TD Bank Review

TD Bank

Overall Rating

9

Bottom Line

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

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, which a Canadian multi-national financial institution. The organization is also known as TD Bank Group.

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

Today, TD Bank is the seventh-largest bank in the US in terms of deposits. The East Coast-based bank has 1,300 locations in 16 states and Washington, D.C.

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

In This Article

TD Bank Checking Accounts

TD Bank offers four different 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 a TD home or personal loan.

Simple Checking comes with a $5.99 monthly service fee. Unfortunately, there’s no way to get around this charge.

There’s also a $1 fee for paper statements, but this one can be easily avoided if you opt for eStatements.

TD Convenience Checking

TD Convenience Checking is the bank’s most popular checking account. It’s also a great option for students.

Convenience Checking comes with all the same benefits as Simple Checking, but without the monthly fee (if you meet the requirements).

The standard monthly maintenance fee is $15, which is definitely not ideal.

However, the bank waives this fee if you’re between 17 and 23 years old, or if you maintain a daily balance of at least $100.

TD Beyond Checking

TD Beyond Checking is a premium account option that’s a better fit for people who tend to hold a higher balance.

Beyond Checking is an interest-bearing account, so you’ll earn interest up to 0.03% on your deposits, which is a nice little added bonus for a checking account.

You’ll also get reimbursed for non-TD ATM fees as long as 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 with a Beyond Checking account, the fees on TD’s savings and Money Market accounts are automatically waived.

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 0.03% 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, all you have to do is maintain a daily balance of $250.

Each of the above TD checking accounts comes with 24/7 online banking and customer support.

TD also guarantees an instant debit card replacement at physical locations if you end up needing a new one.

TD Bank Savings Accounts

TD Bank has three types of savings accounts to choose from.

All three 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 when you compare it with 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 in at least $25 a month. After that, you’ll have to maintain a daily balance of $300 to avoid the monthly fee.

TD Beyond Savings

Beyond Savings is TD’s highest-yield savings account, with an APY of up to 0.10%. 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:

  • $0.01-$19,999.99: 0.01%
  • $20,000-$49,999.99: 0.03%
  • $50,000-$99,999.99: 0.03% 
  • $100,000 – $249,999.99: 0.05% 
  • $250,000 or more: 0.10%

Overall, these rates aren’t bad, but the high threshold to get the best ones makes them less accessible.

If you’re interested in high yield savings with fewer requirements, look into a top HYSA bank or credit union.

Beyond Savings has a $15 monthly fee, and you’ll need a daily balance of at least $20,000 to avoid it.

TD Growth Money Market

TD’s Growth Money Market works in a similar way to their Beyond Savings.

The interest rate is tiered, and you’ll have access to a Relationship Bump Rate. However, you’ll need to make transfers of at least $50 per month to qualify for it.

Here are the current tiers for Growth Money Market:

  • $0.01-$1,999.99: 0.01%
  • $2,000- $24,999.99: 0.05%
  • $25,000 or more: 0.10%

Similar to Beyond Savings, the rates for Growth Money Market are competitive, and in this case much more attainable.

That said, there are still accounts with better (and easier to get) rates out there.

With this account, you’ll pay a $12 monthly fee unless your daily balance stays at $2,000 or more.

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 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 0.05%. To reach the highest tier of 0.10%, you’ll need a TD checking account, and at least $10,000 in your CD.

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 the highest APY on a CD that TD has to offer. 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 on each account opening anniversary date, you’re entitled to a fee-free withdrawal.

TD Bank Credit Cards

TD has relatively limited credit card options, with only four cards currently available. That said, TD’s cards still should cover most of your basic credit card needs.

Let’s take a look at what you can get out of each one.

TD Cash

TD Cash is a rewards credit card that gives you the best bang for your buck when eating out. You’ll earn 3% cash back at restaurants, 2% back at grocery stores, and 1% back on everything else.

TD is currently offering a solid introductory bonus for TD Case.

New cardholders can earn a $150 bonus up if you spend just $500 in your first three months of opening the account.

There’s also a 0% introductory APR that lasts for 15 months, making this a good option for balance transfers.

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

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) that means you have to 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, and car rentals, you’ll earn triple miles.

The card comes with an $89 annual fee, which is waived your first year.

The card is also offering a sign-up bonus of 25,000 miles (worth about $250) if you spend $6,000 within the first 6 months of opening the card.

TD Business Solutions

TD Business Solutions earns cash back for each dollar that you spend on small business-related purchases.

You’ll earn 3% cash back on normal expenses like phone, internet, and cable bills. Gas station and restaurant purchases earn 2% cash back. All other purchases earn 1% cash back.

Best of all, the TD Business Solutions credit card has no annual fee, and the bank is currently offering a $300 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’ll be able to take advantage of a local branch.

TD boasts some of the longest hours in the industry, with most locations open early and closing late. They’re even open on Sundays.

There are 1,300 TD locations in the US, with an additional 700 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’s mobile banking app is well-liked by account holders, with a 4.8-star rating (out of 5) in the App Store, and a 4.4-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 take a look into the most common ones that you may run into.

Monthly Maintenance Fees

Good news: With the exception of Simple Checking, every monthly fee associated with a bank account at TD is avoidable.

Generally speaking, you can work your way 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 Beyond Savings $15 Yes
TD Growth Money Market $12 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.

However, there is an unavoidable $3 fee each time overdraft protection kicks in.

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 the current TD Bank promotions offered right now:

BankAmountExpiresRequirements 
TD Bank LogoTD Bank Beyond Checking $300 N/A
  • Direct Deposit
TD Bank LogoTD Bank Personal Savings Account $200 November 30, 2021
  • Minimum Balance
TD Bank LogoTD Bank Convenience Checking℠ $150 N/A
  • Direct Deposit
see all bonuses

Security

TD has a number of security measures in place to protect you and your money. Here are some high-level security features that 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, any time you need to.
  • TD VoicePrint: You can enroll in VoicePrint, which is a voice recognition software that validates your identity over the phone.
  • Security Codes: To verify your identity, TD may send single-use security codes directly to your mobile device.
  • Security Alerts: Data breaches are heavily monitored, and you’ll be alerted if an incident occurs.

Customer Service and Support

When it comes to customer service with 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 1.2 stars (out of 5) on TrustPilot.

Pros and Cons

Pros:

  • Lots of 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 in place 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’re on the higher end in terms of income, you’ll get access to some pretty competitive APYs.

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

Several online-only banks are offering higher interest rates and 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 banks are large, national banks, Chase has a significantly wider presence with offers more accounts and way more 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?

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

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 a number of 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.