TD Bank Review | Checking, Savings, CD’s & Loans Under The Scope

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If you’re looking for full-service banking, along with full-service investing, and you’re tired of “bankers hours,” you need to take a close look at TD Bank.

Most branches are open seven days a week, including holidays, and they offer extended hours even on weekdays.

TD Bank has a reputation for excellent banking and a wide variety of banking, investing, and lending product offerings.

TD Bank Review

Based in Cherry Hill, New Jersey, TD Bank, N. A. is the US subsidiary of Toronto Dominion Bank in Canada. It operates more than 1,300 branches in 15 East Coast US states and the District of Columbia.

The bank has more than $380 billion in assets, making it the eighth largest bank in the US.

In addition to its branch locations, TD Bank also operates as a fully online bank.

The bank provides services to both personal and business customers and offers private banking and wealth management through TD Wealth. It also offers its TD Ameritrade division for investment services for all customers.

TD Bank’s Features and Benefits

Weekend Banking. This is one of the services TD Bank is best known for. The bank prides itself on having the longest hours available, opening earlier and closing later each day. But most branches are also open on weekends and even on most holidays.

Online Banking. Online banking provides you with all the services available through in-person banking. This includes the ability to track your account activity, pay bills, retrieve bank statements, and transfer and send money.

Mobile Banking. Mobile banking gives you access to your accounts 24/7 and on the go. It provides all the features of online banking and also offers TD Bank Mobile Deposit, where you can make a deposit simply by snapping a picture of the check you’re depositing. It can be used on your smartphone or tablet and is available for iOS and Android devices.

Bill Pay. You can make scheduled or next day bill payments.

Send money with Zelle. You can send money to and from other people within minutes, and three day delivery to other recipients. The service is offered for free.

TD Connect Card. This card can be opened with $25 in cash or from a connected TD account or direct deposit from your paycheck. The reloadable prepaid card can be used in millions of locations worldwide, with no foreign transaction fees with full access to TD Bank ATMs at no fee. The card can be added to Visa Checkout, online sites, or Apple, Android, Samsung, or Microsoft digital wallets.

There is a monthly fee of $5.99, and $3 for out-of-network ATM withdrawals, but no charge for ordinary purchases.

IRA accounts. You can use one or more of several savings accounts or CDs for a tax-sheltered IRA account.

TD Ameritrade. This is TD Bank’s investment affiliate, where you can engage in either self-directed investing or take advantage of low-cost professional portfolio management. Many bank branches have financial consultants on staff who can help you with the service. (See TD Ameritrade section below.)

Account protection. All accounts are covered under FDIC, for up to $250,000 per depositor.

Customer service. You can contact TD Bank by phone, 24 hours a day, seven days per week.

TD Bank Checking Accounts

TD Bank is currently offering six different checking accounts.

TD Premier Checking

This is TD Bank’s interest-earning checking account. It offers the following features:

  • Minimum opening deposit: $0
  • Monthly fee: $25, waived with $2,500 minimum daily balance
  • Non-TD Bank ATM fees: waived with minimum daily balance of $2,500
  • Free: money orders, bank checks, stop payments, paper statements, and incoming wires
  • 0.25% discount: on TD Bank Home Equity and Personal loans
  • Overdraft protection available
  • TD Bank Debit Card
  • Interest APY: Not disclosed

TD Convenience Checking

Convenience Checking offers the following features:

  • Minimum opening deposit: $0
  • Monthly fee: $15, waived with $100 minimum daily balance
  • Non-TD Bank ATM fee: $3
  • 0.25% discount: on TD Bank Home Equity and Personal loans
  • Overdraft protection available
  • TD Bank Debit Card
  • Interest APY: None

TD Simple Checking

TD Simple Checking offers the following features:

  • Minimum opening deposit: $0
  • Monthly fee: $5.99
  • Non-TD Bank ATM fee: $3
  • 0.25% discount: on TD Bank Home Equity and Personal loans
  • Overdraft protection available
  • TD Bank Debit Card
  • Interest APY: None

TD Relationship Checking

Relationship Checking is designed to be combined with other TD Bank products and services, and offers the following features:

  • Minimum opening deposit: $0
  • Monthly fee: $25, waived with $20,000 minimum daily balance
  • Non-TD Bank ATM fees: waived with minimum daily balance of $2,500
  • Free: money orders, bank checks, stop payments, paper statements, and incoming wires
  • 0.25% discount: on TD Bank Home Equity and Personal loans
  • Overdraft protection available
  • TD Bank Debit Card
  • Interest APY: 0.03%

TD 60 Plus Checking

60 Plus Checking if for customers 60 and older, and offers the following features:

  • Minimum opening deposit: $0
  • Monthly fee: $10, waived with $250 minimum daily balance
  • Non-TD Bank ATM fee: $3
  • Free: standard checks, money orders, bank checks, and paper statements
  • 0.25% discount: on TD Bank Home Equity and Personal loans
  • Overdraft protection available
  • TD Bank Debit Card
  • Interest APY: 0.05%

TD Student Checking

Student Checking is specifically for college students, and offers the following features:

  • Minimum opening deposit: $0
  • Monthly fee: $0 when you’re under 24 and a full-time student
  • Non-TD Bank ATM fee: $3
  • 0.25% discount: on TD Bank Home Equity and Personal loans
  • Overdraft protection available
  • TD Bank Debit Card
  • Interest APY: None

TD Bank Checking Account Fees

  • Overdraft fee: $35
  • Paper checks: Depends on account selected
  • Returned items: $15
  • Stop payment: $30
  • Incoming wires: Free
  • Outgoing domestic wires: $25
  • Outgoing international wires: $40 plus exchange rate, taxes and correspondent fees

TD Bank Savings Products

TD Bank offers 3 savings accounts:

TD Simple Savings

Simple Savings offers the following features:

  • Minimum opening deposit: $300
  • Monthly fee: $5, waived with minimum daily balance of $300
  • No fee: the first year with a linked TD checking account, and recurring transfer of $25; also waived if you’re 18 or younger or over 62
  • Interest APY: 0.05%

TD Growth Money Market

Growth Money Market rewards you for growing your savings each month, offers the following features:

  • Minimum opening deposit: $0
  • Monthly fee: $12 waived with minimum daily balance of $2,000 or if you’re over 62
  • No fee: the first year with a linked TD Bank checking account, and recurring transfer of $25; also waived if you’re 18 or younger or over 62

Interest is tiered as follows:

  • $0.01 to $1,999.99: 0.03% APY
  • $2,000 to $4,999.99: 0.05% APY
  • $5,000 to $9,999.99: 0.10% APY
  • $10,000 to $24,999.99: 0.15% APY
  • $25,000 to $49,999.99: 0.20% APY
  • $50,000 to $99,999.99: 0.25% APY
  • $100,000 and higher: 0.30% APY

Rate Bump: The rates above are bumped higher by 0.02% to 0.05% when the account is linked to a TD Bank checking account, with a qualifying monthly transfer resulting in an increase in the money market account balance of at least $50 from the previous statement period.

TD Preferred Savings

Much like Growth Money Market, Preferred Savings also rewards you for growing your savings each month. It offers the following features:

  • Minimum opening deposit: $0
  • Monthly fee: $15, waived with minimum daily balance of $20,000
  • Non-TD Bank ATM fee: None
  • Free: incoming wire transfers, official bank checks, money orders, and stop payments

Interest is tiered as follows:

  • $0.01 to $19,999.99: 0.05% APY
  • $20,000 to $49,999.99: 0.20% APY
  • $50,000 to $99,999.99: 0.35% APY
  • $100,000 to $9,999,999.99: 0.50% APY
  • $10 million and higher: 0.45% APY

Rate Bump: TD Bank provides higher rates when your Preferred Savings account is linked with a TD Bank personal mortgage, home equity, credit card, or active personal or small business checking account. An active checking account must have three customer-initiated deposits, withdrawals, payments or transfer transactions each month to qualify for the bump up.

Rates with the bump up added are as follows:

  • $0.01 to $19,999.99: 0.10% APY
  • $20,000 to $49,999.99: 1.15% APY
  • $50,000 to $99,999.99: 1.25% APY
  • $100,000 to $249,999.99: 1.50% APY
  • $250,000 to $9,999,999.99: 1.75% APY
  • $10 million and higher: 1.70% APY

TD Bank Certificates of Deposit (CDs)

TD Bank offers CDs in three terms: six, 12, and 18 months. Each CD requires a minimum investment of $250. Each CD also offers the Rate Bump provision, which applies when you also have an eligible TD Bank checking account. 

TD Bank also offers its No-Catch CDs that allow one penalty-free withdrawal per term, and their TD Step Rate CDs that offers one penalty-free withdrawal on each certificate anniversary.

However, the rates paid on these CDs are much lower than the Rate Bump rates shown on the table above.

Our list of the best CD rates is updated daily to give you access to the highest interest rates available.

TD Bank Loan Products

TD Bank Credit Cards

TD Bank currently offers three credit cards:

TD Cash Credit Card. You earn $200 cash back when you spend $500 within 90 days of opening the account. The card pays 3% cash back on dining, 2% on grocery stores, and 1% on all other eligible purchases. There’s no annual fee, and there’s a 0% APR for the first 12 months. After that, the APR is variable, ranging from 15.24% to 25.24%, based on your creditworthiness.

TD First Class Visa Signature Credit Card. You earn 25,000 bonus miles – worth a $250 statement credit toward travel or dining purchases – when you spend $3,000 within the first six billing cycles. You then get 3X first-class miles on travel and dining, and 1X on all other purchases.

The card also offers a 0% introductory APR for the first 12 months, then a 15.49% variable APR thereafter. There is an $89 annual fee that’s waived in the first year, and no foreign transaction fees.

TD Business Solutions Credit Card. You earn $300 cash back when you spend $3,000 in eligible purchases within the first 90 days. You can then earn 3% on phone, Internet and cable services, 2% on dining and at gas stations, and 1% on all other eligible purchases.

There’s a 0% introductory APR for the first six months, then a variable APR of 15.24% to 25.24%, based on your creditworthiness. There is no annual fee and no foreign transaction fees.

TD Bank Mortgages and Home Equity Loans

TD Bank is a full-service mortgage lender, offering the following mortgage products:

  • Conventional mortgages (up to $484,300)
  • FHA and VA mortgages
  • Jumbo mortgages (over $484,300)
  • Fixed and adjustable rates
  • Construction loans
  • Affordable home loans
  • Purchase or refinance
  • Primary residence, second home or investment properties

They also offer both home equity lines of credit (HELOCs) and home equity loans, under the following general terms:

TD Bank Personal Loans

TD Bank offers several personal loans, including three unsecured loans with no origination or application fees. You can borrow as much as $50,000 for just about any purpose.

They also offer a Personal Secured Loan, collateralized against your savings with a low variable rate. You can borrow up to $50,000 with a $50 origination fee.

TD Bank is offering the following promotions when you open a new account:

  • TD Premier Checking, earn $300 when you deposit $2,500 or more in direct deposits within 60 days of opening the account.
  • TD Convenience Checking, earn $150 when you receive $500 or more in direct deposits within 60 days of opening the account.

TD Ameritrade

TD Ameritrade is a full-service investment brokerage firm. They offer both regular taxable brokerage accounts, as well as the full range of retirement accounts, including SEP and SIMPLE IRAs and Solo 401(k) plans.

You can trade individual stocks, bonds, options, mutual funds and exchange-traded funds (ETFs), futures, and FOREX. In fact, TD Ameritrade has one of the best options-trading platforms in the industry.

They offer flat fee trading, at $6.95 per trade for stocks and ETFs. They’re also currently offering an attractive sign-on bonus offer:

You’ll have your choice of either self-directed investing or managed investment options. For example, you can take advantage of TD Ameritrade Essential Portfolios, a robo-advisor you can open with a minimum of $5,000.

They provide you with a fully diversified portfolio of stocks and bonds and manage it on a continuous basis for a fee of just 0.30% per year. For larger accounts, they also offer TD Ameritrade Selective Portfolios, requiring a minimum initial investment of $25,000.

There is no minimum account balance required to open a trading account. And while you can take advantage of 24/7 customer service, TD Ameritrade also has more than 360 local branches around the country, as well as financial consultants available at many of TD Bank’s 1,300 branches.

Start investing with TD Ameritrade>>

TD Bank Pros and Cons

Pros

  • TD Bank is a full-service bank, offering checking, savings, CDs, IRAs, mortgages and home equity loans, personal loans and even business banking.
  • Interest rates on high balance CDs are competitive with high yield online banks.
  • 24/7 customer service.
  • Weekend and holiday banking, as well as extended hours most business days.
  • The TD Ameritrade tie-in, enabling you to invest where you bank.
  • Generous bonuses paid on Premier and Convenience checking accounts

Cons

  • Interest rates paid on most savings and CD products are well below what is being offered by high yield online banks.
  • Monthly fees on most checking accounts require large average balances for waiver.

Should You Open an Account with TD Bank?

TD Bank is one of the truly unique banks in America. Not only do they offer full-service banking, including both online and mobile banking, but they also offer 24/7 customer service, as well as weekend and holiday banking.

Their branches are open longer than any other in the country. If you enjoy having access to your bank – and your money – at greater convenience, TD Bank is the bank for you.

They also have a connection with TD Ameritrade, one of the most prominent investment brokers in the country. There, you can engage in either self-directed investing, or take advantage of one of several low-cost managed investment options. It’s an opportunity to invest where you bank.

The downside with TD Bank is that they pay lower interest on most savings accounts and CDs. However, their rates on larger CDs are competitive with online banks.

If you’d like more information, or you’d like to open an account, visit the TD Bank website.


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