TD Bank Review: Checking, Savings and CDs
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at TD Bank, Member FDIC
- Checking
- Savings
- Certificates of deposit
- Customer experience
- Overdraft fees
Overall institution rating
3.5
At TD Bank, a brick-and-mortar bank with a strong presence in the Eastern U.S., you’ll find straightforward accounts with average features. But TD does have two unusual perks: long branch hours and free ATMs in Canada as well as in the U.S. Its most attractive account may be Complete Checking, which has an avoidable monthly fee.
Accounts are available in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Washington, D.C.
Best for: East Coast customers who would take advantage of TD’s many branches and long hours, keep a bit of a buffer in their checking and savings accounts and don’t care about maximizing interest.
Pros
- No minimum opening deposits on checking and savings accounts.
- 24/7 customer service by phone.
- Highly rated mobile apps.
- Overdraft buffer.
Cons
- Low rates on some savings accounts.
- Monthly fees (though some are avoidable).
Full review
Checking
Checking
Member FDIC
3.5
/5 NerdWallet ratingat TD Bank
The TD Complete Checking account doesn’t require a minimum opening deposit but there is a steep monthly fee of $15. You can get the fee waived if you maintain a daily balance of at least $500, have at least $500 in direct deposits each statement cycle or have a minimum balance of $5,000 across linked personal accounts.
» Interested in a sign-up offer? Check out this month’s best bank account bonuses
Savings
Savings
Member FDIC
3.0
/5 NerdWallet ratingTD Bank’s Simple Savings account has no minimum deposit to open, but its rate of 0.02% APY is low. And there’s a monthly fee of $5, which is waived if you can maintain a $300 minimum daily balance. For the first 12 months, you can avoid the fee by transferring $25 monthly from a TD checking account. For customers with larger balances, TD Signature Savings can earn a higher rate with a minimum balance of $100,000.
» Want to see more options? Check out NerdWallet’s best savings accounts
Certificates of deposit
CD
Member FDIC
1.5
/5 NerdWallet ratingTD Choice Promotional CDs have terms from three months to five years, and the bank offers other types of CDs that don’t have penalties or offer annual rate increases. The minimum deposit is $250. You can get a rate increase for TD Choice Promotional CDs with a checking account in good standing, but overall you can find much higher rates elsewhere.
» Want to explore better options? Read NerdWallet's top CD rates this month
Customer experience
4.5
NerdWallet ratingTD Bank offers long hours at many branches and 24/7 phone support. Plus, it has more than 2,600 ATMs from Maine to Florida, and customers have free access to TD Bank’s ATMs in Canada. Customers have the option of banking online, or using TD Bank’s mobile banking app, which is available for iOS and Android devices. TD Bank ranked third in the 2023 J.D. Power National Banking Satisfaction Study.
» More for Canadian readers: Check out NerdWallet's review of Canada's TD Bank
Overdraft fees
4.0
NerdWallet ratingTD Bank charges $35 for each overdraft transaction, about the same as many large national banks charge. On top of that, you can be charged up to three overdraft fees a day. The bank won’t charge you these fees if your account is overdrawn by $50 or less, or if you’re able to bring your balance to $0 or more by 11 p.m. ET the next business day.
You can also opt to link a savings account for fee-free overdraft transfers. The bank doesn’t charge a fee for having nonsufficient funds because of returned payments.
» Want to compare? See what other banks charge for overdraft fees
How does TD Bank compare?
 Member FDIC |  Member FDIC |
|---|---|
NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 |
APY 4.60% With $0 min. balance for APY | APY 5.00% With $5,000 min. balance for APY |
Bonus $300 Earn up to $300 with direct deposit. Terms apply. | Bonus N/A |
Learn more at SoFi Bank, N.A. | Learn more at CIT Bank |
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.