TD Bank VS Citizens Bank

Which bank is better for you?

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

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

Cons:

  • Products not available everywhere
  • Accounts have monthly fees
  • Interest rates are low
  • Not all checking accounts earn interest
  • Financial Rates: 1.5 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.5 Star Icon
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Pros:

  • No set amount to open most accounts
  • Good variety of accounts available
  • Overdraft Pass
  • Can open most accounts online

Cons:

  • Products not available everywhere
  • Accounts have monthly fees
  • Limited CD terms offered
  • Low interest rates for accounts
TD Bank Review

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.

Read the full TD Bank review.

Citizens Bank Review

Checking, savings, and money market accounts do not have required opening amounts. However, to earn the best rates, you must be a Platinum member. A Platinum member has at least $25,000 in Citizen Bank accounts. The basic checking and savings accounts do not require you to be a Platinum member.

Citizens Bank offers a variety of accounts. These accounts include:

  • Four personal checking accounts
  • Three personal money market accounts
  • Four personal savings accounts
  • CD terms of 11, 14, and 24-month CDs
  • IRA accounts
  • Personal credit cards, lending, retirement, and investment options
  • Business savings, checking, and money market accounts
  • Business CDs
  • Credit cards, lending, and investment options for businesses

Checking and money market accounts include $5 Overdraft Pass. If you overdraw your account for $5 or less, there will not be a fee. To avoid other overdraft fees, deposit money into your account as soon as possible. There is no limit to how many overdrafts qualify for the pass.

If you live where Citizens Bank account are available, you can open most personal accounts online. The application is entirely online. To open the College Saver savings account, you need to visit a branch location. Business and IRA account must also be opened in a branch.

Accounts are not available everywhere. Citizens Bank currently operates in 11 states. If you do not live in one of these states, you cannot open an account. Those states are:

  • Connecticut
  • Delaware
  • Massachusetts
  • Michigan
  • New Hampshire
  • New Jersey
  • New York
  • Ohio
  • Pennsylvania
  • Rhode Island
  • Vermont

Citizen Bank accounts have fees. The fees range from $3.99 to $25 each month. There are ways to waive the fees. Those included making deposits and having set account balances. The balances range from $2,500 to $25,000, depending on the account. You can waive some money market and savings account fees by opening a Platinum checking account.

There are only three standard CD terms offered through Citizens Bank. They offer 11, 14, and 24-month CDs. The 14-month CD is an online-only account. Each term requires $1,000 to open. Business and IRA CDs are also available.

Most Citizens Bank accounts have low rates. The interest rates compare to typical brick-and-mortar bank rates. The CDs offer slightly higher rates if you also open a Citizens Bank checking account. Even those higher rates are not competitive with other online accounts.

Read the full Citizens Bank review.

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Savings (Rate as of 3/29/2024)
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