TD Bank 2020 Review: What Does TD Bank Offer?

TD Bank 2020 Review: What Does TD Bank Offer?

TD Bank Review: At TD Bank, they have an excellent customer service but lacks the competitive savings rates. However, if you’re looking to open a safe deposit box at a bank, TD Bank might be one of the better places to do that because most locations are open seven days a week.

TD Bank 2020 Review: What Does TD Bank Offer?

TD Bank bills itself as America’s Most Convenient Bank because its branches open early and close late. Most of its branches are open seven days a week, as well as some holidays.

TD Bank’s more than 1,400 locations stay open late and are open on Saturdays and Sundays, which differentiates TD from its competition and makes it a great option for those interested in safe deposit boxes.

What Is TD Bank?

TD Bank is the U.S subsidiary of Toronto-Dominion Bank, operating as TD Bank Group. Its story began in 1955 when two major Canadian banks, the Bank of Toronto (established in 1855) and The Dominion Bank (established in 1869) merged.

Today, the TD Bank Group is the second-largest bank in Canada and among the top 10 for North America as a whole.

TD Bank has more than 1,3000 branch locations in 15 States along the East Coast, as well as in the District of Columbia. And it offers banking, insurance, brokerage, and investment banking services.

Today, we’re going to focus just on TD Bank’s personal checking and savings accounts.

Pros and Cons of TD Banks

Pros

  • Most of the nearly 1,300 locations are open on the weekends.
  • There are no foreign transaction fees on a debit card.

Cons

  • TD Simple Savings starts at 0.05% APY. Other banks offer higher rates.
  •  You need to maintain a high balance to waive the monthly account fees.

What Does TD Bank Offer?

As you might expect of a large financial institution, TD bank offers a wide range of services and types of accounts:

  • Checking Accounts
  • Savings Accounts
  • Money Market Accounts
  • Certificates of Deposits
  • Credit Cards
  • Extended Hours at Physical Locations

Checking Account

TD Bank’s Premier Checking account has a high monthly service fee ($25), but it’s waived with a $2,500 average minimum balance. Customers have free access to out-of-network ATMs.

The bank also has non-interest bearing checking options, including TD Simple Checking (which requires no minimum balance and a low $5.99 monthly fee) and TD Convenience Checking (which requires a $100 minimum daily balance to waive the $15 monthly maintenance fee).

Read related: Chase Bank Reviews, Rates & Fees 2020 Updates

Savings Accounts

The Preferred Savings account is an option for savers looking to earn a higher yield. The interest rates are tiered. You can qualify for a higher interest rate if you maintain a higher account balance and link an eligible account.

In order to avoid a $15 monthly fee, you will need to either keep a $20,000 minimum daily balance or link a TD Beyond Checking account.

The bank also offers TD Simple Savings account. The TD Simple Savings account monthly maintenance fee is waived if you’re age 18 or younger or age 62 or older.

The fee is also waived if you maintain a daily balance of at least $300.

CD Rates

TD Bank offers Choice CDs with tiered interest rates. With an eligible checking account, customers may qualify for an interest rate bump.

There are also Choice Promotional CDs and Step-Rate CDs, which allow yields to rise automatically.

No-Catch CDs permit an early withdrawal without penalty. Otherwise, customers cashing out of their CDs early forfeit some of the interest they’ve earned.

For 12-month CDs, the early withdrawal penalty is six months of interest.

Money Market Accounts

TD Bank offers a money market account. No deposit is required to open the account and online bill pay and mobile deposit are available for account holders.

The bank offers tiered interest rates. However, you find higher rates elsewhere.

The monthly maintenance fee is waived for customers age 62 and older. But others will need a minimum daily balance of $2,000 to avoid charges.

TD Growth Money Market

Available For Taxable, IRA
Account Fees $12, $11 (if you choose online statements), $0 (age 62 or older)
Savings Rates
 Deposit(Minimum) 0.010.03%APY
Minimum Deposit 2000.000.05%APY
Minimum Deposit 5000.000.10%APY
 Deposit(Minimum) 25000.000.15%APY
Minimum Deposit 50000.000.20%APY

Credit Cards

TD Bank offers a handful of credit cards, including cash bank cards, credit cards designed for travelers, and small business credit cards.

Cash-Back Credit Cards

  • TD Business Solutions Credit Card10
  • Secured Credit Card With Savings Account
  • TD Cash Credit Card

Traveler Credit Cards

  • TD First Class Visa Signature Credit Card

Business Credit Cards

  • TD Business Solutions Credit Card

Secured Credit Cards

  • TD Cash Secured Credit Card

Open After Hours

What’s particularly notable about TD Bank is that many of its brick-and-mortar locations offer hours on nights and weekends.

So if you’re too busy to swing by during the weekdays, you can do so at your convenience. What’s more, there’s around-the-clock live customer service.

Bank Experience

If your definition of convenience includes longer branch hours, TD Bank may serve you well. The branches stay open late and they are also open on Saturdays and Sundays.

TD Bank won’t let you down on the digital banking tools it makes available either. TD Bank has all of the features you’d expect, like Zelle and account alerts.

You can also open an account through its app.

You’ll have a safety net in that you can connect with a live customer service representative by phone 24 hours a day, seven days a week.

TD Bank also offers VoicePrint technology to its customers. With your permission, you can enroll in VoicePrint, which uses more than 100 different characteristics that represent your voice, when you call the bank’s customer service.

Final Words

TD Bank is a decent bank for those on the East Coast who want the convenience of branch banking. And TD Bank’s super-convenient hours and days open are a big plus. No longer will you have to moan about the proverbial “banker’s hours.”

Plus, if you have a TD Ameritrade investing account, it could be no-brainer, as you’ll have a one-stop shop for your financial needs.

However, we’ve seen more competitive rates for basic interest-paying savings accounts, plus the fees associated with TD Bank’s checking products are a bit steep unless you can meet the bank’s minimum daily balance.

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