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TD Bank calls itself “America’s Most Convenient Bank”. But sometimes convenience comes at a cost. Despite offering a full range of banking and borrowing products — including CDs and mortgages — TD charges huge overdraft fees on some checking accounts, and not all of its savings rates are as competitive as other banks’ rates.
There are several reasons to consider TD Bank – it offers personal banking services 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 the relationship rates, and even then, most rates are fairly low.
Here’s our take on TD Bank and what you should know before opening an account.
what we like
Full suite of banking and borrowing services and products Access to over 1,110 physical branches and over 2,600 ATMs Customers with TD checking accounts can take advantage of competitive CD and borrowing rates Offer a bonus for new checking account customers up to $300
What we don’t like
Still overdraft fees and monthly fees Higher savings rates are only available with higher deposits Some accounts can’t waive fees – which can quickly add up Low interest rates compared to other banks offering CDs and savings accounts
Who is TD Bank suitable for?
TD Bank provides 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 competitive higher rates like online banks do for some TD Bank accounts. So, if you want access to physical branches and you live within the bank’s network – East Coast, Mid-Atlantic, Carolina, Florida – this might be a good choice, especially if your location is open on Sundays.
It is important to note that some states have much lower attendances than others. For example, TD has over 300 locations in Massachusetts but only 12 in Rhode Island. But if you are not interested in servicing physical branches, you might be better off considering Online banks Which comes with lower fees and more perks.
TD Bank checking accounts
summary
TD Bank offers five different checking accounts, but none of them compete The best checking accounts. We love that TD makes it easy to avoid fees on a convenience checking account — just keep the $100 minimum daily balance — and that it offers Free checking account for seniors. TD also offers new clients bonuses, usually between $100 and $300, for making a certain amount of direct deposits after opening an account. But his checking accounts don’t do much.
You will need to read the fine print to make sure you opt out of any of them Overdraft protection Because the bank charges a $35 overdraft fee on some of their accounts. You also want to make sure that you can easily waive the monthly fee. Here is a snapshot of the checking accounts offered by TD:
Account features
Checking Convenience at TD TD Simple CheckingTD Beyond CheckingTD Essential Banking Best for Low Minimum Daily Balance and Discounts No Minimum Balance No ATM Fee No Overdraft Fee APYNoneNone0.01% None Monthly Fee $15 $6 $25 $ 4.95 Fee Waiver Requirements Maintain minimum $100 daily balance None Direct fee mandatory Deposit per statement cycle $2,500 minimum daily balance or $25,000 in all TD accounts Must be between 13 and 17 years old
Prices as of May 15, 2023.
Positives
Wide range of checking accounts to choose from
Several ways to waive your monthly maintenance fee
Low minimum balance required to avoid easy verification fees
New customers can sign up for a sign-up bonus of up to $300
cons
It still charges an overdraft fee for select accounts
Monthly fee is mandatory for TD’s Simple Checking account
Pays little interest
A large minimum balance requirement to avoid certain fees, such as ATM fees
Savings accounts at TD Bank
summary
TD Bank offers two savings accounts. Their Simple Savings account works like a traditional savings account with very few perks and only offers 0.02% APY – one of the lowest savings rates currently available. 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 looks like a huge win over other big banks. But a closer look shows 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 this rate requires a minimum daily balance of $250,000. And while 3.51% is certainly impressive for a large bank, there’s a lot to it Online banks that offer the most competitive rates With lower requirements (in some cases, no minimum deposit is required).
If you have a lower balance, you will earn less interest. For example, a balance between $10,000 and $24,999 would currently earn 2.00% APY if you have a TD checking account to qualify for this uptick rate. Balances lower than this earn 0.01% APY – a lower rate than a simple savings account.
TD Simple SavingsTD Signature SavingsAPY0.02% bump rate for customers with other TD products that increases with a larger balance – up to 3.51% for deposits of $250,000 or more Monthly Fee $5 $15 Requirements to Avoid Fee Maintain a minimum balance of $300 (done) Fee waiver for certain age groups) Maintain a minimum balance of $10,000, open a TD-linked checking account or open a savings account as an IRARates starting May 17, 2023.
Positives
Fees can be avoided if you meet certain requirements
There is no minimum deposit to open
Access to ATMs
Link to a TD Checking Account for overdraft protection and a better savings rate
There is no minimum deposit
cons
Monthly maintenance fee
The highest savings rates are reserved for customers with larger balances
Better savings rates can be found elsewhere
There are no checks available for the savings account
TD Bank CD accounts
summary
If you have a checking account with TD, you may be able to lock in a competitive Certificate of Deposit. A TD checking account entitles you to a much higher bump rate than the standard CD APY. But only six-, nine- and 12-month CDs offer competitive inflation rates that are worth looking into.
You can choose CD terms ranging from six months to five years, but their rates are lower than the CNET average. It is also worth noting Standard CD rates for TD are not available on the site.
TD also offers two replacement CDs. There is a No-Penalty CD – it’s called the No-Catch CD, where you can make one withdrawal during your term without paying any penalty. But there is a catch: it requires a minimum deposit of $250.
In addition, TD has three- and five-year progressive rate CDs, which offer an interest rate increase annually. However, the standard starting rate — 0.05% — is so low that you’d be better off looking elsewhere. A minimum deposit of $250 is required.
Account features
Early withdrawal fines for choice CDs are based on the term:
Duration Punishment Less than 3 months All interest More than 3 months, less than 1 year 3 months of interest Greater than 1 year, less than 2 years 6 months of interest Greater than 2 years, less than 3 years 9 months of interest Greater than 3 years, Less than 4 years 12 months Greater than 4 years Less than 5 years 18 months Interest Greater than 5 years 24 months
CD TD pick rates
Standard Range APYBump APY Rate 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% Prices are as of May 17, 2023 and vary by location.
Positives
High yield, compressed and multiplexed CDs are available
Competitive prices on some promotional CDs
cons
Limited CD terms available
It requires a minimum deposit of $250
CD rates are low
TD checking account required for best rates
Overdraft fees
We don’t like that TD Bank still has an overdraft fee. You can get charged the $35 fee if your account is overdrawn by more than $50 on a convenience checking account, for example, and if you try to make three purchases that day, you could get $105 per day ($35 x $3). But you will not be charged if it is less than $50.
If you don’t want to worry about overdraft fees, TD’s Basic Banking account is a better option: There’s no overdraft fee, but there’s a mandatory $4.95 monthly fee—much less than TD’s overdraft fees. There are many others Banks that do not charge an overdraft feeincluded Allied Credit Union And ally.
Other banking products
TD offers a host of other products, and if you already have an account with TD Bank, you may receive discounts on rates. Here’s what’s currently available on certain loans:
First Mortgages: Fixed-rate, adjustable-rate mortgages, including FHA, VA, conventional mortgages, mega loans, and low down payment loans Second Mortgages: Equity Loans and HELOCs Credit Cards: Variety includes Conventional and Cashback rewards cardsalong with Secured credit cards. TD has two new low-limit credit offerings that charge a set fee instead of variable interest
Banking experience
TD offers a rarity in the banking industry: Many of its 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 mobile app with combined banking features. However, the bank’s mobile app performed below the industry average The latest mobile app satisfaction study from JD Power.
Customer service
TD Bank offers 24/7 customer service at 1-888-751-9000. You can also communicate with live agents via the bank’s mobile application. In addition, the bank offers assistance via Facebook Messenger and Twitter direct messages. If you need to talk to someone face to face, Use the bank’s online locator To find a branch near you. Some TD Bank branches are open on Sundays with limited hours, which most banks do not offer. Keep in mind that branches are limited to 16 states.
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