TD Bank Review: Savings, Money Markets and CD

TD Bank offers personal banking products and services. Learn how TD Bank works and what it has to offer.
By Rebecca Lake
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TD-Bank

TD Bank is one of the 10 largest banks in the U.S., and it's one financial institution you might consider when opening a new bank account.

If you're interested in regular savings accounts, money market accounts or certificates of deposit, you'll find them all here. But before you open an account with TD Bank or any other bank, it's important to have an idea of what to expect.

What is TD Bank?

Touted as "America's Most Convenient Bank," TD Bank has a history dating back more than 150 years. The company offers retail, small business and commercial banking products and services to more than nine million customers.

TD Bank has approximately 1,250 banking locations concentrated in the Northeast, Mid-Atlantic and D.C. metro areas, as well as states along the East Coast including North Carolina, South Carolina and Florida.

The bank is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, one of the top 10 financial services companies in North America.

Along with banking products and services, TD Bank also offers private banking and wealth management services through TD Wealth. The FDIC insures accounts held at TD Bank up to the allowed limits, per depositor, per account ownership type.

Why TD Bank is Best for You in 2021

TD Bank could be the best bank for you if you're interested in opening accounts with a traditional financial institution versus an online bank. If you live on the East Coast, you can take advantage of branch and ATM banking while enjoying account perks that allow you to save money on fees.

Popular TD Bank Accounts

TD Bank offers a number of options if you're ready to open an account. The options include:

  • Checking accounts
  • Savings accounts
  • Money market accounts
  • Certificate of deposit accounts

Here's a brief overview of some of the most popular TD Bank accounts, followed by a closer look at how they work.

AccountMin. to Earn APYMin. Opening DepositNotes
TD Beyond Savings$0.01$0Earn a relationship rate bump when you open another eligible TD Bank account
TD Simple Savings$0.01$0Multiple options for waiving the monthly maintenance fee
TD Growth Money Market$0.01$0Earn a bump rate when you schedule a recurring deposit each month
1-yr CD$250$250Earn a rate bump with an eligible TD Bank checking account
5-yr CD$250$250Pay no monthly maintenance fees

How TD Bank Works

Before you open an account with TD Bank, it's helpful to know a bit more about how it works. That can help you decide if it's the right place to keep your money.

Maintenance fees

Monthly maintenance fees can detract from the interest you might earn with a savings account or money market account. And if you have a checking account, paying a fee each month could chip away at your balance.

TD Bank does charge monthly maintenance fees for its checking accounts, regular savings accounts and money market accounts. But the bank also gives you numerous opportunities to waive the fee each month. For example, you may be able to avoid monthly maintenance fees by maintaining minimum balances in your accounts or scheduling a recurring direct deposit.

Account minimums

It's not uncommon for banks, both brick and mortar and online, to have minimum balance requirements for checking accounts, savings accounts, money market accounts and CDs. With interest-bearing accounts, you may need to meet the minimum balance guidelines in order to earn interest on your deposits.

TD Bank makes it relatively easy to open an account even when you don't have a lot of money to start saving. For example, you can open a checking account, savings account or money market account with $0. But you will need to maintain minimum balances for each account to earn interest and/or avoid monthly maintenance fees. CD accounts at TD Bank have a $250 minimum-opening-deposit requirement.

Can you open multiple accounts?

Opening multiple bank accounts at one financial institution could make sense if you like the convenience of keeping your money in the same place. You can open multiple accounts with TD Bank to fit your banking needs.

For example, you might want to open a checking account and savings account to hold short-term funds. But you may also choose to open a money market account or CDs to fund your financial goals for the long term.

When opening multiple accounts, it's important to consider what you'll need in terms of minimum opening deposits and minimum deposits. It's also helpful to think about how having multiple accounts might allow you to waive monthly maintenance fees.

Account access and customer support

Managing your TD Bank accounts is easy and convenient. You can manage your accounts online or through the TD Bank mobile app. But you can also visit a TD Bank branch or ATM to handle banking transactions.

Customer support is available through Facebook messenger or at a TD Bank branch. Live customer support can be reached by phone at 1-888-751-9000. You can use this number to ask questions, get general help with your accounts or report suspected identity theft if your banking information is lost or stolen.

Mobile and online banking experience

Your TD Bank account offers online and mobile banking access so you can manage your money from virtually anywhere that you have an internet connection. With online and mobile banking, you can perform a variety of banking tasks including:

  • Scheduling bill payments
  • Transferring funds between accounts
  • Checking balances
  • Reviewing your bank account statements
  • Creating banking alerts

You can also use the TD Bank mobile app to deposit checks using remote deposit capture. And you have the option to send person-to-person payments directly from your accounts via Zelle.

TD Bank Savings Accounts

TD Bank offers two savings account options: TD Simple Savings and TD Beyond Savings.

TD Simple Savings is a regular savings account that pays the same APY across all balances. This account can be opened with $0, though you'll need a $300 minimum daily balance to avoid the monthly maintenance fee.

TD Beyond Savings account offers higher interest rates for savers who maintain a larger balance. This account also features a non-TD Bank ATM-fee waiver when you maintain a $2,500 minimum daily balance.

TD Simple SavingsAmountNotes
Monthly maintenance fee$5Waived with a $300 minimum daily balance
ATM fee$0 at TD Bank ATMs
Paper statement fee$0

Compare current savings account rates

TD Bank Money Market Accounts

Money market accounts can be a helpful tool for saving for the near term or long term. These accounts can earn interest like a savings account while offering additional benefits, such as check-writing services or a debit card.

TD Bank money market accounts offer tiered rates as your balance grows along with a relationship bump rate when you link an eligible TD Bank checking account.

TD Growth Money Market AccountAmountNotes
Monthly maintenance fee$12Waived with a $2,000 minimum daily balance or if you're age 62 or older
ATM fee$0 at TD Bank ATMs
Paper statement fee$0

Compare current money market account rates

TD Bank CD Rates

Certificates of deposit can help you grow your savings over time while earning competitive rates. TD Bank offers traditional CDs with terms ranging from three months to five years. An early withdrawal penalty may apply if you withdraw money before your CD matures.

No-catch CDs, which allow for one penalty-free early withdrawal during the CD term, and step-rate CDs, which allow for guaranteed rate increases are also available. All TD Bank CDs require a $250 minimum deposit to open.

TD Bank 1-Year CDAmount / APYNotes
1-Year CD APY - 12 Months0.05%Earn a bump rate of 0.10% when you link an eligible TD checking account
Early Withdrawal PenaltyUp to all of the interest earnedPenalty depends on the length of the CD term
Monthly Maintenance Fees$0

TD Bank 5-Year CDAmount / APYNotes
5-Year CD APY - 60 Months0.05%
Early Withdrawal PenaltyUp to all of the interest earnedPenalty depends on the length of the CD term
Monthly Maintenance Fees$0

Compare current CD rates

TD Bank Checking Accounts

TD Bank offers a number of checking account options that you can open alongside a savings account. TD Beyond checking, for example, offers no ATM fees anywhere you go along with a low monthly maintenance fee.

TD Convenience checking, on the other hand, has no monthly maintenance fee if you maintain a $100 minimum daily balance.

You can also open student checking, senior checking or a Simple checking account that has a low fee and no minimum balance requirements.

Compare current checking account offers

TD Bank Personal Loans

TD Bank offers personal loans ranging from $2,000 to $50,000 with no origination fees and no application fees. Rates are competitive, though the rate you're assigned will depend largely on your credit scores. It's possible to get your loan approved in as little as one business day.

Compare current personal loan rates

TD Bank Pros & Cons

Weighing the pros and cons can help you find the right bank for you. Here's a look at the key highlights to know about TD Bank:

Pros:

  • Open multiple accounts for convenient all-in-one banking
  • Branch banking and ATM access
  • Multiple ways to avoid monthly maintenance fees
  • Open credit cards and loans in addition to bank accounts
  • Get reimbursed for overdraft fees with TD Beyond checking
  • Invest in a wide mutual fund selection if you also have a TD Wealth account

Cons:

  • May not be the best financial product if you want to earn higher interest rates on deposit accounts
  • Branch and ATM locations are limited to the East Coast
  • Monthly maintenance fees could be expensive if you can't waive them

Locations - Branches & ATMs

TD Bank offers more than 1,250 locations, including branches, ATMs and offices across the East Coast.

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