TD Bank Review: Full-Service and Convenient Banking in the Northeast
Written by
Karen Doyle
Edited by
Melanie Grafil
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
GOBankingRates Score
TD Bank
-
Checking Account
4.5
-
Savings Account
4.1
-
Money Market Accounts
4.8
-
CD Account
4.4
-
Banking Experience
4.7
Pros
- Sign-up bonuses for checking accounts
- Rewards for having multiple accounts
Cons
- Lower CD interest rates
- Monthly fees unless minimums are met
TD Bank Overview
TD Bank provides banking services at more than 1,100 branch locations and 2,600 ATMs, as well as online banking and a mobile app. It also offers investment services through its TD Ameritrade affiliate, its TD Wealth Private Client Group and TD Financial Services, plus small business and commercial banking services. Because of its offerings, GOBankingRates has ranked it among the Best Northeast Regional Banks of 2024 on the Best Banks list.
TD Bank Review: Key Features
If you are in the Northeast region and are looking for a full-service bank that comes with convenient hours, avoidable monthly fees and multiple financial products to offer, TD Bank could be the right fit for you. Check out TD Bank’s account options and what they offer customers.
Checking Accounts
TD Bank checking accounts offer instant debit card issues, and easy replacement of your card if it’s lost, stolen or damaged. You also get access to the TD Bank mobile app, and you can send and receive money with Zelle. TD Bank offers several different checking account options.
- TD Beyond Checking: No annual fee when you have direct deposits of $5,000 or more per statement cycle, maintain a $2,500 minimum balance or have a $25,000 combined balance across eligible accounts. If you don’t meet one of these criteria, the fee is $25.
- TD Convenience Checking: Avoid the $15 monthly fee by maintaining a $100 minimum daily balance, although this requirement is waived for students and those between 17 and 23 years old.
- TD Business Simple Checking: No minimum balance required and a $10 monthly maintenance fee. It’s a no-frills account that offers access to the mobile app and an instant issue debit card.
- TD Essential Banking: A “checkless” account that provides debit card access and online bill pay. There is no minimum balance requirement, and the monthly maintenance fee of $4.95 is waived for those aged 13 to 17, who can open an account with a secondary owner. There are no overdraft services, so you can’t spend more than what’s in the account, making it a great choice for a first checking account.
- TD Complete Checking: You can waive the $15 monthly fee by having direct deposits of $500 or more, maintaining a daily balance of at least $500 or having a $5,000 combined balance across eligible accounts. The fee is also waived for those aged 17 to 23.
Thanks!
TD Bank Savings Accounts
Finding the right place to safely keep your money comes with a variety of options. TD Bank is no exception as it offers two savings accounts: Simple Savings and Signature Savings.
Simple Savings Account
The Simple Savings account offers a savings option for all ages. Here are some key takeaways:
- To waive the $5 monthly maintenance fee, keep a minimum daily balance of $300 in the account, or link to a TD Beyond Checking account or TD Complete Checking account and set up a $25 recurring transfer.
- It has a low APY but it is applied to any balance.
- Free automatic transfers from other accounts.
- You can get Savings Overdraft Protection for your TD Checking account if you enroll.
Signature Savings Account
The Signature Savings account requires a bit more of a balance to maintain as the minimum is $10,000 but does come with many perks such as the following:
- No ATM fees for any transaction including non-TD ATM fees which can be waived or reimbursed if you maintain a $2,500 minimum daily balance.
- Tiered interest rates grow as your balance grows, so the more you save the more you earn.
- If you link another eligible TD account, you can get a relationship bump rate for your interest.
- Free incoming wire transfers, official bank checks, money orders and stop payments.
CD Accounts
TD Bank offers TD Choice Promotional CDs with terms ranging from three months to five years. The interest rate varies depending on the term and if you qualify for the relationship rate.
You can open a TD No-Catch CD, which has a low opening deposit of $250. This certificate of deposit allows users to make a penalty-free withdrawal once per term.
TD Bank also offers a TD Step Rate CD. These CDs are available for three-year or five-year terms. The interest rate increases each year and you get one penalty-free withdrawal on each anniversary.
TD Bank Money Market Accounts
When you open a TD Growth Money Market account, you can get a bump rate if you make a recurring transfer from your linked TD Bank Checking account of at least $50 per month. The $12 monthly maintenance fee can be waived when you link your account to a qualifying account, if you keep a $2,000 minimum daily balance in your money market account or if you are 62 years old or older.
Banking Experience
Not only does TD Bank offer an array of sign-up bonuses that can range from $200 to $500 throughout the year, but it is also well renowned for its banking experience and customer service. Take a look at some of the features used to evaluate TD Bank’s overall score.
Breadth of Products
TD Bank offers just about every banking product you could need — checking, savings, home loans, auto loans, credit cards and more. There’s also a wealth of information available on the website to help your money work as hard as it can.
Customer Service
A toll-free number where you can reach a live person 24 hours a day, seven days a week is remarkable.
Mobile App
The TD Bank mobile app earns high marks from users. It’s rated 4.8 stars on the App Store, and 4.1 stars on Google Play.
How TD Bank Stacks Up Against Competitors
Even though it is regional, TD Bank can hold its own against nationwide banks in terms of product offerings, rates and fees. Where it sets itself apart is availability — most locations are open longer hours than other banks and customer service is available 24/7.
TD Bank vs. Chase Bank
If you’re looking at other major banks, you might consider Chase Bank, which has a wide variety of credit card choices, each with its benefits. If having the perfect credit card is important to you, Chase is a good option to look at.
TD Bank vs. Wells Fargo
Wells Fargo is a national bank with thousands of branches and ATMs nationwide, so if you need a bank you can get to anywhere in the country, it may be a better choice for you. TD Bank branches are open more days and longer hours than Wells Fargo, however.
Final Take To GO
TD Bank’s tagline of being “America’s Most Convenient Bank” is not hyperbole. From lots of physical branches throughout its service area to longer hours than most banks, you can get your banking done any time. This along with many other reasons is why GOBankingRates has ranked TD Bank among the Best Northeast Regional Banks of 2024.
Compare to Other Banks
- Chase Bank Review
- Wells Fargo Bank Review
- Capital One Bank Review
- US Bank Review
- All Bank Reviews
- Best Bank Bonuses and Promotions
TD Bank FAQ
Here are the answers to some commonly asked questions about TD Bank.- Is TD Bank or Chase better?
- Chase does have a wider variety of credit card options available, but TD Bank has extended hours at their branches on both nights and weekends. These are factors to consider when choosing a bank that matches your banking needs.
- How safe is TD Bank?
- TD Bank is FDIC insured and all accounts are protected up to $250,000.
- What is TD Bank good at?
- TD Bank is considered a convenient bank with great customer service. They have a variety of checking account options as well as 24/7 customer service.
- What are some disadvantages of choosing TD Bank?
- TD Bank is located throughout the East Coast in the U.S. as well as Canada. Though it does have a highly rated mobile app, if you are someone who doesn't live in this region but likes to do in-person banking, this may not be the best bank for you.
Caitlyn Moorhead contributed to the reporting for this article.
To discover the Best Regional Banks, GOBankingRates looked at the top regional institutions (excluding online banks and neobanks) located in under 25 states. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple app stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighted 0.5 times; factor (5) was weighted 2.5 times; and factor (7) was weighted 1.5 times.
For regional breakdowns, the same methodology as above was used. The regions were broken down into the following: West (AK, CA, CO, HI, ID, MT, NV, OR, UT, WA, WY); Southwest (AZ, NM, OK, TX); Midwest (IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI); Southeast (AL, AR, DC, FL, GA, LA, KY, MS, NC, SC, TN, VA, WV); and Northeast (CT, DE, MA, MD, ME, NH, NJ, NY, PA, RI, VT). To be considered for a region, a bank had to have a branch in one of the states listed and be headquartered in that state/region.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Aug. 9, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Is this your bank?
Take Advantage of our Best Offer(s)
