data breech in 2012 and came to a multi-state settlement, it has reformed its data practices since them.

The Bottom Line

Benefits

TD Bank offers a wide array of services and competitive rates on some of their CDs, but where they really shine is convenience. They have extended weekday hours and hours on Saturdays and Sundays. They also offer reimbursement for ATMs if you have balances of over $2,500 and free in-network ATMs for all account holders.

Drawbacks

TD Bank’s rates on their CDs and IRAs are decent, but not the best. Their checking and savings accounts are average for brick and mortar banks, but low compared to online-only banks. If you want a higher return, consider shopping around at the online-only institutions in order to get a better rate.