TD Bank Review 2023
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At a glance
CDs
Checking
Savings
About Bankrate Score
Overview
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.
Highlights
- 24/7 Customer Service
- Digital Leader
- Large Branch Network
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
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.
Pros
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Branches offer extended lobby hours and weekend availability.
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Customers have access to a robust set of digital banking features, including Zelle, remote check deposit and online bill pay.
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A lost debit card can be replaced and picked up curbside the day you report it to the bank, or the next day.
Cons
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APYs are generally below the national average. Higher yields can be found at online banks and many credit unions.
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To avoid monthly fees, customers need to meet minimum requirements for most checking and savings accounts.
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There is a $3 fee for using a non-TD Bank ATM.
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Overdraft fee is $35 per transaction and can be charged up to three times a day.
TD Bank banking products
FEATURES
TD Bank savings overview
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 when you meet certain requirements, such as maintaining a daily balance of at least $10,000.
Pros
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No minimum deposit is needed to open an account.
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Signature Savings accounts earn a higher rate when paired with a qualifying TD checking account.
Cons
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For the standard rates, a high balance is needed to earn the highest APY tier, and much more competitive rates can still be found elsewhere.
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For the Signature Savings account, the minimum balance that can help you avoid the $15 monthly service fee is a hefty $10,000.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
TD BankAPYAPYNational average APYHow do we get this data?
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | $35 |
| Non-sufficient funds fee | $35 |
| Monthly maintenance fee | $0 – $25 |
| Out-of-network ATM fee | $3 |
| Excessive transaction fee | $9 |
Customer experience
Customer support
24/7 support. 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.
High customer satisfaction. TD Bank consistently received high customer satisfaction scores in the regions where it was studied, according to J.D. Power’s 2023 U.S. Retail Banking Satisfaction Study. Of note, it ranked much higher than average in the Southeast region.
Physical presence. TD Bank has more than 1,100 branches across 16 states. And 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.
Digital experience
Highly rated mobile app. TD Bank’s mobile app is highly rated on the Apple App and Google Play stores. More than 80,000 Android users have reviewed the app, while more than 250,000 users have reviewed it for iOS. TD Bank has all the features you’d expect, like Zelle, online transfers and account alerts. You can also open new accounts and apply for a temporary limit increase on the app.
Complaints
CFPB enforcement action. In 2022, the Consumer Financial Protection Bureau (CFPB) found that TD Bank made misleading representations about its optional overdraft service and charged consumers overdraft fees without their consent. The bank was ordered to pay $97 million in restitution and a $25 million penalty.
Bankrate staff insights
"The TD Convenience checking [account] is a great option if you don't have a direct deposit and you want a checking account at a large bank with a reasonably low minimum balance requirement to avoid paying a monthly service fee,” said a Bankrate staff member who uses the account personally. “But if you do have a direct deposit, you might want to at least compare and consider other options."
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.
How does TD Bank compare to other banks?
TD Bank vs. Chase Bank
Among the largest banks in the U.S. measured by total assets, the breadth and depth of financial products and services offered at TD Bank and Chase Bank are tough to beat. But though they shine in the number of offerings, both TD and Chase generally offer very low yields on their deposit products. As such, neither of them are particularly attractive if you’re looking to grow your savings.
TD Bank generally offers higher yields on its CDs and savings accounts when compared to Chase. Moreover, TD Bank offers two types of CDs in addition to its standard offerings, while Chase only offers standard CDs.
All this noted, if you’re looking for the largest branch network, Chase may be a better choice, as the bank can be found in nearly every U.S. state and almost 200 foreign locations. In contrast, TD Bank branches can only be found in 16 states.
TD Bank FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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