TD Bank Review 2021

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Updated on Saturday, May 1, 2021

TD Bank

TD Bank, whose history dates back to 1855, is one of the nation’s largest banks. Despite maintaining locations only on the East Coast — spanning from Florida to Maine — TD Bank has more than 27,000 employees working with the company and a customer base of over 9 million. TD Bank currently offers a variety of banking products, including savings accounts, checking accounts and CDs.

If you live on the East Coast and don’t mind maintaining minimum balance requirements, TD Bank might be a good choice for you.

TD Bank savings accounts 3 out of 5

TD Beyond Savings
  • APY:0.01%0.15%
  • Minimum opening deposit: None
  • Monthly fee: $15, but waivable

The TD Beyond Savings account is the bank’s premium savings vehicle. If you’re able to maintain a hefty account balance, this could be an enticing product.Beyond Savings offers tiered savings rates and other perks. You can boost the account’s interest rate from 0.01% APY to as high as 0.15% APY (though this rate may not be available in all locations) if you connect the Beyond Savings account to a TD Bank personal mortgage, home equity, credit card or checking account and maintain a minimum balance of at least $250,000.

The Beyond Savings account offers free money orders, official checks and incoming domestic and international wire transfers. The account also comes with free in-network ATM access. For out-of-network ATM transactions, you’ll be reimbursed all charges as long as you maintain a $2,500 minimum balance.

The TD Bank Beyond Savings account has its drawbacks though. Despite the tiered savings rate offer, the account starts at a paltry 0.01% APY, way below the national average rate of 0.04%. The account also comes with a $15 monthly fee, which is only waivable if you keep a $20,000 minimum daily balance, have the account linked to an eligible TD Bank account or opened the account as an IRA.

TD Simple Savings
  • APY:
  • Minimum opening deposit: None
  • Monthly fee: $5, but waivable

The TD Bank Simple Savings account is a solid entry-level product that might interest those looking for something straightforward. It offers APY, and no deposit is needed to open the account.The low monthly fee associated with the Simple Savings account is automatically waived during the first year. After that, you can get it waived based on your age — 18 or younger, or 62 or older — or if you meet any of the following requirements:

  • Maintain a $300 minimum daily balance
  • Complete a monthly recurring bank transfer of $25 or more from an eligible TD Bank checking account (during the first 12 months after the account is opened)
  • Link the account to a TD Bank Student Checking, TD Relationship Checking or TD Beyond Checking account
  • Open the Simple Savings account as an IRA

The TD Bank Simple Savings does charge $3 for every out-of-network ATM network transaction, and there is no option for reimbursement.

TD Growth Money Market
  • APY:0.01%0.10%
  • Minimum opening deposit: None
  • Monthly fee: $12, but waivable

TD Bank’s money market account is a good product if you’re able to consistently add to your savings and are an older customer. The Growth Money Market offers tiered savings rates, which means the more you can save, the higher your interest rate will be. You can also boost that rate if you can transfer at least $50 per month from a linked TD Bank checking account. The monthly $12 monthly maintenance fee is waived if you’re 62 or older, maintain a $2,000 minimum daily balance or have the Growth Money Market linked to a TD Beyond Checking account.

The TD Growth Money Market major downside is its interest rate — it tops out at just 0.10% — and the only way to get that top rate is to have a balance of at least $25,000, make a minimum $50 recurring transfer every month and have a linked TD Bank checking account. Otherwise, your savings rate tops out at 0.05%. Just like the Simple Savings account, if you use out-of-network ATMs, you’ll be hit with a $3 fee.


If these accounts don’t seem like the right fit, you can find our top picks for savings accounts here.

TD Bank checking accounts 3 out of 5

TD Convenience Checking
  • APY: None
  • Minimum opening deposit: None
  • Monthly fee: $15, but waivable
  • ATM access: No fees for over 700 in-network ATMs; $3 per transaction at non-TD Bank ATMs

TD Bank’s Convenience Checking account is the bank’s most popular checking product. This account doesn’t require an initial deposit to open, and the $15 monthly fee can be waived by maintaining just a $100 daily balance. You can also waive the monthly charge if you’re between the ages of 17 and 23.If you’re an active ATM user and happen to lose your card or have it stolen, Convenience Checking will replace the card for free. Another benefit of the Convenience Checking account comes in the form of loan rate discounts, as you’ll get a 0.25% discount on TD Bank personal loans and home equity loans.

Despite its perks, the Convenience Checking account does have some pitfalls. For starters, it offers no interest, whereas the national checking account average interest rate is currently 0.03%. The account also comes with a hefty $35 per transaction overdraft charge.

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on TD Bank’s secure website

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TD Beyond Checking
  • APY:0.01%
  • Minimum opening deposit: None
  • Monthly fee: $25, but waivable
  • ATM access: No fees for over 700 in-network ATMs and non-TD Bank ATMs (charges are reimbursed if you maintain a $2,500 minimum daily balance)

The TD Bank Beyond Checking offers more benefits than the bank’s Convenience Checking. The main perk of the Beyond Checking account is that it generates interest — and though its 0.01% APY isn’t much, it’s better than nothing. You can waive the account’s slightly higher $25 maintenance fee in the following ways:

  • Make $5,000 or more in direct deposits within one statement cycle
  • Maintain a $2,500 minimum daily balance
  • Maintain a $25,000 minimum daily combined balance across eligible TD Bank accounts

Another benefit of the Beyond Checking account is that it reimburses charges at non-TD Bank ATMs, as long as you maintain a $2,500 minimum daily balance. The account also offers Overdraft Payback, which automatically reverses the first two overdraft fees (paid or returned) that occur within the same year.

TD 60 Plus Checking
  • APY:0.03%
  • Minimum opening deposit: None
  • Monthly fee: $10, but waivable
  • ATM access: No fees at over 700 in-network ATMs

If you’re 60 years or older, the TD 60 Plus Checking account could be worth a look. The account generates interest at a rate of 0.03% APY, and although it comes with a $10 monthly fee, it can be waived by maintaining a low daily balance of just $250.The account offers free official checks, money orders and paper billing statements. However, it does charge for out-of-network ATM transactions.


Check out top picks for checking accounts for more options to consider.

TD Bank CDs 2 out of 5

TD Choice Promotional CD Rates

Term

APY w/ Standard Rate

APY w/ Rate Bump

Minimum Deposit to Earn APY

1 year0.05%0.05% - 0.10%$250
3 years0.05%0.05%$250
5 years0.05%0.05%$250

TD Bank offers three different options for certificate of deposits (CDs): TD Choice Promotional, TD No-Catch and TD Step Rate. While TD Choice Promotional doesn’t offer a no-penalty withdrawal, the other two do. Otherwise, early withdrawal penalties — which range from 24 months’ interest to all interest, depending on the length of the CD’s term — will apply.

Each CD option requires a $250 deposit to open, and the more you can afford to stash in your TD Bank CDs, the more interest you’ll generate. Plus, with a TD Choice Promotional CD, you can also get a savings rate boost from linking an eligible TD Bank checking account. CDs automatically renew at maturity.

The main drawback of TD Bank CDs is that the interest rates for each option are below the national average — plus, there are also no jumbo CD options available.

For more options aside from TD Bank, check out our top picks for CDs here.

Customer experience at TD Bank

With more than 1,200 locations spread across the East Coast, TD Bank is a solid option if you’re looking for a hands-on banking experience. The company’s branches are open on the weekends, unlike many other banks. If you prefer doing business online, TD Bank has an app and multiple ways to contact customer service reps, from its app chat feature to Facebook Messenger and Twitter. TD Bank’s app and website offers all the perks you’d expect, allowing you to transfer funds, deposit checks (via the app), set alerts, access your account and more.As for TD Bank’s customer service, the company was recently named as a notable standout: In 2019, it was ranked the highest in customer satisfaction among national banks by J.D. Power.

TD Bank’s rates vary by location. The rates listed in this article reflect the rates at the bank headquarters location in Cherry Hill, New Jersey, and are accurate as of the date of publishing.