TD Bank Review 2021

Published December 2020 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. Although with the COVID-19 pandemic, lobby hours may be reduced at some branches. If you want a bank that offers top APYs to savers, 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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    4.1
  • MMAs
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    2.8
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    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 about 2,800 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. You’ll likely find higher yields at online banks and many credit unions.

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

    • You’ll get charged a $3 fee for using a non-TD Bank ATM.

    • The overdraft fee is $35 per transaction and can be charged up to five times per day.

    Savings accounts

    2.7

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    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

    • It doesn’t take much to get the $5 monthly fee waived on the Simple Savings account.

    • There’s no minimum deposit needed to open an account.

    • You can bump your rate higher if you pair your Beyond Savings account with a qualifying TD checking account.

    What we don't

    • Standard rates are below the national average.

    • Beyond Savings customers need at least $20,000 in their account to avoid the $15 monthly service fee.

    CD rates

    3.0

    Bankrate Score

    TD Bank offers Choice CDs with tiered interest rates. There are a wide variety of terms available and you’ll need just $250 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, supersavers can earn higher yields for larger balances.

    • There’s a low minimum deposit of just $250 to open a CD.

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

    • 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

    4.1

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    TD Bank offers a number of options for checking customers. It’s popular TD Convenience Checking account comes with just a $100 minimum daily balance requirement to dodge the $15 monthly fee.

    Meanwhile, 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 eligible TD account. Customers with this account also have free access to out-of-network ATMs and free standard checks.

    The bank also offers TD Simple Checking, which requires no minimum balance and comes with a lower $5.99 monthly fee.

    What we like

    • You’ll get instant ATM/debit card replacement if your card is damaged or lost.

    • There’s a low minimum balance of $100 to get the monthly fee waived with Convenience Checking accounts.

    • Your first order of checks is discounted.

    • Customers can get a 0.25 percent discount on TD Bank Home Equity and Personal Loans.

    What we don't

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

    • The minimum balance to waive fees is higher than it is at other banks.

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

    Money market accounts

    2.8

    Bankrate Score

    TD Bank offers a money market account with tiered interest rates. There’s no deposit required to open the account though and online bill pay and mobile deposit are available. There are higher rates available elsewhere, especially from online banks.

    You’ll need a minimum daily balance of $2,000 to avoid the $12 monthly maintenance fee. Customers age 62 and older are not charged this fee regardless of balance.

    What we like

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

    • There’s no minimum opening deposit.

    • Check-writing is available with this account (up to six per month).

    • The monthly maintenance fee is waived if you’re age 62 or older.

    What we don't

    • If you’re under age 62, you’ll need to keep at least $2,000 in your account to waive the monthly fee.

    • There are higher-paying yields available from other banks.

    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 of 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.

    You’ll have a safety net in that you can connect with a live customer service representative by phone 24 hours a day, seven days a week. TD Bank also offers VoicePrint technology to its customers. With your permission, you can enroll in VoicePrint, which uses more than 100 different characteristics that represent your voice, when you call the bank's customer service.

    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 accounts, savings accounts and mortgages, as well as small business and commercial products. The bank has more than 1,200 branches stretching 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.