TD Bank Review

Excellent Customer Service but Lacking Competitive Savings Rates

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TD Bank

TD Bank

TD Bank is a bank with 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.

  • Pros & Cons
  • Company Overview
Pros & Cons
  • 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

  • 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
  • Year Founded 1855
  • Official Website
  • Banking Products Offered Savings, checking, CDs, MMA, credit cards
  • Customer Service 24/7 Phone: 1-888-751-9000. Account access online or via app 24/7.

Pros Explained

  • Weekend hours – Looking for a bank where you can step foot in the door after working hours? Many of its physical locations that are operating at normal operating hours are open on both Saturday and Sunday.
  • No foreign transaction fees on a debit card If you prefer to use your debit card while traveling internationally, there are usually no foreign transaction fees to pay on TD Bank's debit card. It depends what account you have, but many have no foreign transaction fees. TD Bank also makes it easy for travelers to order foreign currency, whether or not you have an account.

Cons Explained

  • Low APY on savings accounts – The TD Simple Savings has a standard APY of 0.02%, which is super low. The TD Signature Savings has a standard rate of just 0.01%. If you link another eligible TD account you get access to a tiered system. However, it won't be much help. In this case, you'll need $20,000 just to go to 0.02% and $250,000 to reach the maximum of just 0.05%.
  • High balance is required to nix fees – If you want to skip the monthly maintenance fee, which can be as high as $15, you'll need to keep a close watch and a minimum balance.

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.

Who Is TD Bank Best For?

TD Bank should appeal to a wide range of customers who want after-hours customer service. It might be a good fit if you:

  • Want to step into a brick-and-mortar location on the weekends 
  • Park enough money in your accounts to waive the monthly account fees 
  • Meet the minimum balance requirements to get out-of-network ATM fees reimbursed 
  • Plan on using your debit card for international travel 
  • Are looking for a bank account to serve your needs when you're a student or 62 and up

What Does TD Bank Offer?

As you might expect of a large financial institution, TD bank offers a wide range of services and types of accounts:

  • Savings Accounts
  • Checking Accounts
  • Money Market Accounts
  • Certificates of Deposits
  • Credit Cards
  • Extended Hours at Physical Locations 

Savings 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:

  • Keep a minimum daily balance of $300 
  • Make a recurring transfer of $25 or more from your linked TD checking account (good for the first 12 months after opening your account)

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 0.02%. With a linked TD checking account, you'll earn 1.5% if you have at least $10,000, working your way of up a tiered system to 3.00% if you have $250,000 or more in the account.

Other incentives to keep a high bank balance in your account include reimbursement of out-of-network ATM fees when you maintain a $2,500 balance.

TD Signature Savings Rates
  Rate Bump APY Standard APY
$0.01 to $19,999.99 0.01% 0.01%
$20,000 to $49,999.99 0.02% 0.01%
$50,000 to $99,999.99 0.03% 0.01%
$100,000 to $249,999.99 0.04% 0.01%
$250,000 to $499,999.99 0.05% 0.01%
$500,000 to $999,999.99 0.05% 0.01%
$1,000,000 to $9,999,999.99 0.05% 0.01%
$10,000,000+ 0.05% 0.01%

Checking Accounts 

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 reimbursement 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. 

Money Market Account

The TD Growth Money Market Account offers a rate bump if you set up a monthly recurring transfer of at least $50 from an eligible TD account. While there's a $12 monthly maintenance fee, you can skip the fee if you do one of the following:

  • Keep a minimum daily balance of $2,000
  • Are 62 or older

The rates are as follows:

TD Growth Money Market Rates
  Rate Bump APY Standard APY
$0.01 to $999.99 0.01% 0.01%
$1,000 to $1,999.99 0.01% 0.01%
$2,000 to $4,999.99 0.02% 0.01%
$5,000 to $9,999.99 0.02% 0.01%
$10,000 to $24,999.99 0.02% 0.01%
$25,000 to $49,999.99 0.03% 0.02%
$50,000 to $99,999.99 0.03% 0.02%
$100,000 to $249,999.99 0.03% 0.02%
$250,000+ 0.03% 0.02%


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 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.

TD Choice Promotional CDs
Min. Daily Balance Rate Bump APY Standard APY
Three-Month CD    
$250 to $9,999.99  0.05% 0.05%
$10,000 to $49,999.99 0.05% 0.05%
$50,000 to $99,9999.99  0.05% 0.05%
$100,000+ 0.05% 0.05%
Six-Month CD     
$250 to $9,999.99  0.05% 0.05%
$10,000 to $49,999.99 0.05% 0.05%
$50,000 to $99,9999.99  0.05% 0.05%
$100,000+ 0.05% 0.05%
12-Month CD    
$250 to $9,999.99  0.05% 0.05%
$10,000 to $49,999.99 0.05% 0.05%
$50,000 to $99,9999.99  0.05% 0.05%
$100,000+ 0.05% 0.05%

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.

TD No-Catch CDs
Term Standard APY
Six-Month CD 0.05%
12-Month CD  0.05%

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 Step Rate CDs
Term Composite APY 
Three-Year CD 0.10%
Five-Year CD 0.15%

Credit Cards

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 

  • TD Business Solutions Credit Card 
  • TD Cash Secured Credit Card
  • TD Cash Credit Card
  • TD Double Up Credit Card

Traveler Credit Cards 

  • TD First Class Visa Signature Credit Card 

Business Credit Cards 

  • TD Business Solutions Credit Card

Secured Credit Cards

  • TD Cash Secured Credit Card

Other Financial Products Offered by TD Bank

TD Bank also has a wide range of other offerings:

  • Home Equity Loans and Lines 
  • Mortgages 
  • Personal Loans 
  • IRAs 

TD Bank Customer Service

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.

How to Bank With TD Bank 

You can sign up for an account online or by visiting one of its over 1,100 physical locations.

Final Verdict

TD Bank is worth considering if you're looking for a bank with great customer service and a few options for checking 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.


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  1. Reuters. "TD Bank Agrees to Settle Overdraft Fee Lawsuits for $70 Million."

  2. 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."

  3. J.D. Power. "U.S. Retail Banks Struggle to Differentiate, Deliver Meaningful Customer Experience as Economy Sours, J.D. Power Finds."