TD Bank Review 2020

Published March 2020 by Amanda Dixon

AT A GLANCE
2.7
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Bankrate Score

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24/7 Customer Service

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Large Branch Network

If you live on the East Coast and value the ability to bank after work or on the weekends in person, 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 locations are open seven days a week.

  • Savings
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    2.5
  • CDs
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    3.1
  • Checking
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    3.5
  • MMAs
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    1.7
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    CIT Bank

    Member FDIC

    MMA

    1.80 % APY

    $ 100

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.70 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    Savings account

    1.50 % APY

    $ 0

    Min. balance for APY

    Overall

    2.7

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    Bankrate Score

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

    What we like

    • TD Bank’s more than 1,400 locations stay open late and are open on Saturdays and Sundays, which differentiates TD from its competition and makes it a great option for those interested in safe deposit boxes.

    • TD Bank offers low-minimum balance options.

    • No overdraft fee is charged if your account is overdrawn by less than $5.

    What we don't

    • The bank has no branch presence in Midwestern or Western states.

    • The yields available to savers are low compared with online banks.

    Savings accounts

    2.5

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    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.70 % APY

    $ 0

    Min. balance for APY

    The Preferred Savings account is an option for savers looking to earn a higher yield. The interest rates are tiered. You can qualify for a higher interest rate if you maintain a higher account balance and link an eligible account. In order to avoid a $15 monthly fee, you will need to either keep a $20,000 minimum daily balance or link a TD Beyond Checking account.

    The bank also offers TD Simple Savings account. The TD Simple Savings account monthly maintenance fee is waived if you’re age 18 or younger or age 62 or older. The fee is also waived if you maintain a daily balance of at least $300.

    What we like

    • 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.

    What we don't

    • 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 bank is only on the East coast. So if you need to make a large withdrawal on the West Coast or you lose your ATM card while traveling, you might not be able to find a TD Bank where you’re at.

    CD rates

    3.1

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    OTHER CD OFFERS YOU MAY LIKE
    Gateway First Bank

    Member FDIC

    CD

    2.02 % APY

    1 yr

    Term

    $ 25,000

    Min. deposit

    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.

    What we like

    • Multiple types of CDs are available.

    • The minimum deposit required is low.

    • One CD allows an early withdrawal without penalty.

    What we don't

    • Yields are low compared with what other banks offer.

    • Interest is compounded monthly rather than daily.

    Checking accounts

    3.5

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    OTHER CHECKING OFFERS YOU MAY LIKE
    Simple

    Member FDIC

    Checking account

    1.75 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    TD Bank’s Premier Checking account has a high monthly service fee ($25), but it’s waived 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).

    What we like

    • 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 least $2,500.

    What we don't

    • 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.

    Money market accounts

    1.7

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    OTHER MMA OFFERS YOU MAY LIKE
    CIT Bank

    Member FDIC

    MMA

    1.80 % APY

    $ 100

    Min. balance for APY

    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. The bank offers tiered interest rates. However, you find higher rates elsewhere.

    The monthly maintenance fee is waived for customers age 62 and older. But others will need a minimum daily balance of $2,000 to avoid charges.

    What we like

    • There’s no minimum opening deposit.

    • Consistent savers are rewarded with a rate bump they grow their savings $50 per month.

    • Check-writing is available.

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

    What we don't

    • 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.

    Bank experience

    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.

    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 1,240 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.

    Amanda Dixon Twitter Created with Sketch. @AMANDAADIXON

    Amanda Dixon Twitter Created with Sketch. @AMANDAADIXON

    Amanda Dixon is a senior reporter covering banking. Prior to joining Bankrate, she served as a writer and editor for SmartAsset, a New York-based fintech startup. Originally from the metro Atlanta area, she's a University of Georgia alum. She enjoys providing an inside look into what banks and credit unions are up to and offering tips and tricks to help consumers save money and build wealth at every stage of their financial lives. Follow her on Twitter: @amandaadixon.