TD Bank Review: Pros, Cons, And Alternatives

TD Bank is a full service bank that is primarily found on the East Coast of the United States. It also has a large online presence, and claims to be "America's Most Convenient Bank".

With that being said, how does TD Bank compare? Should you consider them for your checking and savings needs? What about business banking?

We break down all the features in our review below. See now TD Bank compares to our top free checking accounts.

Note: Don't confuse TD Bank with TD Ameritrade the brokerage.

Who Is TD Bank?

TD Bank is a full-service bank with branches up and down the east coast. They’ve been around for over 150 years, with roots back to 1852 in Maine. According to mx.com 2019 rankings, TD Bank was ranked #9, with assets of $305,418,987. TD Bank is a member FDIC.

What Do They Offer?

In this article, we’ll focus on TD Bank’s deposit accounts — checking, saving, and CDs. Here’s the main point on TD Bank — if you are on the East Coast and want a full-service bank with plenty of branches, TD Bank is a great option. However, like many banks that have branches, interest rates on its savings accounts and CDs aren’t competitive.

Checking Accounts

TD Bank’s checking account products offer some nice signup bonuses. You can earn a $300 bonus with TD Beyond Checking when you make $2,500 in direct deposits within the first 60 days of opening the account. The TD Convenience Checking comes with a $150 bonus when you make $500 in direct deposits within the first 60 days. This checking account also earns interest. You are reimbursed for up to two overdraft fees per year.

The TD Beyond Checking has a monthly maintenance fee of $25 but can be avoided in three ways — $2,500 minimum daily balance, $5,000 monthly in direct deposits, or $25,000 combined balance across eligible TD accounts. Non-TD ATM fees are also reimbursed if you keep a $2,500 minimum daily balance. Open a TD Beyond Checking Account here >>

The TD Convenience Checking only requires a $100 balance to avoid the $15 monthly fee. This is a no-frills checking account. Open an TD Convenience Checking Account here >>

Savings Accounts

On any of TD Bank’s savings accounts, unless you have over $20,000 in the account, you’ll only earn between 0.01%-0.05%. Its top tier requires at least $250,000. Obviously, TD Bank’s savings products aren't competitive since you can earn far higher rates elsewhere with far less.

TD Bank’s savings accounts also have fees. For the lower-level account (TD Simple Savings), you’ll need to maintain a $300 balance to avoid the $5/mo fee. The next-level account is the TD Growth Money Market, which requires a $2,000 balance to avoid the $12/mo fee.

CDs

TD Bank offers three types of CDs — 3 month, 6 month, and 12 month.

The 3 month CD requires just a $250 deposit, which isn’t bad. But the rates for each CD are paltry at just 0.05% APY. 

See the best bank CD rates here.

Mobile App

Most TD Bank products include access to its mobile banking app. It lets you deposit checks, view your statements, transfer between accounts, and find branch locations and ATMs.

Are There Any Fees?

Yes — checking and savings account products will incur a monthly fee if the balance minimum is not met. The non-TD ATM fee, where applicable, is $3.

The check and ACH stop fee is $30 but waived on the TD Beyond Checking account. Overdraft protection transfer fee (per daily transfer) is $3. This fee is waived on TD Beyond Checking and TD Convenience Checking accounts. Return (NSF)/overdraft – paid (per item) is $35.

How Does TD Bank Compare?

TD Bank isn't able to compete with most of the top online banks on fees or APY. But it does have a large branch and ATM network. So if you live in the East Coast and in-person support or cash access are priorities to you, TD Bank could be worth considering. Here's a quick look at how they compare:

New Account Bonus Offers

TD Bank does not currently have any new account bonus offers available. 

How Do I Open An Account?

You can open an account online at TD.com or at a branch. Opening an account online only takes a few minutes. To complete the account application, you'll need to provide basic personal information, your SSN, and a government-issued ID.

Is My Money Safe?

Yes - deposits are FDIC insured up to $250,000 per depositor. They also uses high-grade encryption on its website and mobile app.

How Do I Contact TD Bank?

There are many ways to get assistance for your TD Bank account. In addition to visiting your local branch, you can access phone assistance 24/7 at 1-888-751-9000. TD Bank also offers Facebook Messenger support and has accessibility services.

As is common with brick-and-mortar banks, TD Bank's customer service reviews on Trustpilot are overwhelmingly negative (it's currently rated 1.2/5 on the platform). However, the bank is rated B+ with the Better Business Bureau (BBB).

Is It Worth It?

If you want a checking account with a full-service bank that has lots of branches and you live on the east coast, TD Bank is a great option.

Its checking account products do have fees but these are easily avoided by meeting the minimum balances. For high-yield savings accounts, you’ll want to look at other banks as TD Bank doesn’t offer anything competitive and its savings account products have fees if the balance minimums are not met.

See our full list of the best high yield savings accounts here.

TD Bank FAQs

Let's answer a few common questions that people ask about TD Bank:

Is TD Bank affiliated with TD Ameritrade?

No, the two companies have always operated as completely separate entities. Furthermore, Charles Schwab acquired TD Ameritrade in October 2020.

Does TD Bank have branches in Canada?

No, while TD Bank's parent company (Toronto-Dominion Bank) is based in Canada, its U.S. and Canadian operations are separate. It operates as TD Canada Trust in Canada.

Can you use you the TD Bank debit card with digital wallets?

Yes, the bank's debit card can be used with Apple Pay, Samsung Pay, and Google Pay.

Does TD Bank have a fee-free checking account?

No, while it's possible to waive the monthly maintenance fee on some of TD Bank's accounts by meeting a minimum balance requirement, it doesn't have any fully fee-free accounts. The lowest-fee account that TD Bank offers is its Essential Checking which has a $4.95 monthly fee and no minimum daily balance requirement.

TD Bank Features