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TD Bank Review: Plenty of Perks for Loyal Customers

Review Updated
Kailey Hagen
David Chang, ChFC®, CLU®
By: Kailey Hagen and David Chang, ChFC®, CLU®

Our Banking Experts

Nathan Alderman
Check IconFact Checked Nathan Alderman
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

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.

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TD Bank

Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Bottom Line

TD Bank provides great customer service and rewards its loyal customers with rare perks. For example, you can get discounts on loans if you open multiple accounts. It also offers a good variety of products and services, including savings accounts that give you direct access to your cash when you need it.

  • Excellent relationship benefits
  • Great customer service
  • Wide variety of products
  • Branch locations in some states
  • Most APYs aren't that high
  • Some accounts have high balance requirements to waive fees

TD Bank savings accounts review

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.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at:
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
5.00% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 5.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
Rate info Circle with letter I in it. To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0

TD Bank CD accounts

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.

Compare CD rates

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.

Rates as of May 14, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.70% Term: 1 Year Min. Deposit:  $2,500
APY: 5.05% Term: 1 Year Min. Deposit:  $1
APY: 5.15% Term: 9 Months Min. Deposit:  $1
Member FDIC.
APY: 4.75% Term: 1 Year Min. Deposit:  $500

TD Bank checking accounts review

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.

Compare checking accounts

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 customer service and experience

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 relationship benefits

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.

Alternatives to TD Bank

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.

Is TD Bank right for you?

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.

RELATED: How to Open a Checking Account

Our bank and credit union methodology

Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

Learn more about how The Motley Fool Ascent rates bank accounts.


  • TD no longer offers the Beyond Savings account. It instead has replaced it with the Signature Savings account.

  • TD has over 1,100 physical branches, primarily on the East Coast. They can be found in 15 states and Washington D.C.

Our Banking Experts