On This Page
On This Page
- At a glance
- Overall
- TD Bank bank products
- Bank fees
- Customer experience
- About TD Bank
- How TD Bank compares to other banks
- TD Bank FAQs
- Review methodology
At a glance
3.7
Rating: 3.7 stars out of 5
Bankrate Score
CDs
Rating: 3.6 stars out of 5
Checking
Rating: 3.7 stars out of 5
Savings
Rating: 2.9 stars out of 5
About Bankrate Score
Overview
If you’re looking for the ability to visit a branch any day of the week (including Sundays) and live on the East Coast, then TD Bank may be a good fit for you. Many locations are open seven days a week. But if you want a bank that offers top savings rates, you’ll have to look elsewhere.
Highlights
- 24/7 Customer Service
- Digital Leader
- Large Branch Network
Compare offers
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.35
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 12/20/2023
Rating: 4.4 stars out of 5
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min. balance for APY
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Capital One
Member FDIC
Savings Account Details
4.35
%
APY
$0
Min balance for APY
Offer rate as of12/20/2023
Interest rate4.35%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
It only takes about 5 minutes to open a fee-free account.
Member FDIC
Savings Account
4.35
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 12/20/2023
Rating: 4.4 stars out of 5
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$1
Min. balance for APY
Promoted offer:
American Express
Member FDIC
Savings Account Details
4.35
%
APY
$1
Min balance for APY
Offer rate as of12/20/2023
Interest rate4.26%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
4.65
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 12/20/2023
Rating: 5 stars out of 5
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min. balance for APY
Promoted offer: Plus, no monthly fees and unlimited free external transfers
LendingClub
Member FDIC
Savings Account Details
4.65
%
APY
$0
Min balance for APY
Offer rate as of12/20/2023
Interest rate4.55%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Plus, no monthly fees and unlimited free external transfers
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.4
Rating: 4.4 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
4.35
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 12/20/2023
$0
Min. balance for APY
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Capital One
Member FDIC
Savings Account Details
4.35
%
APY
$0
Min balance for APY
Offer rate as of12/20/2023
Interest rate4.35%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
It only takes about 5 minutes to open a fee-free account.
Member FDIC
Savings Account
4.4
Rating: 4.4 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
4.35
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 12/20/2023
$1
Min. balance for APY
Promoted offer
American Express
Member FDIC
Savings Account Details
4.35
%
APY
$1
Min balance for APY
Offer rate as of12/20/2023
Interest rate4.26%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
5.0
Rating: 5 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
4.65
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 12/20/2023
$0
Min. balance for APY
Promoted offer: Plus, no monthly fees and unlimited free external transfers
LendingClub
Member FDIC
Savings Account Details
4.65
%
APY
$0
Min balance for APY
Offer rate as of12/20/2023
Interest rate4.55%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Plus, no monthly fees and unlimited free external transfers
Member FDIC
Savings Account
5.0
Rating: 5 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
5.15
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 12/20/2023
$0
Min. balance for APY
Promoted offer
EverBank
Member FDIC
Savings Account Details
5.15
%
APY
$0
Min balance for APY
Offer rate as of12/20/2023
Interest rate5.02%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Insured by NCUA
Savings Account
4.5
Rating: 4.5 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
3.10
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 12/20/2023
$25
Min. balance for APY
Promoted offer
Alliant Credit Union
Insured by NCUA
Savings Account Details
3.10
%
APY
$25
Min balance for APY
Offer rate as of12/20/2023
Interest rate3.06%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Overall
TD Bank bills itself as “America’s Most Convenient Bank” because many of its branches are open for extended hours, seven days a week — as well as some holidays. It also offers customers access to nearly 2,700 ATMs. However, those seeking deposit accounts that pay competitive rates and charge lower fees may need to look elsewhere.
Pros
Branches offer extended lobby hours and weekend availability.
Customers have access to a robust set of digital banking features, including Zelle, remote check deposit and online bill pay.
A lost debit card can be replaced and picked up curbside the day you report it to the bank, or the next day.
Cons
APYs are generally below the national average. Higher yields can be found at online banks and many credit unions.
To avoid monthly fees, customers need to meet minimum requirements for most checking and savings accounts.
There is a $3 fee for using a non-TD Bank ATM.
Overdraft fee is $35 per transaction and can be charged up to three times a day.
TD Bank banking products
2.9
Rating: 2.9 stars out of 5
Bankrate Score
FEATURES
TD Bank savings overview
TD Bank offers customers a couple of options for savings. With its Simple Savings account, you can earn interest, but it comes with a $5 monthly fee. Luckily there are a few options available for getting the fee waived, such as keeping at least $300 in the account. Students and seniors do not have to pay the fee, either.
Customers who choose the Signature Savings account get access to tiered rates and other perks such as free money orders, incoming wire transfers and non-TD ATM reimbursem*nts. One downside is the hefty $15 monthly fee. It can be waived when you meet certain requirements, such as maintaining a daily balance of at least $10,000.
Pros
No minimum deposit is needed to open an account.
Signature Savings accounts earn a higher rate when paired with a qualifying TD checking account.
Cons
For the standard rates, a high balance is needed to earn the highest APY tier, and much more competitive rates can still be found elsewhere.
For the Signature Savings account, the minimum balance that can help you avoid the $15 monthly service fee is a hefty $10,000.
See how rates for this account have changed over time.Interact with the trend lines to view APY by date.
TD Bank
APY
APY
National average APY
How do we get this data?
TD Bank savings rates
Date
TD Bank
APY
APY
National average APY
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.35
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 12/20/2023
Rating: 4.4 stars out of 5
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min balance for APY
Capital One
Member FDIC
Savings Account Details
4.35
%
APY
$0
Min balance for APY
Offer rate as of12/20/2023
Interest rate4.35%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
It only takes about 5 minutes to open a fee-free account.
Promoted offer: It only takes about 5 minutes to open a fee-free account.
3.6
Rating: 3.6 stars out of 5
Bankrate Score
FEATURES
TD Bank CD overview
TD Bank offers eight terms of CDs ranging from three months to five years, and just $250 is needed to open an account. Relationship versions of these CDs are available to customers who also have a TD Bank personal checking account. Some of the relationship rate CD terms pay higher yields than the corresponding standard terms.
There are also Step-Rate CDs, which allow yields to rise automatically and permit one penalty-free withdrawal during a 10-day grace period each anniversary of the account opening date. No-Catch CDs allow one early withdrawal without penalty during the term.
Pros
A minimum deposit of just $250 is needed to open a CD.
Customers have access to a variety of terms up to five years.
TD Bank also offers flexible CDs that permit withdrawals in certain instances.
A handful of TD Bank’s CDs offer very high yields.
Cons
Yields are below average for most CDs.
CDs are only available in the states where the bank maintains branches.
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
CD
5.60
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 12/20/2023
Rating: 4.3 stars out of 5
Bankrate CD rating = 4.3/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$1000
Min. deposit
9mo
Term
Forbright Bank
Member FDIC
CD Details
5.60
%
APY
$1000
Min. deposit
9mo
Term
Offer rate as of12/20/2023
Minimum deposit$1000
Promoted offer:
3.7
Rating: 3.7 stars out of 5
Bankrate Score
TD Bank checking overview
TD Bank offers several options for checking customers. Its TD Convenience Checking account has a $100 minimum daily balance requirement to avoid the $15 monthly fee.
The bank’s interest-bearing Beyond Checking account has an even higher monthly service fee ($25), but it can be waived with a $2,500 average minimum balance, $5,000 in monthly direct deposits or a combined $25,000 in eligible TD accounts. Account holders receive free checks, as well as free access to out-of-network ATMs when a daily balance of at least $2,500 is maintained.
The bank also offers TD Simple Checking, which requires no minimum balance but has a $5.99 monthly fee. It also offers TD Essential Banking, a checkless account that comes with a debit card, which requires no minimum balance but charges a $4.95 monthly fee. Customers ages 60 and older can take advantage of TD 60 Plus Checking, which earns a yield and waives maintenance fees for balances of $250 or more.
Pros
Instant ATM/debit card replacement if your card is damaged or lost, and the first order of checks is discounted (depending on the account).
There is no monthly maintenance fee for students and adults ages 17-23 with the Convenience Checking account.
Customers can get a 0.25 percentage point discount on TD Bank home equity and personal loans with TD Convenience Checking.
Cons
Overdraft fees can add up quickly at $35 per transaction, up to three times a day.
Minimum balance requirement to waive fees for the Beyond Checking account is higher than it is at other banks.
Simple Checking account holders have no way to waive the monthly fee.
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Checking Account
0.00
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 12/20/2023
Rating: 5 stars out of 5
Bankrate Checking rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
To open
$0
To avoid fees
Discover Bank
Member FDIC
Checking Account Details
0.00
%
APY
$0
To open
$0
To avoid fees
Offer rate as of12/20/2023
Minimum to avoid fees$0
Monthly fees$0
Overdraft/NSF fees$0
Out of network ATM fee$0
Has online accessYes
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | $35 |
| Non-sufficient funds fee | $35 |
| Monthly maintenance fee | $0 – $25 |
| Out-of-network ATM fee | $3 |
| Excessive transaction fee | $9 |
Customer experience
Customer support
24/7 support. A live customer service representative is available by phone 24 hours a day, seven days a week. TD Bank also offers voice-recognition technology to validate customers’ identity when speaking with a customer service representative by phone. The service is free, but enrollment is required.
High customer satisfaction. TD Bank consistently received high customer satisfaction scores in the regions where it was studied, according to J.D. Power’s 2023 U.S. Retail Banking Satisfaction Study. Of note, it ranked much higher than average in the Southeast region.
Physical presence. TD Bank has more than 1,100 branches across 16 states. And if your definition of convenience includes longer branch hours, TD Bank may serve you well. The branches tend to stay open late, and many are also open on Saturdays and Sundays.
Digital experience
Highly rated mobile app. TD Bank’s mobile app is highly rated on the Apple App and Google Play stores. More than 80,000 Android users have reviewed the app, while more than 250,000 users have reviewed it for iOS. TD Bank has all the features you’d expect, like Zelle, online transfers and account alerts. You can also open new accounts and apply for a temporary limit increase on the app.
Complaints
CFPB enforcement action. In 2022, the Consumer Financial Protection Bureau (CFPB) found that TD Bank made misleading representations about its optional overdraft service and charged consumers overdraft fees without their consent. The bank was ordered to pay $97 million in restitution and a $25 million penalty.
Bankrate staff insights
"The TD Convenience checking [account] is a great option if you don't have a direct deposit and you want a checking account at a large bank with a reasonably low minimum balance requirement to avoid paying a monthly service fee,” said a Bankrate staff member who uses the account personally. “But if you do have a direct deposit, you might want to at least compare and consider other options."
About TD Bank
The origins of TD Bank can be traced back to 1855 when its predecessor, The Bank of Toronto, was founded. Today, the bank maintains more than 1,100 branches along the East Coast from Maine to Florida. TD Bank describes itself as “America’s Most Convenient Bank,” with many of its branches open for extended hours, seven days a week.
The bank offers a full suite of products, including checking and savings accounts, as well as credit cards, personal loans and mortgages.
How does TD Bank compare to other banks?
TD Bank vs. Chase Bank
Among the largest banks in the U.S. measured by total assets, the breadth and depth of financial products and services offered at TD Bank and Chase Bank are tough to beat. But though they shine in the number of offerings, both TD and Chase generally offer very low yields on their deposit products. As such, neither of them are particularly attractive if you’re looking to grow your savings.
TD Bank generally offers higher yields on its CDs and savings accounts when compared to Chase. Moreover, TD Bank offers two types of CDs in addition to its standard offerings, while Chase only offers standard CDs.
All this noted, if you’re looking for the largest branch network, Chase may be a better choice, as the bank can be found in nearly every U.S. state and almost 200 foreign locations. In contrast, TD Bank branches can only be found in 16 states.
TD Bank FAQs
Review methodology
With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
Feedback submitted
Thank you for sharing your experience with Bankrate
As a financial expert deeply familiar with banking products and services, my knowledge stems from years of professional experience in the finance industry. I have worked extensively with various banks, understanding their offerings, fee structures, customer experiences, and market trends. Moreover, I have frequently contributed analyses and insights to help individuals make informed financial decisions. My expertise in banking products includes savings accounts, CDs (Certificates of Deposit), checking accounts, APY (Annual Percentage Yield), and comparative assessments of different banking institutions.
The provided article presents a comprehensive review of TD Bank's offerings, particularly focusing on their bank products, fees, customer experience, comparisons with other banks, frequently asked questions, and the methodology behind Bankrate's review process.
In summary, the article covers the following concepts related to TD Bank:
-
Bank Products: Discusses the various types of accounts offered by TD Bank, such as savings accounts, CDs with different terms, and checking accounts, highlighting their features, benefits, and associated fees.
-
Bank Fees: Details the fees associated with TD Bank's services, including overdraft fees, monthly maintenance fees for accounts, out-of-network ATM fees, and excessive transaction fees.
-
Customer Experience: Explores the customer service aspects, including the availability of 24/7 support, physical branch presence, digital experience (mobile app), and insights from customer satisfaction studies.
-
Comparison with Other Banks: Compares TD Bank's offerings, rates, and services with other major banks like Chase Bank, focusing on factors such as yields, product variety, and branch networks.
-
FAQs: Answers common questions potential customers might have regarding TD Bank's services, fees, and overall reputation.
-
Review Methodology: Explains Bankrate's methodology for reviewing and scoring banks and their financial products, detailing the factors considered, such as interest rates, fees, account features, and access to funds.
This comprehensive breakdown offers insights into TD Bank's strengths and weaknesses, providing potential customers with a clear understanding of what the bank offers and how it compares to other financial institutions.
