TD Bank Review 2024

TD Bank logo

TD Bank

8.6

BankBonus.com rating

Expert Take

TD Bank is a solid option overall, with a number of competitive products, a user-friendly mobile app, and an emphasis on convenience and customer satisfaction.

Pros

  • Many Physical Locations on East Coast
  • 24/7 Customer Service
  • Extended Bank Hours
  • Wide Variety of Products

Cons

  • High Balance Thresholds for Best Interest Rates
  • Limited Locations off the East Coast

Bonus Offers

10.0

Product Variety

10.0

Customer Experience

8.0

Interest-Bearing Accounts

5.0

Fees

5.0

Free ATM Access

10.0

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Learn More

at TD Bank

TD Bank is self-proclaimed as America’s most convenient bank.

Headquartered in New Jersey, TD Bank is the U.S.-based subsidiary of Toronto-Dominion Bank, a Canadian multinational financial institution. The organization is also known as TD Bank Group.

TD Bank has deep roots in the East Coast. It was founded in 1852 in Portland, Maine, and was first known as Portland Savings Bank.

Today, TD Bank is the tenth largest bank in the US in terms of deposits. The East Coast-based bank has 1,100 locations in 16 states and Washington, D.C.

If you want to brush up on TD Bank’s products and services, TD Bank reviews are the perfect place to start. Keep reading to learn about TD Bank’s deposit accounts, credit cards, loans, customer service reviews, and more.

TD Bank Checking Accounts

TD Bank offers five types of checking accounts, with different features depending on your needs.

TD Simple Checking

TD Simple Checking is a no-frills, entry-level checking account platform.

There’s no minimum balance requirement, and you’ll get everything you could expect from an everyday checking account, plus a few small perks. You’ll get a debit card, a discounted rate on your first order of checks, and a .25% discount on TD home equity loans.

Simple Checking has a $5.99 monthly service fee. Unfortunately, there’s no way to get around this charge. There’s also a $3 fee for paper statements, but you can easily avoid it if you opt for eStatements.

TD Beyond Checking

TD Beyond Checking is a premium account option that better fits people with higher balances.

Beyond Checking is an interest-bearing account, so you’ll earn interest up to 0.01% on your deposits, a nice little bonus for a checking account.

You’ll also get reimbursed for non-TD ATM fees if you carry a daily balance of at least $2,500. Finally, you can also get overdraft fees waived up to twice a year.

The monthly fee for Beyond Checking is $25, which is pretty steep.

There are three ways to avoid the fee.

  • Receive monthly direct deposits of $5,000 or more
  • Maintain a daily balance of $2,500
  • Maintain a combined balance across all TD accounts of at least $25,000.

The good news is that TD’s savings and Money Market account fees are automatically waived with a Beyond Checking account.

TD 60 Plus Checking

If you’re 60 or older, TD has a checking account just for you.

TD 60 Plus Checking is an interest-bearing checking account that pays 0.01% on all deposits. Some other benefits include fee-free standard bank checks and a monthly fee waiver on paper statements.

To avoid the $10 monthly fee, you must maintain a daily balance of $250.

The above TD checking accounts come with 24/7 online banking and customer support. TD also guarantees an instant debit card replacement at physical locations if you need a new one.

TD Essential Banking

TD Essential Banking is a checkless checking account that includes online bill pay or a contactless debit card to make purchases.

It’s a great starter account with no monthly maintenance fee for kids ages 13 – 17. Otherwise, it’s $4.95 per month. This account does not earn interest, and paper statements have a $1 fee.

TD Bank Savings Accounts

TD Bank has two savings accounts to choose from. Both accounts will earn you interest and can be used as overdraft protection on a linked checking account.

TD Simple Savings

The TD Simple Savings Account is exactly as it sounds — a simple account to stash away your money.

It’s easily linked for transfers to your checking account, and you’ll earn interest on all deposits.

The APY currently sits at 0.02%, which is pretty low, but it’s still slightly above average compared to bigger national banks.

There’s a $5 monthly fee, which the bank waives if you’re 18 or younger or 62 or older.

Otherwise, the fee is waived for the first year if you transfer at least $25 monthly from your linked TD checking account. After that, you must maintain a daily balance of $300 to avoid the monthly fee.

TD Signature Savings

Signature Savings is TD’s highest-yield savings account, with an APY of up to 0.5%. Unfortunately, you’ll need to maintain a pretty aggressive balance to get it.

The account is tiered, so the more you deposit, the more you’ll earn in interest.

You’ll also get a slightly higher rate if you have multiple accounts with TD, through what the bank calls a Relationship Bump Rate.

Here’s the current breakdown for the different tiers:

  • < $10,000: 0.01%
  • $10,000+: 0.05%

The relationship rate varies from 2% – 4% and starts with balances of $10,000. Overall, those rates aren’t bad, but the high threshold to get the best ones makes them less accessible.

If you want high-yield savings with fewer requirements, look into a top HYSA bank or credit union. Signature Savings has a $15 monthly fee, and you’ll need a daily balance of at least $10,000 to avoid it.

TD Bank CDs (Certificates of Deposit)

TD Bank offers three different types of certificate of deposit accounts (CDs):

TD Choice Promotional CDs

TD Choice CDs is the bank’s standard CD product. The more you deposit and the longer the term you select, the higher the rate you will earn.

With a Choice CD, you can set the terms of your account from 3 months to 5 years. The current starting APY is 1.00%. You’ll need a TD checking account to reach the highest tier of 5.00%.

Choice CDs require a minimum opening deposit of $250, and there is no monthly fee.

TD No-Catch CDs

TD’s No-Catch CD might be a good option if you are worried about not being able to access your funds for the duration of the term As a reminder, most CDs typically charge an early withdrawal penalty if you try to remove your funds before the term expires.

No-Catch CDs currently offer a 0.05% APY and come with either a 6-month or a 12-month term. Once per term, you can withdraw funds without facing an early withdrawal fee. The minimum opening deposit is $250.

TD Step Rate CDs

TD Step Rate CDs offer a competitive APY on a CD. Step Rate also comes with an extended-term length.

To set one up, you’ll need the same $250 opening deposit as the other CDs, and you can select either a 3-year or 5-year term. Each year, your APY will increase or “step” up by 0.05%.

The 3-year option starts out at 0.05% APY and reaches 0.15% in year three. The 5-year option starts at 0.05% APY and maxes out at 0.25% during the fifth year.

Another nice perk to Step Rate is that you get a fee-free withdrawal on each account opening anniversary date.

TD Bank Credit Cards

TD has some good credit card options covering all your financing needs. TD Bank reviews should examine what you can get out of each one.

TD Cash

TD Cash is a rewards credit card that pays 3% and 2% cash back on two categories of your choice, which you can change quarterly. You can also earn 1% back on everything else.

TD is currently offering a solid introductory bonus for TD Cash. New cardholders can earn a $150 bonus if they spend just $500 in the first three months of opening the account.

New cardholders also earn 5% back on groceries for the first year on up to $6,000 in spending. There’s also a 0% balance transfer introductory APR that lasts for 15 months.

TD Cash has no annual fee and no fees on any foreign transactions.

TD Double Up

The TD Double Up credit card pays 2% back on all purchases without any rotating categories or anything to activate. The card has no annual fee and includes benefits like cell phone protection if you pay your bill with your TD credit card.

The TD Double Up credit card has no annual fee, and you can earn $100 cash back if you spend $1,000 in the first 90 days. The card also includes a 0% balance transfer APR for the first 15 months.

TD FlexPay

The TD FlexPay credit card is good for people with large balances and who want a 0% APR. The card includes a 0% balance transfer APR for 18 months and has no annual fee.

After owning the account for six months, you can skip one payment per year. You choose the month you want to skip, and keep some extra money in your pocket.

TD Bank will also refund your first late payment fee charged annually if you miss a payment.

TD Clear Visa Platinum

The TD Clear Visa Platinum cards are a new option. They don’t charge late payments or foreign transaction fees and have a credit limit of $1,000 or $2,000. However, the accounts have a monthly fee of $10 for the $1,000 credit limit and $20 for the $2,000 limit.

The benefit of the cards is they have a predictable minimum payment of $45 (including monthly fee) for the $1,000 limit and $70 for the $2,000 limit.

TD Cash Secured

TD Cash Secured is a low-risk option for those looking to build credit while avoiding potential interest fees.

Since TD Cash Secured is a secured credit card (as the name suggests), you must deposit money into the account or “secure” it.

You can fund a Cash Secured credit card up to $5,000 by making deposits into a TD savings account.

The funds in that bank account will be frozen, acting as a security deposit on your credit card. After that, the card will work as a normal credit card, and you’ll earn 1% cash back on all purchases.

TD First Class℠ Visa Signature

The TD First Class℠ Visa Signature is a travel rewards card that racks up airline miles on eligible purchases.

When you use the card to pay for travel expenses, such as flights, hotels, dining, and car rentals, you’ll earn triple miles.

The card has an $89 annual fee, which is waived for your first year. The card also offers a sign-up bonus of 25,000 miles (worth about $250) if you spend $6,000 within the first six months of opening the card.

TD Business Solutions

TD Business Solutions earns cash back for each dollar you spend on small business-related purchases. You’ll earn 2% cash back on all eligible purchases.

Best of all, the TD Business Solutions credit card has no annual fee, and the bank is currently offering a $400 sign-up bonus if you spend $3,000 or more within the first three months of opening your account.

TD Bank Features

Brick-and-Mortar Locations

If you live on the East Coast, you can take advantage of a local branch. TD boasts some of the longest hours in the industry, with most locations opening early and closing late. They’re even open on Sundays. There are 1,100 TD locations in the US, with an additional 2,600 network ATMs.

Online Banking

With TD’s online banking platform, you’ll have 24/7 access to your accounts. You can transfer money or send it with Zelle, use online bill pay, order checks, and more.

TD Mobile

The TD Bank mobile banking app is well-liked by account holders, with a 4.8-star rating (out of 5) in the App Store and a 4.2-star rating (out of 5) in the Google Play Store. Right from the app, you’ll be able to deposit checks, pay your credit cards, access your digital wallet, and view your account statements.

Cross-Border Banking

Since TD’s parent company is Canadian, there’s quite a bit of flexibility on either side of the border. If you’re a Canadian living in the U.S. or just a frequent border crosser, you can take advantage of easy currency exchanges and accounts that allow for deposits in either American or Canadian dollars.

TD Bank Fees

Banking with TD comes with several different potential fees. Let’s look at the most common ones you may run into.

Monthly Maintenance Fees

Good news! Except for Simple Checking, every monthly fee associated with a bank account at TD is avoidable.

Generally speaking, you can work around TD’s account maintenance fees by maintaining a certain daily balance associated with the account. Keep in mind that this is different than an average daily balance, so if your balance falls below the threshold even one day of the month, you’ll get hit with a fee.

Here is a summary of the monthly maintenance fees for each TD account:

TD Account Type Monthly Service Fee Avoidable?
TD Simple Checking $5.99 No
TD Convenience Checking $15 Yes
TD Beyond Checking $25 Yes
TD 60 Plus Checking $10 Yes
TD Simple Savings $5 Yes
TD Signature Savings $15 Yes

Overdraft Fees

TD charges a $35 overdraft fee, which can hit up to five times a day if you continue to make transactions with insufficient funds.

You can avoid overdraft fees by enrolling in overdraft protection, which rolls funds over from your savings account to cover the difference.

ATM Fees

Using a non-TD ATM results in a $3 fee on top of the fee from the ATM itself.

The only way to avoid this one is to enroll in a Beyond account, which reimburses you for any ATM fees. If ATM access is important, you’ll want to make sure that there are TD ATMs nearby.

Wire Transfer Fees

TD Bank charges some pretty hefty wire transfer fees. There’s a $15 fee for incoming wire payments, a $30 fee for outgoing wires, and a $50 outgoing international wires.

Getting Started

In line with its core emphasis on convenience, signup with TD Bank is pretty easy. Within just a few minutes, you can enroll for an account or credit card online, over the phone, or in person.

Once you’re signed up, you can enroll in online and mobile banking. You’ll also have access to TD’s 24/7 customer service.

TD Bank Promotions

Here are some of the best TD Bank promotions going on right now:

1. Beyond Checking - $300 bonus

Expires: January 1, 2025

TD Bank is offering a $300 welcome bonus for opening a personal checking account and using direct deposit within the first 2 months. What's more, you can maximize this promo by also opening a new personal savings account — stacking an extra $200 on top of this offer for a total of $500.

If the $2,500 in direct deposit is too high, they're also running a smaller offer with only a $500 deposit requirement.

While this isn't available nationwide, it is open to a healthy list of states, and is no longer targeted to select customers.

If you're eligible, we definitely recommend claiming this easy bonus.

Offer is available in these states: CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT

How to earn the bonus

The Beyond Checking sign up offer requires you to set up direct deposits in order to earn the $300 bonus. Full requirements to receive this bonus are:

  1. Open a TD Beyond Checking account using the link below.
  2. Within 60 days, have a total of $2,500 in direct deposits.
  3. Bonus will be paid on or before 180 days after account opening.

read the full terms

2. Complete Checking - $200 bonus

Expires: January 1, 2025

TD Bank is offering a $200 welcome bonus for opening a personal checking account and using direct deposit within the first 2 months. What's more, you can maximize this promo by also opening a new personal savings account — stacking an extra $200 on top of this offer for a total of $400.

This is the highest we've seen this offer so now might be a great time to jump on it if you've been on the fence.

This is the smaller of 2 personal checking welcome offers that TD is currently running, with the other requiring a $2,500 direct deposit for a $300 bonus.

While this isn't available nationwide, it is open to a healthy list of states, and is no longer targeted to select customers.

If you're eligible, we definitely recommend claiming this easy bonus. Offer is available in these states: CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT

How to earn the bonus

The Complete Checking sign up offer requires you to set up direct deposits in order to earn the $200 bonus. Full requirements to receive this bonus are:

  1. Open a TD Complete Checking account using the link below.
  2. Within 60 days, have a total of $500 in direct deposits.
  3. Bonus will be paid on or before 180 days after account opening.

read the full terms

3. Personal Savings Account - $200 bonus

Expires: April 30, 2024

TD Bank is offering a $200 welcome bonus if you open a new savings account by April 30th, 2024. It works out to effectively be an interest rate of about 4%.

What's more, you can maximize this promo by also opening a new personal checking account — stacking an extra $300 or $150 on top of this offer for a total of up to $500.

While this isn't available nationwide, it is open to a healthy list of states, and is no longer targeted to select customers.

How to earn the bonus

The Personal Savings Account sign up offer requires you to deposit and maintain a minimum balance in order to earn the $200 bonus. Full requirements to receive this bonus are:

  1. Open a TD Savings account using the link below.
  2. Within 20 days, deposit $20,000 and maintain that balance for 90 days.
  3. Bonus will be paid on or before 180 days after account opening.

read the full terms

Security

TD has a number of security measures in place to protect you and your money. Here are some high-level security features you can expect:

  • FDIC-Insured: Your deposits with TD are protected up to $250,000.
  • 24/7 Phone Lines: Report a lost or stolen card or report identity theft whenever you need to.
  • TD VoicePrint: You can enroll in VoicePrint, a voice recognition software that validates your identity over the phone.
  • Security Codes: TD may send single-use security codes directly to your mobile device to verify your identity.
  • Security Alerts: Data breaches are heavily monitored, and you’ll be alerted if an incident occurs.

Customer Service and Support

Regarding customer service, TD Bank has most of the right pieces in place, such as 24/7 access to representatives, physical locations with extended hours, and a solid online platform. You can even request help on Facebook and Twitter.

Furthermore, TD Bank has won several awards. In January 2020, for example, J.D. Power ranked TD as the top bank overall in the U.S. for customer satisfaction.

On the other hand, like most of the big banks, you can read about some less-than-ideal online reviews from account holders. In that light, TD currently holds a rating of just 1.4 stars (out of 5) on Trustpilot.

Customer Reviews

With a less-than-perfect Trustpilot rating, there are mixed reviews concerning customer experience with TD Bank. Here are what some customers have to say.

TD is a good bank for my general banking needs. It has plenty of ATMs in my area, a branch close by, and a decent customer service department, which was previously an issue for me. I have found TD to be fine for my day-to-day banking needs.
Alan Cass Trustpilot

One of their ATMs destroyed my card and I couldn't take any money out. The phone support wasn't helpful.
James Trustpilot

Get ready to be transferred 100x with no answers. Can’t even send a letter for proof of coverage.
Brent Jefkins Trustpilot

Pros and Cons

Pros:

  • Many physical locations on the East Coast
  • 24/7 customer service
  • Extended bank hours
  • Wide variety of products and services

Cons:

  • High balance thresholds for premium interest rates
  • Lots of monthly fees
  • Limited locations outside of the East Coast

Alternatives to TD Bank

Some of the more common alternatives to TD Bank include the big national banks, such as:

When it comes to CDs and money market accounts, you might also want to look into online banks, such as:

Frequently Asked Questions

Before we close the book here, let’s answer some questions about TD Bank that frequently come up.

Is TD Bank a good bank?

Overall, yes. TD Bank has competitive products and services that match up well with bigger banks. You can also expect solid customer service.

That said, if you don’t live on the East Coast, many of the benefits of banking with TD won’t be available to you.

Is TD Bank Safe?

Yes, TD Bank is safe. It’s one of the biggest banks in the country and is insured by the FDIC. The bank also has many security measures to protect unauthorized access to your account.

Is TD Bank good for a savings account?

It depends. If all you need is a convenient account to link with your checking and put money away, you’ll find it with TD. Also, if you have a lot of money to save, you’ll get access to some pretty competitive APYs.

However, if you are only looking for the best savings account, you should probably check the top HYSAs.

Several online-only banks offer higher interest rates without the need to carry a high account balance to get them.

Is TD Bank or Chase better?

It depends on your banking needs. When it comes to size, there’s no comparison. While both are large national banks, Chase has a significantly wider presence, offering more accounts and credit cards.

That said, TD seems to have a better handle on customer service, and the interest rates on deposit accounts are higher. TD Bank also offers the added benefit of extended branch hours.

As you can see, whether Chase or TD Bank is a better option really comes down to what is most important to you in a banking experience.

Is TD Bank Right For You?

TD could be the perfect fit if you’re located on the East Coast and looking for a bank that offers 24/7 customer support and extended branch hours.

But, as with any large financial institution, TD Bank isn’t without its drawbacks. There are fees, not everyone loves the customer service, and you might not be able to find an ATM while traveling.

With all of this in mind, TD is a solid option overall, with several competitive products, a user-friendly mobile app, and an emphasis on convenience and customer satisfaction. No matter which way you decide to go, you could certainly do worse than that.

When it comes to personal finance, it’s all about finding a banking partner that best serves whatever it is that you need. Here’s to achieving that goal.

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