TD Bank is a prominent online bank and lending institution whose origin dates all the way back to 1855. As a leader in its industry, TD Bank offers a wide range of financial products aimed at individuals, families, and students.
TD Bank even offers a robust commercial banking component, although its services and loan products are mostly geared to small and medium-sized enterprises.
While TD Bank offers products in many parts of the United States, Canadians are also able to access some of their products and services via TD Bank’s “cross-country” initiative.
If you’re looking for an online bank that is easy to access and transparent when it comes to their products, look no further.
This guide aims to demystify TD Bank, explain its best banking services, and show you how the company is using technology to improve its offerings and widen its customer base throughout the U.S.
TD Bank Overview
- Products & Services: 4 out of 5 stars
- Interest Rates: 2 out of 5 stars
- Fees & Charges: 3 out of 5 stars
- Website/App Functionality: 4 out of 5 stars
- Customer Service: 5 out of 5 stars
TD Bank offers a broad range of banking products to appeal to the average consumer.
Their checking and credit card accounts could be particularly rewarding due to the signup bonuses they offer, although loan products also tend to come with low rates and competitive terms.
TD Bank is a high-quality online bank that also offers physical branches in certain states, making it a solid option for just about anyone.
A Brief History of TD Bank
Believe it or not, TD Bank’s roots go back to 1855 when it operated as the Bank of Toronto — a bank that was originally founded by a group of millers and merchants who needed banking services to continue expanding their businesses.
The Dominion Bank was established in 1969, but the two banks didn’t join forces until they merged into TD Bank in 1955.
A lot has happened since then, including the introduction of many banking products and initiatives including the TD Shield, TD Friends of the Environment Foundation, and the acquisition of Canada Trust.
But it wasn’t until TD Bank’s acquisition of Banknorth in 2005 that it made its way into the U.S. retail market. From that point on, TD Bank became a mainstay in U.S. States where it operates branches. Currently, TD Bank is available in fifteen states plus Washington D.C.
TD Bank Features
|TD Bank||Notable Features|
|Banking Account Types||Checking, Savings, Money Markets, CDs|
|Other Account Types||Credit Cards, Mortgages, Home Equity Products, Personal Loans, IRAs, Prepaid Cards|
|Minimum Required Deposit to Open an Account||No minimum balance requirement for some accounts|
|Number of Branches||Thousands of convenient locations and ATMs throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas, and Florida|
|ATM Network Size||More than 1,300 ATM locations nationwide|
|Remote Deposit Availability||Yes|
|App Availability||iOS, Android, mobile optimized website|
|Money Transfers||ACH, Wire Transfers, In-Account Transfers|
|Customer Service Types||Phone, Online|
|Customer Service Hours||Phone customer service is available 24/7|
|Current Promotions||Earn a $150 or $300 bonus on select TD Bank checking accounts
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What and Where: TD Bank’s Services
TD Bank offers banking services in parts of Canada, fifteen different states, and Washington D.C. However, they hope to expand into more U.S. markets in the future.
If you’re angling to use TD Bank and live in a state where TD Bank currently offers service, here are the routing numbers in each state:
- Connecticut: 011103093
- Delaware: 031201360
- Florida: 067014822
- Maine: 211274450
- Maryland: 054001725
- Massachusetts: 211370545
- New Hampshire: 011400071
- New Jersey: 031201360
- New York: 026013673 or 021302567
- North Carolina: 053902197
- Pennsylvania: 036001808
- Rhode Island: 211370545
- South Carolina: 053902197
- Vermont: 011600033
- Virginia: 054001725
- Washington D.C.: 054001725
While TD Bank offers physical branches in the states listed above, it’s important to note you may be able to access some of their online products no matter where you live.
TD Bank Checking Accounts
TD Bank offers six different types of checking accounts, each tailored to consumers with unique banking needs.
A few of their checking accounts even offer signup bonuses for consumers who meet specific balance and transaction requirements.
Types of Checking Accounts
TD Bank checking accounts include the following:
- TD Simple Checking comes with no minimum balance requirement and a discount on your first order of checks. This account does come with a monthly maintenance fee of $5.99, however. TD Simple Checking is best for consumers who need a very basic checking account but don’t plan to keep a lot of money on deposit.
- TD Convenience Checking requires you to keep at least $100 in your account throughout the month. Otherwise, you’ll have to pay a $15 monthly maintenance fee. This account is currently offering $150 in bonus cash if you set up at least $500 in direct deposits within the first 60 days.
- TD Premier Checking requires a minimum account balance of $2,500 in order to waive the $25 monthly maintenance fee. This account also comes with no ATM fees, and you can earn a $300 bonus when you set up at least $2,500 in direct deposits within 60 days.
- TD Student Checking comes with no monthly maintenance fee when you’re age 24 or younger and a full-time student. This account also comes with no minimum balance requirement.
- TD 60 Plus Checking lets you earn interest and avoid monthly maintenance fees if you are aged 60 and older. To avoid the $10 monthly maintenance fee, you only need to keep a minimum account balance of $250.
- TD Relationship Checking lets you earn interest and avoid the $25 monthly maintenance fee with a minimum account balance of $20,000. This account also comes with no ATM fees, free checks, and no fees on secondary and unlimited savings accounts.
TD Bank Checking Account Fees
As you can see from the descriptions above, several TD Bank checking accounts come with monthly maintenance fees that range between $5.99 and $25.
Some accounts do allow you to avoid the fee by keeping a minimum amount of money on deposit, however.
Other fees you may be assessed with these accounts include:
- Non-TD Bank ATM fee of $3
- Overdraft fee of $35
TD Bank Savings Accounts
TD Bank also offers a few different types of savings accounts. Their Simple Savings account, for example, lets you earn .05% APY with no minimum balance.
There is a $5 monthly maintenance fee, but you can avoid this fee by keeping a minimum balance of at least $300 in your account.
TD Bank’s Preferred Savings Account comes with the same .05% APY, except they will bump your rate up to .10% APY when you keep more money in your account and link it with another eligible TD account.
Specifically, you can get the $15 monthly maintenance fee waived if you keep at least $20,000 on deposit in your account.
If you want to try something different with your savings, you can also look into the TD Bank Growth Money Market account. This account offers an APY of .03% or .05% depending on how much you keep on deposit.
To avoid the $12 monthly maintenance fee, all you need to do is keep a minimum balance of $2,000 in your account.
Certificates of Deposit, or CDs, are also available from TD Bank. Currently, they offer CDs that range from six months to 18 months with returns as high as 2.30% APY.
Your interest rate may vary depending on how much you deposit in a CD, and you could qualify for a rate bump if you have another eligible TD Bank account already.
Other TD Bank Products
TD Bank offers a wide range of products and loans outside of the traditional savings and checking account markets. These products are also popular among consumers in their target areas.
TD Bank offers a wide range of mortgage products to consumers who live in states they service.
This includes fixed-rate mortgages that last for up to thirty years, adjustable-rate mortgages, and home equity loan products that act as a second home loan. You can even use this bank to apply for a construction loan you can use to build your dream home.
TD Bank also offers a wide range of government-backed mortgages that can help you qualify with a lower credit score or get started with a lower down payment than you would need with a conventional loan.
You can use a TD Bank mortgage to purchase a property or refinance the home loan you already have. You can even get a quote online or call in to TD Bank to speak with a mortgage professional for personalized help.
When it comes to tapping into your home equity, TD Bank offers both home equity loans and home equity lines of credit, or HELOCs.
These products can come with rates as low as 4.79% APR, and they can provide a much-needed source of funding if you need to pay for a big home remodeling project or consolidate other debts.
If you need to borrow money for nearly any reason, you can also turn to TD Bank for a personal loan. TD Bank lets you borrow up to $25,000 with rates as low as 6.99% APR.
Keep in mind, however, that some of their personal loan products come with an origination fee. Their Express personal loan comes with no origination fee or hidden fees, however.
Like most other big banks, TD Bank also offers a wide range of credit cards. Believe it or not, their credit cards even offer rewards programs and signup bonuses.
- The TD Cash Credit Card comes with no annual fee and a $200 cash bonus when you spend $500 on purchases within the first 90 days of account opening. This card also doles out 3% back on dining purchases, 2% cash back at the grocery store, and 1% back on all other purchases.
- The TD First Class Visa Signature Card offers 25,000 bonus miles when you spend at least $3,000 within 6 billing cycles after account opening. You also earn 3x miles on travel and dining and 1x miles on all other purchases. Miles are worth one cent in travel apiece, so 25,000 miles is worth $250. This card does have an $89 annual fee, but it’s waived the first year.
- The TD Business Solutions Credit Card is ideal for business owners who want to earn rewards on all their purchases. This card has no annual fee, yet it offers 3% back on cable, phone, and internet purchases. You also get 2% back on dining and gas station purchases and 1% back on everything else. Finally, you’ll receive a $300 bonus after you spend $3,000 on your card within the first 90 days.
Additional TD Bank Services
In addition to all their consumer-facing financial products, TD Bank offers services for businesses, too. Not only do they offer asset-based lending, but they offer traditional bank loans, commercial real estate loans, and lines of credit you can use to build your business.
TD Bank also offers treasury management services that can help you keep track of invoices and payments, send bills and accept payments electronically, protect your business from fraud, and overcome unique problems within your industry or niche.
Many products are also available for consumers who want to invest with TD Bank and its subsidiaries. Not only does TD bank offer its own private client service, but it offers comprehensive wealth management services as well.
You can even lean on the professional advice of TD Bank experts to buy life insurance, purchase an annuity, or set up an IRA.
Pros and Cons of TD Bank
TD Bank Advantages
- Usability: They offer a robust online platform and mobile app.
- High interest: Interest rates on some of their banking products are higher than the national average.
- Versatility: TD Bank offers a variety of products to choose from within checking and savings.
- Customer service: Get access to 24/7 customer service.
TD Bank Disadvantages
- Availability: Some TD Bank products are only available in states where they have brick and mortar branches.
- Limited rewards: Interest rates on their products are not as high as you can get with online savings and checking accounts.
- Fees: Most of their checking and savings accounts have fees.
Is TD Bank for You?
If you’re in the market for a new online bank or brick and mortar bank in an area where TD Bank operates, they are worth checking out.
Not only do many of their checking accounts come with a signup bonus that is easy to earn, but most of their banking products allow for waived fees provided you meet a minimum account balance requirement.
TD Bank’s credit cards are also surprisingly rewarding since they are not very popular, but that could be changing soon.
We love the fact that TD Bank offers so many ATMs in areas where they operate, and that they have an advanced mobile banking platform and app consumers can use on the move.
It’s hard to beat the fact TD Bank offers 24/7 customer service, especially since many of their competitors are only open during regular banking hours.
Then again, TD Bank doesn’t offer the highest rates in the nation — not even close. If you’re looking for a bank that rewards you with a high interest rate on your deposits, you may want to look elsewhere.
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