TD Bank Review 2021: A Strong East Coast Option

TD Bank Review 2021: A Strong East Coast Option

Overall, TD Bank is best for consumers on the East Coast who value a bank with a large brick-and-mortar presence, as well as a variety of checking and savings accounts to choose from. However, those looking to maximize interest earned on deposit products, such as checking and savings accounts, may want to look elsewhere.

Good For

  • Consumers with multiple accounts at the bank
  • A wide array of checking and savings accounts, from student accounts to accounts with fee-free ATM access
  • A large brick-and-mortar presence

Bad For

  • Minimal interest earned on checking and savings accounts
  • Monthly maintenance fees on checking and saving accounts that don’t meet certain requirements
  • Brick-and-mortar locations largely limited to the East Coast

With over 1,250 locations throughout the Northeast and Southeast regions of the U.S., TD Bank offers a robust brick-and-mortar presence and an array of checking and savings account options. For consumers who value banking with a big brand that has a large physical footprint, as well as those who prioritize checking and savings accounts that offer competitive sign-up bonuses, TD Bank could be a good choice. However, compared with other banks — particularly online banks — TD Bank falls short in terms of offering competitive rates and minimizing fees.

This review covers everything you need to know about TD Bank so you can determine whether it’s a good option for you. While TD Bank offers a variety of financial services, this review focuses on its checking and savings account products.

Review: Should you open a TD Bank account?

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Overall, TD Bank offers an impressive selection of five checking accounts and three savings accounts, providing consumers with more variety than many of its competitors. Other areas of strength include TD Bank’s large brick-and-mortar presence, and certain accounts that offer unlimited ATM fee rebates. TD Bank's presence is particularly strong on the Eastern seaboard, with over 1,200 branch locations open across the Northeast and Southeast.

Another upside of TD Bank is that it provides considerably more benefits than many banks for customers who open multiple accounts. For example, the standard interest rate for TD Beyond Savings rewards consumers with higher interest rates if they link another eligible TD Bank account.

Areas in which TD Bank falls short are its fees and interest offered. While many checking and savings accounts have no monthly maintenance fees without needing to meet any qualifications, many of TD Bank’s products require customers to jump through hoops to get their fees waived. Additionally, the interest offered on TD Bank’s deposit products is minimal when compared with the bank’s online-only peers.

TD Bank checking account features

TD Bank has five checking account options, including accounts geared toward students and seniors. Unlike most traditional banks, TD does not require a minimum opening deposit for any of its checking accounts, although it does charge monthly fees if you cannot meet certain minimum balance requirements later on.

Checking Accounts
Account NameDetails
TD Convenience Checking
  • Minimum to open: $0
  • Monthly fees: $15 + $1 paper statement fee
  • Monthly fee waiver: $100 average daily balance
  • Non-network ATM fee: $3
  • Daily ATM limit: $750
TD Simple Checking
  • Minimum to open: $0
  • Monthly fees: $5.99 + $1 paper statement fee
  • Monthly fee waiver: Cannot waive
  • Non-network ATM fee: $3
  • Daily ATM limit: $750
TD Beyond Checking
  • Minimum to open: $0
  • Monthly fees: $25
  • Monthly fee waiver: $2,500 minimum daily balance or $5,000 monthly in direct deposits or $25,000 combined balance across all eligible TD accounts
  • Non-network ATM fee: $0 if $2,500 minimum daily balance is maintained
  • APY: 0.05% depending on balance
TD Student Checking
  • Minimum to open: $0
  • Monthly fees: $0 + $1 paper statement fee
  • Age limit: 17 through 23
  • Non-network ATM fee: $3
  • Daily ATM limit: $750
TD 60 Plus Checking
  • Minimum to open: $0
  • Monthly fees: $10
  • Monthly fee waiver: $250 minimum daily balance
  • Age limit: 60 and up
  • APY: 0.01% on all balances

When it comes to TD Bank’s checking account products, one of its most competitive accounts is its Beyond Checking account, particularly if you are looking for a checking account focused on minimizing ATM fees. If you can maintain a daily balance of at least $2,500, TD Bank will reimburse you for all ATM fees incurred. Another standout checking account is TD Bank’s Convenience Checking account, as it requires a low minimum balance of $100 to waive its $15 monthly maintenance fee.

TD Bank's student and senior options are also quite beneficial for younger or older customers, respectively. Students ages of 17 through 24 will pay no monthly fee, while seniors can easily avoid paying a monthly fee with just $250 in their account. This is a departure from TD's larger competitors, which typically require even students to meet certain banking activity requirements before they can waive monthly fees.

TD Bank savings account features

TD Bank offers three solid savings accounts — and while they serve their purpose of being a safe spot to stash your cash, they all charge monthly maintenance fees and pay minimal interest.

Savings Accounts
Account NameDetails
TD Simple Savings
  • APY: 0.02%
  • Minimum balance for APY: $0
  • Monthly fees: $5
  • Fee waivers: $300 daily minimum, or if you are under 18 or over 62
TD Beyond Savings
  • APY: As much as 0.10%
  • Minimum balance for APY: $0.01
  • Monthly fees: $15
  • Fee waivers: $20,000 daily minimum balance
TD Growth Money Market
  • APY: 0.01%-0.15%
  • Minimum balance for APY: $0.01
  • Monthly fees: $12
  • Fee waivers: $2,000 daily minimum, or at least 62

As with many brick-and-mortar savings options, the best use for TD Bank's savings accounts is to simply store your savings in case you opt into overdraft protection for your linked TD Bank checking account. If you do, your savings balance can cover the deficit whenever you overspend, although this is hardly an optimal solution — you may avoid the overdraft fee, but TD Bank charges an overdraft protection transfer fee of $3 each time you use this service.

This charge, coupled with the minimal interest offered and in addition to monthly maintenance fees, makes TD Bank’s savings account products much less competitive than its peers.

How Does TD Bank compare to other banks?

Our review of TD Bank measures its products against the options at other major banks in its area. We've included one-to-one comparisons of TD with large national brands like Bank of America and Wells Fargo, as well as the regional bank PNC Bank.

TD Bank vs. Bank of America

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Bank of America is another large bank that can be found in many of TD Bank’s service areas, making it likely that consumers who live close to a TD Bank branch will find a Bank of America location nearby, too. At 4,200+ branch locations, Bank of America has more than 3 times the number of branch locations that TD Bank features, in more states to boot.

In general, Bank of America's account choices are slightly less expensive than the options at TD Bank. This is partly due to the $1 paper statement fee charged by TD Bank on most accounts, and although this fee is relatively simple to avoid, it is still a disadvantage for those who overlook the waiver condition. TD Bank's paper statement fee, along with its higher $3 ATM fee, make its basic checking accounts slightly more costly than similar options at Bank of America.

TD Bank vs. Wells Fargo

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Wells Fargo operates in most areas covered by TD Bank and more, except for the New England region. As one of the nation's largest banks, Wells Fargo naturally holds the largest geographic advantage in terms of its branch locations, something that few other banks can compare to.

As far as personal accounts go, TD Bank continues to hold the edge. TD Bank offers stronger sign-up bonuses and requires much lower balances to waive its monthly maintenance fees, making its checking accounts a better deal in the long run. Additionally, there's no separate Wells Fargo checking option for seniors comparable to TD 60 Plus Checking.

TD Bank vs. PNC Bank

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PNC Bank is another bank that competes with TD in the same regional areas. Based on the map below, if there's a TD Bank near you, it's likely that there's a PNC bank branch right around the corner.

One thing to note about PNC is that its monthly fees are significantly lower than TD Bank's, but PNC Bank requires a higher minimum balance of $500 to keep its standard checking account free from month to month. If you're just looking for a standard checking account, TD Bank may be an easier option for affordable checking. However, PNC's Virtual Wallet program offers features that TD Bank's services don't cover, such as savings goals and budget tracking, making PNC a better choice for those who want more tools for managing their funds more actively.

Chris Moon

Chris is a Product Manager for ValuePenguin with years of experience in addressing critical questions about mortgages and homeowners insurance. He spends his time evaluating insurance providers and policy features to understand where consumers might find the most cost-effective coverage. Chris has contributed insights to the New York Times and many other publications.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.