Business Insider's personal finance team compared to the best banks and found its a middle-of-road offering.
The bank might be a good choice if you live on the East Coast and prefer traditional brick-and-mortar banks to credit unions or online banks. It is also may be ideal if you want to open bank accounts with low initial deposits, a variety of home loan or personal loan options, or a 2% cash back credit card.
If you don't meet the requirement to waive monthly service fees on TD Bank, other banks have fee-free bank accounts that may be a better fit. You should also consider other options if you want to open one of the best high-yield savings accounts or are looking for high CD rates.
TD BankOverview
is a brick-and-mortar financial institution on the East Coast with over 1,100 branches and 2,600 free ATMs. Branches are accessible in the following states:
- Connecticut
- Delaware
- Florida
- Maine
- Maryland
- Massachusetts
- New Hampshire
- New Jersey
- New York
- North Carolina
- Pennsylvania
- Rhode Island
- South Carolina
- Vermont
- Virginia
- Washington, DC
TD Bank accounts are FDIC-insured, which means you may safely keep up to $250,000 in an individual bank account.
TD Bank Digital and Mobile Banking Experience
is ranked highly in online banking satisfaction. According to the J.D. Power 2024 U.S. Online Banking Satisfaction Study, TD Bank placed first overall among national banks.
The bank's mobile app has mixed ratings, though. TD Bank ranks lower than the study average in a J.D. Power 2024 U.S. Banking Mobile App Satisfaction Study. However, the bank's mobile app has received 4.8 out of 5 stars in the Apple store, with over 248,000 reviews, and 4.0 out of 5 stars in the Google Play Store based on 84,700 reviews.
The mobile app experience includes standard mobile app features as well as unique perks.
Similar to most other banking apps, you'll be able to make mobile check deposits and make bill payments. You'll also be able to receive 24/7 live customer support, set customizable alerts, and request a new temporary debit card limit.
TD Bank Customer Service and Support
customer service is available 24/7 by phone or live chat. The bank's branches are open on weekdays. Some are also open on Saturdays, and others are open seven days per week.
Something to keep in mind is the bank has a unique holiday banking schedule. Bank locations remain open on President's Day and Indigenous People's Day, which are federal holidays when most banks are closed.
TD Bank Pros and Cons
TD Bank Pros
- Over 1,100 branches and 2,600 ATMs
- Low or no minimum opening deposits on bank accounts, and some of the best checking account bonuses and savings account bonuses
- Variety of mortgage options
- Personal loans range from $2,000 to $50,000
- 24/7 customer service
TD Bank Cons
- Only available on the East Coast
- Monthly service fees on bank accounts
- High CD early withdrawal penalties
Is TD Bank Trustworthy?
In our review, we include ratings from the Better Business Bureau. The BBB grades companies based on how they deal with customer issues, and it has a D+ rating from the BBB. The BBB notes government action has been taken against the business.
In 2023, the bank had to pay $1.2 billion in a settlementthat claimed the bank was involved in a Ponzi scheme started by Robert Allen Stanford, the former chairman of Stanford International Bank. TD Bank provided correspondent banking services to Stanford International Bank.
Banking Options with TD Bank
TD Simple Savings Account
TD Signature Savings
(Member FDIC) has two savings accounts:TD Signature Savings and the TD Simple Savings Account.
The TD Simple Savings Account makes it easy to waive monthly service fees during the first year — just make a recurring deposit of at least $25 each month. After that, you'll need to maintain a minimum daily balance of $300, meet certain age-specific requirements, link to an eligible checking account, or open an IRA.
TD Signature Savings generally offers more competitive interest rates than TD Simple Savings Account for most account balances. However, you'll need to be mindful of a $15 monthly service fee. To waive the monthly fee you must maintain a $10,000 minimum balance or link to a TD Beyond Checking Account.
If you qualify for a relationship rate, you'll also earn a higher interest rate on TD Signature Savings, especially on higher balances. To qualify for a relationship rate, you must link a savings account to a TD Bank personal checking account, small business checking account, credit card, mortgage, or home equity loan.
If you have a personal or business checking account, you'll also need to meet additional requirements to qualify for a "relationship rate" — either receive a monthly direct deposit or make at least three deposits, withdrawals, payments, or transactions monthly.
Both the TD Simple Savings Account and TD Signature Savings come with a savings account bonus. You can earn up to $200 if you open a new account and meet the bonus requirements. This offer ends on October 31, 2025.
See Business Insider's TD Bank Savings Rates Review.
TD Bank Essential Banking
TD Bank Complete Checking
TD Bank Beyond Checking Account
offers the TD Bank Convenience Checking Account , TD Bank Beyond Checking Account, and TD Bank Essential Banking. It also offers several TD Bank business accounts.
You don't need a minimum deposit to open any personal checking account. However, all of the accounts have monthly service fees. You can waive monthly service fees on some TD Bank checking accounts by meeting certain minimum balance requirements or if you fit a specific age group.
See Business Insider's TD Bank Checking Account review.
TD Bank Choice Promotional CD
TD Bank No-Catch CD
TD Bank Step Rate CD
CD rates are relatively low overall, with the exception of a few terms. It also has a no-penalty CD and a step-up CD, though, so TD is a good choice if you want a variety of options.
See Business Insider's TD Bank CD Rates Review.
Auto Loans with TD Bank
is an indirect lender, so you won't be able to get an auto loan directly from the financial institution. Information about auto loans term, rates, and fees isn't available online. You'll have to find a dealership partner to learn more about TD Bank auto loans.
Personal Loans with TD Bank
has unsecured personal loans called Fit Loans. You may qualify for a Fit Loan if you live in a state that has a TD branch. Loan amounts range from $2,000 to $50,000.
See Business Insider's TD Bank Personal Loans Review.
Mortgages with TD Bank
may be a solid choice if you're looking for a variety of home loans. The bank has conforming loans, FHA loans, VA loans, construction loans, jumbo loans, Medical Professional mortgages, TD Right Step mortgages, TD Home Access mortgages, home equity loans, and HELOCs.
See Business Insider's TD Bank Mortgage Review.
Credit Cards with TD Bank
also offers several types of credit cards, including secured credit cards, travel credit cards, and cash back credit cards.
TD Bank Alternatives
TD Bank vs. Chase
You might prefer Chase Bank if you want a large branch network. It has branches in every U.S. state except Alaska and Hawaii.
Chase has multiple checking accounts to choose from, and depending on which one you choose, you can earn bonuses as high as up to $3,000. Still, makes it easier to waive monthly service fees on its checking accounts.
For savings accounts, it's a toss-up between the two banks since their accounts have similar features. The requirements for waiving the monthly service fee are nearly identical. Your best option might ultimately hinge on which bank's branches are closer to your home.
TD Bank vs. Bank of America
Bank of America has 4,200 branches in 37 states and DC, while has around 1,100 branches in 15 states and DC. Bank of America could be a better option if you want a larger branch network.
You might prefer TD Bank if you're looking for more options for home loans. Bank of America doesn't have home equity loans or construction loans.
Why You Should Trust Us: How We Reviewed TD Bank
For our review, we rate bank products and services using our our editorial standards. At Business, we rate products on a scale from one to five stars. We compare and contrast the features and fine print of various products to help determine if the account may be right for you.
For example, while reviewing a TD Bank checking account, we used our bank account methodology to examine specific account features like opening requirements, monthly service fees, overdraft protection, ATM network availability, and ATM fees. Meanwhile, for credit cards, we look at features such as annual fees and rewards rates and for loans and mortgages, we examined criteria, including (but not limited to) fees and term options.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
TD Bank: Overall Bank Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Personal bank accounts | 3.5 to 4 |
| Auto loans | 1.75 |
| Personal loans | 4 |
| Mortgages | 3.98 |
| Credit Cards | 3.85 (only for the TD Double Up℠ Visa Credit Card) |
| Trustworthiness | 4 |
| Total | 3.75 |
TD Bank FAQs
What makes TD Bank different from other banks?
stands out from other banks if you're interested in a brick-and-mortar banking experience and want bank accounts with low initial deposits, a variety of home loans or personal loan options, or a 2% cash back credit card.
Are there any fees associated with TD Bank accounts?
Yes. accounts have monthly service fees and some have overdraft fees to be mindful of.
How user-friendly is TD Bank's mobile app?
's mobile app has mixed ratings. It received 4.8 out of 5 stars in the Apple store based on over 247,000 ratings. It also has 4.0 out of 5 stars in the Google Play store with over 84,400 reviews. TD Bank ranks lower than the average according to a J.D. Power 2024 U.S. Banking Mobile App Satisfaction Study, though.
Is TD Bank a good bank?
may be a good bank if you want to establish relationship banking with brick-and-mortar bank mainly based on the East Coast. The advantage of having a relationship rate with the bank, is you can get more competitive savings account rates, waived fees, and discounts on other services.
The post TD Bank Review: Exploring Its Banking Services, Benefits, and Drawbacks appeared first on Business Insider