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Excellent customer service but lacks competitive savings rates
Updated September 04, 2024
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Fact checked byMichael Rosenston
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Our Take TD Bank has roots dating back to 1855. A subsidiary of the Canadian Toronto Dominion Bank, TD Bank’s U.S. headquarters is in Cherry Hill, New Jersey. It currently boasts more than 23 million worldwide customers and has over 1,100 brick-and-mortar locations in the U.S. along the East Coast. In September 2024, TD Bank was ordered by the CFPB to pay $28 million in redress and penalties for illegal conduct which harmed consumers by including damaging information on credit reports. The bank reported inaccurate negative information about its customers, including information about credit card delinquencies and bankruptcies, along with outright fraudulent information. TD Bank failed to fix its reporting errors even after they were brought to light, and failed to properly investigate and resolve consumer disputes. Pros Most of the over 1,100 locations are open on the weekends. There are no foreign transaction fees on a debit card for many account types Cons TD Simple Savings starts at 0.02% APY; other banks offer higher rates You need to maintain a high balance to waive the monthly account fees Company Overview Table of Contents TD Bank Review Pros Explained Cons Explained Who Is TD Bank Best For? Bank Offerings Other Products Customer Service How to Bank Final Verdict FAQ Methodology TD Bank Bonus Offers — Expiring September 30, 2024 TD Bank is currently offering several public account bonuses for new checking customers. Open a account by September 30, 2024 and complete qualifying activities to earn a bonus. See otherchecking account bonus offersand savings account bonus offers to compare promotions from a variety of banks. In the fall of 2019, TD Bank agreed to a $70 million legal settlement that was approved by a judge in January 2020. The lawsuits were for charging its customers excessive overdraft fees. TD agreed to pay customers $43 million and refund $27 million in overdraft fees. TD Bank should appeal to a wide range of customers who want after-hours customer service. It might be a good fit if you: As you might expect of a large financial institution, TD bank offers a wide range of services and types of accounts: There are two savings accounts to choose from: TD Simple Savings and TD Signature Savings. With TD Simple Savings, all balances earn 0.02% APY. There’s a $5 monthly fee, which can be waived if you do one of the following: TD Signature Savings is for those who keep high balances of $10,000 or more in their savings accounts. If you have less, you will be charged a $15 monthly fee. The base interest rate is currently 0.01%. With a linked TD checking account, you'll earn 2.00% if you have at least $10,000, working your way up a tiered system to 4.00% if you have $250,000 or more in the account. Other incentives to keep a high bank balance in your account include reimbursem*nt of out-of-network ATM fees when you maintain a $2,500 balance. TD Convenience Checking might be suited for those who aren't looking for an account to earn interest and typically don't keep a high balance in their account. The $15 monthly maintenance fee is waived if you keep at least $100 in your account balance or are between the ages of 17 through 23. There's also no minimum amount to open an account. TD Beyond Checking has no monthly maintenance fees if you do one of the following: get monthly deposits of $5,000 or more, have an average daily balance of $2,500, or have a combined total of $25,000 across eligible TD Bank accounts. Otherwise, you'll be required to pay the $25 monthly bank fee. Other noteworthy perks include free basic checks and reimbursem*nt of up to two overdraft fees a year. Also, any fees incurred with a rush bill payment will be covered. You'll also get reimbursed for fees tacked onto one outgoing wire—domestic or international—per statement cycle. However, you'll probably be able to find a higher APY elsewhere as the rate is 0.01%. If you're looking for a no-frills checking account, the TD Simple Checking has a $5.99 monthly maintenance fee no matter how much you have sitting in the bank. You get just the basics with this checking account, such as free online statements and free access to TD's mobile bank app. Young folks between the ages of 17 to 23 are eligible to open a Student Checking account. TD Bank's Student Checking features no minimum balance and no monthly maintenance fees. The no-account fee bleeds over to a linked Simple Savings account if you're age 24 or under. For those 60 and up, TD 60 Plus Checking features free checks, statements, and money orders. Also, the $10 monthly maintenance fee will be dropped as long as you keep an average daily balance of $250. TD Bank offers tiered interest rates depending on the deposit amount. You get a rate bump if you link your CD to an eligible TD Bank checking account. The minimum deposit required is $250. The penalties for early withdrawals depend on how early you take out your money. There are no penalties in the first seven days. If you make a withdrawal from the seventh to the 89th day after you open an account, you lose all interest earned. Make a withdrawal anywhere from 90 days to one year of opening your account, and you lose three months' worth of interest. Penalties increase with time from there. If you're concerned about needing to take money out before your CD matures, TD Bank offers two options for greater flexibility. The first is a TD No-Catch CD, which features one penalty-free early withdrawal per term. You'll need a $250 deposit to open, and there's no minimum monthly maintenance fee. If you're afraid of getting locked into a CD and need to pull money prematurely, enter TD Bank's TD Step Rate CD. The TD Step Rate CD offers one withdrawal each anniversary, sans the penalty fee. It is distinguished from the No-Catch CD by offering yearly rate increases. TD Bank offers a handful of credit cards, including cash bank cards, credit cards designed for travelers, and small business credit cards. Cash-Back Credit Cards Traveler Credit Cards Business Credit Cards Secured Credit Cards TD Bank also has a wide range of other offerings: Like many large banks, TD Bank offers the ability to bank 24/7 online or via the bank app. You can also call their customer service line at 1-888-751-9000. With the app, you can manage your bank accounts, set up autopay for your bills, deposit checks, and schedule transfers. You also can send money to friends and family through Zelle. To keep tabs on banking activity, you can set up email alerts. Many of its brick-and-mortar locations offer hours on nights and weekends. So if you're too busy to swing by during the weekdays, you can do so at your convenience. TD Bank ranked above average in the Florida, New England, and Southeast region in the J.D. Power 2022 U.S. Retail Banking Satisfaction Study. You can sign up for an account online or by visiting one of its over 1,100 physical locations. TD Bank is worth considering if you're looking for a bank with great customer service and a few options for checking accounts at different stages of your life. However, if you’re looking for a bank in which to park your money to earn interest, the rates are quite low. You can find more-competitive rates elsewhere. What's more, you’ll need to mind the minimum required balances for the monthly bank account fee to be dropped. Perhaps the biggest disadvantage is the low APY you can expect from a TD Bank savings account. Even with a linked checking account and more than $250,000 at the bank, your rate isn't likely to be any higher than what you'll find from several online banks, even with much lower minimum balances. As well, for any checking accounts other than those with the most basic offerings, you'll need to maintain high balances to avoid monthly fees. TD Bank is accessible for those who like to do their banking in person. Many of its branches are open on Saturdays and Sundays. It's also a good option for those traveling abroad because its debit cards charge no foreign transaction fees. TD Bank is separate from Bank of America. Its history dates back to 1852, and it has gone through several name changes since its founding, and it also has acquired several other institutions as it continued to expand. It took its current name in 2008. Getting approved for one of TD Bank's credit cards is much the same as getting approved for credit cards through most banks. To get its TD Cash credit card, for example, you likely need a credit score of at least 670. While credit scores are important, they aren't the only factor in getting approved. If your income is low, for example, you might be seen as a risk even if your credit score is healthy. Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks including products available, interest rates, fees, and accessibility to ensure that our content helps users make the right decision for their savings and banking needs. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Consumer Financial Protection Bureau. "CFPB Orders TD Bank to Pay $28 Million for Illegal Breakdowns that Potentially Tarnished Consumer Reports." TD Bank. "International Travel Tips." TD Bank. "TD Simple Savings." TD Bank. "TD Signature Savings." United States District Court for the District of South Carolina, Greenville Division. "In Re: TD Bank, N.A. Debit Card Overdraft Fee Litigation MDL No. 2613," Page 10. TD Bank. "TD Convenience Checking." TD Bank. "TD Beyond Checking." TD Bank. "TD Simple Checking." TD Bank. "Student Banking." TD Bank. "TD 60 Plus Checking." TD Bank. "TD Choice Promotional CDs." TD Bank. "Personal Deposit Account Agreement," Pages 41-42. TD Bank. "TD No-Catch CDs." TD Bank. "TD Step Rate CDs." J.D. Power. "U.S. Retail Banks Struggle to Differentiate, Deliver Meaningful Customer Experience as Economy Sours, J.D. Power Finds." TD Bank. "Company History." Investopediais part of the Dotdash Meredithpublishingfamily. 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Cons Explained
Who Is TD Bank Best For?
What Does TD Bank Offer?
Savings Accounts
TD Signature Savings Rates Rate Bump APY Standard APY $0.01 to $9,999.99 0.01% 0.01% $10,000 to $24,999.99 2.00% 0.05% $25,000 to $49,999.99 2.25% 0.05% $50,000 to $99,999.99 2.50% 0.05% $100,000 to $249,999.99 4.00% 0.05% $250,000 to $499,999.99 4.00% 0.05% $500,000 to $999,999.99 4.00% 0.05% $1,000,000 + 4.00% 0.05% Checking Accounts
CDs
TD Choice Promotional CDs Min. Daily Balance Rate Bump APY Standard APY Six-Month CD $250 to $9,999.99 5.00% 1.00% $10,000 to $49,999.99 5.00% 1.00% $50,000 to $99,999.99 5.00% 1.00% $100,000+ 5.00% 1.00% 9-Month CD $250 to $9,999.99 4.25% 1.00% $10,000 to $49,999.99 4.25% 1.00% $50,000 to $99,999.99 4.25% 1.00% $100,000+ 4.25% 1.00% 12-Month CD $250 to $9,999.99 4.00% 1.00% $10,000 to $49,999.99 4.00% 1.00% $50,000 to $99,999.99 4.00% 1.00% $100,000+ 4.00% 1.00% TD No-Catch CDs Term Standard APY Six-Month CD 0.05% 12-Month CD 0.05% TD Step Rate CDs Term Composite APY Three-Year CD 0.10% Five-Year CD 0.15% Credit Cards
Other Financial Products Offered by TD Bank
TD Bank Customer Service
How to Bank With TD Bank
Final Verdict
Frequently Asked Questions
What Are Some Disadvantages of Choosing TD Bank?
What Is TD Bank Good At?
Is TD Bank Owned by Bank of America?
Is TD Bank Hard to Get Approved For?
Methodology
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