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Home » Banking » Bank Reviews » TD Bank Review

TD Bank Review

Updated: February 18, 2022 By Robert Farrington

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TD Bank Review

TD Bank is a full service bank that is primarily found on the East Coast of the United States. It also has a large online presence, and claims to be "America's Most Convenient Bank".

With that being said, how does TD Bank compare? Should you consider them for your checking and savings needs? What about business banking?

We break down all the features in our review below. See now TD Bank compares to our top free checking accounts.

Note: Don't confuse TD Bank with TD Ameritrade the brokerage.


TD Bank Logo

Quick Summary

  • Full-service bank with large presence on the East Coast.
  • Great checking account sign up bonuses.
  • Virtually all products have fees if minimum balance is not met.
OPEN AN ACCOUNT

TD Bank Details

Product Name

TD Bank

Min Deposit

$0

APY

Up to 0.05%

Account Types

Checking, Savings, CDs, Money Market

Promotions

None

Table of Contents
Who Is TD Bank?
What Do They Offer?
Are There Any Fees?
How Does TD Bank Compare?
New Account Bonus Offers
How Do I Open An Account?
Is My Money Safe?
How Do I Contact TD Bank?
Is It Worth It?
TD Bank FAQs
TD Bank Features

Who Is TD Bank?

TD Bank is a full-service bank with branches up and down the east coast. They’ve been around for over 150 years, with roots back to 1852 in Maine. According to mx.com 2019 rankings, TD Bank was ranked #9, with assets of $305,418,987. TD Bank is a member FDIC.

What Do They Offer?

In this article, we’ll focus on TD Bank’s deposit accounts — checking, saving, and CDs. Here’s the main point on TD Bank — if you are on the East Coast and want a full-service bank with plenty of branches, TD Bank is a great option. However, like many banks that have branches, interest rates on its savings accounts and CDs aren’t competitive.

Checking Accounts

TD Bank’s checking account products offer some nice signup bonuses. You can earn a $300 bonus with TD Beyond Checking when you make $2,500 in direct deposits within the first 60 days of opening the account. The TD Convenience Checking comes with a $150 bonus when you make $500 in direct deposits within the first 60 days. This checking account also earns interest. You are reimbursed for up to two overdraft fees per year.

The TD Beyond Checking has a monthly maintenance fee of $25 but can be avoided in three ways — $2,500 minimum daily balance, $5,000 monthly in direct deposits, or $25,000 combined balance across eligible TD accounts. Non-TD ATM fees are also reimbursed if you keep a $2,500 minimum daily balance. Open a TD Beyond Checking Account here >>

The TD Convenience Checking only requires a $100 balance to avoid the $15 monthly fee. This is a no-frills checking account. Open an TD Convenience Checking Account here >>

Savings Accounts

On any of TD Bank’s savings accounts, unless you have over $20,000 in the account, you’ll only earn between 0.01%-0.05%. Its top tier requires at least $250,000. Obviously, TD Bank’s savings products aren't competitive since you can earn far higher rates elsewhere with far less.

TD Bank’s savings accounts also have fees. For the lower-level account (TD Simple Savings), you’ll need to maintain a $300 balance to avoid the $5/mo fee. The next-level account is the TD Growth Money Market, which requires a $2,000 balance to avoid the $12/mo fee.

CDs

TD Bank offers three types of CDs — 3 month, 6 month, and 12 month.

The 3 month CD requires just a $250 deposit, which isn’t bad. But the rates for each CD are paltry at just 0.05% APY. 

See the best bank CD rates here.

Mobile App

Most TD Bank products include access to its mobile banking app. It lets you deposit checks, view your statements, transfer between accounts, and find branch locations and ATMs.

Are There Any Fees?

Yes — checking and savings account products will incur a monthly fee if the balance minimum is not met. The non-TD ATM fee, where applicable, is $3.

The check and ACH stop fee is $30 but waived on the TD Beyond Checking account. Overdraft protection transfer fee (per daily transfer) is $3. This fee is waived on TD Beyond Checking and TD Convenience Checking accounts. Return (NSF)/overdraft – paid (per item) is $35.

How Does TD Bank Compare?

TD Bank isn't able to compete with most of the top online banks on fees or APY. But it does have a large branch and ATM network. So if you live in the East Coast and in-person support or cash access are priorities to you, TD Bank could be worth considering. Here's a quick look at how they compare:

Header
TD Bank Logo
Chime

Rating

Top APY

0.05%

0.50%

0.50%

Monthly Fees

$4.95 to $25 (maintenance fees for most account can be waived by meeting requirements)

$0

$0

Min Deposit

$0

$0

$0

FDIC Insured

Cell
OPEN ACCOUNT
READ THE REVIEW
READ THE REVIEW

New Account Bonus Offers

TD Bank does not currently have any new account bonus offers available. 

How Do I Open An Account?

You can open an account online at TD.com or at a branch. Opening an account online only takes a few minutes. To complete the account application, you'll need to provide basic personal information, your SSN, and a government-issued ID.

Is My Money Safe?

Yes - deposits are FDIC insured up to $250,000 per depositor. They also uses high-grade encryption on its website and mobile app.

How Do I Contact TD Bank?

There are many ways to get assistance for your TD Bank account. In addition to visiting your local branch, you can access phone assistance 24/7 at 1-888-751-9000. TD Bank also offers Facebook Messenger support and has accessibility services.

As is common with brick-and-mortar banks, TD Bank's customer service reviews on Trustpilot are overwhelmingly negative (it's currently rated 1.2/5 on the platform). However, the bank is rated B+ with the Better Business Bureau (BBB).

Is It Worth It?

If you want a checking account with a full-service bank that has lots of branches and you live on the east coast, TD Bank is a great option.

Its checking account products do have fees but these are easily avoided by meeting the minimum balances. For high-yield savings accounts, you’ll want to look at other banks as TD Bank doesn’t offer anything competitive and its savings account products have fees if the balance minimums are not met.

See our full list of the best high yield savings accounts here.

TD Bank FAQs

Let's answer a few common questions that people ask about TD Bank:

Is TD Bank affiliated with TD Ameritrade?

No, the two companies have always operated as completely separate entities. Furthermore, Charles Schwab acquired TD Ameritrade in October 2020.

Does TD Bank have branches in Canada?

No, while TD Bank's parent company (Toronto-Dominion Bank) is based in Canada, its U.S. and Canadian operations are separate. It operates as TD Canada Trust in Canada.

Can you use you the TD Bank debit card with digital wallets?

Yes, the bank's debit card can be used with Apple Pay, Samsung Pay, and Google Pay.

Does TD Bank have a fee-free checking account?

No, while it's possible to waive the monthly maintenance fee on some of TD Bank's accounts by meeting a minimum balance requirement, it doesn't have any fully fee-free accounts. The lowest-fee account that TD Bank offers is its Essential Checking which has a $4.95 monthly fee and no minimum daily balance requirement.

TD Bank Features

Account Types

  • Checking
  • Savings
  • CDs
  • Money Market

Minimum Deposit

$0

APY

Up to 0.05%

Maintenance Fees

  • Beyond Checking: $25
  • Convenience Checking: $15
  • Beyond Savings: $15
  • Simple Savings: $5
  • Growth Money Market: $12

Min Balance To Waive Monthly Fees

  • Beyond Checking: $25
  • Convenience Checking: $15
  • Beyond Savings: $20,000
  • Simple Savings: $300
  • Growth Money Market: $2,000

Branches

1,100+ locations scattered throughout the East Coast

ATM Availability

700+ fee-free ATMs

Out-Of-Network ATM Fee

$3.00 (waived in some circumstances)

Mobile Check Deposits

Yes

Cash Deposits

Yes

Customer Service Number

1-888-751-9000

Customer Service Hours

24/7 availability

Mobile App Availability

iOS and Android

Bill Pay

Yes

FDIC Certificate

33947

Promotions

None

TD Bank Review
  • Interest Rates
  • Fees and Charges
  • Customer Service
  • Ease of Use
  • Tools and Resources
  • Products and Services
Overall
3.5

Summary

TD Bank is a full-service bank with a large physical presence on the East Coast. It offers a solid checking account option, and other full-service banking products.

Pros

  • Solid checking account options, with typically high bonus offers
  • Large branch network scattered throughout the East Coast

Cons

  • APY on savings accounts are below-market rates
  • Must meet minimum balances to waive fees
  • Learn More
Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

TD Bank Review
Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
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