TD Bank Review

TD Bank Review – Forbes Advisor


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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 9.5 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 April 6, 2021. 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

Checking

TD Bank offers five checking accounts with different levels of benefits and features.

  • TD Convenience Checking. This is the bank’s standard checking account for everyday banking. The $15 monthly maintenance fee is waived if you keep a minimum daily balance of $100. There’s also no monthly maintenance fee for students aged 17 to 23. This account gives you a debit card, access to online and mobile banking, mobile check deposit, overdraft protection from a connected TD Bank savings account, Zelle to send money, discounts on TD Bank personal loans and home equity loans and other features to manage your financial life.
  • TD Beyond Checking. This is a checking account with more perks and features than Convenience Checking, but you need to have a more significant banking relationship with TD Bank to make it worthwhile. The account charges a $25 monthly maintenance fee. Still, the fee can be waived if you make monthly direct deposits of $5,000 or more, keep a minimum daily balance of $2,500 in the account or have a combined balance of $25,000 across multiple TD Bank accounts. Qualifying customers with the TD Beyond Checking account also get free ATM transactions at non-TD Bank ATMs, two free overdraft fees per year and other perks like free standard checks. The Beyond Checking account also pays interest, but the APY is currently 0.01%.
  • TD 60 Plus Checking. This account is designed for people aged 60 and over. It offers interest (0.01% APY), free checks and no monthly fee if you maintain a minimum daily balance of $250.
  • TD Student Checking. TD Bank’s student checking account offers special perks for students and young adults ages 17 to 23, such as no monthly fee and no minimum deposit.
  • TD Simple Checking. If you want a basic checking account and are willing to pay a monthly fee of $5.99, this account offers a debit card, online banking and other everyday checking account features with no minimum balance requirement.

Whatever age you are, whatever your banking needs may be, TD Bank offers simple checking account options that have helpful features and perks.

Savings

TD Bank offers a few savings accounts, with different APYs depending on your minimum account balance and your overall banking relationship.

  • TD Simple Saving. This savings account pays 0.02% APY. There is a $5 monthly maintenance fee for this account, which the bank will waive if you maintain a $300 minimum daily balance or link your savings account to a qualifying TD Bank checking account.
  • TD Beyond Savings. This savings account offers a “relationship bump” rate. You get a slightly higher APY if you have a banking relationship with TD Bank and link other qualifying accounts to your savings account. Beyond Savings requires a $20,000 minimum daily balance; to earn 0.15% APY, the minimum daily balance is $250,000.

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.

Money Market Account

The TD Growth Money Market account is a tiered interest rate product paying higher APYs on higher balances. You are required to keep a minimum balance of $2,000 in the account to waive the $12 monthly fee. The monthly fee is also waived if you’re 62 or older.

TD offers a slight bump in interest rate when you grow your savings by $50 or more per month. The standard account rate ranges from 0.01% to 0.05% APY, depending on account balance. With the relationship bump rate, the account pays 0.01% to 0.10% APY, depending on account balance.

CDs

TD 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:

  • TD No-Catch CDs. This CD gives you one penalty-free withdrawal per term. In case you want more flexibility for when to withdraw your cash from the CD, this CD could be a good option. However, the APY is only 0.05%, which isn’t much better than a TD Bank savings account. Available terms are six months and 12 months.
  • TD Step Rate CDs. This CD gives you one free penalty withdrawal on each anniversary of opening the CD account, and it gives you guaranteed annual APY increases. You can sign up for a three-year term or a five-year term. With a five-year TD Step Rate CD, you get the best APY, which is 0.15%.

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 Products

Besides its personal deposit accounts, TD Bank also offers the following banking products and services for its customers:

  • Credit cards
  • Home equity loans and lines of credit
  • Mortgages
  • Personal loans
  • IRAs
  • Debit cards
  • Prepaid cards
  • Small business products and services
  • Commercial lending and treasury services
  • Investing and wealth management for individuals, families and businesses

Distinguishing Features

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 Go

TD 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:

  • Mobile check deposit
  • Peer-to-peer payment with Zelle
  • Online bill pay
  • View account balances
  • Transfer money between accounts
  • TD ASAP Live Customer Service (available 24/7)

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.

Pros

  • Highly rated mobile app
  • 24/7 customer service via multiple channels
  • Convenient weekend hours at bank branches
  • Checking accounts for students and seniors
  • Offers various types of CDs

Cons

  • Low APYs on savings accounts, money market accounts and CDs
  • Monthly fees for some of its accounts

How TD Bank Stacks Up

Like 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.



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