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TD Bank Review 2024
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TD Bank is one of America's largest banks by assets. It maintains 1,220 branches along the East Coast of the U.S., with footprints in 15 states and Washington, D.C. The bank has more than 150 years of history and serves over 10 million customers.
TD Bank offers some features and perks that are worthy of attention. If you're in the market for a new bank account or want to move your personal banking relationship to a different place, TD Bank could be a good fit.
Learn more about how TD Bank may be able to support your personal financial goals. This review focuses on TD Bank's personal banking services.
Account details and annual percentage yields (APYs) are accurate as of December 19, 2024. TD Bank's product details, rate and fee information may vary slightly by location. We used the bank's New York location for this review.
Account Basics CheckingTD Bank offers five checking accounts with different levels of benefits and features.
Whatever age you are, whatever your banking needs may be, TD Bank offers simple checking account options that have helpful features and perks.
SavingsTD Bank offers a few savings accounts, with different APYs depending on your minimum account balance and your overall banking relationship.
TD Bank offers higher APYs to encourage customers to open multiple accounts and do more banking business with them. However, even with its relationship bump, the TD Bank savings account rates are quite low—significantly lower than the best online savings accounts.
CDsTD Bank offers certificates of deposit (CDs) with terms ranging from three months to five years. APYs vary by the type of CD, term length and amount of money deposited. Along with TD Choice Promotional CDs, TD Bank has two other CD options:
Although TD Bank has some interesting options for specific types of CDs, its APYs are quite a bit lower than the best CD rates. If you want the best APY rates for your savings, other banks or credit unions may help you earn more yield on your savings.
Other Banking ProductsBesides its personal deposit accounts, TD Bank also offers the following banking products and services for its customers:
TD Bank often has promotional offers for new customers, providing cash bonuses for signing up for specific accounts.
In addition, TD Bank bases its brand on being more convenient than other banks, and "Unexpectedly Human." The bank offers 24/7 customer service 365 days a year via its mobile app, website or phone at 1-888-751-9000. The bank also encourages customers to reach out via Facebook Messenger and Twitter. Its bank branches are open on Saturdays and Sundays to help people complete banking tasks more conveniently on weekends.
Access on the GoTD Bank offers more than 1,200 locations and more than 700 ATMs. The TD Bank mobile app has high ratings, with 4.8 stars on the App Store and 4.6 stars on Google Play. Key features of the TD Bank mobile app include:
TD Bank cards are also compatible with digital wallets. So, if you are ever on the go without your debit card, you can still make payments via your mobile device.
ProsLike many other major banks, TD Bank is currently operating in a near-zero interest rate environment that makes it hard to offer very compelling APYs on savings accounts, money market accounts and CDs. If you want higher APYs on your savings, you may want to consider an online bank or credit union.
However, if you want the convenience and accessibility of banking at a larger regional bank with a footprint throughout the East Coast, TD Bank offers some valuable features and benefits. The mobile app is highly rated and well designed for everyday banking. It offers convenient features like compatibility with digital wallets, mobile check deposit and the ability to send money with Zelle.
TD Bank is a full-service bank that offers loans, credit cards and other financial products. If you have a checking account with them, it may provide you with a better deal on a personal loan, a mortgage or other financial accounts. It places a strong emphasis on customer service and makes it easy to contact customer service via in-app communication, social media channels, as well as email or phone.
This East Coast bank is worth considering for your personal banking needs.
Frequently Asked Questions (FAQs)Yes, TD Bank is FDIC insured (FDIC #18409). All TD bank accounts are FDIC insured up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.
Where are TD Bank's locations?TD Bank has branches and ATMs in 15 U.S. States and Washington, D.C., covering much of the East Coast, Mid-Atlantic and Northeast, stretching from Maine to South Carolina and Florida.
Does TD Bank offer mortgages?Yes. TD Bank offers mortgages, as well as home equity loans and lines of credit.
TD Checking Accounts Review: Pros, Cons, And Alternatives
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TD Bank has over 1,100 branches and 2,600 ATMs along the East Coast. You might like one of TD Bank's three primary checking accounts if you prefer banking face-to-face and live near a branch along the East Coast.
But if your main priorities are low monthly fees and good interest rates, you might prefer one of the best checking accounts with an online bank.
TD Bank Checking Account Options TD Bank Essential BankingThe TD Bank Essential Banking is best for anyone between the ages of 13 to 17 because it waives the monthly service fee for this age group and is a checkless bank account.
It also might be a good option if you want to avoid overdraft fees entirely. However, be aware that your transactions may be declined if you try to overdraw from your account.
TD Bank Complete CheckingTD Bank Complete Checking is a new checking account offered by TD Bank. It's a good choice if you meet the requirements to waive the $15 monthly service fee.
There are a couple of ways to waive the fee. You can receive monthly direct deposits of $500 or more, maintain a minimum daily balance of $500 or more, or have a daily combined balance of $5,000 or more across linked bank accounts. The fee is also automatically waived for anyone between ages 17 and 23.
You also might like this account if you're looking for a checking account bonus. The TD Bank Complete Checking Account offers a $200 when you have $500 in qualifying direct deposits within 60 days (offer expires December 31, 2024)
TD Bank Beyond Checking AccountThe TD Bank Beyond Checking Account might be worth exploring if you regularly maintain a minimum daily balance of at least $2,500 or receive monthly direct deposits of $5,000 or more. That way, you'll waive the $25 monthly service fee. You can also waive the fee by maintaining $25,000 or more across all your TD Bank accounts, home equity loans, home equity line of credit accounts, or mortgage.
This account offers several perks like no ATM fees and two free overdraft fee reimbursements per year. TD Bank also offers a cash bonus of $300 when you have $2,500 in qualifying direct deposits within 60 days (offer expires December 31, 2024).
Overview of TD Bank Checking Account Offerings TD Bank Checking Key Features and Benefits Low Minimum Balance RequirementsTD Bank checking accounts can be opened with $0 upfront. However, you should still plan to deposit in the first 45 days to avoid an account closure.
TD Early PayIn March 2024, TD Bank announced a new feature for all checking and savings account customers called TD Early Pay. Customers can now get eligible direct deposits up to two business days early.
TD Bank defines eligible direct deposits as employer paychecks, government benefit payments, tax refunds, military pay, and pensions.
You won't need to enroll to receive early direct deposits. It'll be automatically applied if the funds are available early.
Overdraft Protection ServicesThe bank has several overdraft protection services to help you avoid overdraft fees.
With Grace Period, TD Bank will refund overdraft fees when you restore your account balance to at least $0 by 11 p.M. ET the next business day.
You can also link your checking account to your savings account to cover overdrafts. In 2022, TD Bank eliminated the fee for overdraft account transfers.
Federal InsuranceTD Bank is a federally insured financial institution. This means that if a bank failure occurs, your deposits are FDIC insured for up to $250,000, or $500,000 for joint accounts.
The FDIC will make sure your insured deposits are safe. Your money will either be moved to another FDIC-insured financial institution or the money mailed to you through a check.
TD Bank Checking Fees and Charges Monthly Maintenance FeesTD Bank does not have any fee-free checking accounts. All the checking options at least have monthly bank maintenance fees to be mindful of.
TD Bank Complete Checking offers the most ways to waive monthly service fees. That said, TD Bank Essential Banking has the lowest monthly service fee out of three options.
Overdraft FeesYou'll also want to review each account for overdraft fees before choosing an account.
TD Bank Essential Banking doesn't charge any overdraft fees, but TD Bank Complete Checking and TD Bank Beyond Checking do. TD Bank charges a $35 overdraft fee, up to three times per day. You can avoid paying overdraft fees on TD Bank checking accounts by using one of the bank's overdraft protection options.
ATM FeesCustomers won't be charged fees at TD Bank ATMs. If you use a non-TD Bank ATM, though, you might have to pay a $3 out-of-network fee, depending on your account.
TD Bank Essential Banking doesn't have a way to automatically waive ATM fees. TD Bank Complete Checking waives ATM fees if you're between the ages of 17 through 23. Lastly, TD Bank Beyond Checking waives ATM fees if you maintain a $2,500 minimum daily balance.
TD Bank Additional Banking ServicesTD Bank has several other bank account options. You can choose from two types of savings accounts and three different types of CDs. The bank also has personal loans and a variety of home loans and credit cards.
Opening a TD Bank Checking AccountTo open a bank account, you must provide a US ID and Social Security number to verify your identity. You must be 18 years old to open a bank account online. If you are opening a bank account for a minor, you'll have to visit a branch.
TD Bank Customer Support and FeedbackYou can speak with a live customer support representative 24/7. Many branch locations are also open seven days per week if you want to speak to someone in person.
The mobile app has received positive reviews, with 4.8 out of 5 stars in the Apple store and 4.3 out of 5 stars in the Google Play store.
Are TD Bank Checking Accounts Trustworthy?The Better Business Bureau grades companies based on how they deal with customer issues. The BBB has given TD Bank an A+ rating.
In 2023, the bank had to pay $1.2 billion in a settlement that claimed the bank was involved in a Ponzi scheme started by Robert Allen Stanford, the former chairman of Stanford International Bank. TD Bank provided correspondent banking services to Stanford International Bank.
TD Bank Checking Account Alternatives Featured Checking Account Offers TD Bank Checking vs. Bank of America CheckingIf you don't have money to open a checking account, you'll probably prefer TD Bank. At Bank of America, you'll have to deposit anywhere from $25 to $100. TD Bank lets you open a checking account with $0 minimum opening deposit.
You'll also prefer TD Bank to other institutions if you'd like to get 24/7 customer service. Bank of America customer support is available over the phone during select hours on weekdays and weekends.
Bank of America Review
TD Bank Checking vs. Citizens Bank CheckingIf you'd like to open a checking account with a low initial deposit, TD Bank and Citizens Bank have good options. Both banks let you open a checking account with no minimum opening deposit.
The best choice for you may ultimately depend on where you live. TD Bank has branches in North Carolina and South Carolina Citizens Bank doesn't have locations in these states, but it does have locations in Michigan and Ohio where there aren't any TD branches.
Citizens Bank also might be more appealing if you frequently use ATMs. Citizens Bank has over 3,100 ATMs while TD Bank has around 2,600 ATMs.
You might prefer another financial institution if you're priority is the avoid overdraft fees, though. While TD Bank and Citizens Bank have free overdraft services to help minimize overdraft fees, there are several banks that have completely eliminated overdraft fees on all accounts. You can find options in the best banks for avoiding overdraft fees.
Citizens Bank Review
Why You Should Trust Us: How We Reviewed TD Bank Checking AccountsFor our TD Bank Checking Accounts review, we used our checking account methodology. At Personal Finance Insider, we rate products on a scale from one to five stars. We also compare and contrast the features and fine print of various products to help determine if the account may be right for you. Our checking methodology, specifically, takes into account the minimum opening deposit, monthly service fees, overdraft protection options, ATM network/fees, customer support availability, mobile app ratings, miscellaneous features, and security and ethics of a company.
TD Bank Checking FAQsTD Bank checking accounts may stand out if you live on the East Coast and want a traditional checking account with a $0 minimum opening deposit. It also may be worthwhile if you want to receive early direct deposits.
You can open a TD Bank checking account with $0. Your account might be considered closed if a deposit hasn't been made within the first 45 days, though.
TD Bank offers digital and mobile banking. The national banking ranks highly in online banking satisfaction but received mixed ratings for mobile banking, according to J.D. Power studies.
For general assistance on banking, TD Bank has 24/7 customer support by phone or live chat.
Sophia Acevedo
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics. ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "My Financial Life," which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE Accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She's inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia's expertise includes:Evelyn He
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Sarah Sharkey
Banking & Investing Expert
Sarah Sharkey is a personal finance writer who enjoys diving into the details to help readers make savvy financial decisions. She lives in Florida with her husband and dogs. When she's not writing, she's outside exploring the coast.
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