TD Bank Review: Checking, Savings and CDs
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- CD rates
- Banking experience
- Overdraft fees
Overall institution rating
At TD Bank, a brick-and-mortar bank with a strong presence in the Eastern U.S., you’ll find straightforward accounts with average features. But TD does have two unusual perks: long branch hours and free ATMs in Canada as well as the U.S. Its most attractive account may be Convenience Checking, which has an easily avoidable monthly fee and a solid sign-up bonus when you meet certain requirements.
Accounts are available in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Washington, D.C.
Best for: East coast customers who would take advantage of TD’s many branches and long hours, keep a bit of a buffer in their checking and savings accounts and don’t care about maximizing interest.
- No monthly fee for TD Convenience Checking if you maintain a balance of at least $100.
- Branches have long hours, are open on weekends and offer curbside pickup for new debit cards.
- $200 sign-up bonus for Convenience Checking customers and $300 sign-up bonus for Beyond Checking customers.
- $3 fee for non-TD Bank ATMs with TD Simple and TD Convenience accounts.
- Better savings rates available elsewhere.
3.5/5 NerdWallet rating
TD Convenience is the most popular checking option, and you can waive the steep fee of $15 if you maintain a daily balance of at least $100. It also has that sign-up bonus of $200 for having $500 in initial direct deposits. But if you can make $2,500 in initial direct deposits, you could be eligible for a $300 sign-up bonus on the interest-bearing account, TD Beyond. For that account, you’ll need to maintain a daily balance of at least $2,500 to avoid the even steeper monthly fee of $25.
4.0/5 NerdWallet rating
TD Bank’s Simple Savings account has no minimum deposit to open, but its rate of 0.02% APY is low. And there’s a monthly fee of $5, which is waived if you can maintain a $300 minimum daily balance. For the first 12 months only, you can avoid the fee by transferring $25 monthly from a TD checking account. For customers with larger balances, TD Beyond Savings can earn slightly higher rates, but if your balance falls below $20,000, the monthly fee is $15.
» Want to see more options? Check out NerdWallet’s best savings accounts
1.5/5 NerdWallet rating
TD Choice Promotional CDs have terms from three months to five years, and the bank offers other types of CDs that don’t have penalties or offer annual rate increases. The minimum deposit is $250. You can get a rate increase for TD Choice Promotional CDs with a checking account in good standing, but overall you can find much higher rates elsewhere.
» Want to explore better options? Read NerdWallet's top CD rates this month
TD Bank offers long hours at many branches and 24/7 phone support. Plus, it has over 1,900 ATMs from Maine to Florida, and customers have free access to TD Bank’s ATMs in Canada. Customers have the option of banking online, or using TD Bank’s mobile banking app, which is available for iOS and Android devices. TD Bank ranked third in the 2021 J.D. Power National Banking Satisfaction Study.
» More for Canadian readers: Check out NerdWallet's review of Canada's TD Bank
TD Bank charges $35 for each overdraft transaction, about the same as many large national banks charge. On top of that, you can be charged up to three overdraft fees a day. The bank won’t charge you these fees if your account is overdrawn by $50 or less.
In August 2020, the Consumer Financial Protection Bureau found that TD Bank charged customers overdraft fees for ATM and one-time debit card transactions even though the customers hadn’t opted into an overdraft program, and TD had said overdraft services were free. The bank was required to pay $122 million in restitution and fines.
How does TD Bank compare?
SoFi Checking and Savings
CIT Bank Platinum Savings
Citizens Online Savings Account
With $0 min. balance for APY
With $5,000 min. balance for APY
With $0.01 min. balance for APY
Earn up to $250 with direct deposit. Terms apply.
at CIT Bank
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.