TD Bank Review: Exploring Its Banking Services, Benefits, and Drawbacks (2024)

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TD Bank: Pros and Cons

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About TD Bank

TD Bank is a brick-and-mortar financial institution on the East Coast with over 1,100 branches and 2,600 free ATMs. Branches are accessible in the following states:

• Connecticut
• Delaware
• Florida
• Maine
• Maryland
• Massachusetts
• New Hampshire
• New Jersey
• New York
• North Carolina
• Pennsylvania
• Rhode Island
• South Carolina
• Vermont
• Virginia
• Washington, DC

In March 2024, TD announced a new checking account — TD Complete Checking — to streamline the bank's checking account options. TD Convenience Checking, TD Simple Checking, and TD 60+ Checking will no longer be available for customers to open. These checking accounts will be grandfathered, which means existing customers will still have the same features and benefits, and there won't be service interruptions as long as you maintain your account.

TD Bank has also released a new feature for all checking and savings account customers. Customers can now get eligible direct deposits up to two business days early.

TD Bank is FDIC-insured, which means you may safely keep up to $250,000 in an individual bank account.

TD Bank Digital and Mobile Banking Experience

TD Bank is ranked highly in online banking satisfaction. According to the J.D. Power 2023 U.S. Online Banking Satisfaction Study, TD Bank placed second overall among national banks.

The TD Bank mobile app has mixed ratings, though. TD Bank ranks lower than the study average in a J.D. Power 2023 U.S. Banking Mobile App Satisfaction Study. However, the bank's mobile app has received 4.8 out of 5 stars in the Apple store, with over 247,000 reviews, and 4.1 out of 5 stars in the Google Play Store based on 84,400 reviews.

The TD Bank mobile app experience includes standard mobile app features as well as unique perks.

Similar to most other banking apps, you'll be able to make mobile check deposits and make bill payments. You'll also be able to receive 24/7 live customer support, set customizable alerts, and request a new temporary debit card limit.

TD Bank Customer Service and Support

TD Bank customer service is available 24/7 by phone or live chat. The bank's branches are open on weekdays. Some are also open on Saturdays, and others are open seven days per week.

Something to keep in mind is that TD Bank has a unique holiday banking schedule. Bank locations remain open on President's Day and Indigenous People's Day, which are federal holidays when most banks are closed.

Is TD Bank Trustworthy?

In our TD Bank review, we including ratings from the Better Business Bureau. The BBB grades companies based on how they deal with customer issues, and TD Bank has an A+ rating from the BBB.

In 2023, the bank had to pay $1.2 billion in a settlementthat claimed the bank was involved in a Ponzi scheme started by Robert Allen Stanford, the former chairman of Stanford International Bank. TD Bank provided correspondent banking services to Stanford International Bank.

TD Bank FAQs

TD Bank Personal Bank Accounts

TD Simple Savings Account

TD Signature Savings

TD Bank (Member FDIC) has two savings accounts:TD Signature Savings and the TD Simple Savings Account.

The TD Simple Savings Account makes it easy to waive monthly service fees during the first year — just make a recurring deposit of at least $25 each month. After that, you'll need to maintain a minimum daily balance of $300 or meet certain age-specific requirements.

TD Signature Savings generally offers more competitive interest rates than TD Simple Savings Account for most account balances. However, you'll need to be mindful of a $15 monthly service fee. To waive the monthly fee you must maintain a $10,000 minimum balance, link to a TD Beyond Checking Account, or open an IRA.

If you qualify for a relationship rate, you'll also earn a higher interest rate on TD Signature Savings, especially on higher balances. To qualify for a relationship rate, you must link a savings account to a TD Bank personal checking account, small business checking account, credit card, mortgage, or home equity loan.

If you have a personal or business checking account, you'll also need to meet additional requirements to qualify for a "relationship rate" — either receive a monthly direct deposit or make at least three deposits, withdrawals, payments, or transactions monthly.

See Business Insider's TD Bank Savings Rates Review.

TD Bank Essential Banking

TD Bank Complete Checking

TD Bank Beyond Checking Account

TD Bank offers a variety of checking accounts. You don't need a minimum deposit to open any TD Bank checking account. However, all of the accounts have monthly service fees. You can waive monthly service fees on some TD Bank checking accounts by meeting certain minimum balance requirements or if you fit a specific age group.

See Business Insider's TD Bank Checking Account review.

TD Bank Choice Promotional CD

TD Bank No-Catch CD

TD Bank Step Rate CD

TD Bank CD rates are relatively low overall, with the exception of a few terms. It also has a no-penalty CD and a step-up CD, though, so TD is a good choice if you want a variety of options.

See Business Insider's TD Bank CD Rates Review.

TD Bank Auto Loans

TD Bank is an indirect lender, so you won't be able to get an auto loan directly from the financial institution. Information about auto loans term, rates, and fees isn't available online. You'll have to find a dealership partner to learn more about TD Bank auto loans.

TD Bank Personal Loans

TD Bank has unsecured personal loans called Fit Loans. You may qualify for a Fit Loan if you live in a state that has a TD branch. Loan amounts range from $2,000 to $50,000.

See Business Insider's TD Bank Personal Loans Review.

TD Bank Mortgages

TD Bank may be a solid choice if you're looking for a variety of home loans. The bank has conforming loans, FHA loans, VA loans, construction loans, jumbo loans, Medical Professional mortgages, TD Right Step mortgages, TD Home Access mortgages, home equity loans, and HELOCs.

See Business Insider's TD Bank Mortgage Review.

TD Bank Credit Cards

TD Bank also offers several types of credit cards, including secured credit cards, travel credit cards, and cash back credit cards.

The TD Double Up℠ Visa Credit Card is notably listed in our guide for the best 2% cash back credit cards as a top pick for TD Bank customers.

How TD Bank Compares

TD Bank vs. Chase

You might prefer Chase Bank if you want a large branch network. It has branches in every U.S. state except Alaska and Hawaii.

Chase has multiple checking accounts to choose from, and depending on which one you choose, you can earn bonuses as high as up to $3,000. Still, TD Bank makes it easier to waive monthly service fees on its checking accounts.

For savings accounts, it's a toss-up between the two banks since their accounts have similar features. The requirements for waiving the monthly service fee are nearly identical. Your best option might ultimately hinge on which bank's branches are closer to your home or if you're eligible for a TD Bank savings account bonus.

Chase Bank Review

TD Bank vs. Bank of America

Bank of America has 4,200 branches in 37 states and DC, while TD Bank has around 1,100 branches in 15 states and DC. Bank of America could be a better option if you want a larger branch network.

You might prefer TD Bank if you're looking for more options for home loans. Bank of America doesn't have home equity loans or construction loans.

Bank of America Review

Is TD Bank Right for You?

TD Bank might be a good choice if you prefer traditional brick-and-mortar banks to credit unions or online banks. It is also may be ideal if you want to open bank accounts with low initial deposits, a variety of home loan or personal loan options, or a 2% cash back credit card.

If you don't meet the requirement to waive monthly service fees on TD Bank, other banks have fee-free bank accounts that may be a better fit. You should also consider other options if you want to open one of the best high-yield savings accounts or are looking for high CD rates.

Why You Should Trust Us: How We Reviewed TD Bank

For our TD Bank review, we rate bank products and services using our our editorial standards. At Business, we rate products on a scale from zero to five stars. We compare and contrast the features and fine print of various products to help determine if the account may be right for you.

For example, while reviewing a TD Bank checking account, we used our bank account methodology to examine specific account features like opening requirements, monthly service fees, overdraft protection, ATM network availability, and ATM fees. Meanwhile, for credit cards, we look at features such as annual fees and rewards rates and for loans and mortgages, we examined criteria, including (but not limited to) fees and term options.