Editorial Review - Virginia

TD Bank Review: Checking, Savings and CDs

TD Bank has a strong presence of branches in the Eastern U.S. Its account features are solid, and its Complete Checking account offers a bonus.

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Senior Writer
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Assigning Editor
Fact Checked
TD Bank
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at TD Bank, Member FDIC

  • Checking
  • Savings
  • Certificates of deposit
  • Customer experience
  • Overdraft fees

Overall institution rating

3.1

NerdWallet rating 
The bottom line:

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 in the U.S. Its most attractive account may be Complete Checking, which has an avoidable monthly fee.

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.

NerdWallet star-rating penalty for CFPB enforcement action, Sept. 11, 2024: TD Bank was ordered to pay $28 million by the Consumer Financial Protection Bureau. The CFPB found three illegal practices: Failing to correct credit card reporting errors, sharing fake and negative bank account information with consumer reporting agencies (which can affect consumers’ eligibility when applying at new banks) and refusing to investigate or resolve consumer complaints. Hundreds of thousands of bank accounts were affected. NerdWallet deducted 0.5 star from TD Bank’s overall rating because of the negative impact of the actions discovered. See more from the CFPB’s statement or read about our penalties on our methodology page.

In October 2024, TD Bank agreed to over $3 billion in penalties and growth restrictions as part of a settlement with regulators stemming from charges related to money laundering.

Pros

  • No minimum opening deposits on checking and savings accounts.
  • 24/7 customer service by phone.
  • Highly rated mobile apps.
  • Overdraft buffer.

Cons

  • Low rates on some savings accounts.
  • Monthly fees (though some are avoidable).

Full review

TD Bank

Checking

TD Complete Checking

Checking

Member FDIC

3.7

/5
 NerdWallet rating 
Monthly fee
$15.00
Waived with direct deposit or $500 minimum balance
Bonus
$200
Requirements to qualify
Learn more

at TD Bank

The TD Complete Checking account doesn’t require a minimum opening deposit but there is a steep monthly fee of $15. You can get the fee waived if you maintain a daily balance of at least $500, have at least $500 in direct deposits each statement cycle or have a minimum balance of $5,000 across linked personal accounts.

» Interested in a sign-up offer? Check out this month’s best bank account bonuses

Savings

TD Bank TD Simple Savings
TD Bank TD Simple Savings

Savings

Member FDIC

2.7

/5
 NerdWallet rating 
APY
0.02%
With $0.01 min. balance for APY
Bonus
$200
Requirements to qualify

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, you can avoid the fee by transferring $25 monthly from a TD checking account. For customers with larger balances, TD Signature Savings can earn a higher rate with a minimum balance of $100,000.

» Want to see more options? Check out NerdWallet’s best savings accounts

Certificates of deposit

TD Bank CD
TD Bank CD

CD

Member FDIC

1.8

/5
 NerdWallet rating 
1-year APY
1.00%
3-year APY
0.05%
5-year APY
0.05%
Minimum deposit
$250

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

Customer experience

4.7

NerdWallet rating 

TD Bank offers long hours at many branches and 24/7 phone support. Plus, it has more than 2,600 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 2023 J.D. Power National Banking Satisfaction Study.

» More for Canadian readers: Check out NerdWallet's review of Canada's TD Bank

Overdraft fees

4.3

NerdWallet rating 

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, or if you’re able to bring your balance to $0 or more by 11 p.m. ET the next business day.

You can also opt to link a savings account for fee-free overdraft transfers. The bank doesn’t charge a fee for having nonsufficient funds because of returned payments.

How does TD Bank compare?

NerdWallet rating 

4.5

/5
NerdWallet rating 

4.5

/5

APY 

4.00%

With $0 min. balance for APY

APY 

4.55%

With $5,000 min. balance for APY

Bonus 

$300

Earn up to $300 with direct deposit. Terms apply.

Bonus 

N/A

Learn more

at SoFi Bank, N.A.

Learn more

at CIT Bank

Methodology

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.