TD Bank Checking and Savings Account Review
- What is TD Bank?
- How do TD Bank checking and savings accounts work?
- How much does TD Bank Cost?
- TD Bank features
- Who is TD Bank best for?
- Who shouldn’t use TD Bank?
- TD Bank pros and cons
- TD Bank vs. competitors
- The bottom line
What is TD Bank?
How do TD Bank checking and savings accounts work?
- TD Simple Checking - Best for anyone looking for a checking account with no minimum balance requirements and a low monthly fee.
- TD Convenience Checking - Best for anyone looking for a basic, everyday banking account with a low minimum balance requirement to waive monthly fees.
- TD Beyond Checking - Best for anyone looking for a checking account with perks, who have higher deposits, and can maintain a higher minimum balance.
- TD Student Checking - Best for students and young adults aged 17 - 23 who want basic checking options with no monthly fee or minimum balance requirement.
- TD 60 Plus Checking - Best for anyone 60 or older looking for a checking account with low monthly fees.
- TD Simple Savings - Best simple savings account for new savers looking to build healthy money habits.
- TD Growth Money Market Savings - Slightly higher-interest savings option for intermediate savers with $2,000 or more to deposit.
- TD Beyond Savings - Higher-interest savings option for more advanced savers with $20,000 or more to deposit.
How much does TD Bank Cost?
|Checking Type||Monthly Fee||Fees waived if:||Minimum Opening Deposit|
|Convenience||$15||$100 daily balance||$0|
|Beyond||$25||$5,000+/mo direct deposits or $2,500 daily balance or $25,000+ all accts||$0|
|Savings Type||Monthly Fee||Fees are waived if:||Minimum Opening Deposit|
|Simple||$5*||$300 daily balance||$0|
|Growth Money Market||$12||$2,000 daily balance||$0|
|Beyond||$15||$20,000 daily balance||$0|
TD Bank features
Extended branch hours
Account options for everyone
Additional banking products
- TD Bank credit cards
- Brokerage accounts through TD Ameritrade, Inc.
- Commercial banking
- Small business banking
- Home equity loans
Free accounts for seniors, minors, students, and young adults
No foreign transaction fees for debit cards
Who is TD Bank best for?
Students and young adults on the east coast
Live on the east coast
Who shouldn’t use TD Bank?
Anyone outside of TD Bank’s 13 serviced states
Anyone interested in high-interest rates
TD Bank pros and cons
- No minimum deposits required. None of TD Bank’s checking or savings accounts require depositing a single penny in order to open them. This is a major pro for anyone just beginning their financial journey, switching banks, or waiting for their first paycheck from a new job.
- Convenience (if you live on the east coast). You can’t deny the sheer convenience of “America’s Most Convenient Bank” if you happen to live on the east coast. No matter your shift or schedule, it’s easy to find a day and time to visit a TD Bank branch in-person, if needed. TD Bank also offers 24/7 access to customer service, so you can speak to a representative at any time of day.
- Full suite of digital tools. Like most premier banks, TD Bank offers a full suite of digital tools, including an intuitive digital app where you can manage your money, make transfers, pay bills, and more. TD Bank also offers access to transfer tools, like Zelle, and even lets you open new accounts directly from their app.
- Relationship rate bumps. TD Bank offers relationship rate bumps when you link eligible TD checking and savings accounts together. This rate increase can help you earn even more in interest than you would otherwise.
- Lackluster ATM options. Many banks offer a large selection of in-network ATMs, but TD Bank’s 1,900 ATM options are disappointing when compared to competitors. Combine that with TD Bank’s high $3 fee for using a non-TD Bank ATM, and it’s easy to see that TD Bank could be doing more to improve its ATM options.
- Steep overdraft fees. If you spend more money than you have in your account, TD Bank will charge you a $35 overdraft fee — an amount on par with most national competitors. However, while many competitors will charge this fee for up to three or four transactions per day, TD Bank will actually charge you up to five times per day. This could leave you $175 deeper in the negative.
- Average-to-low interest rates. TD Bank’s savings accounts’ interest rates are not as competitive as they could be, especially since many rates are tiered. In order to obtain the bank’s highest current rate of 0.50%, you’ll need to deposit at least $250,000. Even then, you can find high-yield savings accounts with a minimum rate of 0.60% or higher on all account balances.
TD Bank vs. competitors
|Bank||Minimum Deposit||Monthly Fee||Savings APY||ISF Fee||Branches|
|TD Bank||$0||$5 - $25||0.05%||$35 each (5/day max)||1,200+|
|U.S. Bank||$25||$4.95 - $24.95||0.01%||$35 each (4/day max)||2,700|
|Wells Fargo||$25||$10||0.01%||$35 each (3/day max)||5,400|
TD Bank vs. U.S. Bank
TD Bank vs. Wells Fargo
The bottom line
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