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TD Bank Review: Plenty of Perks for Loyal Customers

Review Updated
Kailey Hagen
Author: Kailey Hagen
Kailey Hagen
Kailey Hagen
Writer

Kailey Hagen has been writing about small businesses and finance for almost 10 years. Articles she's written for The Motley Fool have been syndicated to USA Today, MSN, and Yahoo! Finance. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.

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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Offer image for
Member FDIC.

TD Bank

Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
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= Fair
= Poor
Bottom Line

TD Bank provides great customer service and rewards its loyal customers with rare perks. For example, you can get discounts on loans if you open multiple accounts. It also offers a good variety of products and services, including savings accounts that give you direct access to your cash when you need it.

Pros
  • Excellent relationship benefits
  • Great customer service
  • Wide variety of products
  • Branch locations in some states
Cons
  • Most APYs aren't that high
  • Some accounts have high balance requirements to waive fees

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how Motley Fool Money rates bank accounts

Is TD Bank right for you?

TD Bank is a good choice for you if:

  • You want full-service banking with online banking or brick-and-mortar bank branches.
  • You have several thousand dollars to deposit -- enough to qualify for higher APYs from a tiered-rate savings account.
  • You want to bank with a major national financial institution with advanced online banking and a well-rated mobile app.

Bank fees

TD Bank Fee Charge
Monthly maintenance fees Checking: $15 for TD Complete Checking, $25 for TD Beyond Checking; fees can be waived with qualifying direct deposits or minimum balances. $4.95 for TD Essential Banking; fee waived for primary account holders age 13–17.

Savings: $5 for TD Simple Savings, $15 for TD Signature Savings; fees can be waived with minimum daily balances or qualifying account activity.
Non-bank ATM fee $3
Overdraft fee $35, limited to three overdraft fees per day per account. Some overdraft fees can be avoided through TD Overdraft Relief.
Stop payment request $30 per item (check and ACH)
Incoming wire transfer fee $15 (domestic or international)
Outgoing wire transfer fee $30 for domestic, $50 for international
Data source: TD Bank

Savings accounts

TD Bank offers two savings accounts: the TD Simple Savings account and the TD Signature Savings account.

TD Simple Savings

The TD Simple Savings account is the better choice for those who don't have a lot of money to keep in their savings account. It's free for children under 18 -- if you're thinking of opening a savings account for your kids, this is a good option. It's also free for seniors 62 years old and older. Those in between have multiple ways to waive the low monthly fee.

The TD Simple Savings account includes a free debit card so you can withdraw cash at ATMs. There's no fee for withdrawing cash at TD Bank ATMs, and a $3 fee for non–TD Bank ATMs.

The TD Simple Savings account's APY is in line with the typical rates for a brick-and-mortar bank, which are not especially high: The standard 0.02% APY on this account is well below the national average of 0.42%. But as long as you qualify for one of the fee waiver options, you won't lose money with this account.

Ratings Methodology
Rates as of Dec 20, 2024

TD Simple Savings

Member FDIC.
Rating image, 2.50 out of 5 stars.
2.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 2.50 out of 5 stars.
2.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
0.02%
Min. To Earn APY
N/A
  • Access to physical locations
  • No minimum deposit required
  • No maintenance fee for those under 18 or over 62
  • Excellent teaching tool
  • 24/7 customer service available by phone
  • Need to meet certain requirements to avoid $5 monthly fee
  • Low APY compared to other banks
  • Physical locations only located on East Coast

TD’s Simple Savings Account has no monthly service fee for students, adults under age 24 or age 62 or older, and if account holders maintain a $300 minimum daily balance. There is also no monthly fee for the first 12 months if you make recurring $25 monthly deposits. Using TD ATMs is free, but there is a charge for out-out-network ATMs.

  • The TD Signature Savings account has tiered interest rates and a "relationship bump rate" when you link an eligible TD account. But the most competitive APYs are available when you have over $100,000 and have a linked TD account. For example, as of this writing, the APY is up to 3.70% -- and lower balances received lower APYs.

    There is a monthly account maintenance fee of $15, but you can get it waived in two ways:

    1. Maintain a $10,000 minimum daily balance
    2. Link an eligible TD Checking account

    For this account, TD Bank does not charge ATM fees for either TD Bank or non–TD Bank ATMs. And if you keep a minimum daily balance of $2,500, then TD Bank will also reimburse ATM surcharges from other banks. There's no fee for incoming wire transfers, money orders, stop payments, and official checks.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 28, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Certificates of deposit

TD Bank offers a variety of CDs, including a few unique types of CDs that not every bank offers. Here are the details on the different types and the TD Bank CD rates.

TD Choice Promotional CDs

TD Bank's Choice Promotional CDs have terms ranging from three months to five years. Rates vary depending on how much you deposit and whether you have other accounts with TD Bank. If you do, you're eligible for relationship bump rates that can earn you a higher APY on your CD.

There's a $250.00 minimum deposit required. These are traditional CDs that charge early withdrawal penalties if you take out your funds before the CD's term is up.

Rates as of Dec. 18, 2024

APY = Annual Percentage Yield

Offer image for TD Bank CD
TD Bank CD
Bottom Line

TD Bank offers "bump rates" for select CDs. Customers who already hold another account with TD Bank can earn a higher rate on those CDs; those who don't will earn the lower rate.

MINIMUM DEPOSIT $250.00
Read Review
3 Mo. APY 6 Mo. APY 9 Mo. APY 1 Yr. APY 1.5 Yr. APY 2 Yr. APY 3 Yr. APY 5 Yr. APY
1.00% to 3.00% 1.00% - 4.00% 1.00% - 4.00% 1.00% - 3.75% 1.00% - 3.00% 1.00% - 3.00% 1.00% - 2.75% 1.00% - 2.25%

  • TD No-Catch CDs allow one penalty-free withdrawal per term. You can choose between a six-month and a 12-month term. Note there's no opportunity to earn relationship bump rates on the No-Catch CDs. Current rates are lower than the TD Choice Promotional CDs.

  • TD Step Rate CDs are step-up CDs with guaranteed interest rate increases every year. They also include one free withdrawal each anniversary. You can choose between a three- and a five-year term. However, this CD doesn't offer very high APYs, and there's no opportunity to earn relationship bump rates. You might be better off with a traditional CD.

Compare CD rates

Rates as of Dec. 18, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.25% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Checking accounts

TD Bank offers three types of checking accounts with customer-friendly perks like Overdraft Relief, more than 2,600 TD Bank ATMs, and monthly maintenance fees that are easy to waive with minimum balances or qualifying account activity.

TD Complete Checking

The TD Complete Checking account is a traditional checking account that requires no minimum opening deposit and no minimum balance. It offers online banking, paper checks, and useful features like TD Early Pay to get paid up to two business days before your payday.

This account has a $15 monthly maintenance fee, but the fee can be waived with at least $500 of direct deposits each statement cycle, a minimum $500 minimum daily balance, or a $5,000 minimum daily combined balance across multiple TD Bank accounts.

Ratings Methodology
Rates as of Dec 20, 2024

TD Complete Checking

Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
N/A
Min. To Earn APY
N/A
  • New account $200 cash bonus
  • Access to physical locations
  • Overdraft relief
  • Home equity and personal loan rate discount
  • No monthly maintenance fee if you're ages 17-23
  • Requirements must be met to avoid $15 monthly fee
  • Physical locations only on East Coast
  • No interest

The TD Bank Complete Checking account offers a $200 bonus when you have $500 in qualifying direct deposits within 60 days. The bonus is for a limited time. There is no minimum opening deposit with the TD Complete Checking; however, certain requirements must be met in order to avoid a $15 monthly fee. The account is free with no min. balance requirement for account holders aged 17 to 23. This account doesn't earn interest. TD offers account holders the TD Overdraft Relief, which comes with a grace period to fix an overdraft.

  • If you can manage a bigger balance, the TD Bank Beyond Checking account could be a better choice than TD Complete Checking. TD Bank Beyond Checking earns interest, but the APY is tiny -- only 0.01% APY.

    But this account offers a few other useful perks like no ATM fees (if you have a minimum balance of $2,500), free standard checks, and free money orders. There's no minimum deposit to open a TD Bank Beyond Checking account.

    This account charges a $25 monthly maintenance fee, but the fee can be waived with at least $5,000 of direct deposits per statement cycle, a minimum daily balance of $2,500, or a minimum combined balance of $25,000 across your TD Bank relationship.

  • TD Essential Banking is a good starter bank account for kids, with no overdraft fees, no minimum balance, and a $4.95 monthly maintenance fee that is waived for account holders ages 13 to 17. This is a checkless account, but it comes with a debit card and offers online bill pay and money transfers via Zelle®.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

Customer experience

TD Bank is the 10th largest bank in the U.S. by assets, with more than 1,100 bank stores in several states throughout the East Coast from Florida to Maine. Like some other major national banks, TD Bank has recently been in the news for some negative reasons -- but it also has some positive aspects to the customer experience.

Let's see how TD Bank customer service stacks up.

Customer reviews

TD Bank has an "NR" rating with the Better Business Bureau, but it is BBB accredited (since 2002). The TD Bank profile on bbb.org refers to recent regulatory actions against TD Bank, such as the Consumer Financial Protection Bureau (CFPB) ordering TD Bank to pay $7.76 million to some of customers after TD Bank incorrectly reported inaccurate, negative information about them to reporting companies.

In October 2024, TD Bank also agreed to pay a settlement of $3 billion for failing to prevent money laundering by drug cartels.

Like many big national banks, TD Bank gets mostly negative reviews on Trustpilot, too. However, there are some bright spots in the TD Bank customer experience, according to J.D. Power surveys. TD Bank ranked third in the J.D. Power 2023 U.S. National Banking Satisfaction Study, and ranked highest in online banking satisfaction among national banks in the J.D. Power 2024 U.S. Online Banking Satisfaction Study.

  • Better Business Bureau rating: 1.13 out of 5
  • Trustpilot rating: 1.4 out of 5

Many of America's biggest national banks have mixed reviews from online review sites. But if you like the TD Bank branch network and its online banking reputation, this might make TD Bank worth choosing for your checking account. Especially if you prefer online banking, TD Bank's top-rated online experience might be a good fit for the way you manage money.

TD Bank customer service can be contacted via phone at 1-888-751-9000, 24 hours a day, 7 days a week. You can also book an appointment online to meet with a banker, or contact TD Bank customer service via the TD Bank mobile app or social media on Facebook or X (formerly Twitter).

Mobile app

The TD Bank mobile app generally gets high ratings and offers advanced digital banking features to help you manage your checking account and other TD Bank accounts. A few of the key features include mobile bill pay, mobile check deposit, sending money with Zelle®, and more.

Like many banks' mobile apps, there's a slight gap between the enthusiasm levels among iOS and Android users -- TD Bank gets higher ratings on the App Store. But overall, TD Bank seems to have a popular, well-designed mobile banking app.

  • App Store rating: 4.8 out of 5 stars
  • Google Play rating: 4.0 out of 5 stars

Physical locations

TD Bank has more than 1,100 physical locations, which it calls "bank stores," in the U.S., and more than 2,600 ATMs. The TD Bank footprint covers 15 states throughout the East Coast and Washington, D.C. If you want top-rated online banking tools with access to in-person banking and the convenience of one of the 10 largest national banks, TD Bank can deliver.

How does TD Bank compare?

If you're not sure if TD Bank is the right fit for your banking needs, here are a few other banks worth considering.

TD Bank vs. Capital One

Capital One is a hybrid online and brick-and-mortar bank. If you like the idea of in-person banking but also want to earn higher APYs on your savings, Capital One can be a good choice.

Like TD Bank, Capital One also has a good reputation for well-designed online banking experience. Although Capital One doesn't have the same relationship benefits that TD Bank offers, Capital One's accounts are known for having very few fees -- and Capital One typically offers higher APYs on savings accounts and CDs.

TD Bank vs. Citibank

Citibank is another well-known national bank that offers some similar perks and upsides to TD Bank. If you want to keep your money at a large national bank with a convenient national network of branches and ATMs and get relationship benefits based on the size of all of your combined account balances, Citibank could be a good choice. Citibank also has some competitive APYs on savings accounts and some customer-friendly credit cards.

FAQs

  • TD Bank is a member FDIC, and so that means your checking account, savings account and CDs are covered by FDIC insurance and protected against bank failure, up to $250,000 per depositor, per account ownership category.

  • TD Bank gets high marks for its online banking experience and has some competitive APYs on savings accounts and CDs, based on your balance and which account you choose. Like other major national banks, it also has mixed reviews for customer service.

  • TD Bank offers customer service by phone 24 hours a day, seven days a week. Not every bank has a customer service team that is so easy to reach at any time of day.