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TD Bank Review: Plenty of Perks for Loyal Customers

Many or all of the products here are from our partners that pay us a commission. 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.

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.

Offer image for
Best For: Diverse product suite and perks for loyal customers.

TD Bank

Rating image, 4.50 out of 5 stars.
Info Icon 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.
= Best
= Excellent
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4.50/5
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.

Pros
  • Excellent relationship benefits
  • Great customer service
  • Wide variety of products
  • Branch locations in some states
Cons
  • 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 Beyond Savings account.

TD Simple Savings account

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 Beyond Savings account

The TD Beyond Savings account offers higher interest rates than the TD Simple Savings account. How much higher depends on your balance and whether you have other accounts with TD Bank.

Having a linked TD Bank personal or business checking account, a mortgage, a home equity loan, or a credit card unlocks TD Relationship Bump rates. These are much higher. But again, how much higher depends on your balance. If you want the best rate TD Bank offers, you'll need a whopping $250,000 minimum balance.

The balance requirement to waive monthly maintenance fees is high. Nevertheless, you can also waive your fee by linking a TD Bank checking account to your savings account.

This savings account includes free bank checks and access to TD Bank's fee-free ATM network. Customers who meet certain balance requirements are also eligible for fee reimbursements when they use an out-of-network ATM.

Compare savings accounts

TD Bank's savings accounts have the benefits of low fees but they generally aren't competitive with savings account rates from online banks. Check out our list of the best savings accounts to see how TD Bank's options stand up to the competition or compare some select picks below.

Rates as of Dec. 2, 2022
Offer
 
 
 
Account
Goldman Sachs Bank USA
Sponsored Listing
Rating
Rating image, 4.00 out of 5 stars.
Info Icon 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.
= Best
= Excellent
= Good
= Fair
= Poor
4.00/5
Rating image, 4.00 out of 5 stars.
Info Icon 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.
= Best
= Excellent
= Good
= Fair
= Poor
4.00/5
Rating image, 4.50 out of 5 stars.
Info Icon 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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= Excellent
= Good
= Fair
= Poor
4.50/5
APY 3.00% 3.00% 3.60%
Min. to earn APY $1 $0 $100
Next Steps

TD Bank CD accounts

TD Bank offers a variety of CDs:

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. 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. Plus, these rates are actually a little higher than the standard rates on TD Choice Promotional CDs. Note there's no opportunity to earn Relationship Bump rates on the No-Catch CDs.

TD Step Rate CDs

TD Step Rate CDs are step-up CDs that periodically increase your rates. 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 Nov. 30, 2022
Lender
Account
1 yr. apy
2 yr. apy
3 yr. apy
4 yr. apy
5 yr. apy
Min. deposit
Early Withdrawal Penalty
Next Steps
Logo for Discover High Yield CD
Member, FDIC
4.00%
4.10%
4.15%
4.20%
4.25%
$2,500
Yes
Logo for CIT Bank CD
Member, FDIC
0.30%
0.40%
0.40%
0.50%
0.50%
$1,000
Yes
Logo for Marcus by Goldman Sachs High Yield CD
Member, FDIC
Marcus by Goldman Sachs High Yield CD
4.00%
4.25%
4.00%
4.00%
3.80%
$500
Yes

TD Bank checking accounts review

TD Bank offers two checking accounts -- the TD Convenience CheckingSM account and the TD Beyond Checking account.

TD Convenience CheckingSM account

The TD Convenience CheckingSM 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. If you're a student, the debit card is free. Other account holders need to meet a fairly low minimum balance requirement to waive the monthly fee. 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 Beyond Checking account

The TD 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 to avoid the 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.

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 Ameritrade 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

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