TD Bank Review

Is TD Bank a good bank?

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TD Bank

TD Bank serves the East Coast of the United States with more than 1,200 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 bills itself as “America’s Most Convenient Bank.”

  • Pros and Cons
  • Company Overview
Pros and Cons
Pros
  • 1,200 locations on the East Coast

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

  • Extended hours of operation

  • 24/7 customer service

Cons
  • Must meet minimum requirements to avoid monthly fees for most checking and savings accounts

  • 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 $250,000 or more on deposit

Company Overview
  • Official Website www.td.com
  • Credit Union Product Offerings Checking, savings, money market, CDs, credit cards, prepaid cards
  • Customer Service You can reach the bank 24/7 by phone (888-751-9000), Facebook Messenger, Twitter, and at branches.
  • Year Founded 1855

Who Is TD Bank Best For?

TD Bank is great for people who can’t get to a bank during “normal banking hours." You might consider TD Bank if you:

  • Want a physical bank that's open earlier and later than most banks, including weekends and some holidays
  • Are comfortable with interest rates that are within the normal range for a brick-and-mortar bank (but lower than online-only banks)
  • Are looking for a large network of free ATMs
  • Want a full-service bank with great customer service

What Does TD Bank Offer?

You have a lot of options at TD Bank.

Accounts

Checking Accounts

TD Bank offers 5 different types of checking accounts that vary in monthly fees and interest rates paid. All accounts have free ATM access at in-network TD ATMs and some will reimburse your fees 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 To Waive Fee ATM fees
TD Beyond Checking $25 $2,500 minimum daily balance None with $2,500 minimum daily balance
TD Convenience Checking $15 $100 daily balance None at TD ATMs
TD Simple Checking $5.99 N/A None at TD ATMs
TD 60 Plus Checking $10 $250 daily balance None at TD ATMs
TD Student Checking $0 Be between ages 17 and 23 None at TD ATMs

You can earn at least a little interest with the Beyond account. The tiered rates range from 0.01% annual percentage yield (APY) to 0.03% APY—but you'll need a minimum daily balance of $50,000 to receive the higher rate. With the 60 Plus account, you'll receive that 0.03% APY on any size balance.

Savings Accounts

TD Bank has two options for savings accounts. They each bear interest, but rates vary by account type and daily balance. TD Bank also offers a feature called Rate Bump, which rewards you with higher interest rates if you link more than one TD Bank account.

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

Savings Account Options
Name of Account Monthly Fee To Waive Fee Standard APY APY with Rate Bump
TD Simple Savings $5 $300 balance or recurring transfer 0.05% N/A
TD Beyond Savings $15 $20,000 minimum daily balance 0.01% to 0.10% 0.05% to 0.50%

Like most banks, the more money you have on deposit, the more interest you’ll earn on savings accounts.

With TD Bank, you won't see the best savings rates—which are still less than what's offered by some online-only banks—until you have $250,000 or more on deposit with the bank.

TD Growth Money Market

If you'd like the ability to write checks from your savings account, the TD Growth Money Market account offers the following tiered rates (as of Aug. 17, 2020): 

Money Market Accounts
Balance Standard APY APY with Rate Bump
$0.01- $999.99 0.01% 0.05%
$1,000-$1,999.99 0.01% 0.05%
$2,000-$4,999.99 0.10% 0.05%
$5,000-$9,999.99 0.10% 0.05%
$10,000-$24,999.99 0.10% 0.05% (up to $19,999.99)
 
$25,000-$49,999.99 0.15% 0.20% (starting at $20,000)
$50,000-$99,999.99 0.15% 0.25%
$100,000-$249,999.99 0.15% 0.35%
$250,000-$499,999.99 0.15% 0.50%
$500,000-$999,999.99 0.15% 0.50%
$1,000,000-$9,999,999.99 0.15% 0.50%
$10,000,000 and above 0.15% 0.50%

Even with Rate Bump, you're still likely to find higher interest rates and lower minimum balances at another bank.

Certificates of Deposit

TD Choice Promotional CDs
Term Standard APY Rate Bump APY
3 Months 0.05% 0.20%
6 Months 0.05% 0.20%
9 Months 0.05% 0.10%
12 Months 0.05% 0.20%
18 Months 0.05% 0.10%
24 Months 0.05% 0.10%
36 Months 0.05% 0.10%
60 Months 0.05% 0.10%

With a minimum deposit of $250 and a linked eligible checking account, you can earn up to a 0.20% return on a promotional CD with Rate Bump as of Aug. 17, 2020. Eligibility for checking accounts means that the account is in good standing and active. CDs are FDIC-insured up to the federal limit.

TD Choice No-Catch CDs
Term Standard APY
6 Months 0.15%
12 Months 0.20%

TD's no-catch CDs differ from its promotional CDs because no-catch options allow you to make one withdrawal per year without a penalty, and there is no bump rate.

TD Step Rate CDs
Term Standard APY
3 Years 0.33% (composite rate)
5 Years 0.64% (composite rate)

TD Step Rate CDs increase their APYs every year and you can make one penalty-free withdrawal once a year on the account anniversary.

Early Withdrawal Penalties

No withdrawals are allowed within the first seven days of a CD term. Early withdrawal from your CD will incur a penalty ranging from three months of earned interest to all earned interest you earn depending on term length.

If you're concerned about penalties, you can also check out the TD No-Catch CDs, which permit one penalty-free withdrawal per term, or TD Step-Rate CDs, which permit one penalty-free withdrawal each anniversary.

Credit Cards

TD Bank has two different credit cards on offer, with either rewards or cash back.

Prepaid Cards

If you're looking for a prepaid card, you'll find a few options at TD Bank. These reloadable cards can be used anywhere Visa is accepted. They include:

  • TD Connect Reloadable Prepaid Card
  • TD Go Reloadable Prepaid Card
  • TD Bank Visa Gift Card

With the Connect card, you can access TD ATMs and fund the card online or over the phone, or even with direct deposit. The Go card is aimed at teens and requires a $20 initial load and carries a $4.95 purchase fee.

Other Financial Products From TD Bank

TD Bank offers a wide array of other products, including:

TD Bank Customer Service

You have many options for reaching TD Bank. With their extended hours, you might visit a branch before or after work, on the weekend, or even on some holidays. You have access 24/7 via the website, phone, or mobile app, and the company encourages you to reach out with general comments or questions via Facebook Messenger and other social media.

How to Bank With TD Bank

With TD Bank, it's easy to 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 fund the initial deposit, such as a debit card or existing bank routing and account numbers. You may also have the option to open an additional account as well—you can add a savings account when you're opening a checking account, for example.

The Final Verdict

Benefits

TD Bank offers a wide array of deposit accounts, including prepaid cards, but where they really shine is convenience. They have extended weekday and weekend hours, online access, and a mobile app. They also offer reimbursement for ATM fees for some account holders and free in-network ATMs for all account holders.

Drawbacks

You won't be impressed by TD Bank’s interest rates on CDs, savings account, and interest-bearing checking accounts. Although they're average for a brick-and-mortar financial institution, they're offset by the high minimum balance requirements necessary to receive them, and the rates offered on lower balances aren't very competitive. You'll have better results if you can qualify for TD's Rate Bump feature.

Article Sources

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  4. TD Bank. "Compare TD Bank Accounts." Accessed Aug. 17, 2020.

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  7. TD Bank. "TD 60 Plus Checking." Accessed Aug. 17, 2020.

  8. TD Bank. "TD Beyond Savings." Accessed Aug. 17, 2020.

  9. TD Bank. "TD Growth Money Market." Accessed Aug. 17, 2020.

  10. TD Bank. "TD Bank CDs." Accessed Aug. 17, 2020.

  11. TD Bank. "Personal Deposit Account Agreement," Page 39. Accessed May 11, 2020.

  12. TD Bank. "Prepaid Visa Cards." Accessed Aug. 17, 2020.

  13. TD Bank. "Contact Us." Accessed Aug. 17, 2020.