TD Bank Review 2019

TD Bank Logo


TD Bank bills itself as America's Most Convenient Bank because its branches open early, close late, and most  are open seven days a week as well as some holidays.


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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 1,300 branches stretching from Maine to Florida along the East Coast. 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.

If you live on the East Coast and value the ability to bank after work or on the weekends, TD Bank is a good fit for you. If you want a high-yield savings account, look elsewhere. If you’re looking to open a safe deposit box at a bank, TD Bank might be one of the better places to do that because most of the locations are open seven days per week.


  • TD Bank’s more than 1,200 locations stay open late and are open on weekends. Being open on Sundays differentiates TD from its competition -- making it a great option for those interested in safe deposit boxes.
  • TD Bank offers low-minimum balance options, such as the Convenience Checking account -- which only has a $100 minimum daily balance.
  • No overdraft fee is charged if your account is overdrawn by less than $5.


  • The bank has no branch presence in Midwestern or Western states.
  • TD Bank doesn’t have an option to utilize direct deposit to avoid a maintenance fee on its accounts.
  • The yields available to savers are low, compared with online banks.

TD Bank Services

Savings Rating


The Preferred Savings account is an option for savers looking to earn a high yield. You can qualify for a higher interest rate if you maintain a high account balance and link an eligible account. Balances of $250,000 to $9,999,999 earn 1.75% APY if you have a TD personal mortgage, home equity, credit card or active personal or small business checking accounts. Active means you need at least three customer initiated deposits, withdrawals, payments or transfer transactions from a TD checking account.


  • Fees can easily be waived for customers with a TD Simple Savings account, which only requires a $300 minimum.
  • Most TD locations are open on Sundays, which helps if you need to make a savings withdrawal on a weekend.
  • Non-TD ATM fees are waived as long as you have at least $2,500 in the TD Preferred Savings account.
  • Incoming wire transfers, official bank checks, money orders and stop payments are free with the TD Preferred Savings.
  • The TD Simple Savings account monthly maintenance fee is waived if you’re age 18 or younger or age 62 or older.


  • There are banks offering higher yields.
  • A high balance is required to qualify for the highest yields, which aren’t competitive with online banks.
  • The TD Simple Savings is below the savings account national average APY.
  • The bank is only on the East coast. So if you need to make a large withdrawal on the west coast, or lose your ATM card while traveling, you might not be able to find a TD Bank where you’re at.

Savings accounts available from other banks

CDs Rating


TD Bank offers Choice CDs with tiered interest rates. With an eligible checking account, customers may qualify for an interest rate bump. 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. For 12-month CDs, the early withdrawal penalty is six months of interest.


  • Multiple types of CDs are available.
  • The minimum deposit required is low.
  • One CD allows an early withdrawal without penalty.


  • Yields are low compared to what other banks offer.
  • Interest is compounded monthly rather than daily.

CDs available from other banks

2.10% APY
2.15% APY
2.15% APY
Checking Rating


TD Bank’s Premier Checking account has a high monthly service fee ($25), but it’s avoided with a $2,500 average minimum balance. Customers have free access to out-of-network ATMs. The bank also has non-interest bearing checking options, including TD Simple Checking (which requires no minimum balance and a low $5.99 monthly fee) and TD Convenience Checking (which requires a $100 minimum daily balance to waive the $15 monthly maintenance fee).


  • Customers with the Premier Checking account can earn interest with high balances ($2,500 or more).
  • The monthly fee is avoidable with a daily balance of at at least $2,500.


  • The minimum balance to waive fees is higher than it is at other banks.
  • Customers are charged $35 for each overdraft — up to $175 per day
  • TD doesn’t have an option to use a qualifying direct deposit to waive fees on accounts.

Checking accounts available from other banks

MMAs Rating


TD Bank offers a money market account. No deposit is required to open the account and online bill pay and mobile deposit are available for account holders. With the rate bump, however, the account has an APY that is more than the national average APY on more than $100,000. Waiving the monthly maintenance fee is a breeze for older customers -- those 62 and older. But others will need to have a couple thousand dollars in order to avoid charges.


  • There’s no minimum opening deposit.
  • Consistent savers are rewarded with a rate bump -- when you grow your savings $50 per month.
  • Check writing is available.
  • An ATM card is available for the TD Growth Money Market Account.
  • Monthly maintenance fee is waived if you’re age 62 or older.


  • Other banks offer accounts paying higher yields.
  • If you’re under age 62, you’ll need to keep $2,000 in your account to waive the monthly fee.
  • This account is only a few basis points higher than the national average for money market APY.

MMAs available from other banks

Bank Experience Rating


If your definition of convenience includes longer branch hours, TD Bank may serve you well. The branches stay open late and they 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 and account alerts. You can also open an account through its app. In 2018, TD Bank experienced some digital banking outages caused by a software upgrade — which is an obstacle for other banks, too. You’ll have a safety net in that you can connect with a live customer service phone number 24 hours, seven days a week.TD Bank also offers VoicePrint technology to its customers. With your permission, you can enroll in VoicePrint  —  technology that uses more than 100 different characteristics that represent your voice when you call the bank's 24/7 customer service.

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