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TD Bank Review

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by Lauren Perez Updated
TD Bank

As a big bank with a wide array of products and over 1,000 physical locations, TD Bank has a lot to offer to a lot of customers. However, this also means that it can’t offer every customer the highest-earning interest rates for each account they own. At the most basic level, your TD Bank savings accounts can’t earn you huge amounts. To earn at the maximum rate, you’ll often need to have high account balances and linked accounts to snag a rate bump.

The bank does provide a number of opportunities for customers to earn rate bumps or cash bonuses. Furthermore, you’ll have a number of bank accounts to choose from, ranging from a simple savings account to an interest-earning checking account to a five-year CD, allowing you to keep your banking and investing in one place. 

Products Offered

Product Key Details
Savings Accounts
  • Two account options 
  • Rate bump available with qualifying activity
  • Monthly maintenance fees are waivable 
Certificates of Deposit
  • Three account options with various term lengths 
  • No monthly maintenance fees 
  • Rate bump and increases available
Money Market Account
  • Check-writing abilities 
  • Monthly maintenance fee is waivable
  • Rate bump available with qualifying activity
Checking Accounts
  • Six account options 
  • Three interest-earning accounts 
IRAs
  • Four account options, two savings accounts and two CD accounts 

TD Bank Interest Rate Comparison

TD Bank Overview

Since its beginnings as Portland Savings Bank in Portland, Maine, TD Bank has undergone a number of changes. In 2007, TD Bank Group purchased the bank, becoming TD Banknorth. Through a number of acquisitions and mergers, the bank has been able to expand all along the East Coast.

Not only has the bank expanded physically, but it has grown its financial product offerings, as well. You can open accounts from a simple savings account to IRAs to credit cards, mortgages and more. This wide range of products offers customers a chance to keep their assets and money all in one place. Plus, the bank provides extensive access and customer service, earning its self-proclaimed title as America's Most Convenient Bank®. 

TD Bank Account Features

TD Bank offers a number of savings accounts including money market accounts, CDs, interest-earning checking accounts and more. This allows you to keep all your accounts at one institution if you so choose. All TD Bank savings accounts include access to online and mobile banking and 24/7 live customer service. Mobile banking also includes the ability to deposit checks with your smartphone.  

TD Bank Savings Account: TD Simple Savings and TD Preferred Savings 

Key Features Details
Minimum Deposit None for either account
Access to Your Savings Accounts Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees
  • TD Simple Savings: $5 monthly fee or $4 monthly fee with online statements only (waivable)

  • TD Prefered Savings: $15 monthly fee or $14 monthly fee with online statements only (waivable)

Current Terms and Rates
  • TD Simple Savings: 0.05% APY

  • TD Preferred Savings: Standard Rate

    • Account balances of $0.01 - $19,999.99: 0.05% APY

    • Account balances of $20,000 - $49,999.99: 0.20% APY

    • Account balances of $50,000 - $99,999.99: 0.35% APY

    • Account balances of $100,000 - $9,999,999.99: 0.50% APY

    • Account balances of $10,000,000 and over: 0.45% APY

  • TD Preferred Savings: With Rate Bump

    • Account balances of $0.01 - $19,999.99: 0.10% AP

    • Account balances of $20,000 - $49,999.99: 1.00% APY

    • Account balances of $50,000 - $99,999.99: 1.10% APY

    • Account balances of $100,000 - $249,999.99: 1.20% APY

    • Account balances of $250,000 - $9,999,999.99: 1.50% APY
    • Account balances of $10,000,000 and over: 1.45% APY

The TD Simple Savings account offers just that - simple savings. You can start with any deposit amount, and begin earning at an APY higher than what other big banks offer. The account’s monthly fee lands at $5 or $4 if you opt out of paper statements. This fee is waived for the first 12 months if you have a linked TD Bank checking account and a recurring transfer of at least $25 from a TD Bank Account. You may waive this monthly fee after that by maintaining a minimum daily balance of $300 or if you’re not between the ages of 18 and 62. 

The TD Preferred Savings account offers account balance tiers for more nuanced savings. This allows TD Bank customers to earn at higher interest rates with higher account balances. Even at the lowest tier, though, you’ll still be earning at a higher rate than you would with many other big banks. Further, you can snag a rate bump when you link an eligible TD Bank mortgage, home equity, credit card account or active personal or small business checking account. 

The TD Preferred Savings account also waives TD Bank fees when you use non-TD Bank ATMs. You may still run into an ATM fee, but TD Bank can reimburse you as long as you have a $2,500 minimum daily balance. You will also have free incoming wire transfers, official bank checks, money orders and stop payments.

These TD Preferred Savings perks come at a monthly fee of $15 or $14 if you choose to receive only online statements. You can waive this fee entirely if you maintain an account balance of at least $20,000. It would be beneficial for you to link a TD Bank checking account with a TD Bank savings account. That way, you can waive certain fees and set up overdraft protection. 

TD Bank Certificates of Deposit (CDs): TD Choice CDs

Key Features Details
Minimum Deposit $250
Access to Your CD Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees No monthly maintenance fees
Current Terms Current Standard Rates Current Rates with Rate Bump
3 Month
  • Account balances of $250 - $9,999.99: 0.05% APY
  • Account balances of $10,000 - $99,999.99: 0.10% APY
  • Account balances of $100,000 and over: 0.15% APY
  • Account balances of $250 - $9,999.99: 0.10% APY
  • Account balances of $10,000 - $99,999.99: 0.15% APY
  • Account balances of $100,000 and over: 0.20% APY
6 Month
  • Account balances of $250 - $9,999.99: 0.15% APY
  • Account balances of $10,000 - $99,999.99: 0.20% APY
  • Account balances of $100,000 and over: 0.25% APY
  • Account balances of $250 - $9,999.99: 1.25% APY
  • Account balances of $10,000 - $49,999.99: 1.75% APY
  • Account balances of $50,000 - $99,999.99: 1.75% APY
  • Account balances of $100,000 and over: 1.75% APY
9 Month
  • Account balances of $250 - $9,999.99: 0.15% APY
  • Account balances of $10,000 - $99,999.99: 0.20% APY
  • Account balances of $100,000 and over: 0.25% APY
  • Account balances of $250 - $9,999.99: 0.20% APY
  • Account balances of $10,000 - $49,999.99: 0.25% APY
  • Account balances of $50,000 - $99,999.99: 0.30% APY
  • Account balances of $100,000 and over: 0.35% APY
12 Month
  • Account balances of $250 - $9,999.99: 0.30% APY
  • Account balances of $10,000 - $49,999.99: 0.35% APY
  • Account balances of $50,000 - $99,999.99: 0.40% APY
  • Account balances of $100,000 and over: 0.50% APY
  • Account balances of $250 - $9,999.99: 1.50% APY
  • Account balances of $10,000 - $49,999.99: 2.00% APY
  • Account balances of $50,000 - $99,999.99: 2.00% APY
  • Account balances of $100,000 and over: 2.00% APY
18 Month
  • Account balances of $250 - $9,999.99: 0.15% APY
  • Account balances of $10,000 - $49,999.99: 0.20% APY
  • Account balances of $50,000 - $99,999.99: 0.25% APY
  • Account balances of $100,000 and over: 0.35% APY
  • Account balances of $250 - $9,999.99: 0.25% APY
  • Account balances of $10,000 - $49,999.99: 0.30% APY
  • Account balances of $50,000 - $99,999.99: 0.35% APY
  • Account balances of $100,000 and over: 0.45% APY
24 Month
  • Account balances of $250 - $9,999.99: 0.35% APY
  • Account balances of $10,000 - $49,999.99: 0.40% APY
  • Account balances of $50,000 - $99,999.99: 0.45% APY
  • Account balances of $100,000 and over: 0.55% APY
  • Account balances of $250 - $9,999.99: 1.80% APY
  • Account balances of $10,000 - $49,999.99: 2.30% APY
  • Account balances of $50,000 - $99,999.99: 2.30% APY
  • Account balances of $100,000 and over: 2.30% APY
3 Year
  • Account balances of $250 - $9,999.99: 0.40% APY
  • Account balances of $10,000 - $49,999.99: 0.45% APY
  • Account balances of $50,000 - $99,999.99: 0.50% APY
  • Account balances of $100,000 and over: 0.65% APY
  • Account balances of $250 - $9,999.99: 0.50% APY
  • Account balances of $10,000 - $49,999.99: 0.55% APY
  • Account balances of $50,000 - $99,999.99: 0.60% APY
  • Account balances of $100,000 and over: 0.75% APY
5 Year
  • Account balances of $250 - $9,999.99: 0.45% APY
  • Account balances of $10,000 - $49,999.99: 0.60% APY
  • Account balances of $50,000 - $99,999.99: 0.65% APY
  • Account balances of $100,000 and over: 0.80% APY
  • Account balances of $250 - $9,999.99: 0.55% APY
  • Account balances of $10,000 - $49,999.99: 0.70% APY
  • Account balances of $50,000 - $99,999.99: 0.80% APY
  • Account balances of $100,000 and over: 0.90% APY

The TD Choice CD account offers competitive interest rates and a wide variety of term lengths to choose from. These CDs also work on an account balance-based tier, where a higher balance will snag a higher APY. You can raise your rates even higher when you also own an eligible TD Bank checking account. When your chosen CD term length reaches maturity, it will be automatically renewed for the same term unless you take action to withdraw from or alter the CD. 

TD Bank Certificates of Deposit (CDs): TD No-Catch CDs

Key Features Details
Minimum Deposit $250
Access to Your CD Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees No monthly maintenance fees
Current Terms and Rates
  • 6 Month: 0.15% APY
  • 12 Month: 0.20% APY

An essential aspect of a certificate of deposit is that you cannot touch the account before its maturity date. Otherwise, you have to pay a penalty for an early withdrawal. The TD No-Catch CD changes this essential aspect, allowing you to make one penalty-free withdrawal per term. Outside of that one withdrawal though, you will face some heavy penalty fees. Often, these fees deduct the interest earned on the amount withdrawn, making an early withdrawal hardly worth it. 

TD Bank Certificates of Deposit (CDs): TD Step Rate CDs

Key Features Details
Minimum Deposit $250 
Access to Your CD Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees No monthly maintenance fees
Current Terms and Rates
  • 3 Year
    • Year 1: 0.25%
    • Year 2: 0.30% 
    • Year 3: 0.45% 
    • Composite APY: 0.33%  
  • 5 Year
    • Year 1: 0.35%
    • Year 2: 0.40% 
    • Year 3: 0.55% 
    • Year 4: 0.70% 
    • Year 5: 1.19% 
    • Composite APY: 0.64% 

The TD Step Rate CD allows you to snag higher rates on each anniversary of your account opening, at no extra cost to you. The interest rate will simply increase each year as listed. Plus, you can choose to make a full or partial withdrawal within 10 days of each anniversary. 

TD Bank Money Market Account: TD Growth Money Market

Key Features Details
Minimum Deposit None
Access to Your Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees $12 monthly fee or $11 monthly fee with online statements only (waivable)
Current Terms and Rates
  • With Qualified Account Activity
    • Account balances of $0.01 - $1,999.99: 0.05% APY
    • Account balances of $2,000 - $4,999.99: 0.10% APY
    • Account balances of $5,000 - $9,999.99: 0.15% APY
    • Account balances of $10,000 - $24,999.99: 0.20% APY
    • Account balances of $25,000 - $49,999.99: 0.25% APY
    • Account balances of $50,000 - $99,999.99: 0.30% APY
    • Account balances of $100,000 - and over: 0.35% APY
  • Without Qualified Account Activity
    • Account balances of $0.01 - $1,999.99: 0.03% APY
    • Account balances of $2,000 - $4,999.99: 0.05% APY
    • Account balances of $5,000 - $9,999.99: 0.10%
    • Account balances of $10,000 - $24,999.99: 0.15% APY
    • Account balances of $25,000 - $49,999.99: 0.20% APY
    • Account balances of $50,000 - $99,999.99: 0.25% APY
    • Account balances of $100,000 and over: 0.30% APY

Similar to a regular savings account, a money market account allows your money to grow safely.  However, a money market account typically offers more flexibility by way of a debit card, checks or both. The TD Growth Money Market account allows for up to six checks per month, with the added convenience of free bill pay. The account does come with a monthly maintenance fee of $12 or $11 if you opt out of paper statements. You may also waive this fee if you’re age 62 or over or by maintaining a minimum daily balance of $2,000. 

The TD Growth Money Market has varying interest rates depending on your account balance. So the higher your account balance, the higher the rate your account grows at. Plus, you can score a rate bump when you make a recurring transfer from a TD Bank account and grow your savings by $50 in a month.

TD Bank Checking Accounts: TD Simple, TD Convenience, TD Premier, TD Relationship Checking, TD 60 Plus Checking and TD Student Checking

Key Features Details
Minimum Deposit None
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • TD Simple: $5.99 monthly fee
  • TD Convenience: $15 monthly fee (waivable) 
  • TD Premier: $25 monthly fee (waivable) 
  • TD Relationship Checking: $25 monthly fee (waivable) 
  • TD 60 Plus Checking: $10 monthly fee (waivable) 
  • TD Student Checking: None
Current Terms and Rates
  • TD Premier Checking: 0.05% APY on balances $2,500 and over
  • TD Relationship Checking: 0.03% APY
  • TD 60 Plus Checking: 0.05% APY

TD Bank offers six different checking accounts. Each account includes access to online and mobile banking, a TD Bank Visa® Debit Card, live 24/7 customer service, online statements, home loan discounts and more. 

The TD Simple and TD Convenience accounts offer similar features to each other. These include your first check order at a discount and overdraft protection. What TD Convenience can offer that TD Simple cannot, however, is the ability to waive the monthly fee. You can easily do this by maintaining a minimum daily balance of $100. Plus, when you apply for a TD Convenience account online and receive direct deposits of $500 or more within 60 days of opening, you can receive a $150 bonus. You must be a new TD Bank customer to snag this bonus, though. 

Next comes the TD Premier and TD Relationship Checking accounts. You may waive the monthly fee for the TD Premier by maintaining a minimum daily balance of $2,500. You can waive the TD Relationship Checking monthly fee with a $20,000 minimum combined deposit, outstanding loan and/or mortgage balance. This account offers more perks when linked with another TD Bank account. However, you can earn a $300 bonus by applying for a TD Premier account online. Once you have the account, you’ll need to receive direct deposits of at least $2,500 within 60 days of opening.  

Both accounts earn interest on your deposit. These accounts provide free money orders, official bank checks, stop payments, paper statements and incoming wire transfers. The TD Relationship Checking account also features waived overdraft fees and monthly maintenance fees on savings accounts and one additional checking account when paired with this checking account. 

TD Bank’s last two checking accounts, TD 60 Plus Checking and TD Student Checking focus on seniors and students, respectively. The TD Student Checking account focuses on simplicity, to help students manage their money with ease. There is no monthly fee, no interest and no overdraft transfer fees. Plus, when you link this account with a TD Simple Savings account, the TD Simple Savings fee will also be waived.

The TD 60 Plus Checking account does have a monthly fee. However, you can waive this with a minimum daily balance of $250. Since seniors will already have money management skills, TD Bank provides account owners with free standard checks and money orders. The account also earns interest. 

TD Bank IRAs: TD Simple Savings IRA, TD Preferred Savings IRA, TD Choice IRA CDs and TD IRA Add-Vantage CDs

Key Features Details
Minimum Deposit
  • TD Simple Savings IRA: $300
  • TD Preferred Savings IRA: $20,000
  • TD Choice IRA CDs: $250 
  • TD IRA Add-Vantage CDs: $250 
Access to Your Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees None
Current Terms and Rates
  • TD Simple Savings IRA: see above Savings 
  • TD Preferred Savings IRA: see above Savings 
  • TD Choice IRA CDs: see above CDs
  • TD IRA Add-Vantage CDs: 0.25% APY

Three of TD Bank’s IRA offerings mirror three regular savings offerings, two saving accounts and one CD account. Unlike the regular accounts, however, these IRAs do have minimum balance requirements. Luckily these amounts are relatively low, with the exception of the TD Preferred Savings IRA. 

There is a fourth IRA option as well, the TD IRA Add-Vantage CD. This CD is a little different, offering the option of additional deposits. At any time during the 12-month term, you can make incremental deposits of $500 or more. You can deposit up to an additional $250,000 in one term.

Where Can I Find TD Bank?

TD Bank has about 1,300 physical locations in 15 East Coast states and Washington, D.C. These states are Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont and Virginia. The bank also has branches in Canada. To find the closest branch to you, you can use the bank’s location finder tool on its website, shown in the accompanying image. 

TD Bank also prides itself on having long hours, opening early and closing late. It’s open on weekends and most holidays, as well.

If you don’t live near a branch, you can bank with TD Bank online, over the phone or on mobile. You can call the bank at 1-888-751-9000 at any time of the day. 

What Can You Do Online With TD Bank?

You can do almost anything with TD Bank online. The Online Banking homepage, shown here, can help you learn how to make money transfers, pay bills, check your statements and more. You can also open a number of banking accounts online, except for IRAs which you have to open at a branch. Once you have an account or two, you can easily access them online with your online banking login information. There, you’ll have all the tools and information to make deposits, withdrawals and transfers.

Even if you’re not a customer, TD Bank offers financial education materials to help you manage your money, debt, credit cards and more. 

How Do I Access My Money?

You can access your money easily with TD Bank. You have the option of visiting a physical branch to Bank Human™, going online, using the bank’s mobile app or calling the bank’s 24/7 Customer Service line.

When you bank online, you can transfer funds, send money, pay your bills, find your statements, set up banking alerts and more. You can perform much of the same functions on the bank mobile app, as well as depositing checks on the go.

 

How Can I Save More Money With a TD Bank Account?

When it comes to savings interest rates, TD Bank offers decent rates. Many of its accounts offer tiered rates based on account balances. This allows customers with higher account balances to earn at rates above the national average, while lower balances earn below the average. 

You can save when banking with TD Bank due to its low or often nonexistent minimum balance requirements and fees. Many of the accounts listed above don’t require a minimum balance to open or maintain the account. When an account has a monthly fee, the fee is often waivable by maintaining a certain balance and/or meeting other qualifications. These features allow your money to grow at a solid rate without being disturbed or threatened by fees or strict requirements. 

What’s the Process for Opening an Account With TD Bank?

You can easily open a TD Bank account on the bank’s website. This includes all the above accounts except the IRA products. You can even earn a cash bonus when you open a TD Convenience or TD Premier account online as opposed to opening them at a physical location. 

When browsing TD Bank’s banking products online, you will need to first choose the area you live (or bank) in. That way, the bank can give you a more accurate look at the products available to you. This starts with selecting your chosen state then the given city. 

Once you’ve found the account you’d like to open, it’s as easy as clicking an “Open Account” button on the page. You’ll then be prompted to enter your information on a page like the image shown here, including your phone number and email address. You’ll make your initial deposit at this time, too.

What’s the Catch? 

If you’re looking for the highest savings rates that banks can offer, you’ll want to look elsewhere. TD Bank offers savings rates that are much higher than other big banks’ rates, but there are many online banks who can offer rates that double TD Bank’s. Its lower rates are understandable, however, with its wide product offering and the costs of maintaining physical locations.

Bottom Line

TD Bank offers a wide variety of banking accounts, making banking much more accessible and convenient for its customers. This is amplified by the bank’s low fees and low minimum balance requirements. This means that even if you have $20 to save, you can open a savings account with TD Bank to watch your money grow. 

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