TD Bank Review
Is TD Bank a good 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.”
What We Like, What We Don't Like
1,200 locations on the East Coast
Full-service bank, including mortgages and home equity loans
Extended hours of operation
24/7 customer service
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
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.
- Checking accounts
- Savings accounts
- Money market accounts
- Certificates of deposit (CDs)
- Credit Cards
- Prepaid Cards
- Bank online, by phone, with the mobile app, or in person
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.
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 balance||0.01% to 0.10%||0.10% to 1.00%|
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.
If you withdraw from your savings account more than six times in a month, you'll face a $9 fee per transaction over the allowed amount.
TD Growth Money Market
If you'd like the ability to write checks from your savings account, the TD Growth Money Market account offers tiered rates, starting at 0.01% on balances less than $1,000; 0.05% if you have more than $1,000; and 0.10% if your balance is $25,000 or above.
With TD Bank's Rate Bump, you can get 0.15% APY on balances over $25,000. If you have at least $2,000, you'll get 0.10% APY, and balances lower than that will receive 0.01% APY (as of May 11, 2020). Even with Rate Bump, you're still likely to find higher interest rates and lower minimum balances at another bank.
Though you can write checks from this account, you are restricted to no more than six electronic transfers, checks, or withdrawals in a one-month period. More than that and TD Bank charges a fee of $9 per transaction.
Certificates of Deposit
TD Bank is slightly more competitive with CDs. With a minimum deposit of $250 and a linked eligible checking account, you can earn a 0.50% return on a CD with Rate Bump as of May 11, 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 Promotional CDs|
|Term||Rate Bump APY||Standard APY|
No withdrawals are allowed within the first seven days of the CD term. Early withdrawal from your CD will incur a penalty—how much it is will depend on term length. For example, three-month CDs will be penalized all interest; 60-month CDs will be penalized 24 months of interest.
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. The highest rates offered by those accounts are 0.20% APY and 0.64% APY, respectively.
TD Bank has two different credit cards on offer, with either rewards or cash back.
- TD Cash Credit Card
- TD First Class Visa Signature Credit Card
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:
- Home equity loans
- Home equity lines of credit
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 Bottom Line
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.
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.
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TD Bank. "TD Simple Savings Account Guide," Page 2. Accessed May 11, 2020.
TD Bank. "TD Growth Money Market." Accessed May 11, 2020.
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TD Bank. "TD Bank CDs." Accessed May 11, 2020.
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