TD Bank
TD Bank calls itself “America’s most convenient bank.” But sometimes convenience comes at a price. Although TD offers a full range of banking and loan products – including CDs and mortgages – TD charges high overdraft fees on some checking accounts, and not all savings rates are as competitive as other banks’.
There are a few reasons why you might consider TD Bank — it offers personal banking and is open on Sundays. But if you’re looking for the best savings and CD rates, you’ll need a checking account to qualify for ratio rates, and even then, most rates are pretty low.
Here’s our take on TD Bank and what you should know before opening an account.
What we like
- Full package of banking and loan services and products
- Access to more than 1,110 physical branches and more than 2,600 ATMs
- Customers with TD checking accounts can take advantage of competitive CD and loan interest rates
- Offers bonus for new checking account customers up to $300
What we don’t like
- Still taking overdrafts and monthly fees
- The highest savings rates are only available with higher deposits
- Some accounts may not waive fees – which can add up quickly
- Low interest rates compared to other banks that offer CDs and savings accounts
Who is TD Bank suitable for?
TD Bank offers the convenience of all the banking products and services you need under one roof. And if you’re already a TD Bank customer, you’ll benefit from higher rates that are as competitive as online banking for some TD Bank accounts. So if you want access to brick-and-mortar branches and you live within the bank’s network — the East Coast, Mid-Atlantic, Carolinas and Florida — this could be a good choice, especially if your location is open on Sundays.
It is important to note that some states have a significantly smaller presence than others. For example, TD has more than 300 locations in Massachusetts, but only 12 in Rhode Island. However, if you are not interested in physical branch service, it may be better to consider online banking that comes with fewer fees and more benefits.
TD Bank checking accounts
Overview
TD Bank offers five different checking accounts, but none of them compete with the best checking accounts. We like that TD makes it easy to avoid fees on its Convenience Checking account—just maintain a minimum balance of $100 per day—and that it offers a free checking account for seniors. TD also offers new customer bonuses, typically between $100 and $300, in exchange for making a certain amount of direct deposits after opening an account. But its checking accounts don’t do much else.
You need to read the fine print to make sure you opt out of overdraft because the bank charges a $35 cashier’s fee on some of its accounts. You also want to ensure that you can easily waive monthly fees. Here is a snapshot of the current accounts TD offers:
Account features
| TD convenience check | TD Simple control | TD Beyond Checking | TD Essential Banking | |
| Best before | Low minimum daily balance and discounts | No minimum balance | No ATM fees | No overdraft fees |
| APY | No | No | 0.01% | No |
| Monthly fee | $15 | $6 | $25 | $4.95 |
| Requirements for waiving the fee | Maintain a minimum balance of $100 daily | None, the fee is mandatory | $5,000 in direct deposit each account cycle, or $2,500 minimum daily balance or $25,000 across all TD accounts | Must be between 13 and 17 years old |
Benefits
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Wide range of current accounts to choose from
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Several ways to waive monthly maintenance fees
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Low minimum balance requirements to avoid convenience check fees
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New customers can get a sign-up bonus of up to $300
Cons
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Still charges overdraft fees for selected accounts
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Monthly fee is mandatory for TD’s Simple Checking account
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Pays little or no interest
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Strong minimum balance requirement to avoid certain fees, such as ATM charges
TD Bank savings accounts
Overview
TD Bank offers two savings accounts. Its Simple Savings Account works like a traditional savings account with very few benefits and offers just a 0.02% APY – one of the lowest savings rates available right now. As long as you make 12 recurring transfers of at least $25 for the first year, you can waive the $5 monthly fee.
At first glance, TD Bank’s Signature Savings account seems like a big win over other big banks. But a closer look reveals a different story. While you can earn up to 3.51% APY with the bank’s Signature Savings account, it’s important to read the fine print — earning that rate requires a minimum daily balance of $250,000. And although the 3, 51% absolute is impressive for a big bank, there are many online banks that offer more competitive rates with fewer requirements (in some cases, no minimum deposit is even required).
If you have a smaller balance, you will earn a smaller return. For example, a balance between $10,000 and $24,999 currently earns 2.00% APY if you have a TD account to qualify for this bump rate. Balances below this earn 0.01% APY – an even lower rate than the Simple Savings Account.
| TD easy savings | TD Signature Savings | |
| APY | 0.02% | Bump rate for customers with other TD products that increases with a larger balance – as high as 3.51% for deposits of $250,000 or more |
| Monthly fee | $5 | $15 |
| Requirements to avoid fees | Maintain a minimum balance of $300 (fee waived for certain age groups) | Maintain a minimum balance of $10,000 or open a linked TD account or open the savings account as an IRA |
Benefits
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Fees can be avoided if you meet certain requirements
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No minimum deposit required to open
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ATM access
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Connect to a TD checking account for overdraft protection and a better savings rate
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No minimum deposit
Cons
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Monthly maintenance fee
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The highest savings rates are reserved for customers with larger balances
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Better savings rates can be found elsewhere
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No checks available for savings account
TD Bank CD Accounts
Overview
If you have a checking account with TD, you may be able to lock in a competitive certificate of deposit. A TD checking account qualifies you for a bump rate that is much higher than the CD’s standard APY. But only six-, nine- and 12-month CDs offer competitive bump prices worth considering.
You can choose CD terms from six months to five years, but prices are lower than CNET’s average. It’s also worth noting that TD’s standard CD rates are not available on the website.
TD also offers two alternative CDs. It’s a no-penalty CD — called a No-Catch CD, since you can make one withdrawal during the period without paying any penalty. But there’s a catch: It requires a minimum deposit of $250.
In addition, TD has a step-by-step CD with three- and five-year periods, which gives an annual interest rate increase. However, the standard starting rate – 0.05% – is so low that it’s better to look elsewhere. And a minimum $250 deposit is required.
Account features
Early withdrawal penalties for Choice CDs are based on the term:
| Term | Penalty |
| Less than 3 months | All interest |
| More than 3 months, less than 1 year | 3 months’ interest |
| More than 1 year, less than 2 years | 6 months’ interest |
| More than 2 years, less than 3 years | 9 months’ interest |
| More than 3 years, less than 4 years | 12 months’ interest |
| More than 4 years, less than 5 years | 18 months’ interest |
| More than 5 years | 24 months’ interest |
TD Choice CD Awards
| Term | Standard APY | Bump Rate APY |
| 3 months | 0.05% | 0.05% |
| 6 months | 1.00% | 3.51% |
| 9 months | 1.00% | 5.00% |
| 12 months | 1.00% | 3.75% |
| 18 months | 0.05% | 0.05% |
| 24 months | 0.05% | 0.05% |
| 3 years | 0.05% | 0.05% |
| 5 years | 0.05% | 0.05% |
Benefits
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High yield, bump-up and step-up CDs available
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Competitive prices on some promotional CDs
Cons
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Limited CD terms available
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Requires a minimum deposit of $250
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Low CD prices
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Requires a TD checking account to get the best rates
Overdraft fees
We don’t like TD Bank still having an overdraft. You could be charged a $35 fee if your account is overdrawn by more than $50 in the convenience checking account, for example, and if you try to make three purchases that day, you could be hit as much as $105 per day ($35 x 3 ). But you won’t be charged a fee if it’s less than $50.
If you don’t want to worry about overdrafts, TD’s Essential Banking account is a better option: There’s no overdraft, but there is a mandatory monthly fee of $4.95 — which is much less than TD’s overdraft. There are many other banks that do not charge overdraft fees, including Alliant Credit Union and Ally.
Other banking products
TD offers a number of other products, and if you already have an account with TD Bank, you can get interest rate discounts. Here’s what else is available for certain loans at the moment:
- First mortgage: Fixed and adjustable rate mortgages, including conventional FHA, VA, jumbo and low down payment loans
- Other mortgages: Mortgages and HELOCs
- Credit card: A selection that includes traditional cashback and rewards cards, along with secured credit cards. And TD has two new offers with low credit limits that require fixed fees instead of variable interest
Banking experience
TD offers a rarity in the banking industry: Many of the physical branches are open on Sundays. When it comes to digital tools, the bank offers everything you’d expect from a large bank with the resources to invest in new technology – including a website and a mobile app with standard banking functions. However, the bank’s mobile app performed below the industry average in JD Power’s latest mobile app satisfaction study.
Customer service
TD Bank offers 24/7 customer service at 1-888-751-9000. You can also connect to live agents via the bank’s mobile app. In addition, the bank offers help via Facebook Messenger and Twitter instant messages. If you need to speak to someone face-to-face, use the bank’s online locator tool to find a branch near you. Some TD Bank branches are open on Sundays for limited hours, which most banks do not offer. Remember that branches are limited to 16 states.