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TD Bank Review: Checking Accounts

Banking, Checking Accounts
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TD Bank Checking Accounts Offer Solid Online Banking Options and Support

TD Bank checking accounts:
NerdWallet’s checking rating: 4.0 / 5.0

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TD Bank offers three checking accounts that give customers access to its East Coast-based network of branches and ATMs. But you won’t find free checking. There’s either a minimum daily balance requirement or monthly fee with TD Bank checking.

» Want more bank details? See our full TD Bank review

TD Bank checking accounts

 TD SimpleTD ConvenienceTD Premier
Minimum opening deposit$0$0$0
Monthly fee$5.99$15; waived if you maintain a minimum daily balance of $100$25; waived if you maintain a minimum daily balance of $2,500
Interest on balancesNoNo0.05% APY if you maintain a minimum daily balance of $2,500
Non-TD ATM fees

(Charged for each withdrawal, transfer or balance inquiry at non-TD ATMs)
$3, not including any additional fee from non-TD ATM owners$3, not including any additional fee from non-TD ATM owners$0; non-TD ATM fees reimbursed with minimum daily balance of $2,500
Features
  • Free access to thousands of ATMs and hundreds of branches
  • Free feature to send money with Zelle, a fast way to pay friends or family
  • Free mobile app and online banking, including bill pay
  • Live customer service 24/7
  • Potential 0.25% rate discount on TD Bank home equity line of credit
  • Overdraft fees
  • $35 for each overdrawn amount paid or returned, up to five charges per business day
  • No charge if your account is overdrawn by $5 or less
  • Overdraft protection transfer: $10 per day
  • Other fees
  • Incoming wire transfers: $15 ($0 for TD Premier)
  • Outgoing domestic wire transfers: $25
  • Outgoing international wire transfers: $40
  • Sign-up bonusNo$150; see how to qualify$300; see how to qualify

    » Want to see other options? Check out NerdWallet’s list of best checking accounts

    How TD Bank fees compare

    There’s a mandatory monthly fee: It’s more difficult to avoid checking account service fees at TD Bank than at other banks in the region, such as M&T Bank. The TD Simple account’s $5.99 monthly fee is mandatory, and TD Convenience and TD Premier account holders must maintain a daily minimum balance — $100 and $2,500, respectively — to avoid the monthly fees.

    And there’s a $35 overdraft fee: Overdrafts and returned items cost $35 apiece, up to five per day. The fee is at or slightly above the national median, depending on the data source. You can link a savings account or line of credit to your checking account for overdraft protection, but you’ll still pay a $10 transfer fee. You won’t be charged these fees if you overdraw your account by $5 or less.

    But there’s no foreign debit card transaction fee: Withdrawals from non-TD ATMs, including those overseas, cost $3. That’s a little high for domestic ATMs, but if you travel out of the country, it’s better than the $5 or more many other banks charge, and TD waives the fee if you have a Premier account with a $2,500 balance. And TD doesn’t charge foreign debit card transaction fees. Some other banks charge up to 3% per transaction. (See a list of foreign transaction fees by bank.)

    And there’s no fee in Canada at TD ATMs: Unlike other U.S. banks, TD Bank has a Canadian connection, giving its customers free access to the TD Canada Trust ATM network. TD Bank is the U.S. retail banking arm of Canada-based Toronto-Dominion Bank.

    TD Bank key features

    Extensive network of locations, but they’re not everywhere: As one of the 10 biggest U.S. banks, TD Bank has more than 1,200 locations from Maine to Florida, but coverage is often spotty if you don’t live in a large city. The bank also has more than 1,900 ATMs in the U.S.

    Long customer service hours: Live phone service is available 24/7, and if you are close to a branch, you can take advantage of their longer-than-typical hours. Many locations are open seven days a week, and some have weekday drive-up service until 6 or 7 p.m.

    Checking sign-up bonus: Few banks offer these, and TD Bank has two, but you’ll need to satisfy minimum deposit requirements to avoid monthly fees on the accounts.

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    TD Bank offers straightforward checking options, including speciality accounts for students and people older than 60. You can find cheaper checking accounts, but given its extensive branch network and hours, TD Bank might be a convenient place for your money if you’re on the East Coast.

    Margarette Burnette is a staff writer at NerdWallet, a personal finance website. Email: mburnette@nerdwallet.com. Twitter: @margarette. NerdWallet writer Spencer Tierney contributed to this article.

    Updated Nov. 29, 2017.