TD Bank Checking and Savings Account Review
Opening a checking and savings account is a lot simpler than it was a few decades ago — however, you also have more choices than ever before about where to bank. Finding a checking and savings account that suits your lifestyle and goals is important for maintaining your financial future.
You may have considered opening a checking and savings account at TD Bank, one of the top national banking chains in the country. TD Bank, member FDIC, offers both online and in-branch services, but are they right for you? In this TD Bank review, I’ll walk you through this bank’s checking and savings accounts, review key features and costs, pros and cons, and provide you with alternative options to explore.
- What is TD Bank?
- How do TD Bank checking and savings accounts work?
- How much does TD Bank Cost?
- The bottom line
What is TD Bank?
TD Bank originally opened in 1852 as Portland Savings Bank in Portland, Maine. The bank grew and expanded over the decades, becoming Peoples Heritage Bank, Banknorth, then was rebranded as TD Bank after being purchased by TD Bank Group in Canada and acquiring Commerce Bank in 2008.
Today, though TD Bank is primarily an east coast bank, it is the 8th largest bank in the world, by assets. TD Bank has more than 1,200 locations offering financial services along the east coast and offers its customers a full suite of banking services, including personal checking and savings accounts, business accounts, CDs, credit cards, personal loans, mortgages, and home equity services.
How do TD Bank checking and savings accounts work?
TD Bank has five main checking account options and three primary savings accounts. While TD Bank has a large reach on the east coast and offers safe deposit box services with hours that extend beyond traditional banking hours.
You can sign up for a TD Bank account at a branch or online, as long as you live within one of the 13 states serviced by this bank.
First, let's run through each of TD Bank’s five checking account options:
- 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 has 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.
I’m a fan of the variety of accounts TD offers but I wish the bank had a free option for seniors and low-income earners. I do appreciate that their Convenience Checking fee is easy to waive and that their Simple Checking has a low monthly fee.
Now let's review the three TD Bank savings accounts:
- 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.
I like that TD Bank offers a few different savings options depending on where you are in your savings journey and that the Simple Savings and Beyond Savings accounts do not require you to also have a checking account. Interest rates, while slightly higher than other national banks, are still average-to-low.
For either checking or savings, you can conduct your personal banking through TD's mobile app. Online banking can also be used to set up bill pay and can accept mobile deposits.
How much does TD Bank Cost?
TD Bank’s only free accounts are student checking and savings and Simple Savings if you’re 60+. However, their Convenience Checking account has a lower balance requirement than most competitors offer in order to waive the monthly fee.
|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|
Free for the first year if you transfer $25 or more from checking each month; free for students, minors, and seniors 60+
TD Bank features
Extended branch hours
It can be difficult to visit most bank branches in-person during the week if you work a standard 9-to-5 shift. TD Bank offers extended banking hours as late as 7 p.m. EST and Saturday and Sunday hours in most locations.
Account options for everyone
Although I wish TD Bank offered a free basic checking option, I do love the number of account options available at this bank. I’m glad they offer a low price point of $5 checking account and have low balance requirements to waive fees for Convenience Checking and Simple Savings accounts. TD Bank’s account options, fees, and perks are also presented well and easy-to-understand.
Additional banking products
You'll also find TD Bank offers:
- 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
I’m a big fan of free checking accounts and I’m glad TD Bank offers free checking options for young adults under 23. I also like that they waive savings account fees for seniors, minors, and students, and even offer seniors a free version of their Growth Money Market Account.
No foreign transaction fees for debit cards
If you travel often, you’re probably used to those pesky transaction fees some banks charge when you use your debit card overseas. I love that TD Bank does not charge transaction fees when visiting foreign countries, and also am a big fan of their free ATMs in Canada.
Who is TD Bank best for?
Students and young adults on the east coast
If you live or go to school on the east coast and you’re looking for a free checking and savings account, it’s hard to beat the no cost, no minimum deposit requirements TD Bank will offer you. TD Bank even offers students secured credit cards to help you build credit while in school.
Live on the east coast
If you live on the east coast and love the convenience of having a bank nearby, particularly one with extended hours, TD Bank might be the right choice for you. TD Bank offers account options that compete with top national banks and offer many perks, including interest checking accounts and low minimum balance requirements. TD Bank’s basic checking account options are hard to beat when compared to top competitors.
Who shouldn’t use TD Bank?
Anyone outside of TD Bank’s 13 serviced states
If you don’t live on the east coast or if you’re planning to move farther west, TD Bank is not a good option. Not only is it impossible to open many of their accounts if you live outside the east coast, but it’s also extremely difficult to manage your account and make cash deposits if you aren’t within a distance of a TD Bank branch or ATM.
Anyone interested in high-interest rates
TD Bank’s interest rates are slightly higher than national competitors and some accounts even offer slightly higher interest rates, if you can fulfill large deposit requirements. However, when compared to local banks and online lenders, TD Bank’s rates are average-to-low.
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
Both T.D. Bank and U.S. Bank are in the top 10 largest banks in the world and both of these banks offer similar account types. I’ll show you how these banks compare to one another below.
Both TD Bank and U.S. Bank offer a large selection of accounts (though U.S. Bank has more savings options) and both charge monthly account fees. They also offer discounts and free options for students and seniors.
U.S. Bank has more locations spread across the country than T.D. Bank and charges overdraft fees fewer times. On the downside, U.S. Bank does require minimum deposits to open new accounts, while TD Bank does not. TD Bank also has higher standard savings rates.
TD Bank vs. Wells Fargo
Another top competitor of TD Bank is Wells Fargo. This highly regarded national bank also offers similar services to TD Bank, with a few differences worth exploring.
Both TD Bank and Wells Fargo offer discounts and free account options for students and seniors. They also offer top-of-the-line digital apps and online services.
Wells Fargo outshines TD Bank by having a larger reach and network of branches and ATMs across the country. Wells Fargo also makes it easier to manage your money entirely online if you do live out of range of a banking location.
On the downside, Wells Fargo does require a minimum deposit to open an account, while TD Bank does not. TD Bank also has a higher standard savings rate.
How much money do I have to keep in my TD account?
TD Bank does not have minimum deposit requirements to keep your account open. If you want to avoid charges, you’ll need to maintain a daily account balance of $100 or more (depending on your account type).
Is TD Bank good for opening a savings account?
When compared to top national banks, TD Bank’s base savings rate is slightly higher than its competitors. However, it’s still lower than many national banks and online savings accounts.
Does TD Bank have free checking?
TD Bank offers free checking to students and young adults under 24. They do not have any other free checking accounts, though their Convenience Checking fee can be waived by maintaining an account balance of $100.
How do I avoid TD Bank fees?
To avoid TD Bank fees:
- Maintain the account balance required to waive your monthly fee
- Enroll in overdraft protection
- Set up direct deposits to waive monthly fees
- Sign up for low balance alerts
The bottom line
TD Bank is one of the top banks in the country and a primary financial institution for many individuals on the east coast. TD Bank makes it easier to waive monthly checking account fees, while also providing low monthly fee account options. I’m a fan of their free student and young adult accounts and their interest-earning checking account for seniors. I also like that their standard savings rate is higher than competitors, even if it could be higher.
If you don’t live on the east coast, TD Bank will likely not be a good fit. If you do live on the east coast and want access to a bank that’s open 7 days a week with some of the best hours in the country, you might enjoy opening a checking and savings account at TD Bank.
You can learn more information at td.com.