TD Financial institution: 2023 Banking Overview

What we like

• Full suite of banking and borrowing providers and merchandise
• Entry to greater than 1,110 bodily branches and greater than 2,600 ATMs
• Prospects with TD checking accounts can reap the benefits of aggressive CD and borrowing charges
• Affords bonus for brand spanking new checking account prospects as much as $300

What we don’t like

• Nonetheless costs overdraft and month-to-month charges
• Highest financial savings charges are solely accessible with increased deposits
• Some accounts can not waive charges — which may add up rapidly 
• Low rates of interest in comparison with different banks that provide CDs and financial savings accounts 

Who’s TD Financial institution suited to?

TD Financial institution affords the comfort of all of the banking services you want beneath one roof. And should you’re already a TD Financial institution buyer, you’ll profit from increased charges which might be simply as aggressive as on-line banks for some TD Financial institution accounts. So, if you need entry to bodily branches and you reside throughout the financial institution’s community — East Coast, Mid-Atlantic, Carolinas and Florida — this is usually a good decide, particularly in case your location is open on Sundays.

It’s necessary to notice that some states have a considerably smaller presence than others. For instance, TD has greater than 300 places in Massachusetts however simply 12 in Rhode Island. However should you’re not enthusiastic about bodily department service, you might be higher off contemplating on-line banks that include fewer charges and extra perks.

TD Financial institution checking accounts

Overview

TD Financial institution affords 5 completely different checking accounts, however none of them compete with the greatest checking accounts. We like that TD makes it straightforward to keep away from charges on its Comfort Checking account — simply keep a $100 minimal every day steadiness — and that it affords a free checking account for seniors. TD additionally affords bonuses for brand spanking new prospects, sometimes between $100 and $300, in trade for making a specific amount of direct deposits after you open an account. However its checking accounts don’t do a lot else.

You’ll must learn the high quality print to be sure to choose out of any overdraft safety as a result of the financial institution costs a $35 overdraft charge on a few of its accounts. You additionally need to be sure to can waive month-to-month charges simply.  Right here’s a snapshot of the checking accounts TD affords:

Account options

TD Financial institution financial savings accounts

Overview

TD Financial institution affords two financial savings accounts. Its Easy Financial savings account serves as a conventional financial savings account with only a few perks and solely affords a 0.02% APY — one of many lowest financial savings charges accessible proper now. So long as you make 12 recurring transfers of at the least $25 for the primary 12 months, you’ll be able to waive the $5 month-to-month charge. 

On first look, TD Financial institution’s Signature Financial savings account looks like a serious win over different large banks. However a better look exhibits a unique story. Whilst you can earn as much as 3.51% APY with the financial institution’s Signature Financial savings account, it’s necessary to learn the high quality print — incomes that charge requires a minimal every day steadiness of $250,000. And whereas that 3.51% is actually spectacular for an enormous financial institution, there are many on-line banks that provide extra aggressive charges with fewer necessities (in some instances, no minimal deposit is even required). 

If in case you have a smaller steadiness, you’ll earn a smaller yield. For instance, a steadiness between $10,000 and $24,999 presently earns a 2.00% APY when you have a TD checking account to qualify for this bump charge. Balances under this earn 0.01% APY — a good decrease charge than the Easy Financial savings account.

TD Financial institution CD accounts

Overview

In the event you do have a checking account with TD, you might be able to lock in a aggressive certificates of deposit. A TD checking account qualifies you for a bump charge that’s a lot increased than the CD’s normal APY. However solely the six-, nine- and 12-month CDs provide aggressive bump charges value contemplating.

You possibly can select CD phrases starting from six months as much as 5 years, however its charges are lower than CNET’s common. It’s additionally value noting that TD’s normal CD charges aren’t accessible on the positioning. 

TD additionally affords two various CDs. There’s a no-penalty CD — dubbed the No-Catch CD, since you can also make one withdrawal throughout your time period with out paying any penalty. However there’s a catch: It requires a $250 minimal deposit.

Moreover, TD has a step-rate CD with three-year and five-year phrases, which affords an rate of interest enhance yearly. Nevertheless, the usual beginning charge — 0.05% — is so low that you simply’re higher off trying elsewhere. And a minimal $250 deposit is required. 

Account options

Early withdrawal penalties for Selection CDs are based mostly on the time period:

TD Selection CD charges

Overdraft charges

We don’t like that TD Financial institution nonetheless has overdraft charges. You may get charged a $35 charge in case your account is overdrawn by greater than $50 on its Comfort Checking Account, for instance, and should you attempt to make three purchases that day, you might get hit with a whopping $105 per day ($35 x 3). However you received’t be charged a charge if it’s lower than $50. 

In the event you don’t need to fear about overdraft charges, TD’s Important Banking account is a greater possibility: There aren’t any overdraft charges, however there’s a necessary $4.95 month-to-month charge — which is far lower than TD’s overdraft cost. There are various different banks that don’t cost overdraft charges, together with Alliant Credit score Union and Ally. 

Different banking merchandise

TD affords a variety of different merchandise, and if you have already got an account with TD Financial institution, you might obtain charge reductions. Right here’s what else is presently accessible on sure loans:

• First mortgages: Fastened-rate and adjustable-rate mortgages, together with standard FHA, VA, jumbo and low down cost loans
• Second mortgages: House fairness loans and HELOCs
• Bank cards: A lineup that features conventional cashback and rewards playing cards, together with secured bank cards. And TD has two new low-credit-limit choices that cost set charges as an alternative of variable curiosity

Banking expertise

TD affords a rarity within the banking trade: A lot of its bodily branches are open on Sundays. In relation to digital instruments, the financial institution affords all the pieces you’d count on of an enormous financial institution that has the sources to put money into new know-how — together with a web site and cellular app with frequent banking options. Nevertheless, the financial institution’s cellular app carried out under the trade common in J.D. Energy’s most up-to-date cellular app satisfaction examine.

Customer support

TD Financial institution affords 24/7 customer support at 1-888-751-9000. You may as well join with dwell brokers by way of the financial institution’s cellular app. Moreover, the financial institution affords assist by way of Fb Messenger and Twitter’s direct messaging. If it’s worthwhile to discuss to somebody nose to nose, use the financial institution’s on-line locator device to discover a department close to you. Some TD Financial institution branches are open on Sundays for restricted hours, which most banks don’t provide. Understand that branches are restricted to 16 states.