At A Glance
TD Bank’s origins date back all the way to the 1850s giving this bank quite the head start. Today the bank has more than $380 billion in assets, and is available from the east coast all the way to the west coast with almost 1,300 branch locations along the east coast alone. On the west coast a multitude of TD ATM machines are available to you. All of the above, making TD Bank the eighth largest bank in the US.
As a leader in the industry they have a full line of services to offer individuals, businesses, families and even students which include checking, savings, credit cards, loans and much more.
Mission Statement:
“America’s Most Convenient Bank. Banking can be this Comfortable”
TD Bank provides unparalleled convenience and exceptional customer service by offering their customers longer hours and weekend service along with easy mobile banking.
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Types of Accounts
At TD Bank You can handle just about any financial need from day-to-day banking and investments to business banking and more. TD full-service includes, but is not limited to the following:
Checking Account
TD Bank has 6 different types of checking accounts to offer including their notable free student checking account. All of their checking accounts have monthly fees but low minimum requirements to avoid them. All accounts have free ATMs and some have paid interest rates. Note that TD Checking accounts are FDIC-insured up to $250,000 per depositor, per institution.
| Checking Account Options | |||
| Type of Checking Account | Monthly Fee | Monthly Fee Waiver Requirement | APYs |
| TD Premier Checking | $25 | $2,500 minimum daily balance | Up to .05% |
| TD Convenience Checking | $15 | $100 minimum daily balance | N/A |
| TD Simple Checking | $5.99 | N/A | N/A |
| TD Relationship Checking | $25 | $20,000 combined minimum daily balance | 0.03% |
| TD 60 Plus Checking | $10 | $250 daily balance + 60 or older | 0.05% |
| TD Student Checking | $0 | Under 24 + full time student | N/A |
Savings Account
TD Bank has three types of savings account to offer all earning you higher interest rates with higher deposit amounts. The Preferred savings account and the Growth Money market account offer a special feature – the Bump Rate – which entitles you to earn a higher interest rate for meeting certain conditions:
Simple Savings: this savings account keeps things simple by offering one interest rate of .05% rather than tiered rates. It also comes with a small 5$ monthly fee that can be waived by meeting one of these requirements:
- you are 18 years old or younger or older than 62
- linked Student account
- hold a $300 minimum daily balance
- have a recurring transfer in the account
Preferred Savings: with the more money you deposit into your preferred savings account, you can increase the amount of interest you earn:
| TD Preferred Savings Account | ||
| APY w/ standard rate | Bump Rate | |
| $0.01 – $19,999.99 | 0.05% | 0.10% |
| $20k – $49,999.99 | 0.20% | 1.00% |
| $50k – $99,999.99 | 0.35% | 1.10% |
| $100k – $249,999.99 | 0.50% | 1.35% |
| $250k – $499,999.99 | 0.50% | 1.60% |
| $500k – $999,999.99 | 0.50% | 1.60% |
| $1M – $9,999,999.99 | 0.50% | 1.60% |
| $10M+ | 0.45% | 1.55% |
- You can qualify for the Bump rates by having one of the following types of accounts with TD: a mortgage, a home equity loan, a credit card, or a personal or small business checking account and making three transactions per month
- The downside of this account, is that you need at least $20,000 in the account to waive the monthly fee of $15
Growth Money Market: This account offers check writing privileges. You can write up to 6 checks per month as well as make bill payments, all for $12 monthly. This account gives you a standard .03% to .30% APY with a possible Bump rate of .05% to .35% if you have a recurring transfer of at least $50 a month.
- Waiving the monthly fee requires a minimum balance of $2,000, or
- Be at least 62 years or older
Certificates of Deposits (CDs)
TD Bank is one of the most competitive financial institutions in the US when it comes to their TD Choice CDs. Requiring only a minimum deposit of only $250 and a linked checking account you can earn a Bump rated CD.
| Standard rate | ||||
| $250 – $9,999.99 | $10k – $49,999.99 | $50k – $99,999.99 | $100k+ | |
| 3 months | 0.25% | 0.30% | 0.30% | 0.35% |
| 6 months | 0.15% | 0.20% | 0.20% | 0.25% |
| 9 months | 0.20% | 0.25% | 0.25% | 0.30% |
| 12 months | 0.25% | 0.30% | 0.30% | 0.35% |
| 18 months | 0.30% | 0.35% | 0.35% | 0.45% |
| 24 months | 0.40% | 0.45% | 0.45% | 0.55% |
| 3 years | 0.45% | 0.50% | 0.50% | 0.60% |
| 5 years | 0.55% | 0.60% | 0.60% | 0.70% |
| Bump Rate | ||||
| $250 – $9,999.99 | $10k – $49,999.99 | $50k – $99,999.99 | $100k+ | |
| 3 months | 0.15% | 0.20% | 0.20% | 0.25% |
| 6 months | 1.10% | 1.10% | 1.25% | 1.50% |
| 9 months | 1.00% | 1.10% | 1.15% | 1.20% |
| 12 months | 1.00% | 1.10% | 1.15% | 1.20% |
| 18 months | 0.40% | 0.45% | 0.45% | 0.55% |
| 24 months | 0.50% | 0.55% | 0.55% | 0.65% |
| 3 years | 0.55% | 0.60% | 0.60% | 0.70% |
| 5 years | 0.65% | 0.70% | 0.70% | 0.80% |
TD also offers other types of CDs:
TD Non-Catch CDs: Moderate returns that give you the flexibility of making a free withdrawal once per term. Although 6-month terms are available no interest would be accumulated.
- 12-month minimum for .20% APY
TD Step Rate CDs: Higher rates over time with more frequent penalty-free access to your cash over two terms:
- 3-years generates .33% APY
- 5-years will get you a higher rate of .64% APY
Mortgage Products
TD Banks mortgage products including home equity line of credits are all dependent on the applicant’s credit scores, income and financial history. TD offers a wide variety of mortgage products that include fixed-rate mortgages, adjustable mortgage rates, construction mortgages, jumbo loans, and government loans.
Currently TD offers the following rates based on Terms:
- 30-Year Fixed: 4.687%
- 15-Year Fixed: 4.218%
- 5/1 ARM: 3.843%
Credit Cards
TD Bank offers three different credit cards to suit customer needs. Their cards offer rewards and cash back as well as signup bonuses.
TD Cash Credit Card: comes with no annual fee and $0 foreign transaction fee. An initial $200 cash back bonus when you spend $500 on purchases within the first 90 days of account opening. This card also offers a 3% cash back on dining purchases, 2% cash back at the grocery store, and 1% back on all other purchases.
TD First Class Visa Signature Card: offers 25,000 bonus miles when you spend at least $3,000 within the first 6 billing cycle. You also earn 3x miles on travel and dining and 1x miles on all other purchases. Miles are worth one $0.01 on travel, so 25,000 miles is worth $250. The $89 annual fee is waived for the first year and the card includes no foreign transaction fees.
TD Business Solutions Credit Card: caters to business owners who want to earn rewards on their purchases. This card has no annual fee and offers 3% cash back on cable, phone, and internet purchases or bill payments. You also get 2% cash back on dining and gas station purchases and 1% cash back on the rest. This card also gives you a $400 bonus once you spend $3,000 in the first 90 days.
Personal Loans
TD offers four type of personal lending options when it comes to loans. They all have no origination or application fees.
TD Express Loan:
- Get up to $25,000 in as little as 48 hours
- 99% – 18.99% Low, fixed APR with 0.25% rate discount
- Borrow $2,000–$25,000
TD Unsecured Loan:
- Funds up front – borrow one lump sum and pay it back with monthly payments
- 99% – 18.99% Low, fixed rate with 0.25% rate discount
- Borrow $2,000–$50,000
TD Unsecured Line of Credit:
- Access the money you need, when you need it
- 50%-15.50% Low variable rate with 0.25% relationship discount
- Borrow from $20,000-$50,000
TD Personal Secured Loan:
- Get the money you need while still earning interest
- 92% Low variable rate
- Borrow $5,000–$50,000
IRAs
TD Bank offers five different IRA options to help you save for retirement: TD Simple Savings IRA, TD Preferred Savings IRA, TD Choice Promotional IRA CDs, TD IRA ADD-Vantage CDs, TD Step Rate IRA CDs. Most of these IRAs are also eligible for the Bump rate by linking an eligible TD Checking account. The best option for IRA Savings at TD is the TD Choice Promotional IRA with the bump rate of course. All IRAs are also FDIC insured up to $250,000:
- The minimum deposit is reasonable
- the highest rate of return is on the 18-month CD
- Bump rate with linked checking account
Prepaid Cards
Prepaid cards are not typically available to you at financial institutions, but this is one of TD’s perks. Offering to its customers three different options of prepaid credit cards:
- TD Connect Reloadable
Minimum required amount of $25
Small monthly fee of $5.99
- TD Go Reloadable
Minimum required amount of$20
No monthly fee
- TD Bank Visa Gift Card
Minimum amount of $25 up to $750
No monthly fee
Bank Features
- Opening an Account is relatively simple at TD Bank, you can present yourself to any of the branch locations with identification. You can even open an account online with your social security number, a government ID and your date of birth
- Extended Hours is offered at TD Bank. Its branches are open weekdays from 8:30 AM and between 5 – 7PM. It is also open on Saturdays from 9AM to 3PM and on Sundays from 11AM to 3PM. Some locations also offer ‘drive-through’ hours which go a little later than regular branch hours with the exception of weekends.
- Online Banking tools include Zelle for money transfers and an easy mobile app software. The TD app also offers a digital wallet that works like Apply Pay. Balance alerts can be set up as well, we help you achieve personal saving goals or alert low balances.
- TD Ameritrade is a full-service investment brokerage firm that offers a full line up of investment options under the TD umbrella.
About TD Bank
For 150 years TD Bank has been providing customers with unmatched customer services and a stellar line-up of banking products. TD Bank, America’s Most Convenient Bank, remains devoted on delivering award-winning customer service and hassle-free products to its US customers from Maine to Florida and to its cross-border customers in Canada under TD Canada Trust.
With over 27,000 employees, $380 million in assets, and close to 1,300 branches on the East Coast alone, TD bank is one of the top ten biggest banks of the united states.
The Bottom Line
TD Bank offers you the opportunity to house all of your banking needs under one roof. And if you plan on travelling the luxury and possibility of utilizing their cross-border entity TD Canada Trust, makes this bank a good catch. On top of their long hours and weekend availabilities.
Keep in mind TD doesn’t offer the best rates so If you’re looking for a bank that can offer you high interest rate on your deposits, you may want to look elsewhere.