TD Bank review: Convenient branch access, but low yields and high fees

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TD Bank offers a unique blend of traditional and modern banking services, catering primarily to East Coast residents. It has thousands of brick-and-mortar locations in more than a dozen states and extended hours, which make it easy to visit if you need to get into a branch, even on the weekends.

TD offers many regular banking products and has a large ATM network with an excellent app and digital experience. But it doesn’t have competitive rates and charges many fees that competitors waive for similar products.

About TD Bank

TD Bank, the U.S. subsidiary of Canada's Toronto-Dominion Bank, is the 10th-largest bank in the U.S., with more than 1,100 branches along the East Coast from Maine to Florida. What sets TD Bank apart is its commitment to accessibility. Most branches are open seven days a week, including evenings, making it easier for busy professionals to handle their banking needs outside of traditional hours.

TD Bank rates and products

TD Bank offers checking, savings, CDs, and different lending products, including credit cards and loans.

Checking accounts

TD Bank offers three main checking accounts:

TD Complete Checking

• Annual percentage yield (APY): None
• Monthly fee: $15, but it can be waived if you maintain a minimum balance of $500, make direct deposits of at least $500 each month, or have a $5,000 minimum daily combined balance across all personal deposit accounts

TD Beyond Checking

• APY: 0.01%
• Monthly fee: $25, waived if you set up at least $5,000 in direct deposits each statement cycle, maintain a $2,500 minimum daily balance, or have a $25,000 minimum daily combined balance across eligible TD accounts

TD Essential Banking

• APY: None
• Monthly fee: $4.95 monthly maintenance fee, waived if you are 13 to 17 years old

While there’s some flexibility in a few of the account offerings, there are also limitations. For instance, you can’t get personal checks with the Essential Banking account, and the Complete Checking account doesn’t reimburse fees if you use an out-of-network ATM.

Savings accounts

TD Bank offers two savings accounts: TD Simple Savings and TD Signature Savings.

TD Simple Savings

• APY: 0.01% to 0.05%
• Monthly fee: $5, waived if you maintain a $300 balance

TD Signature Savings

• APY: Up to 4.00% with a minimum balance of at least $100,000
• Monthly fee: $15, waived if you maintain a $10,000 balance or link an eligible TD checking account

The interest rates on TD Bank’s savings accounts are generally low, except for the Signature Savings account’s highest tier. However, you’ll need at least $100,000 to access that rate, which may be out of reach for many savers.

CDs

• Standard CDs: Offer 1.00% APY for all terms and balances.
• Relationship rate CDs: If you have an eligible TD Bank checking account in good standing, you can qualify for the relationship rate. Depending on your deposit and the length of your terms, these rates range from two to four times the standard rate, up to 4.50%.
• No Catch CD: Allows one penalty-free withdrawal during the term.
• Step Rate CD: Offers a guaranteed rate bump increase every year, plus one penalty-free withdrawal at each anniversary.

All of TD Bank’s CDs require a $250 initial deposit, and terms range from three months to five years. The relationship rate CDs offer more competitive rates, but you’ll need an eligible TD Bank checking account to qualify. The No Catch and Step Rate CDs provide more flexibility, which might appeal if you’re unsure about locking your money away for an extended period.

Other TD Bank products and services

Beyond regular banking products, TD Bank offers a range of financial products and services:

• Credit cards
• Personal loans
• IRAs
• Mortgages
• Home equity loans and lines of credit
• Student banking
• Small business banking
• Commercial banking
• Investing

TD Bank banking experience

Online and mobile banking platform

One area where TD Bank shines is its digital experience. In J.D. Power’s 2024 U.S. Online Banking Satisfaction Study, TD Bank ranked first among national banks, even surpassing Capital One.

This shows current and potential customers that they know the value users put in the online banking experience. The mobile app has 4.8 out of 5 stars in the App Store and 4 out of 5 stars in the Google Play store.

Customer service

You can call general customer support at 1-888-751-9000 and talk to someone 24/7. There’s also a live chat feature, which is helpful if you have questions you want quick answers to.

While TD Bank has a strong customer service reputation, some recent issues are worth noting. In September 2024, the Consumer Financial Protection Bureau (CFPB) found that TD Bank reported inaccurate consumer information to credit reporting agencies.

Because of some of these reporting inaccuracies, customers saw a negative impact on their credit. This resulted in over a $7 million payout to affected customers and a $20 million civil penalty.

Account security

TD Bank deposit accounts are FDIC-insured up to $250,000 per account, per depositor. These include checking and savings accounts, like CDs.

How TD Bank stacks up

Before opening an account, it’s worth shopping around and comparing TD Bank to other competitors.

TD Bank vs. SoFi

If you’re comfortable with online banking and looking to maximize your earnings on your checking and savings, SoFi is a great option. It offers a combined checking and savings account, and you can earn up to 4.60% APY on your savings and 0.50% on your checking balance. While you have to open both accounts together, there are no monthly fees or minimum initial deposits, unlike TD Bank.

TD Bank vs. Capital One

Capital One is the ninth-largest bank in the country but has fewer physical branches than TD Bank, which could be a limitation if you live on the East Coast and prefer in-person banking.

Capital One’s high-yield savings account doesn’t have a minimum balance requirement, and you can earn 4.10% APY without hitting a dollar amount first. Unlike TD Bank, Capital One does not charge monthly maintenance or overdraft fees for savings or checking accounts, which is a significant advantage.

Is TD Bank right for you?

TD Bank could be an excellent choice if you:

• Live on the East Coast and value in-person banking
• Appreciate extended banking hours, including weekends
• Want a bank with a strong digital platform
• Need a wide range of financial products and services

But if you don’t think you’ll be able to meet the requirements for avoiding monthly fees, maintaining a TD Bank account could get costly. And if you prioritize high interest rates on savings, you’re better off looking elsewhere.

How we rated this bank

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here.

The bottom line

TD Bank offers a mixed bag of banking perks; whether it’s right for you depends on your location and priorities. If you live on the East Coast and value the ability to visit a branch outside of regular business hours, TD Bank’s convenience factor is hard to beat.

However, with lackluster rates and fees attached to their savings and checking accounts, it may not be worth it for some. Shop around and compare TD Bank to other options to see if it’s the right move for you.

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.