TD Financial institution: 2023 Banking Assessment

What we like

• Full suite of banking and borrowing companies and merchandise
• Entry to greater than 1,110 bodily branches and greater than 2,600 ATMs
• Clients with TD checking accounts can benefit from aggressive CD and borrowing charges
• Affords bonus for brand new checking account prospects as much as $300

What we don’t like

• Nonetheless fees overdraft and month-to-month charges
• Highest financial savings charges are solely out there with increased deposits
• Some accounts can’t 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 fitted to?

TD Financial institution affords the comfort of all of the banking services you want below one roof. And for those who’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’d like entry to bodily branches and you reside inside the financial institution’s community — East Coast, Mid-Atlantic, Carolinas and Florida — this could be a good choose, particularly in case your location is open on Sundays.

It’s essential to notice that some states have a considerably smaller presence than others. For instance, TD has greater than 300 areas in Massachusetts however simply 12 in Rhode Island. However for those who’re not enthusiastic about bodily department service, chances are you’ll 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 very best checking accounts. We like that TD makes it simple to keep away from charges on its Comfort Checking account — simply keep a $100 minimal day by day stability — and that it affords a free checking account for seniors. TD additionally affords bonuses for brand new prospects, sometimes between $100 and $300, in alternate 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 nice print to ensure you decide out of any overdraft safety as a result of the financial institution fees a $35 overdraft price on a few of its accounts. You additionally wish to ensure you 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 standard financial savings account with only a few perks and solely affords a 0.02% APY — one of many lowest financial savings charges out there proper now. So long as you make 12 recurring transfers of at the least $25 for the primary yr, you may waive the $5 month-to-month price. 

On first look, TD Financial institution’s Signature Financial savings account looks as if a serious win over different massive banks. However a more in-depth 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 essential to learn the nice print — incomes that charge requires a minimal day by day stability 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). 

When you have a smaller stability, you’ll earn a smaller yield. For instance, a stability between $10,000 and $24,999 at present earns a 2.00% APY in case you have a TD checking account to qualify for this bump charge. Balances beneath this earn 0.01% APY — a fair decrease charge than the Easy Financial savings account.

TD Financial institution CD accounts

Overview

When 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 supply aggressive bump charges price contemplating.

You may select CD phrases starting from six months as much as 5 years, however its charges are lower than CNET’s common. It’s additionally price noting that TD’s normal CD charges aren’t out there 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. Nonetheless, the usual beginning charge — 0.05% — is so low that you just’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 price in case your account is overdrawn by greater than $50 on its Comfort Checking Account, for instance, and for those who attempt to make three purchases that day, you possibly can get hit with a whopping $105 per day ($35 x 3). However you received’t be charged a price if it’s lower than $50. 

When you don’t wish to fear about overdraft charges, TD’s Important Banking account is a greater choice: There are not any overdraft charges, however there’s a obligatory $4.95 month-to-month price — which is way lower than TD’s overdraft cost. There are a lot of different banks that don’t cost overdraft charges, together with Alliant Credit score Union and Ally. 

Different banking merchandise

TD affords a spread of different merchandise, and if you have already got an account with TD Financial institution, chances are you’ll obtain charge reductions. Right here’s what else is at present out there on sure loans:

• First mortgages: Mounted-rate and adjustable-rate mortgages, together with standard FHA, VA, jumbo and low down fee loans
• Second mortgages: Residence 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 a substitute of variable curiosity

Banking expertise

TD affords a rarity within the banking business: Lots of its bodily branches are open on Sundays. In relation to digital instruments, the financial institution affords all the things you’d anticipate of an enormous financial institution that has the assets to put money into new know-how — together with a web site and cellular app with frequent banking options. Nonetheless, the financial institution’s cellular app carried out beneath the business common in J.D. Energy’s most up-to-date cellular app satisfaction research.

Customer support

TD Financial institution affords 24/7 customer support at 1-888-751-9000. You can even join with dwell brokers through the financial institution’s cellular app. Moreover, the financial institution affords assist through Fb Messenger and Twitter’s direct messaging. If you’ll want to discuss to somebody head to head, 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 supply. Remember the fact that branches are restricted to 16 states.