TD Bank Review: Savings, Checking, CD, Money Market, and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Updated on Tuesday, September 1, 2020

Here’s more information about TD Bank’s deposit accounts:

TD Bank Savings Accounts

TD Simple Savings account

A simple but fee-heavy savings account.

APY

Minimum Deposit to Open

0.05%

$0

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $5 ($4 when you choose online statements only). $0 if you are under 18.
  • Account maintenance fee waived if you meet at least one of the following requirements:
    1. Keep at least $300 in your account.
    2. Have a linked TD student checking account.
    3. Are under age 18 or over age 62.
    4. Transfer at least $25 per month from a TD Bank account and have a linked TD Bank personal checking account (but this will only waive the fee for 12 months).
  • ATM fees: None if using a TD Bank ATM in the U.S. or Canada. $3 for non-TD ATMs (plus whatever surcharge fees the ATM’s owner tacks on).
  • ATM fee refunds: None.
  • Overdraft fees: $35 for each item, up to five items per day.

You’ll need to keep an eye out for fees with this account. It isn’t hard to avoid the monthly account fee if you keep it stocked with savings, but if you decide to empty the account you’ll have to pay a monthly fee. Furthermore, the interest rates — annual percentage yields (APYs) — offered are very low, especially when compared with rates on savings accounts at other banks.

Opening a Simple Savings account with TD Bank just takes a few minutes. You’ll need basic personal information about yourself, a photo ID and a way to fund your new account. You can apply online, over the phone or by visiting a local branch.

TD Preferred Savings account

Moderate APYs for high-balance savers.
 

$0.01 - $19,999.99

$20k - $49,999.99

$50k - $99,999.99

$100k - $249,999.99

$250k - $499,999.99

$500k - $999,999.99

$1M – $9,999,999.99

$10M+

APY with standard rate

0.01%

0.05%

0.05%

0.05%

0.10%

0.10%

0.10%

0.10%

APY with bump rate

0.05%

0.20%

0.25%

0.35%

0.50%

0.50%

0.50%

0.50%

  • Minimum opening deposit: $0, or $20,000 for IRAs.
  • Monthly account maintenance fee: $15 ($14 if you’re signed up for online statements).
  • Account maintenance fee waived if you meet at least one of the following requirements:
    1. Keep at least $20,000 in your account.
    2. Link to a TD Relationship Checking or TD Beyond Checking account
    3. Open the account as an IRA.
  • ATM fees: No fees in both the U.S. and Canada. However, you may be charged a surcharge fee (i.e., the fee that the ATM’s owner tacks on) unless you keep a daily balance of at least $2,500 in your account.
  • Overdraft fees: $35 for each item, up to five items per day.

TD Bank offers acceptable returns for its Preferred Savings account, but there’s a catch: You’ll need to keep a high daily balance. Otherwise, you’ll face a hefty monthly account fee that will wipe away any interest accrued.

You can qualify for higher rates by having one of the following types of accounts with TD Bank and making three transactions per month with it: a mortgage, a home equity loan, a credit card, or a personal or small business checking account.

Opening a Preferred Savings account with TD Bank is simple and takes only a few minutes. You’ll need basic personal information about yourself, a photo ID and a way to fund your new account. You can apply online, over the phone or by visiting a local branch.

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How TD Bank’s savings accounts compare

TD Bank’s savings accounts are pretty lackluster. They carry the potential for heavy fees and for very little return. You are able to bank with a giant in the industry and that includes the power behind such a name as TD, but there doesn’t seem to be much benefit other than cachet.

Its Preferred Savings account does offer high earning potential with APYs up to five times that of the national average. However, you’ll need to have deep pockets to be able to reach those levels, in addition to meeting a list of other requirements to get the monthly fee waived and be eligible for these high APYs. There are many other high-interest savings accounts that offer better rates without all these requirements.

TD Bank checking accounts

TD Beyond Checking account

Earn low APYs for keeping a high balance in your checking account.

Minimum Balance Amount

$0.01 - $9,999.99

$10,000 - $49,999.99

$50k +

APY

0.01%

0.02%

0.03%

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $25
  • Account maintenance fee waived if you meet at least one of the following requirements:
    1. Maintain a $2,500 minimum daily balance.
    2. Maintain a combined $25,000 minimum daily balance in all your TD deposit accounts, excluding credit cards.
  • ATM fees: None in the U.S. and Canada. However, you may be charged a surcharge fee (i.e., the fee that the ATM’s owner tacks on) unless you keep at least $2,500 in your account.
  • Overdraft fees: $35 for each item, up to five items per day. Overdraft protection transfers are free.

If you’re looking to earn interest on the money held in your checking account, you might consider this account. Just be careful: You’ll need to keep a pretty high balance to a) earn any interest at all, and b) avoid the high monthly account fee.

A few minor side-benefits of having this account include things like free bank checks and money orders, and no service charge for more obscure things like stop payments on checks, incoming wire transfers and paper statements. You’ll also get a 0.25% interest rate reduction if you decide to apply for a home equity line of credit with TD Bank.

If high APYs on your checking account with less fees are what you want, there are many other better online checking accounts to choose from.

Opening a Beyond Checking account with TD Bank is simple and takes only a few minutes. You’ll need basic personal information about yourself, a photo ID and a way to fund your new account. You can apply online, over the phone or by visiting a local branch.

TD Convenience Checking account

A standard-level checking account that works for students too — but stay vigilant for high fees.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $15.
  • Account maintenance fee waived if you meet at least one of the following requirements:
    1. Maintain a $100 minimum daily balance in your account.
    2. Are between 17 and 23 years old.
  • ATM fees: None if using a TD Bank ATM. $3 for non-TD Bank ATMs (plus whatever surcharge fees the ATM’s owner tacks on).
  • ATM fee refunds: None.
  • Overdraft fees: $35 for each item, up to five items per day.

If you can’t keep the required $2,500 in your checking account to get the monthly fee waived for the TD Premier Checking account, consider TD Convenience Checking. You still need to keep some cash in this account to have the $15 monthly fee waived, but with a minimum daily balance of $100, it’s much more manageable.

You have access to thousands of ATMs in the U.S. and Canada with your TD Bank Visa Debit Card. Check images are available online and of course, since it’s TD, you have access to 24/7 customer service.

Unfortunately, you’ll have to sacrifice earning any return on your funds with this account, since it pays no interest. But there still are some minor perks that come with this account. You’ll get a discount on your first order of checks, and discounts on TD Bank home loans and home equity lines of credit.

Opening a Convenience Checking account with TD Bank is simple and takes only a few minutes. You’ll need basic personal information about yourself, a photo ID and a way to fund your new account. You can apply online, over the phone or by visiting a local branch.

TD Simple Checking account

High fees for a basic-level checking account.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $5.99 (there is no way to get the monthly maintenance fee waived).
  • ATM fees: None if using a TD Bank ATM. $3 for non-TD ATMs (plus whatever surcharge fees the ATM’s owner tacks on).
  • ATM fee refunds: None.
  • Overdraft fees: $35 for each item, up to five items per day. There is also a $3 overdraft protection transfer fee to be taken from a TD savings account. However if you are overdrawn $5 or less, you will not be charged associated overdraft fees.

As far as checking accounts go, this isn’t the best option. It charges a high monthly account fee and there’s no way to get it waived. That’s a bit ridiculous with so many free checking accounts available to customers.

The only reason you might choose this checking account is if you can’t afford to keep the minimum daily balance of $100 in the TD convenience checking account to have that monthly account fee waived. But if you’re not able to do that and choose this account instead, you’ll pay out $100 in fees in a little over a year anyway, so it’s still difficult to see an advantage to this account.

You do get minor perks as with the other accounts — a discount on your first order of checks, and a discount on a home loan or home equity line of credit (0.25%) — but that’s probably not going to save you a whole lot of money.

Opening a Simple Checking account with TD Bank is easy and takes only a few minutes. You’ll need basic personal information about yourself, a photo ID and a way to fund your new account. You can apply online, over the phone or by visiting a local branch.

TD 60 Plus Checking account

A great checking account for seniors, but keep an eye on the account balance.
  • Minimum opening deposit: $0
  • APY:0.03%
  • Monthly account maintenance fee: $10
  • Account maintenance fee waived if you: Keep at least $250 in your account.
  • ATM fees: None if using a TD Bank ATM. $3 for non-TD ATMs (plus whatever surcharge fees the ATM’s owner tacks on).
  • ATM fee refunds: None.
  • Overdraft fees: $35 for each item, up to five items per day. There is a $3 overdraft protection transfer fee. However if your account is overdrawn by $5 or less, you will not be charged associated overdraft fees.

If you’re over age 60, you are eligible for this account. TD Bank has generously waived many of its high fees for some account services. You’ll get free money orders, free checks and free paper statements. This account also comes with the standard rate discounts on home loans and home equity lines of credit.

Plus you’ll earn interest on your balance. Not a lot of interest, but 0.03% APY is better than 0.00%. You also are eligible for a rate discount of 0.25% on TD Bank home equity and personal loans.

We recommend this account only if you can keep at least $250 in your account to avoid the monthly fee. Otherwise, the $10 monthly fee will wipe out any interest you’ll earn.

Opening a 60 Plus Checking account with TD Bank is simple and takes only a few minutes. You’ll need basic personal information about yourself, a photo ID and a way to fund your new account. You can apply online, over the phone or by visiting a local branch.

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How TD Bank’s checking accounts compare

TD Bank offers different types of checking accounts. This is nice because it offers you a wider range of ways to avoid the bank’s notorious account fees — and there are many to watch out for.

However, many of these accounts don’t earn any interest, and when they do, the minimum balance requirements are often far above what you’d likely be keeping in a checking account anyway. If you’re looking for the best checking account possible, you’d be better off looking elsewhere unless you really are attached to TD Bank.

TD Choice CDs

Moderate returns if you have a TD Bank Checking account.

Standard rate

 

$250 - $9,999.99

$10k - $49,999.99

$50k - $99,999.99

$100k+

3 months

0.05%

0.05%

0.05%

0.05%

6 months

0.05%

0.05%

0.05%

0.05%

9 months

0.05%

0.05%

0.05%

0.05%

12 months

0.05%

0.05%

0.05%

0.05%

18 months

0.05%

0.05%

0.05%

0.05%

24 months

0.05%

0.05%

0.05%

0.05%

3 years

0.05%

0.05%

0.05%

0.05%

5 years

0.05%

0.05%

0.05%

0.05%

Bump Rate

 

$250 - $9,999.99

$10k - $49,999.99

$50k - $99,999.99

$100k+

3 months

0.20%

0.20%

0.20%

0.20%

6 months

0.20%

0.20%

0.20%

0.20%

9 months

0.10%

0.10%

0.10%

0.10%

12 months

0.20%

0.20%

0.20%

0.20%

18 months

0.10%

0.10%

0.10%

0.10%

24 months

0.10%

0.10%

0.10%

0.10%

3 years

0.10%

0.10%

0.10%

0.10%

5 years

0.10%

0.10%

0.10%

0.10%

TD Bank’s Choice CDs are its standard line of CDs. You’ll need at least $250 to invest in them, which is a pretty low requirement and makes saving accessible for most people. Of course, you’ll earn higher rates if you put in larger amounts of cash, which can be said for any CD strategy. You can also earn higher “bump rates” if you hold a checking account with TD Bank, which is worth considering.

Just be aware when you’re choosing longer terms, however, that you’ll pay an early withdrawal penalty if you need to take that cash out before the term expires. You also can’t take out your cash at all for the first seven days after you initially open your CD. There is no monthly maintenance fee.

Early withdrawal penalties, which depend on the original term of the CD, are:

  • 7 days-89 days: All interest
  • 3 months < 1 year: 3 months’ worth of interest
  • 1 year < 2 years: 6 months’ worth of interest
  • 2 years < 3 years: 9 months’ worth of interest
  • 3 years < 4 years: 12 months’ worth of interest
  • 4 years < 5 years: 18 months’ worth of interest
  • 5 years+: 24 months’ worth of interest

Once you open your account, you can’t add any more funds until the CD’s term is over. When that happens, your CD will automatically renew to another one of the same length with whatever the current interest rate is. But you have 10 days after this happens to decide what to do with it — withdraw the cash penalty-free, add more funds or just let the CD continue.

Opening a Choice CD with TD Bank is simple and takes only a few minutes. You’ll need basic personal information about yourself, a photo ID and a way to fund your new account. You can apply online, over the phone or by visiting a local branch.

TD No-Catch CDs

Moderate returns that give you the flexibility of making a free withdrawal once per term.

CD Term

APY

6 months

0.15%

12 months

0.20%

If the idea of having your money locked away makes you a little queasy, TD Bank’s No-Catch CD might be a good choice for you. It’s currently only offered in two term lengths — 6 and 12 months. What makes it attractive is that once per term, you’re allowed to make one withdrawal without paying an early withdrawal penalty. You can make this withdrawal only after the account has been open for seven or more days.

This will save you from paying a penalty of three months’ worth of interest (for the 6-month CD) or six months’ worth of interest (for the 12-month CD). In return for this advantage, you’ll get a slightly lower return on the 12-month CD than the normal TD Choice CD (without the higher bump rates, which is a disadvantage).

Just as with the TD Choice CD, you can open a TD No-Catch CD with at least $250. After the CD matures, it’ll roll over into another CD of the same term length (but with the current interest rate), and you’ll get 10 days to withdraw the money, add funds or let it continue in the current CD. There is no monthly maintenance fee.

Opening a No-Catch CD with TD Bank is simple and takes only a few minutes. You’ll need basic personal information about yourself, a photo ID and a way to fund your new account. You can apply online, over the phone or by visiting a local branch.

TD Step Rate CDs

Higher rates over time with more frequent penalty-free access to your cash.

CD Term

APY

3 years

Year 1: 0.25%. Year 2: 0.30%. Year 3: 0.45%. Composite: 0.33%

5 years

Year 1: 0.35%. Year 2: 0.40%. Year 3: 0.55%. Year 4: 0.70%. Year 5: 1.19%.
Composite: 0.64%

If you really want frequent penalty-free access to your cash but with higher rates than the No-Catch CDs offer, consider the Step Rate CDs, as you can open them with as little as $250.

These CDs will allow you to make one penalty-free withdrawal per year during a 10-day window around your account’s anniversary. If you make a withdrawal outside of these windows, you’ll face an early-withdrawal penalty of 12 months’ worth of interest (for a 3-year CD), or 24 months’ worth of interest (for a 5-year CD).

If you leave some or all of your money in the account on each anniversary, you’ll be rewarded with sequentially higher interest rates until the term of the CD ends. When that happens, it’ll automatically roll over into a 12-month Step Rate CD with the current interest rate of the day. But you’ll still have a 10-day window where you can add or withdraw funds or let the CD investment continue.

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How TD Bank’s CDs compare

TD Bank offers a nice suite of CDs that allow you more frequent access to your money. This is especially helpful for folks who want to earn higher rates than their paltry savings and checking accounts (when interest is even earned at all), but still want to be able to get their money on a more frequent basis if needed.

Compared with APYs at other banks, however, the interest rates offered on TD Bank’s CDs are fairly low. If higher interest rates are what you’re after, consider these CD accounts with higher rates.

TD Simple Savings IRA

Guaranteed low rates on your retirement savings.

APY

Minimum Deposit to Open

0.05%

$300

The TD Simple Savings IRA account is the mirror image of its regular TD Simple Savings account but in IRA form. And, just like the regular TD Simple Savings account, it earns below-market average interest rates. However, your earnings are tax-deferred, but that is the nature of an IRA, not a benefit to this specific account.

Its saving grace is that the monthly maintenance fee is waived for the IRA version of this account (which would normally cost up to $5 per month). You’ll also need at least $300 to open this account, making it more accessible if you’re just starting to save for retirement and don’t have a lot of cash yet.

One disadvantage of this account is that you can only open it in a local branch or over the phone. Previously, this account could only be opened onsite, so the phone option is a welcome addition.

TD Preferred Savings IRA

Higher (but still low) rates for having larger balances and linked TD accounts.
 

$0.01 - $19,999.99

$20k - $49,999.99

$50k - $99,999.99

$100k - $249,999.99

$250k - $499,999.99

$500k - $999,999.99

$1M - $9,999,999.99

$10M +

APY with Standard Rate

0.01%

0.05%

0.05%

0.05%

0.10%

0.10%

0.10%

0.10%

APY with Bump Rates

0.05%

0.20%

0.25%

0.35%

0.50%

0.50%

0.50%

0.50%

If you’d like to save for your retirement using a simple, easy-to-understand savings account but want to earn slightly higher rates, the TD Preferred Savings IRA might be for you. You’ll need at least $20,000 to open an account, but there are no monthly maintenance fees.

There are two ways to earn higher interest. First, you would need to keep larger balances in your account (the highest rates are offered on balances between $100,000 and $9,999,999). Second, you can earn higher “bump rates” if you have another linked TD Bank account, such as a checking account, or even a mortgage or a credit card.

As with the rest of the bank’s retirement savings account, you can open this account only by going to a local branch in person or over the phone with TD Bank’s IRA department.

TD Choice IRA CDs

Getting warmer … but still pretty low rates for an IRA CD.

Standard rate

 

$250 - $9,999.99

$10k - $49,999.99

$50k - $99,999.99

$100k+

3 months

0.05%

0.05%

0.05%

0.05%

6 months

0.05%

0.05%

0.05%

0.05%

9 months

0.05%

0.05%

0.05%

0.05%

12 months

0.30%

0.35%

0.40%

0.50%

18 months

0.05%

0.05%

0.05%

0.05%

24 months

0.05%

0.05%

0.05%

0.05%

3 years

0.05%

0.05%

0.05%

0.05%

5 years

0.05%

0.05%

0.05%

0.05%

Bump Rate

 

$250 - $9,999.99

$10k - $49,999.99

$50k - $99,999.99

$100k+

3 months

0.20%

0.20%

0.20%

0.20%

6 months

0.20%

0.20%

0.20%

0.20%

9 months

0.10%

0.10%

0.10%

0.10%

12 months

0.10%

2.00%

2.00%

2.00%

18 months

0.10%

0.10%

0.10%

0.10%

24 months

0.10%

0.10%

0.10%

0.10%

3 years

0.10%

0.10%

0.10%

0.10%

5 years

0.10%

0.10%

0.10%

0.10%

These CDs are the mirror image of their regular TD Choice CD accounts, but in IRA form. You can also open these CDs with a minimum $250 deposit, but of course you’ll earn higher rates if you deposit more money. Still, if you’re just starting out and really want a TD Bank IRA, this is one of your lowest-barrier options. You can also earn higher rates if you own another TD Bank checking account.

If you need to withdraw the money before the term is up, you’ll face the following early withdrawal penalties depending on the original term length of the IRA CD:

  • 7 days-89 days: All interest
  • 3 months < 1 year: 3 months’ worth of interest
  • 1 year < 2 years: 6 months’ worth of interest
  • 2 years < 3 years: 9 months’ worth of interest
  • 3 years < 4 years: 12 months’ worth of interest
  • 4 years < 5 years: 18 months’ worth of interest
  • 5 years: 24 months’ worth of interest

As with the rest of TD Bank’s retirement savings account, you can open this account only by going to a local branch in person or over the phone with the bank’s IRA department.

TD IRA Add-Vantage CD

Term

APY

12 months

0.25%

One of the disadvantages of CDs is that you generally can’t add more money to them once they get started. That can become a deterrent if you do come into some more money and want to take advantage of the higher rates that CDs offer.

The TD IRA Add-Vantage CD adds a neat little feature to get around this. You can deposit more money into the account at any time, as long as you follow these two rules: 1) You can only add money in $500 increments, and 2) you can’t make more than $250,000 in deposits during the CD’s term.

Thus, this IRA CD functions generally like a savings account, except you can’t withdraw your money more than once per year due to the sole 12-month CD term offered. If you do withdraw the money, you’ll face an early withdrawal penalty of six months’ worth of interest.

As with the rest of TD Bank’s retirement savings account, you can open this account only by going to a local branch in person or over the phone with the bank’s IRA department.

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How TD Bank’s IRA CDs Compare

The trend in low rates for TD Bank’s accounts continues. These rates are all-around low compared with other IRA CD rates out there.

CDs already offer notoriously low returns compared with more mainstream IRA investments like mutual funds and stocks, which seems highlighted within TD Bank’s offerings. If you’re relying on TD Bank’s IRAs as your primary retirement strategy, you should not expect exceptional growth.

TD Bank Money Market Accounts

TD Growth Money Market account

Earn similar rates to TD’s Preferred Savings account, but with a lower minimum balance.
 

$0.01 - $999.99

$1k - $1,999.99

$2k - $4,999.99

$5k - $9,999.99

$10k - $24,999.99

$25k - $49,999.99

$50k - $99,999.99

$100k - $249,999.99

$250k+

APY with Qualified Account

0.01%

0.01%

0.10%

0.10%

0.10%

0.15%

0.15%

0.15%

0.15%

APY without Qualified Account

0.01%

0.01%

0.05%

0.05%

0.05%

0.10%

0.10%

0.10%

0.10%

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $12 (or $11 if you sign up for online statements only).
  • Account maintenance fee waived if you meet at least one of the following requirements:
    1. Keep at least $2,000 in your account.
    2. Are age 62 or older.
    3. Link the account to a TD Beyond Checking account.
  • ATM fees: None if using a TD Bank ATM. $3 for non-TD ATMs (plus whatever surcharge fees the ATM’s owner tacks on).
  • ATM fee refunds: None.
  • Overdraft fees: $35 for each item, up to five items per day. However if you are overdrawn $5 or less, you will not be charged associated overdraft fees.

This account offers a nice balance between the lower balance requirements of the TD Simple Savings account and the higher rates of the TD Preferred Savings account. You only need a $2,000 minimum balance to have the monthly fee waived (compared to the Preferred Savings account’s $20,000 minimum balance for waiver of that account’s fee).

You’re also eligible to receive a higher rate if you 1) have a linked TD Bank account, and 2) you use it to make at least a $50 recurring monthly deposit into this account.

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How TD Bank’s Money Market account compares

Again, TD Bank falls short when compared with other money market account rates available today. Plus, you need a fairly high opening deposit to even get access to this account.

This leaves savers who are just getting started left out, since all TD Bank offers for these folks is their Simple Savings account that offers a subprime interest rate (and a minimum $300 deposit to avoid the monthly fee).

Overall review

There is something to be said for TD Bank’s ease of access, especially if you like to visit a physical branch. Its local branches generally offer good hours and are open seven days per week. But for folks who don’t live near a branch — and that’s most of the country — you’re out of luck aside from the 24-hour customer service line, however adept it may be.

Furthermore, you’ll need to keep large balances in most of TD Bank’s accounts to get waiver of what are considered high monthly fees. Even when you carry a high balance, you won’t see the interest rates to match your investment. If you want to use TD Bank, we recommend you come with a hefty amount of cash.

In general, we’re rather unimpressed with these products. You can get much better rates and terms on every single one of these accounts elsewhere, without having to pay out a boatload of banking fees.

The information in this article is accurate as of the date of publishing.

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