TD Bank Extends $200 Savings and $300 Checking Bonuses

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Deal Summary: $200 bonus, TD Beyond Savings or TD Simple Savings; $300 bonus, TD Beyond Checking.

Availability: Available in CT, DC, DE, FL, ME, MD, MA, NH, NJ, NY, NC, PA, RI, SC, VA, and VT.

Now through March 31, 2022, TD Bank is offering a $200 bonus when opening a new TD Beyond Savings or TD Simple Savings account, depositing at least $20k of new money (not currently held in a TD Bank retail deposit account) within 20 calendar days of account opening, and maintaining a minimum daily balance of $20k for at least 90 days.

The $200 savings bonus is available only to individuals who do not have an existing or a previously opened TD Bank personal savings or money market account within the previous 12 months. Individuals who have received a bonus on a previous savings account at any time are not eligible.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.02%--TD BankSimple Savings
0.01*%--TD BankTD Beyond Savings w/ Standard Rate
Rates as of January 28, 2022.

The TD Beyond Savings $15 monthly maintenance fee will be waived if a $20k minimum balance is maintained or the savings account is linked to a TD Beyond Checking account.

The TD Simple Savings $5 monthly maintenance fee will be waived if 1) a $300 minimum daily balance is maintained or, 2) the savings account is linked to a TD Beyond Checking account or, 3) the savings account is linked to a TD Convenience Checking account and the account owner is under 24 or, 4) recurring $25+ transfers are made from a linked TD Checking account or, 5) if the account owner is younger than 18 or older than 62

The following is a portion of the Disclosure listed at the bottom of the landing page.

  • Once the offer criterion is met, the bonus will be credited to the new personal savings account no later than 140 days from the account opening date.
  • Account must remain open, active, in good standing and in the same product type through the qualifying period to receive the bonus.
  • If the savings account is closed by the Customer or TD Bank within 6 months after account opening, TD Bank does reserve the right to deduct the bonus amount from that account at closing.
  • One savings bonus per account per Customer and cannot be combined with any other offer.
  • TD Bank employees and Canadian cross-border banking Customers are not eligible.

Thanks to DA reader, Carpline, for the update on the new end-date for the bonuses.

$300 Checking Bonus

TD Bank is also offering a $300 bonus when opening a new TD Beyond Checking account and having at least $2.5k in direct deposit(s) within 60 days of account opening. This offer has been extended through March 31, 2022 and is available to individuals who do not have an existing or a prior personal checking account at TD Bank within the previous 12 months. Individuals who have received a bonus on a previous checking account at any time are not eligible.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.03*%$50k-TD BankTD Beyond Checking
OTHER TIERS: 0.01% Up to $10k | 0.02% $10k - $50k
Rates as of January 28, 2022.

The Beyond Checking’s $25 monthly maintenance fee will be waived with one of the following:

$5,000 or more in direct deposits within a statement cycle or $2,500 minimum daily balance is maintained or $25,000 minimum daily combined balance of all deposit accounts, all outstanding home equity loan and home equity line of credit accounts, and/or mortgages in good standing (excludes credit cards and personal loans) that you choose to link.

As stated on the Checking Bonus landing page, the $300 bonus can be combined the $200 savings bonus.

Add a savings account to earn $200 more.

The Disclosure listed on the landing page contains information about the Checking Bonus that is similar to that of the Savings Bonus Disclosure.

  • Once the offer criterion is met, the bonus will be credited to the new personal checking and/or personal savings account no later than 140 days from account opening.
  • Account(s) must remain open, active, in good standing and in the same product type through the qualifying period to receive the bonus.
  • If either checking or savings account is closed by the Customer or TD Bank within 6 months after account opening, TD Bank does reserve the right to deduct the bonus amount from that account at closing.
  • TD Bank employees and Canadian cross-border banking Customers are not eligible.

    Availability

    Headquartered in Wilmington, Delaware, TD Bank’s market area includes Connecticut, Delaware, District of Columbia, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Virginia, and Vermont.

    Applying for a savings bonus or a checking bonus can only done online. TD Bank has more than 1,100 branches located on the East Coast from Maine to Florida, but the fine print on the Checking/Savings Bonus landing page states, “available only when opening through a qualifying website.”

    It took me a moment to figure out how to access the online application: there is no “Apply Now” or “Open An Account” button to click on. Instead, “Select this account” is listed below each savings/checking account. Clicking on the box next to “Select this account” brings up the “Open Account” link.

    Bank Overview

    TD Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.14% (excellent), based on September 30, 2021 data. In the past year, TD Bank has increased its total non-brokered deposits by $146.98 billion, an excellent annual growth rate of 69.97%. Please refer to our financial overview of TD Bank (FDIC Certificate # 18409) for more details.

    Founded in 1852 as the Penobscot Savings Bank (Bangor, Maine), TD Bank has experience seven name changes, 29 acquisitions, and three headquarter relocations in the past 43 years. TD Bank is currently the eighth largest bank in the country, with assets in excess of $412 billion and more than 20 million customer accounts.

    Bottom Line

    The $200 Savings Bonus doesn’t require much effort. Earning $200 on a $20k deposit in six months (account must remain open for six months) is the approximate equivalent of a 2.09% APY.

    The numbers for the Checking Bonus are actually more impressive: a minimum $2.5k earning $300 in six months (account must remain open for six months) is the approximate equivalent of a 25% APY.

    Combined, the Savings and Checking Bonuses have an approximate equivalent of a 4.5% APY.

    If you don’t qualify for the TD Bank bonuses, check out our full list of the best savings and checking account bonus offers.

    The above information is accurate as of 12/10/2021.

Related Pages: savings accounts, checking accounts, bank bonuses

Comments
Rosedala
  |     |   Comment #1
I agree that TD Bank's service deteriorated from their first years when I first saw them, at least in NYC. Among other things, a few months ago I tried to apply (3 times!) for the $200 TD Beyond Savings Bonus. Because of some glitch saying something like "Sorry we can't process. Try later or visit your branch." I did the latter and they refused to help, repeating "we aren't online, go try again". At that point, I transferred my direct deposit to Wells Fargo where I got $200 bonus without any problem whatsoever when I went to their branch, and on top of it all, without my even asking for, the representative filled out the application and all the other papers (needed in my case), plus I opened their credit card and it's all going nice and smooth. All done in around 30 minutes while I comfortably waited there. I may keep this checking account with WF and say to TD Bank - "s'been not nice knowing you." lol!
P_D
  |     |   Comment #6
#1 "...Wells Fargo where I got $200 bonus without any problem whatsoever when I went to their branch, and on top of it all, without my even asking for, the representative filled out the application and all the other papers (needed in my case)..."

I had the same experience. A few months ago I received what I believe was an invitation only bonus offer from Wells Fargo. But it had to be opened in-branch. I wasn't fond of that idea and the branch is not too close, but I did it anyway. It was a $700 bonus with simple requirements so it was hard to pass up. That deal is still in progress. I did a lot of bonus offers over the last year, but when you add it all up it and deduct the taxes from it, it won't even pay for my 2022 IRMAA tax which will increase substantially next year because Medicare premiums had a huge inflation increase. Not sure the effort was worth it. But I have pretty much used up all the bonus opportunities that don't require DD at least for the next year or two. I still have a few stragglers in progress.
Rickny
  |     |   Comment #7
PD I opened a Wells Checking account and got the $700 bonus after depositing 50k after 90 days. The one clause I didn't like:

"The actions required to earn this bonus are separate and distinct from the options available to you to avoid any applicable monthly service fee for the checking account you opened."

So in oder to avoid fees I had to have $50,500 on deposit to avoid fees. The additional $509 was required to avoid monthly fees.
P_D
  |     |   Comment #8
Interesting Rickny. Thanks for the info.

My offer differed from yours in that only a $25k balance is required.

The balance only has to be over $25k on the 30th and 60th calendar day after the opening date.

I was not charged any fees so far but as a matter of practice I always keep a little extra money in the account in case they hit me with some unanticipated nuisance fee so I don't lose the bonus. I have at all times had a high enough balance to avoid the service fee, but I did not have enough to cover the $25k PLUS the additional balance needed to avoid the monthly service fee in the account on the 30th day, only $25k plus enough to cover some fees if they are charged.

It would almost be comical if for that one day's balance I am assessed a monthly fee based on that clause. The fee is $10 so while annoying, it wouldn't make much difference. We'll see what happens. If I am assessed a fee I will play it differently on day 60 to avoid it and I'll buy you a beer as long as it costs less than $10 (which with inflation these days is unlikely so don't get any pretzels yet).

My offer has that clause too, but I had a different interpretation and would not offhand assume it works the way you described. So I am wondering how sure you are that your interpretation is the case.

Did you actually get hit with the monthly fee or are you just assuming you would have been if you had not had the $50k PLUS the required minimum balance. Also but less reliably, did a CSR confirm this with you?

It's a bit of trivia, but all part of the game I guess.
P_D
  |     |   Comment #9
Correction to #8. My offer requires a $25k balance on the 30th and 90th day (not 60th). So any reference to day 60 should be day 90.
Rickny
  |     |   Comment #15
I assumed that I would be hit with the monthly fee so I deposited the extra within the initial 1st month. The rep at the bank said I only needed $25 to open the account and then deposit 50k within a certain time period. He didn't mention the clause but after I left the bank I did an ACH to the account for $475 so I wouldn't pay any fees.

I still have $500 in the account as I may use this account as my main checking account. I've had problems with doing large ACH transfers to and from my Chase checking account.
Rosedala
  |     |   Comment #12
Rickny, I too had to deposit a $500 besides my DD but not for the $700 (which requirements I couldn't fill at the time). I feel this money without bonus would get pennies of interest... :)
Rosedala
  |     |   Comment #11
Hi PD, remember that also the interests are taxed as the bonuses are and they are nowadays so minimum that it doesn't pay to have long time CDs for just pennies of interest equally taxed. I too am looking for no DD bonus accounts as I have only one DD... :)
P_D
  |     |   Comment #16
Rickny I don't interpret that clause that way with respect to the terms of the deal I have. I believe I have so far met the terms to qualify for the bonus and to avoid the monthly fee. If they hit me with a fee for December I will dispute it with them. I could go into my case, but it's a bit too much for this venue. Trust me I'll get my $10 worth just debating them. I rarely lose these things.

When I get my December statement I will know if they applied the clause that way. I'll have plenty of time to avoid a repeat of the monthly fee on day 90 depending on the outcome of that. In my case there are only two days in question day 30 and day 90.

Rosedala I agree. Unless you have a special reason, without the bonus there is no point in having an account like the one at Wells Fargo. There are better deals elsewhere. All of the large commercial banks have lousy accounts with little interest, typically higher minimum balance requirements and draconian fees. Not good places for retail depositors to put money. There are better options. And yes, all the interest and bonuses are subject to income tax.
Rosedala
  |     |   Comment #2
I'm sorry my post of a few minutes ago has apparently been deleted? Here's another post on a different issue:

“• If the savings account is closed by the Customer or TD Bank within 6 months after account opening, TD Bank does reserve the right to deduct the bonus amount from that account at closing.”

I feel the parts "or TD Bank" and "TD Bank does reserve the right to deduct the bonus" are unethical to me. What's the consensus about this? Thank you.
P_D
  |     |   Comment #3
I don't think it's unethical. Bonus offers have their requirements and one of the requirements of this bonus is that your account has to remain open for at least 6 months. I don't see anything unethical about that.

I have had multiple checking accounts at TD since they acquired another bank that I had an account at maybe 20 years ago. But never had a savings account. This last year I did the savings account bonus with them and had no problems. Their accounts suck, but their locations are convenient to where I live and used to work so I keep minimum balance accounts there and use them only on the rare occasion I have to have a local branch for something I can't or prefer not to do online.
Rosedala
  |     |   Comment #13
Hi PD I referred only to the part where TD says: "if they themselves close the account". I understand if they deny the bonus if customer doesn't comply. I insist it's unethical but what else can we expect from certain businesses??? :)
P_D
  |     |   Comment #17
Rosedala... I think substantially all FIs have a clause in their depositor agreement that they can close your account at any time. What this amounts to is an agreement that you do not earn the bonus until the account is open for 6 months.

In addition, they disclose this in the offer so the depositor has a chance to enter or not enter the arrangement knowing they bear that risk. I think there is a higher bar than this to call something unethical when it is disclosed so clearly up front.

But I don't think your view is unreasonable either.
Rosedala
  |     |   Comment #21
PD I understand your point too, they do have clauses pre-printed whether or not apply to a present promotion.
alan1
  |     |   Comment #4
Rosedala -- you are clearly correct in characterizing the quoted language as "unethical" -- and that may be a charitable characterization.

That language permits the bank to close the account, without the consent of the account owner, and refuse to pay the bonus. That language does not require that the bank have any particular reason to close the account.

I don't recall ever seeing language of that nature. Perhaps the author of Comment #3 is aware of such a clause being inserted in offers from other financial institutions.

I do not believe that TD Bank is out to trick customers. I suspect that the quoted language is designed to apply to situations where the bank closes the account because of questionable conduct by the account owner. But, as you noted in your comment, that's not in the quotation.
Rosedala
  |     |   Comment #14
Hi Alan 1, perhaps you're right, although the fact that other banks do it doesn't make it right. If they're trying to protect themselves from....what? Whatever it is, they could briefly explain it so we don't think of them as unethical, no? :)
Rickny
  |     |   Comment #5
Hi Rose, I don't care for the language that the bank can close the account.

Maybe you can look at other offers that Ken links to that may not jave such a condition.
Rosedala
  |     |   Comment #10
Thanks Rickny, it's true DA is always at the latest info for us, but it's not so easy to find one that fits your situation at the moment. That's why I thought I'd give TD another chance though I do so hate having to go through all of that application....to find another glitch, lol!
Rickny
  |     |   Comment #18
If you (or if a spouse) have never had a Discover Savings Account you can get up to a $200 bounus. The bonus is credited shortly after you meet the requirements and you don't have a minimum balance or other time requirements.

What to do: Apply for your first Discover Online Savings Account, online or by phone. Enter Offer Code OBP21 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200. Offer ends 12/15/21,
NYCDoug
  |     |   Comment #19
TO make it easier, here's a link:

https://www.discover.com/online-banking/savings-lng-04/?TPR=020&cmpgnid=affl-bk-offer&src=CY21&van=Dbank
Choice
  |     |   Comment #20
Wow! 2% or less apy with unethical termination language. For 14 months one can get a minimum 3.56% apy with ibonds w/o the language issue
Rosedala
  |     |   Comment #24
Hi Choice, I agree however...bonds are more complicated and they too are taxed unless you get the triple tax free muni bonds which I used to get when I was a lot younger and had all my life in front of me, lol! These banks' bonuses may not be as much as one would desire but most are easy and quick - something most appreciated in this era of velocity and never enough time...no?
Choice
  |     |   Comment #25
Rose, I was referring to ibonds…not too complicated and paying a better rate…good luck
Rosedala
  |     |   Comment #23
NYCDoug thanks for the link, I'll give it to an acquaintance who I believe could use a bit of extra money. :)
Rosedala
  |     |   Comment #22
Thank you Rickny, I did the Discovery, it was very easy, as also was Wells Fargo mentioned above. Both easy and quick - a delight! Now I need to complete a $20K and a renewed patience for TD Bank's elusive bonus, then...at these accounts' expiration dates I will again have the money for this profitable game, haha!
Rickny
  |     |   Comment #26
Great Rose. Your a pleasure on this site. A bit over 2% better than the 5 year CD rates available. The IBonds are a good idea but you have to hold them 5 years or pay a penalty of 3 months intrest.
Rosedala
  |     |   Comment #28
Thanks Rickny, I still hold banks' bonuses (I didn't see any credit unions offering bonuses) are the easiest and fastest way to make up for the tiny interests offered since quite a few years ago. I'll forgo 1 or 2 percent less in exchange for saving time and complicated processes. :)
Rickny
  |     |   Comment #27
The Discover bonus is credited quickly
samknight
  |     |   Comment #29
I am battling TD over "internal" txfer fees at the moment. So be careful. Going to go back and dig, but apparently I had 6 txfers in a month from sav to checking (stmt cycle started mid month) and they charged an excess txfer fee, then that fee dropped me below the $300 simple saving balance to avoid $5 mo fee. I was slowly txferring the $ out of checking post bonus. It had been some months since I logged in as after the bonus and getting to min balances, I set it on automatic and planned to close after 10-12 months (which it has already been). No warnings or notice from TD on the fees/balance, ugh, smh.
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Availability: Available in CT, DC, DE, FL, ME, MD, MA, NH, NJ, NY, NC, PA, RI, SC, VA, and VT.

Now through November 30, 2021, TD Bank is offering a $200 bonus when opening a new TD Beyond Savings or TD Simple Savings account, depositing at least $20k of new money (not currently held in a TD Bank retail deposit account) within 20 calendar days of account opening, and maintaining a minimum...

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Availability: Available in CT, DC, DE, FL, ME, MD, MA, NH, NJ, NY, NC, PA, RI, SC, VA, and VT.

Now through March 31, 2021, TD Bank is offering a $200 bonus when opening a new TD Beyond Savings or TD Simple Savings account, depositing at least $20k of new money (not currently held in a TD Bank retail deposit account) within 20 calendar days of account opening, and maintaining a minimum...

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