TD Bank Review: Plenty of Perks for Loyal Customers

TD Bank is a strong contender for those who want to do all their banking in one place. Its wide variety of products, plus its relationship benefits for loyal customers help make up for its average APYs on its savings products. Read our full TD Bank review below to learn more about its bank accounts, relationship perks, and other benefits.

TD Bank offers two savings accounts: the TD Simple Savings account and the TD Signature Savings account.

TD Simple Savings

The TD Simple Savings account is the better choice for those who don't have a lot of money to keep in their savings account. It's free for children under 18 -- if you're thinking of opening a savings account for your kids, this is a good option. It's also free for seniors 62 years old and older. Those in between these ages have multiple ways to waive the low monthly fee.

It doesn't include a debit card, but you can transfer funds from the account to a prepaid TD Connect Card. You can use the TD Connect Card to make purchases or withdraw money fee-free at any TD Bank ATM. Alternatively, you could just transfer your funds to your checking account and withdraw them that way.

The TD Simple Savings account's APY is in line with the typical rates for a brick-and-mortar bank, which are not especially high. But as long as you qualify for one of the fee waiver options, you won't lose money with this account.

TD Signature Savings

The TD Signature Savings account has competitive tiered interest rates and a "relationship bump rate" when you link an eligible TD account. Rates become competitive with other high-yield savings accounts when you have over $100,000 and have a linked TD account.

There is a monthly fee of $15, but you can get it waived in one of three ways:

1. Maintain a $10,000 minimum daily balance or
2. Link an eligible TD Checking account
3. Open as an IRA

There are no ATM fees for either TD or non-TD ATMs, and if you keep a minimum daily balance of $2,500, then TD will reimburse ATM surcharges. There is no fee for incoming wire transfers, money orders, stop payments, and official checks.

TD Bank offers a variety of CDs. Here are the details on the different types and the TD Bank CD rates.

TD Choice Promotional CDs

TD Bank's Choice Promotional CDs have terms ranging from three months to five years. Rates vary depending on how much you deposit and whether you have other accounts with TD Bank. If you do, you're eligible for relationship bump rates that can net you a lot more.

There is a $250 minimum deposit required. These are traditional CDs and there is a penalty for withdrawing your funds before the term is up.

TD No-Catch CDs

TD No-Catch CDs allow one penalty-free withdrawal per term. You can choose between a six-month and a 12-month term. Note there's no opportunity to earn relationship bump rates on the No-Catch CDs. Current rates are lower than the TD Choice Promotional CDs.

TD Step Rate CDs

TD Step Rate CDs are step-up CDs with guaranteed interest rates increase every year. They also include one free withdrawal each anniversary. You can choose between a three- and a five-year term. There's no opportunity to earn relationship bump rates with this account.

TD Bank's CD rates generally can't match the interest rates offered through online banks, such as a select few of our favorites listed here.

TD Bank offers three checking accounts -- the TD Convenience Checking℠ account, the TD Bank Beyond Checking account, and the TD Simple Checking℠ account.

TD Convenience Checking℠

The TD Convenience Checking℠ account is a basic checking account that includes online and mobile banking and a debit card. You can use it to access cash for free at TD Bank ATMs. The $15 monthly maintenance fee is waived if you're a student aged 17-23 or have a $100 minimum daily balance. Account holders get a 0.25% discount on TD Bank Home Equity Loans and Personal Loans. If you don't normally keep a lot of money in your account, you may be better off with a checking account that doesn't have any minimum balance requirements.

TD Bank Beyond Checking

The TD Bank Beyond Checking account is an interest-bearing checking account. It includes free checks and reimbursements for out-of-network ATM fees and two overdraft fees per year. You need a larger balance of $2,500 to avoid the $25 monthly maintenance fee, though. It's not a good fit for those who don't keep a fair amount of money in their checking accounts.

TD Simple Checking℠

TD's Simple Checking℠ account has no minimum balance requirement and a $5.99 monthly maintenance fee. This account is meant for those who want a checking account with no minimum balance and lower maintenance fee than TD's other checking accounts. However, the monthly fee will still eat away at your hard-earned money, so you may want to look at other alternatives.

To browse other banks' checking account offerings, take a look at our list of best checking accounts. There, you'll find our experts' unbiased reviews and top picks to compare with TD Bank's checking account options.

TD Bank has an A- rating with the Better Business Bureau. But it hasn't been featured in many other large customer satisfaction surveys. This makes it difficult to assess how its customer experience stacks up to some of its competitors.

TD Bank enables you to waive certain fees by opening multiple accounts at the bank and it also offers relationship bump rates to these customers as well. Certain accounts also grant discounts on TD Bank's loan products, safe deposit boxes, and other services.

Relationship benefits aren't uncommon among brick-and-mortar banks, but you rarely see a bank that offers this much to its customers. If you're interested in doing all of your banking at a single institution, these extra perks could make TD Bank a smart option for you.

If TD Bank doesn't have what you're looking for, one of these other banks might.

Charles Schwab Bank

Charles Schwab Bank boasts high customer satisfaction. It's well-rated by both the Better Business Bureau and J.D. Power. This bank offers similar services to TD Bank. However, Charles Schwab also has strong investing tools. It's a smart place to bank if you're interested in investing with Schwab and want to keep all of your money in one place.

Ally Bank

Ally Bank is a highly rated online bank that offers more competitive APYs than TD Bank. However, it lacks the same types of relationship benefits. You won't have to pay a fee to open an Ally checking or savings account, though. This is a better fit for those who don't have large balances but still want to earn a high interest rate.

TD Bank is a smart choice for you if:

• You plan to open multiple accounts with the bank.
• You have several thousand dollars to deposit.

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