Skip to Main Content

TD Bank Review 2022

Published August 2022 by Karen Bennett

AT A GLANCE
3.6

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 savings rates, you’ll have to look elsewhere.

  • Checking
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    4.4
  • CDs
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    3.0
  • Savings
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    2.7
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Citizens Access

    Member FDIC

    Savings account

    2.10 % APY

    $ 5,000

    Min. balance for APY

    CIBC Bank USA

    Member FDIC

    Savings account

    2.08 % APY

    $ 1

    Min. balance for APY

    SoFi

    Member FDIC

    Savings account

    2.00 % APY

    $ 0

    Min. balance for APY

    Overall

    3.6

    Bankrate Score

    TD Bank bills itself as “America’s Most Convenient Bank” because many of its branches are open for extended hours, seven days a week — as well as some holidays. It also offers customers access to nearly 2,700 ATMs. However, those seeking deposit accounts that pay competitive rates and charge lower fees may need to look elsewhere.

    What we like

    • Branches offer extended lobby hours and weekend availability.

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

    • A lost debit card can be replaced and picked up curbside the day you report it to the bank, or the next day.

    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.

    Checking accounts

    4.4

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    2.00 % APY

    $ 0

    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 Beyond 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 $25,000 in eligible TD accounts. 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. It also offers TD Essential Banking, a checkless account that comes with a debit card, which requires no minimum balance but charges a $4.95 monthly fee. Customers ages 60 and older can take advantage of TD 60 Plus Checking, which earns a yield and waives maintenance fees for balances of $250 or more.

    What we like

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

    • There is no monthly maintenance fee for students and adults ages 17-23 with the Convenience Checking account.

    • 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 for the Beyond Checking account is higher than it is at other banks.

    • Simple Checking account holders have no way to waive the monthly fee.

    CD rates

    3.0

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.50 % APY

    20mo

    Term

    $ 500

    Min. deposit

    TD Bank offers Choice CDs and Choice Promotional CDs with a variety of terms and just $250 is needed to open an account.

    There are also Step-Rate CDs, which allow yields to rise automatically and permit one penalty-free withdrawal during a 10-day grace period each anniversary of the account opening date. No-Catch CDs allow one early withdrawal without penalty during the term.

    What we like

    • 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.

    • CDs are only available in the states where the bank maintains branches.

    Savings accounts

    2.7

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Citizens Access

    Member FDIC

    Savings account

    2.10 % APY

    $ 5,000

    Min. balance for APY

    TD Bank offers customers a few 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 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 Signature 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. It can be waived, although you’ll need to maintain a daily balance of $10,000 or more.

    What we like

    • No minimum deposit is needed to open an account.

    • Signature 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.

    • Signature Savings customers need an account balance of at least $10,000 to avoid a $15 monthly service fee.

    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.

    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

    The origins of TD Bank can be traced back to 1855 when its predecessor, The Bank of Toronto, was founded. Today, the bank maintains more than 1,100 branches along the East Coast from Maine to Florida. TD Bank describes itself as “America’s Most Convenient Bank,” with many of its branches open for extended hours, seven days a week.

    The bank offers a full suite of products, including checking and savings accounts, as well as credit cards, personal loans and mortgages.

    Karen Bennett Twitter Created with Sketch. @

    Karen Bennett Twitter Created with Sketch. @

    Karen Bennett is a consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters. Karen brings decades of writing and reporting experience to the table, including the roles of credit cards writer for travel website Million Mile Secrets and money and career writer for The Cheat Sheet. Her work has also appeared in USA Today, Illinois Legal Times, and several Chicago, Milwaukee, and Washington, D.C. newspapers. In addition, she’s worked in the areas of marketing and business development, and she was product manager for a consumer money-saving website. When she’s not writing Bankrate articles, she can often be found cheering her kids on at soccer games, cooking and reading up on saving for retirement and other personal finance topics.