TD Bank Review: Checking, Savings, & CD Rates

Banking
Updated: 1st Sep 2021
Written by Jordan Blansit
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Banking
May 28, 2021
Written by Jordan Blansit

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When you’re on the hunt for a new bank, you have to think about a host of factors. It’s not enough to find a good interest rate or low fees.

Depending on your needs, you may want loans or other financial services. It also helps if there are branches in your area, and if the online banking is convenient.

One option you may have heard of is TD Bank. TD Bank is the American subsidiary of Toronto-Dominion Bank, a Canadian company.

TD Bank operates branches all along the eastern seaboard, encompassing 14 states and Washington, DC. Their headquarters is in Cherry Hill, New Jersey.

Right off the bat, we can say that TD Bank is probably not the best choice if you don’t live between Florida and Maine.

That said, in those states, you’ll find local branches in most city neighborhoods and small towns. Here’s an overview of what TD Bank offers, their customer service, and their fee structure.

What Does TD Bank Offer?

TD Bank offers ordinary banking services such as checking accounts, savings accounts, and certificates of deposits (CDs).

They also offer a variety of loans, cards, and even retirement planning services. Let’s take a closer look at each of their offerings, and how they work.

TD Bank Checking Accounts

TD Convenience Checking

  • Account Minimum: $0
  • Monthly Service Fee: $15 ($1 paper statement fee)
  • Fee Waiver: $100 average daily balance (for the month)
  • Daily ATM Limit: $750

TD Convenience Checking is TD Bank’s basic, no-minimum checking account. The $15 fee is also easily waived.

As long as you maintain an average of $100 in your account, you’ll only pay a $1 paper statement fee. And if you go paperless, the account will be totally free.

TD Student Checking

  • Account Minimum: $0
  • Monthly Service Fee: $0 ($1 paper statement fee)
  • Fee Waiver: N/A
  • Daily ATM Limit: $750

The TD Student Checking account is a no-fee account available exclusively to individuals aged 17 to 23. When you turn 24, you’ll have to roll your balance over to another type of account.

Unlike a lot of competitors, it doesn’t require you to maintain any kind of minimum monthly activity – ideal for college students on a budget.

TD Simple Checking

  • Account Minimum: $0
  • Monthly Service Fee: $5.99 ($1 paper statement fee)
  • Fee Waiver: N/A
  • Daily ATM Limit: $750

TD’s Simple Checking account is their no-frills option. The fee cannot be waived, regardless of your balance.

However, the fee is also the lowest TD offers on a “standard” checking account. If you frequently run a low balance, this will end up being TD’s most affordable checking option.

TD Beyond Checking

  • Account Minimum: $0
  • Monthly Service Fee: $25 (no paper statement fee)
  • Fee Waiver: $2,500 minimum daily balance, $25,000 combined balance on all TD accounts, or $5,000 in direct deposit payments per month
  • Daily ATM Limit: N/A

TD Beyond Checking is ideal for individuals who maintain a higher balance. As long as you avoid the $25 monthly fee, you’ll appreciate the benefits of no ATM limit, and no fees on out-of-network ATMs.

TD 60 Plus Checking

  • Account Minimum: $0
  • Monthly Service Fee: $10 (no paper statement fee)
  • Fee Waiver: $250 minimum daily balance
  • Daily ATM Limit: N/A

TD 60 Plus Checking is a special account type for seniors – specifically, for anyone aged 60 and older. As long as you maintain a $250 minimum balance, there’s no monthly fee.

There’s also no fee for a paper statement, and no limit on daily ATM withdrawals.

>> More: Compare the Best Checking Accounts

TD Bank Savings Accounts

TD Simple Savings

  • APY: 0.02%
  • Minimum Balance: $0
  • Monthly Fee: $5
  • Fee Waiver: Minors, people aged over 62, or $300 minimum daily balance

TD Simple Savings is TD’s most basic savings account plan. The fee is low and is waived for people over 62 or under 18, or anyone who maintains a daily minimum balance of at least $300.

That said, the 0.02% interest rate is so low that it might as well be 0%.

TD Beyond Savings

  • APY: Between 0.02% and 0.1%
  • Minimum Balance: $0
  • Monthly Fee: $15
  • Fee Waiver: Minimum daily balance of at least $20,000

TD Beyond Savings is the option for people who want to keep a lot of money in their savings account. If you’re saving for small expenses, the $15 monthly fee will not be worth it.

However, if you’re keeping at least $20,000 in your account, the fee will be waived. Higher balances also earn higher interest rates, up to 0.1%.

That’s still not terribly high, but it’s a lot better than the Simple Savings account.

TD Growth Money Market

  • APY: 0.01 to 0.15%
  • Minimum Balance: $0
  • Monthly Fee: $12
  • Fee Waiver: Age 62 or older, or $2,000 minimum daily balance

A money market account is a bank account that pays a higher rate of interest in return for some restrictions.

In this case, you need to maintain a $2,000 minimum daily balance in order to avoid the fee, unless your age is 62 or over. The APY depends on how much money you keep in your account but can be as high as 0.15%.

>> More: Check Out SimpleMoneyLyfe’s Best High Yield Savings Accounts

TD Bank CD Rates

TermAPY
1 Month:Up to 0.10%
6 Month:Up to 0.10%
12 Month:Up to 0.10%

TD Bank does not advertise CD rates on a nationwide basis. Their rates vary by location, and you have to visit your local bank – or enter your location on their website – to get a quote.

That said, depending on how much you deposit, you can earn as much as 0.1%, and possibly more.

One thing we appreciated was that the minimum deposit is only $250. But such a small deposit will earn you a lower return.

The more you deposit, the higher your rate, with maximum rates kicking in for CDs of $100,000 and above.

*Rates as of May 28th, 2021

Other Financial Products Offered by TD Bank

  • Mortgages: As with many banks, TD Bank provides residential mortgages, both for new and existing customers. The rates are neither particularly high nor particularly low; they’re right in line with market standards. In addition to new mortgages, they also provide refinancing, which can be a good idea if your current mortgage has a high rate.
  • Personal Loans: TD Bank provides personal loans, in amounts ranging from $2,000 to $50,000, with interest rates of between 6.99 and 21.99%. Whether you qualify, and under what terms, will depend on your income, credit score, and other factors.
  • Debit Cards: All TD Bank accounts come with debit cards by default. However, their debit cards come with $0 fraud liability, a benefit usually reserved for credit cards.
  • Prepaid Cards: Through TD Bank, you can purchase reloadable or single-use prepaid debit cards. These cards can be used anywhere Visa is accepted.
  • Home Equity Lines of Credit (HELOC): TD Bank offers both home equity loans and lines of credit. A loan is a one-time payment taken against the value of your home. A line of credit is an ongoing credit line that can be used as needed over time. Rates depend on your income, credit score, home value, and other factors. They can be as low as 3.99%, but you’ll have to apply to find out what yours will be.
  • Retirement Accounts: TD Bank provides retirement accounts in the form of retirement savings. These are technically IRAs for tax services, but they pay interest similar to a savings account instead of growing with the market. The downside is that you’ll earn less than you would with an index fund. The upside is that a retirement savings account is immune to downturns in the market.

TD Bank Pros and Cons

Pros:

  • Several account options for any lifestyle
  • Wide variety of financial products and services
  • $0 liability for debit cards
  • Low minimum CD deposit
  • Easy-to-use online banking
  • Branches are widely distributed in urban and rural areas

Cons:

  • Interest rates are relatively low
  • Few benefits for maintaining multiple TD accounts
  • Branches are only located along the eastern seaboard

TD Bank Review: Fees, Customer Support, & Experience

Even the best banking products are only as good as the service they come with. You need an account that’s easy to manage, friendly customer service, and as few fees as possible. Here’s how TD Bank performs in those essential areas.

Banking Experience

Banking at TD’s physical locations is very convenient. In addition to wide availability (along the east coast), they also have longer hours than most banks. This includes Saturdays and Sundays, when many other banks remain closed.

Online banking is equally convenient. Their app allows you to make online transfers and deposits, and to view your statement on your smartphone.

You can also receive push alerts for account-related activity. In addition to all that, the TD Bank app works with the Zelle network. This makes electronic payments quicker and easier with other Zelle network companies.

Customer Support

TD Bank’s customer support line is available 24/7 at (888) 751-9000. Unless there’s a national emergency, hold times are generally short.

Not only that, but TD offers optional VoicePrint service. With this service, your voice is analyzed to measure characteristics that create a unique profile, similar to a fingerprint.

Then, when you call customer support, the computer assistant will automatically recognize you and bring up your account information.

Alternatively, you can also reach out to your local bank branch. Oftentimes, they can help you faster – and better – than anyone on the corporate help line.

That said, your local branch will only be available during normal operating hours, whereas the main help line is always staffed.

TD Bank Fees

TD Bank fees are generally reasonable and affordable. If you maintain a balance of at least $100, you can get a waiver on the fee for the Convenience Checking account and pay nothing.

The higher your balance, the more accounts you can have the fees waived for. There are also student and senior accounts that offer zero or reduced fees.

>> Learn More: What Is a Bank Overdraft Fee? And How to Avoid It

How Does TD Bank Compare?

#1. TD Bank vs. Bank of America

TD Bank and Bank of America offer similar accounts and services, although Bank of America doesn’t charge a paper statement fee. Bank of America also has locations nationwide.

#2. Wells Fargo vs. TD Bank

Wells Fargo pays roughly the same interest rates as TD, but charges higher fees on most account types. Branches are available in most of the country, but none in New England, where you’ll find plenty of TD Bank branches.

#3. TD Bank vs. Chase Bank

In terms of product offerings, TD Bank and Chase Bank provide more or less the same things. Their interest rates and fees are similar.

However, their branch availability stretches from coast to coast. If you’re on the west coast or in the Midwest, you’ll have an easier time finding a branch.

That said, Chase’s branches tend to be clustered in urban areas, while TD’s are more dispersed.

#4. TD Bank vs. PNC Bank

TD Bank and PNC Bank have a similar coverage area and number of branches. PNC pays slightly higher interest rates and has slightly lower fees.

However, they require a higher minimum balance to waive their fees – $500 a month on the basic checking account.

TD Bank Review: FAQs

Is TD Bank FDIC Insured?

Yes. Like all consumer banks in the United States, TD Bank is FDIC insured. All accounts are covered up to $250,000.

Is TD Bank a Good Bank?

If you live on the east coast, absolutely! That said, it’s best known for convenient checking and good customer service. If you’re seeking the best interest rates, look to a local bank or a credit union.

How Much Money Do You Need to Open a TD Bank Account?

As little as a penny! That said, most accounts charge a monthly fee if you don’t have a minimum balance. In practice, it doesn’t make sense to open an account if you’re depositing less than $100.

How Do I Avoid TD Bank Monthly Fees?

Sign up for an account where you qualify for a waiver! If you can keep at least $100 in your account at all times, you’ll pay no fees for TD Convenience Checking. Students can also avoid fees by opening a student account.

>> More: Best No Overdraft Fee Checking Accounts

Is TD Bank Safe?

TD Bank is licensed, insured, and as safe as any other national bank.

Bottom Line: TD Bank Review

TD Bank is one of the better banks on the American east coast. It offers all the benefits of a big, national bank, including a large number of branches and several account options.

However, it also comes with the drawback of a big bank’s lower interest rates.

That said, they provide excellent customer service, and their online app is easy to use. Their branches are also open on Sundays, so you can bank any time you like.

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Jordan Blansit
Jordan Blansit
Jordan is a freelance writer with an inexplicable predilection for investing and personal finance. When she’s not click-clacketing from the comfort of her living room, you can find her (or not) craftily avoiding human contact in the California redwoods or Oregon Siskiyous with her black cat, Bean.