TD Bank checking bonus: Up to $300

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Banks make money off the cash that customers bring to the table. In today’s competitive economic environment, banks need a continual flow of new accounts to stay in good financial health. To encourage new accounts, many banks – including TD Bank – will offer you free money in the form of a cash bonus when you open an account and deposit your cash.

While this can certainly be a great way to make some quick money with little effort on your part, the TD Bank new account bonus will come with certain restrictions and requirements, so it’s important to understand the ins and outs before you commit.

TD Bank Bonus details

TD Bank is currently offering a couple of checking account promotions for customers who open new accounts. To qualify for the TD Bank sign up bonus, customers must open the new account and meet certain deposit requirements. Once customer eligibility and completion of the offer requirements have been verified, TD Bank will deposit the applicable cash bonus into your new bank account(s) within 140 days.

TD Convenience Checking customers can earn $150

Customers who open a new TD Convenience Checking account and make at least $500 in direct deposits within the first 60 days will qualify for a $150 TD Bank checking account bonus. The Convenience Checking account is best for students, young adults or customers who can’t meet the minimums required by TD’s Beyond Checking account. There is no monthly maintenance fee for students, young adults or account holders who maintain a $100 minimum daily balance. Account holders who don’t meet these requirements are subject to a $15 monthly account maintenance fee.

TD Beyond Checking customers can earn $300

If you have higher monthly direct deposits and a bit more liquid cash to spare, you can earn a higher bonus with TD’s Beyond Checking account. Customers who open a new Beyond Checking account and make at least $2,500 in direct deposits within the first 60 days will qualify for a $300 cash bonus. The Beyond Checking account is best for customers with consistent direct deposits over $5,000 per month or who can maintain a daily balance of $2,500 or more. Account holders who cannot meet the minimum daily balance or direct deposit requirements are subject to a $25 monthly account maintenance fee.

What’s the catch?

As with many other bank cash back bonus offers, TD Bank’s current promotions are only open to new customers. TD Bank defines a new customer as customers who do not have a current checking, savings or money market account and who have not had one within the previous 12 months. To be eligible for any of these promotions, you must also open your account online through one of the designated offer links.

For the TD Bank checking account bonus, qualifying direct deposits only include paychecks, pensions, government deposits or other regularly deposited income. Personal transfers or transfers from your accounts at other financial institutions do not count towards the minimum deposit amounts.

Even after receiving your award, there could be some account and tax implications. If you close your account within six months after opening, TD Bank reserves the right to rescind the cash bonus award and deduct the amount you were awarded from any funds in your account at closing. All cash bonuses are considered income, so expect a 1099-MISC form in the mail for the following tax season.

Is this a good deal for you?

Although TD Bank is one of the largest banks nationwide by number of branches, it currently operates in only 16 states located along the east coast. The cash bonuses offered on new TD Bank accounts are also smaller than those offered at other national banks. These bonus offers would be the best fit for people who live in one of the states serviced by TD and who can meet the deposit requirements for both types of accounts to maximize the cash bonus.

Bottom line

The bonus requirements are fairly straightforward, but they do require deposit amounts to remain eligible, so make sure you can meet those requirements before committing to this bonus offer. These high deposit requirements combined with the limited availability of TD Bank branch locations may keep you looking elsewhere for a cash bonus that’s a better fit.

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