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Written by Sophia Acevedo, CEPF; edited by Laura Grace Tarpley; reviewed by Evelyn He
2023-11-16T16:19:59Z
- Pros and Cons TD Bank
- Pros and Cons Chase
- Checking Account Comparisons
- Savings Account Comparisons
- CD Comparisons
- Which Bank is More Trustworthy?
- Frequently Asked Questions
Our experts choose the best products and services to help make smart decisions with your money (here's how). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
If you live on the East Coast and prioritize traditional banking, you might be considering Chase or TD Bank.
To help you determine whether Chase or TD Bank might be suitable for you, we're comparing each institution's bank accounts. We will also assess the banks' trustworthiness so you can learn more about their banking history.
Compare TD Bank and Chase
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TD Bank
-
Chase Bank
Standout feature
Easy to waive fees on checking account
Editor's overall rating
3.75/5
Annual Percentage Yield (APY)
Varies depending on account
Standout feature
Easier to earn $200 sign-up bonus than with TD Bank
Editor's overall rating
3.5/5
Annual Percentage Yield (APY)
Varies depending on account
TD Bank, Member FDIC
Chase Bank, Member FDIC
Pros and Cons of TD Bank
| Pros | Cons |
|
|
Pros and Cons of Chase
| Pros | Cons |
|
|
TD Bank vs. Chase Checking Account Comparisons
TD Bank and Chase have multiple checking accounts. Below, we've compared each bank's basic checking account offerings. Both of these accounts provide ways to waive monthly service fees.
| TD Bank Convenience Checking Account | Chase Total Checking® | |
| Minimum opening deposit | $0 | $0 |
| Monthly service fee | $15 monthly service fee | $12 monthly service fee |
| How to waive the monthly service fee | Meet one of the following requirements:
| Meet one of the following requirements:
|
| Bonus | $200 | $200 |
| Next steps | Start Banking | Start Banking |
If your priority is to avoid paying a monthly service fee, you may favor TD Bank over Chase. The TD Bank Convenience Checking Account has a lower minimum balance requirement than Chase Total Checking®. You'll also be eligible to waive the monthly service fee at TD Bank if you are between the ages of 17 and 23.
Chase still might be worth considering if you're looking to take advantage of a cash bonus, though. Both banks offer a $200 sign-up bonus if you're a new customer, but Chase has easier requirements.
At Chase, all you need to do is use a coupon code when you open Chase Total Checking® and set up direct deposit in the first 90 days. To be eligible for the $200 bonus on the TD Bank Convenience Checking Account, you'll need to receive $500 or more in direct deposits during the first 60 days of opening an account.
Keep in mind, you can also earn a $300 bonus with another TD checking account (TD Bank Beyond Checking Account), but it's a little harder to qualify for — you'll need to receive $2,500 in direct deposits in the first 60 days. There are also several Chase checking accounts that offer bonuses, but Chase Total's is the easiest to qualify for.
TD Bank Convenience Checking Account
TD Bank, FDIC Insured
Insider’s Rating
4/5
Perks
Earn $200 when you have $500 in qualifying direct deposits within 60 days
Fees
$15 monthly service fee
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Bonus
Earn $200 when you have $500 in qualifying direct deposits within 60 days
$200
Pros
- No monthly service fee if you're ages 17 to 23
- No opening deposit
- Free overdraft protection
Cons
- $15 monthly service fee
- No interest earned
- $3 out-of-network ATM fee
- $35 overdraft fee
Insider’s Take
You might like one of TD Bank's three primary checking accounts if you prefer banking face-to-face and live near a branch along the East Coast.
Product Details
- Access to 1,100 branch locations and over 2,600 ATMs
- Waive $15 monthly fee with $100 daily balance
- No opening deposit
- FDIC insured
TD Bank vs. Chase Savings Account Comparisons
For savings accounts, we're seeing how the TD Simple Savings Account stacks up to Chase Savings℠ since both accounts have a $5 monthly service fee that can be waived.
| TD Simple Savings Account | Chase Savings℠ | |
| APY | 0.02% | 0.01% |
| Minimum opening deposit | $0 | $0 |
| Monthly service fee | $5 monthly service fee | $5 monthly service fee |
| How to waive the monthly fee | No monthly service fees during the first year if you do the following:
If you don't set up direct deposit or skip a month, you'll need meet one of the following requirements to waive the fee:
| Meet one of the following requirements:
|
| Next steps |
TD Bank and Chase have pretty similar savings accounts. Both banks let you open an account with $0 and pay low interest rates.
The requirements for waiving the $5 monthly service fee are almost interchangeable, as well. You might prefer the TD Simple Savings Account if you're a senior citizen looking to open a savings account. However, if you're under the age of 62, it may not make much of a difference, since the other requirements for waiving the fee are almost the same.
If you're looking to get a saving account bonus, you may lean more toward TD Bank than Chase. You may be eligible for a cash bonus of $200 when you deposit $10,000 or more in new money within 20 days, then maintain that balance for 90 days from the date the deposit requirement is initially met (Offer ends April 30, 2024).
If you're looking to earn a competitive interest rate on a savings account, you might consider looking over our best high-yield savings account for contenders.
TD Simple Savings Account
TD Bank, Member FDIC
Insider’s Rating
4/5
Perks
Earn $200 when you deposit $10,000 or more in new money within 20 days, then maintain that balance for 90 days from the date the deposit requirement is initially met (Offer ends April 30, 2024)
Fees
$5 monthly service fee
Annual Percentage Yield (APY)
0.02%
Minimum Deposit Amount
$0
Bonus
Earn $200 when you deposit $10,000 or more in new money within 20 days, then maintain that balance for 90 days from the date the deposit requirement is initially met (Offer ends April 30, 2024)
$200
Pros
- No monthly fee for students, or for adults under age 24 or age 62 or older
- No monthly fee for the first 12 months, with recurring monthly deposits of $25
- Mobile check deposit
- No minimum opening deposit
Cons
- Low APY
- $5 monthly service fee
Insider’s Take
TD Bank Signature Savings Account pays a higher interest rate than the TD Simple Savings Account on balances of $10,000 or more. However, to get the most out of this account, you'll need to qualify for a relationship rate and meet one of the requirements to waive the TD Signature Savings - Fees Display. Ultimately, you can find much better rates with the best online banks.
Product Details
- Earn $200 when you deposit $10,000 or more in new money within 20 days, then maintain that balance for 90 days from the date the deposit requirement is initially met (Offer ends April 30, 2024)
- No monthly service fee for students, adults under age 24 or age 62 or older
- Waive $5 monthly service fee by maintaining $300 minimum daily balance
- No monthly fee for the first 12 months if you make recurring $25 monthly deposits
- Interest compounded daily
- FDIC insured
Chase Savings℠
Chase Bank, Member FDIC
Insider’s Rating
3.25/5
Fees
$5 monthly service fee
Annual Percentage Yield (APY)
Interest rates are variable and subject to change
0.01%
Minimum Deposit Amount
$0
Pros
- No minimum opening deposit
- Relatively easy to waive $5 monthly fee
- Link to a Chase checking account for free overdraft protection
Cons
- Low APY
- Interest compounded monthly, not daily
- $5 monthly service fee
Product Details
- Access to 15,000 Chase ATMs and over 4,700 branches
- Link this account to your Chase checking account for Overdraft Protection
- Waive $5 monthly service when you maintain a $300 balance, automatically transfer $25 each month from your Chase checking account, link to Chase College Checking for Overdraft Protection, link to a qualifying Chase checking account, or are under age 18
- Manage your accounts, deposit checks, transfer money and more — all from your device
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com
- Member FDIC
TD Bank vs. Chase CD Comparisons
| TD Bank Choice Promotional CD | Chase CD | |
| Term lengths | 3 months to 5 years | 1 month to 10 years |
| Minimum opening deposit | $250 | $1,000 |
| APY | 0.05% to 5.00% | 0.01% to 5.00% (vary by location) |
| Early withdrawal penalties | 3 months to 2 years interest | 90 days to 1 year interest |
| Types of CDs | Standard CDs, No-Penalty CDs, Step-Up CDs | Standard CDs |
| Next steps | Start Saving | Start Saving |
Most banks require a minimum opening deposit of $1,000 for CDs like Chase. However, TD Bank lets you open a CD with only $250 upfront.
TD Bank also might be ideal if you'd like to get a special type of CD. For example, you can get a no-penalty CD, which means you won't have to be an early withdrawal penalty on a CD if you withdraw money before the end of the term. You may also open a 3-year or 5-year step-up CD. A step-up CD has a blended interest rate, which means that the interest rate will go up over time.
Chase may be a better option than TD Bank if you're looking for standard CD terms under three months or over five years. Both TD Bank CD rates and Chase CD rates are relatively low, except on certain terms. So the best fit could come down to which term you want.
TD Bank Choice Promotional CD
TD Bank, FDIC Insured
Insider’s Rating
3.5/5
Annual Percentage Yield (APY)
0.05% to 5.00%
Minimum Deposit Amount
$250
Pros
- $250 minimum opening deposit
- Standard term options
- Solid interest rate compared to other brick-and-mortar banks
Cons
- High early withdrawal penalties
Insider’s Take
TD Bank Choice Promotional CDs are good options if you want a 6-month or 12-month term, and if you also have a personal checking account so you can earn the higher relationship bump rate on those two terms. Otherwise, you can earn much higher rates at other banks.
Product Details
- Terms range from 3 months to 5 years
- Earn 0.05% to 1.00% APY, or 0.05% to 5.00% APY if qualify for a relationship bump rate when you also have an eligible checking account
- Early withdrawal penalties: All interest earned for terms under 90 days; 3 months of interest on terms between 90 days and 1 year; 6 months of interest on terms between 1 year and 2 years; 9 months of interest on terms between 2 years and 3 years; 1 year of interest on terms between 3 years and 4 years; 18 months of interest on terms between 4 years and 5 years; 2 years of interest on terms 5 years or longer
- Interest compounded and deposited monthly
- FDIC insured
TD Bank vs. Chase Trustworthiness and BBB Ratings
We include ratings from the Better Business Bureau to evaluate how a bank deals with customer issues.
JP Morgan Chase & Co. (Chase's parent company) received an A+ rating. That said, Chase has had a couple of recent public settlements.
In 2023, JP Morgan Chase was required to pay$75 million in a settlementwith the U.S. Virgin Islands that accused the financial institution of failing to report suspicious activity regarding Jeffrey Epstein's sex trafficking operation.
In 2020, JP Morgan Chase & Co.paid the Department of Justice $920 millionin a settlement that said the bank was involved in wrongful trading.
In the same year, the US Department of Labor also required Chaseto pay $800,000 in back wages in a settlementthat accused the bank of underpaying women.
The BBB also gave TD Bank an A+ rating.
In 2020, the US Bureau of Consumer Financial Protection required TD Bank to pay$122 million in a settlement that accused the bank of charging customers a Debit Card Advance service without their permission.
TD Bank vs. Chase: Frequently Asked Questions
Is TD Bank better than Chase?
TD Bank might be a better option if you'd like to open a CD. You'll only need $250 to open a CD at TD Bank, while at Chase, you need a minimum deposit of $1,000. It also may be easier to waive monthly service fees on the TD Bank Convenience Checking Account than Chase Total Checking®.
Who has more branches, Chase or TD Bank?
Chase has more branches than TD Bank. TD Bank has 1,100 branches and is primarily based on the East Coast. Meanwhile, Chase has over 4,700 branches. Its branches are available in 48 states and Washington, DC.
Sophia Acevedo, CEPF
Banking Reporter
Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@insider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
Evelyn He
Compliance Associate
Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
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As a seasoned financial expert with a deep understanding of personal finance and banking, I've delved into the intricacies of the article comparing TD Bank and Chase, written by Sophia Acevedo, a Certified Educator in Personal Finance (CEPF). My expertise extends to various financial products and services, allowing me to provide comprehensive insights into the concepts discussed in the article.
The article primarily focuses on a detailed comparison between TD Bank and Chase, covering aspects such as pros and cons, checking accounts, savings accounts, CDs, and the overall trustworthiness of both banks. Let's break down the key concepts discussed in the article:
1. Pros and Cons: TD Bank vs. Chase
-
TD Bank Pros:
- Over 1,100 branches in 15 states and Washington, DC.
- Access to 2,600 free ATMs.
- Checking account bonus of $200 or $300, depending on the account.
- $200 savings account bonus for new customers.
-
TD Bank Cons:
- Monthly service fees.
- High CD early withdrawal penalties.
-
Chase Pros:
- Over 4,700 branches in 48 states and Washington, DC.
- Access to more than 16,000 free ATMs.
- Checking account bonus of $100 up to $3,000, depending on the account.
-
Chase Cons:
- Pays low interest rates.
- Monthly service fees.
2. Checking Account Comparisons: TD Bank vs. Chase
- Detailed comparison of basic checking accounts, including:
- TD Bank Convenience Checking Account.
- Chase Total Checking®.
- Factors such as minimum opening deposit, monthly service fees, and how to waive them are discussed.
- Emphasis on $200 sign-up bonuses and requirements for each bank.
3. Savings Account Comparisons: TD Bank vs. Chase
- Comparison of savings accounts:
- TD Simple Savings Account.
- Chase Savings℠.
- Discussion on APY, minimum opening deposit, monthly service fees, and how to waive them.
- Highlighting a $200 savings account bonus for TD Bank.
4. CD Comparisons: TD Bank vs. Chase
- Comparison of promotional CDs:
- TD Bank Choice Promotional CD.
- Chase CD.
- Factors include term lengths, minimum opening deposit, APY, and early withdrawal penalties.
- Noteworthy mention of TD Bank's unique CD offerings, including no-penalty CDs and step-up CDs.
5. Trustworthiness and BBB Ratings: TD Bank vs. Chase
- Evaluation of the Better Business Bureau (BBB) ratings for both banks.
- Mention of recent public settlements involving JP Morgan Chase & Co. (Chase's parent company) and TD Bank.
6. Frequently Asked Questions: TD Bank vs. Chase
- Answers to common queries, including whether TD Bank is better than Chase and the number of branches each bank has.
- Reference to specific financial settlements involving both banks.
7. Author Information: Sophia Acevedo and Evelyn He
- Information about Sophia Acevedo, the author of the article, and her role as a banking reporter and CEPF.
- Background information about Evelyn He, a compliance associate at Business Insider.
8. Top Offers From Our Partners
- Mention of financial products, such as the Capital One 360 Performance Savings account, with specific details like the Annual Percentage Yield (APY).
In conclusion, this article provides a thorough analysis of TD Bank and Chase, catering to individuals seeking insights into their banking options. The inclusion of pros and cons, detailed comparisons, and information on trustworthiness contributes to a comprehensive guide for readers making informed financial decisions.
