TD Bank Review – Top Tier Checking, Savings, CDs, Mortgages, & More

TD Bank offers a broad range of banking products to appeal to the average consumer, but how do its rates and services compare to other banks in its league?
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Table of Contents
  1. TD Bank Features
    1. Additional Features
  2. What Is TD Bank?
  3. How to Get Started with TD Bank
  4. TD Bank Account Options
    1. TD Bank Checking Accounts
    2. TD Bank Savings and Money Market Accounts
    3. TD Bank CDs
  5. TD Bank Customer Service
  6. TD Bank Sign-up Bonuses for New Customers
    1. TD Beyond Checking – $300 Bonus
    2. TD Convenience Checking – $150 Bonus
  7. TD Bank Pros & Cons
  8. Conclusion

When it comes to banking, convenience is a must. That’s especially the case in this day and age of online and mobile banking. In fact, according to a report from Statista, 75% of Americans do their banking on a smartphone from the comfort of their own sofa.

TD Bank bills itself as “America’s Most Convenient Bank.” Not only does it serve its customers in its more than 1,200 brick-and-mortar branches, but this bank also offers widespread ATM access and online accounts. So you can manage your money without getting off the couch.

In this review, we’ll check out some of TD Bank’s checking and savings options, as well as money market accounts and certificates of deposit (CDs). We’ll see if this bank lives up to its motto, and whether or not it’s the right choice for your needs.

TD Bank Review

Product Name: TD Bank Checking
Product Description: TD Bank offers a wide range of financial products aimed at individuals, families, and students. They also offer business banking, from small businesses up through commercial enterprise-level banking. You can handle just about every financial, banking, and investment need through TD Bank, including Checking, Savings, Money Market Accounts, Certificates of Deposit, Credit Cards, Mortgages, Home Equity Products, Personal Loans, IRAs, Prepaid Cards, and more.
Products & Services
Interest Rates
Fees & Charges
Website / App
Customer Service



When it comes to Products & Services, TD Bank has you covered. TD Bank offers a wide range of financial products aimed at individuals, families, and students. It also offers business banking, from small businesses up through commercial enterprise level banking. You can handle just about every financial, banking, and investment need through TD Bank, including checking, savings, money markets, CDs, and more. Unfortunately, interest rates are lower than what you’ll find with many online-only savings accounts. However, most online-only savings accounts do not offer the full-banking services found at TD Bank. The Fees & Charges found at TD Bank are on par with many competitors and the majority are easy to avoid. TD Bank features a top-notch Website/App combo, with apps for the major platforms and a mobile-optimized site. Finally, TD Bank’s Customer Service is available 24/7, either online or via by phone.

Compare Current Savings Account Rates

TD Bank Features

TD BankFeatures
Banking Account TypesChecking, Savings, Money Markets, CDs
Other Account TypesCredit Cards, Mortgages, Home Equity Products, Personal Loans, IRAs, Prepaid Cards
Minimum Required Deposit to Open AccountNo minimum balance requirement for some accounts
Number of BranchesNearly 1,300
ATM Network SizeNearly 2,000
ATM ReimbursementsAvailable for some accounts. Please review Terms & Conditions.
Remote DepositYes
App AvailabilityiOS, Android, mobile-optimized website
Bill PayYes
Person to Person Money TransfersZelle
Money TransfersACH, Wire Transfers, In-Account Transfers, Zelle
Customer Service TypesPhone, Online
Customer Service Hours24/7
Member FDICFDIC Certificate #34668
Routing Number / ABA NumberVaries by state.
Current PromotionsTD Bank Sign-up Bonus
See Other Bank Sign Up Bonuses.

Additional Features

  • TD Ameritrade. TD Ameritrade is one of our top-rated stock brokers here at Cash Money Life. It’s owned by the same parent company, Toronto-Dominion Bank, although Charles Schwab announced in November 2019 that it would be purchasing TD Ameritrade. However, the company reports that you will still be able to have a convenient one-stop shop with both your brokerage and bank accounts. We’ll see how that pans out.
  • No Foreign Transaction Fees. You won’t have to pay a penny in foreign transaction fees when you use your TD Bank debit card abroad. That can save you big money if you’re a frequent traveler.
  • Network of Free ATMs. You’ll find nearly 2,000 TD Bank ATMs in the U.S.
  • TD Canada Trust ATM Access. When visiting our Neighbor to the North, you can use one of the thousands of TD Canada Trust ATMs for free.
  • 24/7 Phone Support. You can access a live customer service rep any hour of any day.

What Is TD Bank?

TD Bank is a traditional bank with branch locations in 15 states and the District of Columbia. It’s the product of a series of mergers and acquisitions but can chase its roots back to 1855, with the founding of the Bank of Toronto, which would later become the Toronto-Dominion Bank Group (hence the “TD”).

In 2004, the TD Bank Group scooped up Banknorth, a New England-based bank, in a bid to move into the U.S. market. The bank then picked up its claim to being “America’s Most Convenient Bank” in 2008, when it bought Commerce Bank, which had customers in New York, Philadelphia, Washington, D.C., and South Florida. We think you can get the picture – TD Bank is an ever-growing and expanding entity.

TD Bank’s sister product is stockbroker TD Ameritrade. This has consistently been one of the top-ranked brokers in the country, especially since it purchased thinkorswim, a professional-grade trading platform. TD Ameritrade also charges zero commissions on stocks, options, and ETF trades. We highly recommend this broker if you’re looking to start investing in securities… and thanks to the TD relationship, this can become your one-stop shop for all things financial.

However, we must mention that Charles Schwab expects to complete its purchase of TD Ameritrade in the second half of 2020. What does that mean for account holders? We’re not exactly sure, but the company assures us that there will be no disruption or change to the services TD Bank and Ameritrade users have come to enjoy. We’ll just have to wait and see.

How to Get Started with TD Bank

Opening a TD Bank account is simple and quick. You’ll need to supply all the usual information – your name, Social Security number, legal address, and date of birth, along with details about your employment. You’ll also need to supply the required information to connect an account and make your initial deposit.

Of course, you can open a new account either by visiting a branch location or online.

Funding Your TD Bank Account. You can put money into your TD Bank account by using the website or mobile app, by making an ATM deposit, or in person. You can fund your account with an online or wire transfer or with a paper check.

TD Bank Account Options

TD Bank Checking Accounts

TD Bank offers several checking account options. The most basic is the TD Simple account. This account lives up to its name – there are few bells and whistles associated with this checking option. As with all TD Bank checking accounts, there’s no required minimum deposit required. However, TD Simple charges a $5.99 monthly service fee with no option for a waiver.

TD Simple accounts do not accrue interest, and you’ll have to pay a $3 transaction fee at non-TD-branded ATMs.

The next level up is TD Convenience. This account also charges $3 for non TD ATMs. There’s a $15 monthly service charge, but if you maintain a daily balance of at least $100, TD Bank will waive this fee.

You can also have this charge excused if you’re an enrolled student or a young adult aged 17 to 23.

If you can manage to maintain a $2,500 minimum daily balance, receive monthly direct deposits totaling $5,000 or more, or maintain a combined balance of $25,000 or more across eligible TD Bank or TD Ameritrade accounts, you can sign up for the TD Beyond checking account without having to pay the $25 monthly fee.

With this account, you won’t have to pay fees at any ATM, as long as you can keep a $2,500 daily balance. You’ll also receive up to two $35 overdraft fees automatically reversed per year, free money orders, and waived fees on savings and money market accounts.

Oh, and the TD Beyond account earns interest too. Now, the APY that TD Bank pays out is tiered. How much you earn is determined by how much you deposit. However, the rate isn’t as great as what we’ve seen from online-only accounts like the checking account at Ally Bank. But still, it’s unusual to find a checking account that pays interest at all.’

Finally, TD 60 Plus Checking lets you earn interest and avoid monthly maintenance fees if you are 60 and older. To avoid the $10 monthly maintenance fee, you must keep a minimum account balance of only $250.

Visit the TD Bank Website to Learn More or to Open an Account

TD Bank Savings and Money Market Accounts

TD Bank also offers a few different savings accounts, including the TD Simple Savings, TD Growth Money Market, and TD Preferred Savings accounts.

Each of these accounts has different benefits. These accounts also come with monthly fees, which can be avoided by maintaining a minimum balance in your account.

TD Simple Savings

  • $300 minimum daily balance to waive $5 monthly maintenance fee

TD Growth Money Market

  • $2,000 minimum daily balance to waive $12 monthly maintenance fee

TD Preferred Savings

  • $20,000 minimum daily balance to waive $15 monthly maintenance fee

To be honest, the Simple Savings and Growth Money Market interest rates aren’t much to write home about. That’s especially the case when several online-only accounts offer much higher APYs. They can do this because they don’t have the overhead of operating brick-and-mortar locations. So keep in mind that, although you might find having a local TD Bank branch handy, you’ll sacrifice some interest for that convenience.

If you can afford to keep the $20,000 minimum daily balance, you’ll find the interest rate paid by the TD Preferred Savings account to be the highest. Still, we’ve seen better elsewhere.

TD Bank CDs

Certificates of deposit, or CDs, are also available from TD Bank. TD Bank currently offers CDs ranging from six months to 18 months. Interest rates will vary based on market details. Please visit the TD Bank website for current CD rates.

Your CD’s interest rate may vary, depending on how much you deposit, and you could qualify for a rate bump if you already have another eligible TD Bank account.

TD Bank Customer Service

Along with the epithet “America’s Most Convenient Bank,” TD Bank claims to have “The Longest Hours of Any Bank.” Fair enough – TD Bank has staffed customer service lines 24/7.

And if you live near one of the bank’s nearly 1,300 branch offices, you can pop on over during business hours to have your questions or concerns answered.

Here’s how you can get in touch with TD Bank:

  • TD Bank telephone number: 1-888-751-9000 for 24/7 assistance
  • TD Bank address: TD Bank, 1701 Route 70, East Cherry Hill, NJ 08034

TD Bank Sign-up Bonuses for New Customers

TD Bank currently offers two different sign-up bonuses for customers who apply online and meet the qualifying criteria.

TD Beyond Checking – $300 Bonus

  • New customers who apply online for a TD Beyond Checking account can earn a $300 cash bonus after receiving direct deposits of $2,500 or more within 60 days.
  • To qualify for this offer, you must be a U.S. resident and apply for the offer online.
  • Offer is available in these states: CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, SC, VT, VA
  • Learn More About the TD Beyond Checking Offer

TD Convenience Checking – $150 Bonus

  • New customers applying online for a TD Convenience Checking account can earn a $150 cash bonus after receiving $500 or more direct deposits within 60 days.
  • To qualify for this offer, you must be a U.S. resident and apply for the offer online.
  • Offer is available in these states: CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, SC, VT, VA
  • Learn More About the TD Convenience Checking Offer

TD Bank Pros & Cons


  • No Foreign Transaction Fees. Foreign transaction fees add up quickly when you’re traveling abroad. With a TD Bank account, you don’t need to worry about this.
  • 24/7 Phone Support. You can access a living, breathing customer service rep at any time of any day.
  • Extended Branch Banking Hours. Many TD Bank offices have extended hours and are even open on weekends.
  • Easily Waived Checking Fees. If you can maintain a minimum daily balance of $100, you qualify for free checking with a TD Convenience account.
  • Free ATMs in Canada. If you’re headed to one of the Canadian provinces, you can use a Canadian TD ATM for free.


  • Interest Rates Aren’t Great. You’ll find much higher interest rates on savings and even checking products at other online-only banks.
  • High Fees. If you can’t meet the deposit requirements, you’ll have to pay relatively high monthly maintenance fees on TD Bank accounts.


If you’re in the market for a new bank account – especially if you want brick-and-mortar access and live near a TD Bank branch – then these products are worth checking out.

TD Bank’s checking accounts come with a sign-up bonus that is easy to earn, plus most of its banking products allow for waived fees provided you meet a minimum account balance requirement.

However, TD Bank doesn’t offer the highest rates in the nation. If you’re looking for a bank that rewards you with the highest interest rates on your deposits, you may want to look elsewhere.

Overall, TD Bank is definitely worth looking into if you live in one of the states where the bank has a strong presence and you are seeking a full-service bank where you can take care of virtually every financial need.

Visit the TD Bank Website to Learn More or to Open an Account

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