TD Bank Review 2024 | Bankrate (2024)

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At a glance

3.7

Rating: 3.7 stars out of 5

Bankrate Score

CDs

Rating: 3.5 stars out of 5

Checking

Rating: 3.7 stars out of 5

Savings

Rating: 2.9 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.

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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

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.

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TD Bank banking products

2.9

Rating: 2.9 stars out of 5

Bankrate Score

Compare top savings rates

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. Seniors and those 18-years-old and younger 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 or linking an eligible checking account.

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.

TD Bank

APY

APY last updated between 9/7 and 9/13.

APY

APY last updated between 9/7 and 9/13.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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TD Bank CD overview

TD Bank offers eight terms of certificates of deposit (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. 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.

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TD Bank checking overview

TD Bank offers several options for checking customers. Its TD Complete Checking account has a $15 monthly fee, but it can be waived a couple of ways, including maintaining a $500 minimum daily balance.

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.

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.

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 Complete Checking account.
Customers can get a 0.25 percentage point discount on TD Bank home equity with TD Complete 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.

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Bank fees

Fee	Charged?
Overdraft fee	$35
Non-sufficient funds fee	$0
Monthly maintenance fee	$0 – $25
Out-of-network ATM fee	$3
Excessive transaction fee	$3

Find out:Tips to avoid common bank fees

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 2024 U.S. Retail Banking Satisfaction Study.

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 240,000 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 2020, 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

"For those who find themselves needing a bank that’s generally open seven days a week, TD Bank is an option to consider — if you live or work near its locations,” said a Bankrate staff member who uses the account personally.

Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.

Featured customer reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers. Some reviews may be edited for length and clarity.

PlatypusTrapper

May 1, 2023

Thinking of switching to TD Bank?

I use TD and I’ve generally been happy with them. They locked me out of my online account once but it was resolved by visiting a branch. It happened because I was moving a large amount of money and they couldn’t verify that I owned the account on the other end. That’s probably the only real frustrating thing about them. I can’t send or receive large amounts using ACH.

viaReddit

AtomicBlawnde

Apr 1, 2023

Outrageous call wait times

I'm having to call TD's fraud line because apparently there are unusual charges on my account. My entire account is frozen until they can verify me and the charges. That said, I've been on hold today with TD for over 3 hours now -- how is this possible?! I've called in over the last 3 days, and I've probably spent a total of 8 hours on hold.

viaReddit

Our editor's take

Wait times may vary, depending on your situation. Fraud claims can take time for banks to investigate, but it’s frustrating spending time on hold attempting to get in contact with a representative. Because TD Bank has a large branch network, it may be worth visiting a local branch if you’re having trouble getting in touch over the phone. That noted, banks should strive to reduce their wait times, especially if it has a customer whose account has been frozen.

TD Bank has transfer limits, though it varies depending on the method of transfer and whether the transfer is domestic or international. For domestic transfers in the U.S. and Canada, customers can transfer up to $5,000 daily.

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.

Learn more:TD Bank CD rates

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.

Learn more:The best banks of 2024

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.

TD Bank Review 2024 | Bankrate (2024)

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