TD Bank review December 2023

TD Bank

Blueprint Rating

Products

Checking accounts, savings accounts, certificates of deposit (CDs), credit cards, home lending, personal loans, investment services and retirement savings

Fees

Monthly maintenance fees, paper statement fees, out-of-network ATM fees, non-sufficient fund and overdraft fees, CD early withdrawal penalty fees, and wire transfer fees

ATM network

2,600 ATMs

What you should know

TD Bank primarily serves customers on the East Coast and has many financial products under one platform. You can take out loans, open bank accounts, and capitalize on credit cards with enticing cash back rewards programs.

TD Bank offers loan discounts for account holders and offers more cash back on its cards than most banks. However, you can find other banks with higher yields for their CDs and savings accounts.

All annual percentage yields (APYs) and terms are accurate as of Dec. 4, 2023 for the zip code 07030.

Pros

• Extended hours: TD Bank is open 24/7. You can reach out to customer support at any time with questions.
• Physical branches: TD Bank has over 1,100 physical branches and 2,600 ATMs.
• Zero liability protection: You will not have to pay any unauthorized charges on your TD card.

Cons

• Low APY: TD Bank’s checking and savings accounts do not have the most competitive rates. You need at least $100,000 in your TD Signature Savings account to earn the higher APY.
• Branches are only on the East Coast: TD Bank has a strong footprint on the East Coast but doesn’t have much of a presence in the rest of the U.S.
• Monthly maintenance fee: You can waive the monthly maintenance fee if you maintain a sufficient daily balance. However, more banks are nixing their monthly maintenance fees instead of setting up conditions to avoid the extra cost.

TD Bank basics

• Checking accounts: TD Convenience Checking℠, TD Beyond Checking, TD Simple Checking℠, TD Essential Banking and TD 60 Plus Checking℠. 
• Savings accounts: TD Simple Savings and TD Signature Savings.
• Money market accounts: No personal money market accounts.  
• Certificates of deposit (CDs): TD Choice Promotional certificates of deposit, TD No-Catch CDs and TD Step Rate CDs.
• Other accounts: Credit cards, home lending, personal loans, individual retirement accounts (IRAs) and auto loans.  

About TD Bank

Although rooted in Canada, TD Bank is the 10th largest bank in the U.S. by assets, offering everything from checking accounts to mortgages and operating more than 1,100 branches and 2,600 in-network ATMs. Its physical presence is concentrated on the East Coast, but you can bank with TD from anywhere in the U.S.

Customer support is available 24/7 and its highly-rated mobile app earned a rating of four stars or greater on both iOs and Android platforms.  

Checking Accounts

TD Bank offers five checking accounts, favoring variety over simplicity.

All of them have a $0 minimum balance requirement and come with a contactless Visa Debit Card that has 24/7 fraud monitoring and TD’s zero liability guarantee. You can access TD’s branches and ATMs; use Zelle, Bill Pay and TD’s mobile app to make deposits. 

Most of them — except for TD Essential Banking — offer overdraft protection and a 0.25% discount on a TD Bank Home Equity Loan.  

None of them, though, offer debit cash back, and the yield (when any is any paid) is paltry, only 0.01% APY. Each charges monthly fees, though you can avoid some through meeting certain requirements. You’ll also have to contend with a $35 overdraft fee, despite other big banks (like Citiabnk and Bank of America) stopping this practice. 

Current promotions include:

• TD Convenience Checking. Earn $200 when you have $500 in qualifying direct deposits within the first 60 days of opening the account. 
• TD Beyond Checking. Earn $300 when you have $2,500 in qualifying direct deposits within 60 days.

While TD Bank doesn’t have separate checking accounts for students or young adults, both groups have fee-free options. Minors under 18 years old must visit a TD Bank branch with a parent or legal guardian to set up their accounts.

Savings Accounts

You can choose from two TD Bank savings accounts. Both feature competitive rates, have a $0 minimum opening deposit requirement, offer free paper statements and have waivable monthly maintenance fees.

TD Simple Savings. Aptly named, this account offers a low 0.02% APY and can be paired with a checking account so that it’ll automatically transfer cash so you avoid overdrafts.

The $5 monthly maintenance fee can be waived in one of five ways: a $300 minimum daily balance; a $25 monthly transfer from a TD checking account (applicable only for the first year); proof of the primary account holder being age 62 or older, under the age of 18 or under the age of 24 and a full-time student.

TD Signature Savings. You must maintain a $10,000 minimum daily balance, link an eligible TD Checking account or open this account as a part of your IRA to waive the $15 monthly maintenance fee.

In exchange, however, you can earn a higher yield.  

By linking an eligible TD Bank account, you can earn the Relationship Bump Rate. Once you’ve saved up $10,000, your APY here jumps and grows as you keep more money in your account. You can receive from 0.01% to 4.00% depending on your account balance..

Looking for the best savings accounts? Find them here. 

Certificates of deposit (CDs)

There are three types of TD Bank CDs, all with a low, a $250 minimum deposit requirement. 

The TD Promotional CDs, however, are the only ones with competitive relationship rates.The six- and 12-month terms range from 1.00% to 5.00% APY on six- and 12-month terms — The higher rate applies so long as you qualify for the relationship rate by having a TD Bank personal checking account in good standing when you open the CD. 

The two No-Catch CDs (six- and 12 months) let you make one free withdrawal, but have an unimpressive standard rate of 0.05% APY. The TD Step Rate CDs offer a composite 0.10% APY for a 3-year term and a composite 0.15% APY for a 5-year term.  

If you’re worried about needing to make an early withdrawal — whether due to a rainy day or to take advantage of a higher interest rate —- check out the best no-penalty CDs.

Other Accounts

You can use home lending options like mortgages, refinances, and home equity lines of credit to get additional capital. 

TD Bank also offers personal loans and credit cards for people who need to tap into extra cash. You can receive unlimited 2% cash back on all eligible purchases on the TD Double Up℠ Credit Card * The information for the TD Double Up℠ Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. . TD Bank’s credit cards have no annual fees. You can also choose from TD debit cards and IRA plans. 

How TD Bank stacks up

TD Bank vs. Bank of America 

Both have a similar range of services. Among the products offered, TD Bank’s credit card rewards and promotional CD rates may catch your eye and win you over, but, if you’re a fan of in-person banking, Bank of America may be for you as it has a larger presence with more than 3,900 branches and 15,000 ATMs throughout the U.S., plus locations in 35 countries.

TD Bank vs. Navy Federal Credit Union

Navy Federal tends to score high in our books as it doesn’t charge monthly maintenance fees. And, while it doesn’t have a high-yield savings account, the Navy Federal Credit Union standard certificates have a minimum deposit requirement as low as /$50 and competitive rates.  

The drawback is that you must qualify for membership at Navy Federal by having a connection to the U.S. armed forces. 

TD Bank vs. Capital One

Capital One’s checking and savings accounts don’t have minimum deposit requirements or monthly fees and provide fee-free access to about 70,000 ATMs. 

The Capital One 360 certificates of deposit are competitive and Capital One 360 Performance Savings provides 4.35% APY without a minimum deposit requirement. (You need $100,000 in your TD Signature Savings Account to earn the higher APY.)

Capital One has more types of credit cards available. However, TD Bank has a better cash rewards program. You can only earn 1.5% unlimited cash back on everyday purchases on cards like the Capital One Quicksilver Cash Rewards Credit Card * The information for the Capital One Quicksilver Cash Rewards Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. , while the TD Double Up℠ Credit Card * The information for the TD Double Up℠ Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. offers 2% cash back on all eligible purchases.