TD Bank, also known as Toronto-Dominion Bank, is a multinational banking and financial corporation headquartered in Toronto, Ontario. This bank offers a complete line of banking and financial services, including checking and savings accounts, credit cards, loans and safety deposit boxes.
TD Bank Group was founded over 150 years ago, growing from a single-branch bank to a major banking institution that provides financial services around the world. In the United States, TD Bank operates nearly 1,300 branches on the East Coast, many of which are open seven days a week.
|Bank||Min Savings Deposit||Max Savings APY||1-Year CD Rate||J.D. Power Survey Score||Key Benefit|
|TD Bank||$0||1.25%||0.35%||858 out of 1,000||Extended banking hours and award-winning customer service|
What we like about TD Bank
One of TD Bank’s defining features is its accessibility to customers who aren’t able to bank during typical business hours. TD Bank is known for its later-than-usual business hours, with many branches staying open from anywhere between 6 to 8 p.m. TD Bank also operates on the weekends, including Sundays. The company prides itself on its customer service and offers 24/7 banking support from live representatives rather than through automated messaging systems.
TD Bank critiques
While TD Bank offers a full suite of banking services, it’s important to note that the majority of its checking and savings accounts come with service fees ranging from $6 to $15 per month. However, these fees can be waived on certain accounts by maintaining a minimum balance. Another thing to consider is that when compared with many other banking options, TD Bank doesn’t offer the most competitive interest rates. This is especially true on their Simple Savings accounts that only offer 0.05% APY on balances.
TD Bank checking accounts
TD Bank offers convenient checking account options for its customers that range in features and benefits.
- TD Student Checking — TD Bank’s Student Checking accounts offer free monthly checking with low minimum daily balance requirements and great discounts. Even better, customers receive a 0.25% discount on TD Bank Home Equity and Personal Loans.
- TD Simple Checking — Simple Checking accounts have fees that are just $5.99 a month with no minimum balance requirement. The account features free money transfers and bill payments and doesn’t require any deposits to open an account.
- TD Premier Checking — TD Bank’s Premier Checking accounts allow customers to get more from their banking experience such as earning interest on balances, automatic overdraft fee reimbursements, and free money orders, checks and stop payments.
TD Bank savings accounts
There are two savings accounts available at TD Bank.
TD Simple Savings — Simple Savings accounts require a $300 minimum daily balance to waive a $5 monthly service fee. Simple Savings accounts offer free automatic balance transfers and a $1 discount on maintenance fees when you choose to receive online statements only.
TD Preferred Savings — Preferred Savings accounts offer a guaranteed 2.50% APY for the first 12 months. Accounts require a minimum balance of $20,000 to avoid monthly maintenance fees and lock in high-interest rates. Preferred Savings accounts offer tiered interest rates after the first 12 months that range from 0.10%-2.45% APY.
TD Bank money market accounts
TD Bank offers Growth Money Market (GMM) accounts that feature tiered interest rates and waived monthly maintenance fees for customers 62 years of age or older. Similar to TD’s Preferred Savings accounts, GMM accounts reward customers with higher interest with larger balances. Monthly maintenance fees are waived automatically on balances of over $2,000 or more.
TD Bank CDs
With a minimum deposit of $250 or more, customers can take advantage of TD Bank’s competitive CD offerings. TD Bank’s CDs are FDIC-insured and include 6-month, 9-month, and 12-month terms. TD Bank offers a variety of promotional APY percentages dependent on balance amounts, and these range anywhere between 0.15% to 0.35% standard APY and 1.00% to 1.50% rate bump APY.
TD Bank IRA accounts
TD Bank currently offers several different IRA options for clients looking to prepare for their retirement.
- Simple Savings IRA — Designed as a starter IRA, Simple Savings IRA only requires a $300 minimum deposit to open and no monthly maintenance fee. Accounts feature a standard APY of 0.05%.
- Preferred Savings IRA — For customers who can manage the minimum $20,000 deposit, Preferred Savings IRAs feature tiered interest rates and have a variable APY of 0.45%.
- Choice Promotional IRA — Choice Promotional IRAs require a minimum opening deposit of $250 and offer better APY percentage on daily balances of $250 to $9,999 (0.10% with Choice vs. 0.05% with Preferred). Choice Promotional IRAs cap at 0.20% APY on any balances over $100,000.
TD Bank credit cards
TD Bank offers a variety of credit card options to its customers who are looking to build their credit as well receive unique perks such as cash back and travel rewards on all their purchases.
- TD Cash Credit card — TD’s Cash Credit card provides 3% cash back on dining, 2% cash back on grocery and 1% cash back on other purchases. The card comes with a 0% introductory APR for the first 12 billing cycles, and APR percentages will vary at 14.99%, 19.99%, or 24.99% after the promotional period depending on credit rating.
- TD First Class Visa Signature Card — The First Class Visa Signature Card gives customers 25,000 bonus miles after spending $3,000 in the first six months. Customers will also receive 3x the miles for travel and dining purchases and 1x the miles on all other purchases. Bonus miles never expire and can be used to redeem a variety of things, including dining purchases or travel credits.
- TD Business Solutions Credit Card — Designed specifically for business owners, the Business Solutions Credit Card rewards customers on purchases made on phone, internet and cable service needs. Customers can earn 3% cash back on applicable purchases, and there are no caps or limits to the card’s usage.
TD Bank investing
TD Bank offers a vast selection of investment accounts and portfolio management platforms.
- Margin Accounts — TD Bank’s Margin Accounts give investors access to the management of mutual funds, stocks, ETFs and fixed income options. Clients get access to TD’s “thinkorswim” trading platform and are able to borrow against the value of their securities.
- Cash Accounts — Cash Accounts allow TD clients to trade on their own terms and manage mix-and-match investments. Accounts can be easily opened online and managed through TD’s mobile application. Cash Accounts are a great solution for self-directed trading and offer the same investment options as Margin Accounts.
- Self-Directed Tax-Free Savings Accounts (TFSA) — TD offers TFSAs for investors looking to save for homeownership, retirement or educational funding. Accounts do have an annual contribution limit of $6,000, and contributions are not tax deductible the same way they are in RSPs. Withdrawals, however, are not taxed, and you can withdraw your money at any time.
The bottom line
TD Bank is a well-known financial institution that offers many of the full-suite banking solutions people need. One of its most competitive features is its extended hours and their 24/7 support. However, while TD Bank is well-established on the East Coast, its lack of branches outside that area limits its value. However, for customers who need flexibility when handling their personal or business banking needs and aren’t necessarily interested in high-interest savings, TD Bank is a great solution.