Banking » Reviews » TD Bank Review 2023: Savings & Checking Account, CDs and MMAs
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

TD Bank Review 2023: Savings & Checking Account, CDs and MMAs

TD Bank is still a traditional brick-and-mortar bank in many of its locations. Here are the things you should know about their products, service and fees.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

TD Bank

TD_Bank Logo
TD_Bank Logo

TD Bank

Fees

$15 per month Can be waived if you’re aged 17 to 23 or if you maintain $100 minimum daily balance

Our Rating

4
4/5

Current Promotion

Up to $500 TD Bank offers a welcome bonus for new account – you can get  Up to $500 bonus if you open a new checking account ($300) and savings account ($200). There is a minimum deposit required of $500 or $2,500, depending on account, within 60 days.. Expired on 10/31/2023

APY Savings

0.01% – 4.00%

TD Bank provides a wide range of services and products. Aside from checking and savings accounts, you can also get home equity loans, mortgages, personal loans, investments, and credit cards.

In terms of size, TD Bank bank is one of the 10 largest banks in the United States. This speaks well of their stability when it comes to assets to back up their deposit liabilities. Employing around 27,000 personnel, this is a huge organization.

Today, the bank focuses on delivering award-winning customer service and hassle-free products to customers. TD Bank is still a traditional brick-and-mortar bank in many of its locations. They are present in more than 1,200 sites all over the East Coast. However, they have already made online and mobile banking available to their customers.

TD Bank may be a good option for you if:

  • You want a credit card that rewards you for your favorite brands or spending habits.
  • You require personal loans.
  • You want a little bit higher savings account interest rates than national average.
  • Varied Products
  • 24/7 Customer Service 
  • Special Accounts For Students / Seniors
  • Promotions
  • Low Interest Rates
  • Fees
  • High Minimum Deposits 

How to Find TD Bank ATMs Near Me?

The bank has hundreds of ATMs spread across different parts of the country. You can find the ATM nearest you by using the ATM locator tool.

The tool is a convenient way of locating ATMs in different parts of the country.

Can I Open a TD Bank Account Without SSN?

Yes. If you do not have an SSN, you can still open a TD bank account using an individual Taxpayer Identification Number (ITIN).

The bank will ask you to provide other documents to verify your name, address, and date of birth.

Can I open a TD Bank checking account online?

Yes, TD Bank makes it easy to open a new checking account online. If you’re already a TD Bank customer, you can simply log in and open a new account from your dashboard.

New TD Bank customers can follow the product link on the official website. The application form is quite straightforward and will walk you through the process. You should be able to complete this and be able to start using your new account within a few minutes.

Is TD Bank is ready for recession?

The bank has been operating for 50 years, so it has a solid, consistent history. In fact, during the Great Recession, TD Bank was not only one of the few commercial banks to remain in the real estate market, but it did not need a government bailout.

While no one can predict the future, his should provide consumers with confidence that TD Bank is ready to handle tougher economic times, supporting its customers through a recession.

Can you buy/invest in gold products via TD Bank ?

TD Bank does have an investment arm, which allows customers to access shares, ETFs, bonds and stocks. This provides an avenue to buy or invest in gold stocks and products.

The bank has automated investment options and advisor guidance, so if you’re new to investing, TD Bank can help you to get started. The fees and charges for these services vary, but TD Bank aims to make investing as cost effective as possible.

Is TD Bank worth it for Joint?

TD Bank does offer the facility to open joint accounts for saving and your day to day transactions. Both parties will need to verify their ID and personal details, but once the account is opened, either party can action requests.

This makes it a great option for joint customers who want to co-own a variety of accounts.

TD Bank Bank Review

TD Bank Pros And Cons

Certainly, no banking establishment achieves perfection, and TD Bank is not exempt from this reality. It's essential to weigh the advantages and disadvantages carefully before arriving at a conclusion regarding the decision to initiate an account.

Pros
Cons
24/7 Customer Service 
Low Interest Rates
Special Accounts For Students / Seniors
Fees
Promotions
High Minimum Deposits 
Varied Products

Unlike many traditional banks, TD has around-the-clock live customer service available for customers.

When many banks are turning to automated responses or form responses, customers can still interact with customer service representatives through their 24/7 hotline.

Students from 17 through 23 can open their own checking accounts without any minimum opening deposit and minimum daily balance requirement.

The same offer is available for depositors who are 60 years of age or older. Plus, their money earns interest.

TD bank tend to offer promotions and bonuses for new accounts from time to time, so check out at the top of the page to see the current promotion. You can also take a look on our top banking promotions and bonuses guide which is updated for December 2023.

The full range of common products and services is a big plus.

This means you don’t have to keep some of your money in a different bank. It’s a physical bank but you can also bank via mobile and online – that’s extra convenient for many.

If you want some returns for your money (especially the high minimum daily deposit you must maintain), TD Bank falls short in this area.

Many banks give much better rates for the same amount of money (or even less) that you keep in the bank, so comparing savings accounts is always a good idea.

You can escape some of them, but once more it will require that you put so much money in your account. For example, many banks do not charge ATM fees but TD still does for non-TD ATMs.

If fees are important to you, take a look at banks that do not offer fees. There are online only banking accounts that waive most of these fees.

This is the downside of banking with brick-and-mortar banks – they need a certain level of deposit liabilities to sustain the overhead.

For customers, it forces you to keep most of your money in accounts that don’t give so many benefits. 

Customer Experience

TD Bank's website has a good contact us page with several options for contacting a member of its customer service team. This includes social media and instant messaging. There is, however, no obvious helpline number to call.

When it comes to customer satisfaction, TD bank has good ratings. According to the J.D. Power 2023 U.S. retail banking satisfaction study, TD bank gets high customer satisfaction in Florida, NY Tri-state, Pennsylvania, and about average ratings in Mid-Atlantic and New England.

Its website has a clean design and is simple to use, providing a good user experience. You can look over and compare products, as well as watch how-to videos and other support materials. The TD Bank app has received ratings of 4.8/5 on Apple and 4.4/5 on Google.

TD Bank Savings Account

TD_Bank Logo
TD_Bank Logo

TD Bank Savings Account

Fees

$5 Can be waived if you carry $300 minimum account balance or $25+ recurring transfer

Minimum Deposit

$0

APY Savings

0.01% – 4.00%

APY MMA

None

TD Bank offers two main savings account options: TD Simple Savings and TD Signature Savings.

The TD Simple Savings account features a low-interest rate and a small monthly fee. It offers the convenience of free automatic transfers from other accounts to help jump-start savings. Additionally, it provides the option to enroll in Savings Overdraft Protection for TD Checking accounts. This account is free for individuals aged 18 and under or 62 and older. 

On the other hand, the TD Signature Savings account offers higher interest rates of 0.01% – 4.00%. There is a minimum balance requirement of $100,000 to get the highest rate. While the rate is good, it's below the best savings account interest rate.

This account comes with perks like waived TD ATM fees worldwide and ATM fee reimbursements with a $2,500 minimum daily balance. The interest rates are tiered, growing as your balance increases, and there's a bonus interest rate when linked with an eligible TD account.

The TD Signature Savings account also includes complimentary services like incoming wire transfers, official bank checks, money orders, and stop payments.

TD Bank Savings Account

TD_Bank Logo
TD_Bank Logo

TD Bank Checking Account

Fees

$0 – $25]

Minimum Deposit

$0

APY

0.01%

Promotion

Up to $500

TD Convenience Checking is all about easy everyday banking. You get a free contactless debit card and a fair monthly fee, which you can avoid by having $100 in your account every day or if you're between 17 and 23 years old.

TD Beyond Checking is even better, with the same contactless debit card and ways to pay. But that's not all – you'll also get overdraft fee refunds twice a year, free paper checks, and your fees for using ATMs not in our network will be given back if you meet the account balance needed.

TD Convenience Checking
TD Beyond Checking
Interest Bearing
No
Yes
Checks
Discount on first order
Free standard checks
Monthly Maintenance Fees
$15 Can be waived if you Maintain a $100 minimum daily balance or if the Primary account holder is age 17 through 23
$25 Can be waived if you send $5,000 in direct deposits per statement cycle or $2,500 minimum daily balance or $25,000 combined balance across eligible TD accounts
Fee Reimbursements
No
Two overdraft fees per year
Freebies
None
Money orders, bank checks, stop payments and incoming wires

There’s nothing really spectacular about this product except maybe the seasonal bonuses to attract new depositors. We noticed the big gap that separates the two types of TD checking accounts – one for the regular depositor and one for the high-end ones.

Certificate Of Deposits (CDs)

TD Bank’s CDs are mostly run-of-the-mill, so don’t expect them to veer away from the standard features.

No matter how much you initially put in or how long you keep it, some TD Bank CDs give you a small interest. However, if you pick certain time periods like 12 months, you can get a much bigger interest. These CDs give you higher interest regardless of how much you start with.

TD gives better rates than many regular banks. Even though the choices are not many, you can still get rates similar to online banks, which is not usual for regular banks

CD Term
APY
3 Months
1.00% – 3.00%
6 Months
0.05%
12 Months
1.00% – 5.00%
18 Months
1.00% – 4.50%
24 Months
1.00% – 4.00%
36 Months
1.00% – 3.51%
48 Months
0.05%
60 Months (Step Rate CD)
0.05% – 0.15%

Credit Cards

TD Bank offers a variety of credit cards.

This includes First Class card, which provides 3X First Class miles on travel and dining purchases and 1X First Class miles on all other purchases.

The TD Cash Card has a low introductory APR and a $150 Cash Back when you spend $500 within 90 days after account opening. It also offers nice cash back rate  – 3% cash back on dining (including takeout and deliver), 2% at grocery stores and 1% on all other purchases.

There is also a miles card and, for those looking to build credit, a secured card that uses your savings account as a security deposit and offers 1% cash back on purchases.

TD First Class Visa Signature Credit Card Review
TD Cash Card

Mortgage & Loans

If you plan to purchase a home soon, TD Bank also provides fixed and adjustable rate mortgages, Jumbo loans, and government loans. Professional mortgage packages are also available.

Term lengths of up to 30 years are common, with down payments as low as 3%. Personal loans of up to $50,000 are available from TD Bank with no origination or application fees. Furthermore, you will receive a lending decision in as little as one business day.

TD Bank FAQs

TD Bank has a history that dates back over 150 years. It is a subsidiary of Toronto Dominion Bank, but TD bank has a US headquarters in North Carolina. Additionally, deposits up to $250,000 are covered by FDIC insurance, so your funds are protected.

While primarily known for its outside of business hours branches, TD Bank does offer online banking facilities where you can pay bills, deposit checks, send money and manage other aspects of your account. TD Bank uses the latest technology to ensure security with Touch ID and single use security codes. This allows you to access your statements 24/7 and fully manage your account.

TD Bank is a great option if you’re looking for banking services with solid customer support. TD offers options for checking accounts at different stages of your life.

However, the rates are quite low, so if you want to leave money in a savings account, you are likely to find more competitive rates elsewhere. You will also need to consider that many accounts have a minimum balance required to avoid paying management fees.

Both TD and Chase offer checking accounts, savings, investment accounts with mobile features. However, the bank fees differ according to several factors. TD does offer a discount to its fees if you sign up for online statements. You can also have the account fees waived if you meet the criteria.

One of the main Chase Bank benefits is the waivable account fees, but some fees, such as the out-of-network ATM fee, are less with Chase.

All in all, TD Bank and Chase are quite similar. You may find TD Bank appealing if you don’t mind monthly fees and limited access to branches. But, if you prefer access to a widespread network of branches and like the possibility of sign up bonuses, go with Chase.

Capital One offers competitive rates and a variety of banking products. While the rates are similar to TD Bank, a few differences will affect whether you consider TD better than Capital One.

One of the most obvious is the number of ATM locations, as Capital One has over 40,000. However, Capital One is online only, so you won’t have access to a branch as you could with TD Bank.

Another key difference is that TD Bank provides access to phone customer service 24/7.

So, if you’re happy with online transactions and don’t need access to a branch, Capital One is a good bank. However, if you like the idea of easy access to customer support, you may prefer TD Bank.

Account Alternatives

ally bank

American_Express

Marcus logo
APY Savings The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
4.25%
4.30%
4.40%
Checking Account Fee The monthly fee on checking account
$0
$0
Not Available
Checking Minimum Deposit
$0
$0
Not Available
Mobile App Rating
4.7/5 on iOS, 4.1/5 on Android
4.9/5 on iOS, 4.2/5 on Android
4.9/5 on iOS, 4.3/5 on Android
BBB Rating
C
A+
A+

Banking Reviews

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Banking Reviews
Best Banking Accounts
Savings Accounts

Table of Contents