TD Bank Review 2022

Published January 2022 by Brian Beers

AT A GLANCE
3.5

Bankrate Score

bank-logo

24/7 Customer Service

Digital Leader

Large Branch Network

If you’re looking for the ability to visit a branch any day of the week (including Sundays) and live on the East Coast, then TD Bank may be a good fit for you. Many locations are open seven days a week. But if you want a bank that offers top saving rates, you’ll have to look elsewhere.

  • Savings
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    2.7
  • CDs
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    3.0
  • Checking
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    4.4
  • MMAs
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    2.2
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    LendingClub

    Member FDIC

    Savings account

    0.60 % APY

    $ 2,500

    Min. balance for APY

    Vio Bank

    Member FDIC

    MMA

    0.56 % APY

    $ 100

    Min. balance for APY

    Valley Direct

    Member FDIC

    Savings account

    0.55 % APY

    $ 1

    Min. balance for APY

    Overall

    3.5

    Bankrate Score

    TD Bank bills itself as “America's Most Convenient Bank” because its branches are open for more hours than most other banks. Many of its branches are open seven days a week, as well as some holidays. It also offers customers access to nearly 2,700 ATMs.

    What we like

    • Branches offer extended lobby hours and weekend availability.

    • There are a variety of low-minimum balance options.

    • Customers have access to a robust set of digital banking features, including Zelle, remote check deposit and online bill pay.

    What we don't

    • APYs are generally below the national average. Higher yields can be found at online banks and many credit unions.

    • To avoid monthly fees, customers need to meet minimum requirements for most checking and savings accounts.

    • There is a $3 fee for using a non-TD Bank ATM.

    • Overdraft fee is $35 per transaction and can be charged up to three times a day.

    Savings accounts

    2.7

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    LendingClub

    Member FDIC

    Savings account

    0.60 % APY

    $ 2,500

    Min. balance for APY

    TD Bank offers customers a few different options for savings. With its Simple Savings account, you can earn interest, but it comes with a $5 monthly fee. Luckily there are a few easy options available for getting the fee waived, such as keeping at least $300 in the account. Students and seniors do not have to pay the fee, either.

    Customers who choose the Beyond Savings account get access to tiered rates and other perks such as free money orders, incoming wire transfers and non-TD ATM reimbursements. One downside is the hefty $15 monthly fee. But like Simple Savings, it can be waived, although you’ll need to maintain a daily balance of $20,000 or more.

    What we like

    • The Simple Savings account’s $5 monthly fee is easy to waive.

    • No minimum deposit is needed to open an account.

    • Beyond Savings accounts earn a higher rate when paired with a qualifying TD checking account.

    What we don't

    • Standard rates are below the national average.

    • Beyond Savings customers need an account balance of at least $20,000 to avoid a $15 monthly service fee.

    CD rates

    3.0

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    9mo

    Term

    $ 500

    Min. deposit

    TD Bank offers Choice CDs with tiered interest rates. A wide variety of terms are available, and just $250 is needed to open a CD. Customers may qualify for an interest rate bump when combined with an eligible checking account.

    There are also Choice Promotional CDs and Step-Rate CDs, which allow yields to rise automatically. No-Catch CDs permit an early withdrawal without penalty. Otherwise, customers cashing out of their CDs early forfeit some of the interest they’ve earned.

    What we like

    • With tiered rates, savers can earn higher yields for larger balances.

    • A minimum deposit of just $250 is needed to open a CD.

    • Customers have access to a variety of terms up to five years.

    • TD Bank also offers flexible CDs that permit withdrawals in certain instances.

    What we don't

    • Yields are below average.

    • Without a qualifying TD Bank checking account to secure the bump-up rate, standard APYs on CDs are noticeably lower.

    Checking accounts

    4.4

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.00 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    TD Bank offers several options for checking customers. Its TD Convenience Checking account has a $100 minimum daily balance requirement to avoid the $15 monthly fee.

    The bank’s interest-bearing Premier Checking account has an even higher monthly service fee ($25), but it can be waived with a $2,500 average minimum balance, $5,000 in monthly direct deposits or a combined $20,000 in an eligible TD account. Account holders also have free access to out-of-network ATMs and free checks.

    The bank also offers TD Simple Checking, which requires no minimum balance but has a $5.99 monthly fee.

    What we like

    • Instant ATM/debit card replacement if your card is damaged or lost and the first order of checks is discounted.

    • A low minimum balance of $100 to get the monthly fee waived with Convenience Checking accounts, and there is no monthly maintenance fee for students and adults ages 17-23.

    • Customers can get a 0.25 percentage point discount on TD Bank home equity and personal loans.

    What we don't

    • Overdraft fees can add up quickly at $35 per transaction, up to three times a day.

    • Minimum balance requirement to waive fees is higher than it is at other banks.

    • Simple Checking account holders are stuck without a way to waive the monthly fee.

    Money market accounts

    2.2

    Bankrate Score

    TD Bank offers a money market account with tiered interest rates. No deposit is required to open the account, and online bill pay and mobile deposit are available. Higher rates are available elsewhere, especially from online banks.

    A minimum daily balance of $2,000 is required to avoid the $12 monthly maintenance fee, which is waived for customers 62 and older, regardless of balance.

    What we like

    • Consistent savers can get a rate bump with a recurring transfer of at least $50 a month.

    • No minimum opening deposit.

    • Check writing is available (up to six per month).

    • The monthly maintenance fee is waived for customers who are 62 or older.

    What we don't

    • A minimum balance of $2,000 is required for customers 62 and younger to avoid a monthly fee.

    • Other banks offer higher-paying yields.

    Bank experience

    If your definition of convenience includes longer branch hours, TD Bank may serve you well. The branches tend to stay open late, and many are also open on Saturdays and Sundays.

    TD Bank won’t let you down on the digital banking tools it makes available, either. TD Bank has all the features you’d expect, like Zelle, online transfers and account alerts. You can also open an account through its mobile app, and you may even be able to land a bonus for doing so.

    A live customer service representative is available by phone 24 hours a day, seven days a week. TD Bank also offers voice-recognition technology to validate customers’ identity when speaking with a customer service representative by phone. The service is free, but enrollment is required.

    About TD Bank

    TD Bank is the U.S. commercial banking arm of Canada’s TD Bank Group. The bank offers a full suite of products, including checking and savings accounts and mortgages, as well as small-business and commercial products. The bank has more than 1,100 branches along the East Coast from Maine to Florida.

    In 2004, TD Bank Group acquired Banknorth in Portland, Maine, and rebranded the bank TD Banknorth. It dropped the Banknorth moniker following the 2008 acquisition of Commerce Bank in Cherry Hill, New Jersey. Commerce was a pioneer in branch banking, most notably for its extended hours. TD’s “America's Most Convenient Bank” tagline originated with that company.

    Brian Beers Twitter Created with Sketch. @BRIAN_BEERS

    Brian Beers Twitter Created with Sketch. @BRIAN_BEERS

    About the author Brian Beers is the senior wealth editor at Bankrate. He oversees editorial coverage of banking, investing, the economy and all things money. Previously, he was the director of editorial production for CNBC Digital where he received an Emmy-nomination for the long-form digital feature "Boom, Bust and Blame: The Inside Story of America's Economic Crisis." Brian is driven to help people learn more about their money and investments knowing that it could end up positively impacting them in a real-life financial decision someday. His work has been published on CNBC, Investopedia, MagnifyMoney, NBC Sports, The Drive and Yahoo. He also spent a number of years as the lead digital producer of SportsBiz with Darren Rovell. Brian holds a B.S. in finance from Syracuse University and lives in New York with his family.