TD Bank Review

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 reimbursed.

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

Savings Accounts

On any of TD Bank’s savings accounts, unless you have over $20,000 in the account, you’ll only earn between 0.05%-0.10%. Its top tier is 1.0% and that requires at least $250,000. Obviously, TD Bank’s savings products are not practical 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 has just a $250 deposit, which isn’t bad. To get a great APY, you’ll also need a checking account. Otherwise, the rate is a paltry 0.10% 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 Do I Open An Account?

You can open an account online at td.com or at a branch.

Is TD Bank 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.