TD Bank

Written by Ali Cybulski | Published on 11/21/2024

TD Bank is the 10th-largest U.S. bank by assets, according to the latest Federal Reserve data. The New Jersey-based institution is a subsidiary of Canada’s Toronto-Dominion Bank, serving more than 10 million customers in 15 states and Washington, D.C.

You will find a range of retail, small business and commercial banking products and services at TD Bank. If you need guidance on TD products, the bank’s homepage features an interactive tool to help you find options that might fit your needs.

Retail banking products include checking and savings accounts as well as certificates of deposit (CDs).

If you need a checking account, you can explore three options from TD Bank. The first, TD Complete, requires no minimum opening deposit and has a $15 monthly fee, which can be waived in three ways, including receiving direct deposits of $500 or more.

Enroll in direct deposit to get faster access to your funds. TD Early Pay delivers eligible direct deposits, such as paychecks, government benefits and tax refunds, up to two days early. This service is available on all eligible TD checking — and savings — accounts.

TD Beyond Checking is ideal if you want an account packed with perks. You get free standard checks or discounts on select styles; free money orders, bank checks, stop payments and incoming wires; and reimbursement for two overdraft fees yearly, all rush payments and one outgoing wire per statement cycle. Maintain a $2,500 minimum daily balance to avoid paying ATM fees.

The account earns an annual percentage yield (APY) of 0.01% as long as you have a minimum daily balance of at least 1 cent. It has a $25 maintenance fee, which can be waived in three ways, including direct deposits of $5,000 or more.

TD Essential Banking, a starter account, has a $4.95 monthly maintenance fee but a waiver for minors, with no minimum opening deposit and no minimum daily balance requirement. With no overdraft fees or services, this checkless account helps you spend only what you have.

If you are looking for a savings account, TD Bank offers two options. TD Simple Savings is ideal for building an emergency fund or getting a young saver started. TD Signature Savings, on the other hand, may be better if you want a solid APY on a large deposit.

TD Simple Savings has no minimum opening deposit but a $5 monthly maintenance fee, which can be waived the first year with a recurring $25 transfer from a linked TD Bank checking account. After that, you will need to keep a $300 minimum balance to have the $5 monthly fee waived. Young adults or students are exempt from the fee.

This account earns an APY of 0.02% and comes with free online and paper statements.

TD Signature Savings account pays a rate that increases as your balance grows. The tiered-rate account also offers a relationship bump rate when you link to a TD Bank checking account. Bump-rate APYs range from 2.00% for balances of $10,000 to $24,999.99 up to 4.00% for balances of $100,000 or more. In comparison, standard APYs are 0.01% or 0.05%.

The account has no minimum opening deposit but has a $15 monthly maintenance fee that can be waived in three ways, such as by maintaining a $10,000 minimum daily balance. You will pay no ATM fees, and any ATM surcharges will be reimbursed if you keep a $2,500 minimum daily balance.

Incoming wire transfers, money orders, stop payments and official checks are free. Online and paper statements are also free.

Both savings accounts — and most TD Bank checking accounts — offer the option to enroll in TD Overdraft Relief. The bank refunds an overdraft fee to your checking account if your available balance is $0 at the end of a grace period. This service gives you until 11 p.m. Eastern time on the next business day to resolve the overdraft.

You will not incur a fee if you overdraw your account by $50 or less. But a $35 fee applies if you slip up and overdraw your account by more than $50. The bank charges a maximum of three overdraft fees daily per account.

If you’re shopping for a CD rather than a savings account, TD Bank offers a variety of TD Choice Promotional CDs as well as TD No-Catch CDs and TD Step Rate CDs.

Featured TD Choice Promotional CDs include 6-, 9- and 12-month terms that earn relationship APYs of up to 4.50%, 4.00% and 3.75%, respectively. This type of CD is also available in 3-, 18- and 24-month terms, plus 3- and 5-year options.

No-Catch CDs come in 6- and 12-month terms with the option to make one penalty-free withdrawal per term. Both CDs pay an APY of 0.05%.

Lastly, Step Rate CDs come in 3- and 5-year terms and include yearly guaranteed rate increases.

The 3-year CD earns an APY of 0.05% in the first year, 0.10% in the second and 0.15% in the third, for a composite rate of 0.10% APY. With the 5-year CD, the APY is 0.05% in the first year, 0.10% in the second year, 0.15% in the third year, 0.20% in the fourth yearand 0.25% in the fifth year, for a composite rate of 0.15%.

You can make a full or partial withdrawal within 10 calendar days of the CD’s anniversary date without penalty.

To manage various aspects of your TD Bank accounts, you can enroll in Online Banking and download the bank’s mobile app. Online Banking allows you to securely pay bills, send money via the payment service Zelle, set up account alerts and more. The TD Bank mobile app helps you check balances, make transfers, pay bills, deposit checks and accomplish other tasks.

For answers to your questions about digital and other banking topics, contact customer support — available 24/7 — at 888-751-9000. Click “Contact us” at the bottom of any page on the TD Bank website to connect to the Virtual Assistant or the Help Center for answers to your banking questions.

TD Bank pros and cons

Pros:
• 24/7 customer service by phone
• $0 minimum opening deposits on checking and savings accounts
• Flexible overdraft policy

Cons:
• Monthly fees, though waivers may be available
• Low rates on some savings accounts
• $35 overdraft fee, which can be charged up to three times daily

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