TD Bank Review

How does your bank stack up?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon


  • Wide variety of accounts offered
  • Specific checking accounts available
  • Business prepaid cards
  • Good variety of CD options


  • Products not available everywhere
  • Accounts have monthly fees
  • Interest rates are low
  • Not all checking accounts earn interest

What You Need to Know

TD Bank offers a large selection of bank accounts. They offer personal checking, savings, and money market accounts. CDs, loans, and prepaid cards are offered. TD Bank offers accounts for small and commercial businesses. Checking, savings, and money market accounts are available for businesses. Loans, CDs, and credit cards for businesses are also offered.

TD Bank offers two specific checking accounts. One is for those over 60 years old, and another account specific for students. The student checking account does not have a monthly fee. The TD 60 Plus account requires $250 be in the account to waive the $10 monthly fee. The TD 60 Plus checking earns interest.

TD Bank offers three prepaid cards for businesses. You can use the cards to pay employees their paycheck or as part of an incentive program. Load a specific amount for expenses to the card or use them as a reward or refund. TD Bank offers reloadable cards or one-time use cards. The cards are accepted anywhere Visa is accepted.

TD Bank offers a good variety of CDs. TD Bank’s No-Catch CDs allow you to make one withdrawal each CD term without penalty. Step Rate CDs increase your interest each year. The 12-month Rate Bump CD offers competitive interest rates. To qualify for that CD, you must have a qualifying checking account in good standing. The rate bump increases the amount of interest your CD earns by more than a full percent. Only $250 is required to open all TD Bank CDs.

Accounts with TD Bank are not offered everywhere. To qualify for an account, you must have an address within the footprint of TD Bank. Those areas are on the East Coast, ranging from Maine to Florida. They are also in parts of Canada.

Most all TD Bank accounts have a monthly maintenance fee. The fees range from $4 to $25 each month, depending on the account. Not all account fees are easy to waive. Having a required amount in the account is the most common way to waive the account fees. Signing up for online statements will lower the monthly fee, not waive it. Having a direct deposit into the account will not waive the monthly fees.

Interest rates for TD Bank accounts are low. They are competitive with your typical brick and mortar bank rates. The TD Bank account rates are not competitive with online-only accounts. Only a few CDs offer interest rates competitive with online-only accounts.

Not all TD Bank checking accounts earn interest. The Premier, Relationship, and the TD 60 Plus checking account are the three that earn interest. The 60 Plus checking account does not require a large balance to avoid the monthly fee. The Premier account requires $2,500, and the Relationship requires $20,000 between TD Bank accounts.

Cool Things

Cross-Border Banking

TD Bank allows you to link your accounts between the United States and Canada. Banking is available between the two countries. It does not matter if it is for travel or business. You can bank across the border if you are a part-time resident.

Finance 101

The TD Bank website offers a section to help increase your financial knowledge. The topics range from getting rid of debt to growing your small business. Other topics include mortgage information and saving for a vacation. These articles help you learn about a variety of different financial topics. The website offers financial calculators, videos, and guides.


TD Bank opened first as Portland Savings Bank in Maine, in 1852. By 1983 the bank had grown and merged with other banks. They changed their name to Peoples Heritage Bank, then to Banknorth.

In 2004, Banknorth became a shareholder with TD Bank Group of Toronto, Canada. This was a top 10 financial service company in North America. The purchase of Banknorth by TD Bank Group was completed in 2007. The name became TD Banknorth.

Wanting to still increase, TD Banknorth acquired Commerce Bank in 2008. It was then the bank rebranded to the current name of TD Bank, America’s Most Convenient Bank. The TD stands for Toronto-Dominion.

TD Bank continues to acquire banks in the Eastern part of the United States. They offer products to those living from Maine to Florida and in areas of Canada.

Today, TD Bank is one of the ten largest banks in the United States. They have around 26,000 employees. They serve over 9 million customers and have 1,300 branch locations. Their assets total $308 billion.

Awards and Recognition

  • "Overall Customer Satisfaction in Retail Banking" from J.D. Power U.S. Retail Ranking Study
  • "Best Big Bank" in America in 2016 by Money Magazine
  • "Best Workplaces in Financial Service & Insurance" by Fortune

Giving Back

TD Charitable Foundation awarded 25 organizations on the East Coast over $3 million. They awarded 25 grants to help nonprofit organizations. These specific nonprofits support people who need housing assistance. "Housing for Everyone" allows nonprofits to apply for the grants.

TD Bank assisted in financing homes for homeless young adults. They partnered with Project HOME. It is a nonprofit that helps to break the cycle of poverty. TD Bank provided an $11 million commitment. That commitment included a $6.7 million tax-exempt construction loan. The funds will help build a four-story building with 30 one-bedroom apartments.

Frequently Asked Questions

Is This Bank FDIC insured?

Yes. TD Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

With a debit card, checks, ATM, or by visiting a local branch. You can transfer money online between TD accounts.

Does this bank offer mobile banking?

Yes. With TD mobile banking you can view account balances and pay bills. You can deposit checks and make transfers. You can view your account statement, find locations, or set up account alerts.

Is this bank free?

No. Most all TD Bank accounts have a monthly maintenance fee. There are ways to waive the fee. Those ways may differ between accounts.

Is this a good bank?

TD Bank offers a wide variety of accounts to fit your banking needs. The interest rates are low, and all accounts have a monthly fee. Waive the fees by keeping a set amount in the account. There are many branch locations.

Is this bank secure online?

Yes. TD Bank uses firewalls and encrypts your personal information. Their sites are password protected. You will automatically be logged out of your account after a certain amount of time. If you sign on to your account from an unrecognized account, you will be required to enter a code. TD Bank sends the code to the phone number on file.

Does this bank offer competitive interest rates?

No. The interest rates for TD Bank are competitive with your typical brick and mortar banks. Their interest rates are not competitive with other online-only accounts. Only a few CD accounts offer competitive interest rates.

Can I use this bank for my business accounts?

Yes. TD Bank offers a variety of small and commercial business banking accounts. Checking, savings, and money market accounts are available for your business. Loans, CDs, prepaid cards, and credit cards are also offered for businesses.

How is the online bank different from the online banking my bank offers?

It is not different. It is the same. The interest rates are similar to your typical bank.

Do their checking accounts pay interest?

Yes. Three of TD Bank checking accounts earn interest. The TD 60 Plus account earns interest and only requires $250 be kept in the account. The other two checking accounts that earn interest require a higher amount. At least $2,500 must be kept in the Premier account. The Relationship account requires $20,000 be kept in TD Bank accounts to waive the monthly fee and earn interest.

How do I reach customer service?

By phone or by visiting a local branch. You can do your banking or speak to a customer service representative 24/7. You can follow TD Bank on social media through Twitter, Facebook, and LinkedIn.

Does this bank offer bill pay?

Yes. All TD Bank checking accounts come with free bill pay and e-bills.

Can I deposit cash?

Yes, at a local branch or a TD Bank ATM.

How long do transfers take?

Electronic deposits or transfers between accounts are immediate. Other check deposits are available in full the next business day. The first $100 of those deposits are available immediately. Cash deposits are available immediately.

Can I sign up for direct deposit to this account?

Yes. Direct deposit is available for all TD checking and savings accounts.

Bank Contact Information

Find a local branch

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Savings (Rate as of 7/18/2024)
APY 4.25%
Rate 4.16%
For APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC
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Savings (Rate as of 7/18/2024)
APY 4.50%
Rate 4.50%
For APY $0
Monthly Fee $0.00
Min to Avoid Fee $0
Checkbook No
Member FDIC
Next >