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This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

TD Bank

Andrew Omalley Andrew Omalley Last update:

Overview

TD Bank has been around for more than 160 years and is a Canadian Toronto Dominion Bank subsidiary. It has been serving US customers for many years, mainly on the East Coast. It has over 1,200 physical branches in the region, catering to more than 9 million customers. This TD Bank review takes a look at all of the main account options, as well as the pros and cons of using this bank.

TD Bank Account Types

TD Bank looks after its base of customers by offering a good selection of different types of accounts. There is something here for everyone, which each option having its own specific pros and cons. This TD Bank online account review takes you through everything you need to know before getting started.

TD Convenience Checking

This is an account option that is very simple in nature and does not offer anything overly flashy. It is going to be a good fit for someone who doesn’t want to keep many funds in this account and doesn’t want to earn any interest on this money. If you have a balance of $100 in your account or you are younger than 24 years old, you do not have to pay the $15 monthly fee.

Another great advantage is that there is no necessary minimum deposit when opening this type of account. You have the ability to get small discounts on home equity loans and personal loans through this account. For a limited time, you can get $150 from TD Bank when you have made $500 worth of direct deposits to this new account within 60 days of opening it.

Account Type Key Features
TD Convenience Checking $0 minimum required opening deposit
Ability to get a $150 bonus
$15 monthly fee waived if you meet certain requirements

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TD Simple Checking

This account option is another one that will not have excessive features and will be a good fit for people with basic banking needs. You do need to pay a $5.99 monthly fee, with no way to get around it. You can get access to rate discounts on certain types of loans, as well as discounts on ordering checks. This account option does not carry any minimum required opening balance.

Account Type Key Features
TD Simple Checking $0 minimum required opening deposit
$5.99 monthly fee
Rate discounts on certain loan types

Student Checking

Eligible students between the ages of 17 and 23 years old can open this type of account. It does not have any minimum balance or monthly fees to consider. You can also get a Simple Savings account without any fees if you have a Student Checking account at TD Bank.

Account Type Key Features
Student Checking $0 minimum required opening deposit
No monthly fees
Ability to get a fee-free Simple Savings account

TD Beyond Checking

This is an account option that provides you with a good level of flexibility as you have access to online banking and can get free basic checks. You can avoid the $25 monthly account fee if you receive deposits of at least $5,000 each month, keep a daily balance of at least $2,500 or you have money totaling $25,000 across all of your eligible accounts at TD Bank.

Another side perk is that you can get reimbursed for as many as two sets of overdraft fees annually, with no rush bill payment or outgoing wire fees to worry about either. You can earn interest with this account, with the APY starting at 0.01% for deposits of less than $10,000. This will rise to an APY of 0.03% for sums less than $50,000, and 0.05% for those totals greater than $50,000.

With this account option, you can earn a $300 bonus if you have made $2,500 worth of direct deposits within 60 days of opening your account.

Account Type Key Features
TD Beyond Checking $0 minimum required opening deposit
APY varies depending on balance (0.01%-0.03%)
$25 monthly fee waived if you meet certain requirements

TD Plus 60 Checking

This is an account option for people who are at least 60 years old. Some of the key features include free statements, money orders, and checks. If you have a daily balance that is at least $250, then you do not have to pay the $10 monthly fee. You can also get 0.01% APY on your balance, as well as rate discounts on certain types of loans.

Account Type Key Features
TD Plus 60 Checking $0 minimum required opening deposit
Free standard checks
Earn 0.01% APY

TD Simple Savings

This is one of two savings account options at TD Bank. With this specific option, you will be getting 0.02% APY on your balances. You can void the $5 monthly account fee if your daily balance is always $300, you are a young adult, have a connecting TD checking account, or have recurring transfers of a certain size.

This monthly fee is also not in place for the first year if you set up a recurring transfer of $25. There is no minimum opening deposit needed. You can get a $200 bonus from TD Bank if you have deposited at least $20,000 in new funds within 20 days and maintain this valance for 90 days.

Account Type Key Features
TD Simple Savings $0 minimum required opening deposit
0.02% APY
$5 monthly fee waived if you meet certain requirements

 TD Beyond Savings

Through our TD Bank Beyond Savings review, we found that this particular savings account is going to be a better fit for those people who are looking to have at least $20,000 in their account. While you can still open this type of account with any sum, you will earn a 0.01% APY versus a 0.03% APY for a deposit of $20,000. The APY can rise up to 0.15% for a balance of $250,000 or more. Unless you link your TD checking account, you will only earn an APY of 0.01%.

You can bypass the $15 monthly account fee if you have a daily balance of $20,000 or have this account linked to a TD checking account. There will be no fees charged even if using non-TD Bank ATMs with this account or for other types of services. You can get a $200 bonus from TD Bank if you have deposited at least $20,000 in new funds within 20 days and maintain this valance for 90 days.

Account Type Key Features
TD Beyond Savings Must link eligible TD account to get bump APY
APY of 0.01%-0.15%
$15 monthly fee waived if you meet certain requirements

TD Growth Money Market Account

The money market account type at TD Bank allows you to get enhanced rates the more that you have deposited to your account. You can increase the APY you get by setting up a recurring transfer of $50 or more from one of your other eligible TD accounts.

The APY for this account starts at 0.01% and can rise to 0.10% if you have a daily balance of at least $50,000. You can also waive the monthly $12 account fee if your daily balance is kept at $2,000 or more, you are 62 years old, or you have a TD Beyond checking account linked.

Account Type Key Features
TD Growth Money Market Account Bump rates available if you link eligible TD account
Tiered APY rates (0.01%-0.10%)
$12 monthly fee waived if you meet certain requirements

TD Choice Promotional CDs

TD Bank offers a range of promotional CDs that will not always be available. The rates on offer will increase with your account balance. You can also get bump rates if you link an eligible TD account. You need to deposit at least $250 and there are withdrawal penalties, as well as varying term lengths. You can get CDs for as little as three months. Rates will start at 0.05% APY and rise to 0.10% APY if you have a balance of at least $10,000.

Account Type Key Features
TD Choice Promotional CDs Minimum opening deposit of $250
Tiered APY rates (0.05%-0.10%)
No monthly fee

TD Bank No-Catch CDs

If you want to have the option to potentially withdraw your funds at an earlier date, then this is a good option for you. This type of account allows you to make a single early withdrawal each term without having to pay any penalty. A $250 minimum deposit is required and you do not have to deal with any monthly account fees. The CDs are available for 6-month and one-year terms, carrying a 0.05% APY. There is automatic renewal in place.

Account Type Key Features
TD Bank No-Catch CDs Minimum opening deposit of $250
APY of 0.05%
No monthly fee

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TD Bank Step Rate CDs

The Step Rate CDs at TD Bank allow you to have the option to withdraw money early without facing any penalty fees. You are able to make a single withdrawal every anniversary as a result. The three-year Step-Rate CD will have a 0.15% APY, with this rising to 0.25% APY for the five-year option. Guaranteed annual APY increases are in place. A minimum deposit of $250 is necessary and there is no monthly fee.

Account Type Key Features
TD Bank Step Rate CDs Minimum opening deposit of $250
APY rates increase annually (0.05%-0.25%)
No monthly fee

TD Bank APY

The APY rates that you will see offered on TD Bank will be different depending on the type of account you consider. There may also be different rates depending on how long you are committing your money and the size of your account balance. Here is a quick overview of the different rates you can expect: 

Account 1 Year 3 Years 5 Years
TD Beyond Checking 0.01%-0.03% 0.01%-0.03% 0.01%-0.03%
TD Plus 60 Checking 0.01% 0.01% 0.01%
TD Simple Savings 0.02% 0.02% 0.02%
TD Beyond Savings 0.01%-0.15% 0.01%-0.15% 0.01%-0.15%
TD Growth Money Market Account

 

 0.01%-0.10% 0.01%-0.10% 0.01%-0.10%
TD Choice Promotional CDs 0.10%
TD Bank No-Catch CDs 0.05% 0.05% 0.05%
TD Bank Step Rate CDs 0.05% 0.15% 0.25%

What is a TD Bank account best for?

The range of TD Bank accounts should be flexible enough to fit all needs and tastes. There is something for everyone with this offering, whether you want to engage in some physical banking in a local branch or completely manage your finances online. The requirements to waive monthly account fees are pretty low, which is ideal. The minimum required opening balance is almost always $0, which is hard to find elsewhere.

There are also reductions on a lot of other associated fees, whether it is through the use of out-of-network ATMs or outgoing wire transfers. Finally, there are dedicated account options for the likes of students and people who are at least 60 years old.

Overdraft Fees

A lot of the account types at TD Bank will require you to pay a $35 fee every time that you are overdrawn on your currently available account balance. This applies to when your negative balance is more than $5. Certain account types will reimburse you for a certain amount of overdrafts during the course of the year. Most accounts will cap the number of overdraft fees that you can receive up to five per day.

There is overdraft protection available, allowing you to automatically transfer funds from another account when you go into an overdraft. You will need to pay a $10 fee every time you need to use overdraft protection.

Opening an account at TD Bank

You are able to open an account at TD Bank entirely through an online application process. Firstly, you need to decide upon the type of account you want to set up. Then you can start the process, entering all of the important personal information required, such as full name, address, and Social Security number.

You will then get an email confirming the submission of your application. When you get full approval for your application, you will receive another email. You can then start to use your new account to the full extent of its capabilities. Any relevant checkbooks or debit cards will be sent to your home address through the mail.

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Pros and Cons

TD Bank provides a lot of flexibility to its customer as it has both physical branches that can be visited for in-person banking, while there is also the ability to completely conduct your banking needs online.

Most of the available account types also have easily achievable requirements to waive monthly fees, while the minimum required opening deposits almost always non-existent. Finally, you have a great range of different accounts to choose from, meaning that you can take a more customized approach than some other banks that have limited account options.

There are some drawbacks, most notably the relatively low APY rates available on the saving accounts. There will also be a $3 fee for using non-TD Bank ATMs if you have certain account types. Finally, the overdraft fee can be applied five times per day, so these charges can add up if you are regularly going into the red.

Pros Cons
Many account options $3 fee for transactions at non-TD Bank ATMs
Low minimum opening deposits Savings account rates lower than average
Options for in-person banking An overdraft fee of $35 chargeable 5x times per day

Comparison to similar bank accounts

TD Bank Bank of America HSBC
Link to review Link to review  Link to review 
APY: Up to 0.15% APY: Up to 0.05% APY: Up to 0.55% (TD Beyond Savings)
Minimum balance: $0 Minimum balance: $100 Minimum balance: $1
Benefits:

  • No min required account balance.
  • Option for in-person banking.
  • Good selection of accounts.
Benefits:

  • Thousands of branches.
  • Fairly low monthly fees.
  • Low min required opening deposits.
Benefits:

  • Large selection of accounts.
  • Monthly fees easily waived.
  • Variety of CD options.

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Disclaimer: “Individual accounts are accounts owned by one person and titled in that person’s name only. All individual accounts at the same insured bank are added together and the total is insured up to $250,000.”

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Andrew Omalley Andrew Omalley
Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.
This review is based on the writer's personal opinion.