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TD Bank: Great for online and mobile banking, limited for brick-and-mortar

Money Rates Columnist.

While it started as a Canadian import, TD Bank is currently one of the 10 largest banks in the U.S. You can thank our neighbors to the north for Toronto-Dominion Bank, known as TD Bank on this side of the border, which has a reputation for its online banking and brick-and-mortar branches. The bank has about 1,300 locations throughout the East Coast – from Maine to Florida – and serves more than 8.5 million American customers.

Pros: Simple, convenient online and mobile banking

The company offers a variety of banking services and deposits products including:

Accounts for TD banking online

  • Savings accounts (three tiers)
  • Checking accounts (three tiers)
  • Waived fees with higher account balances
  • Certificates of deposit (CDs)
  • Individual retirement accounts (IRAs)

Mobile banking features

  • Person-to-person payments via mobile or email (fees apply)
  • Mobile banking and mobile check deposits
  • Apple Pay and Android Pay with eligible TD Bank Visa®

Other TD banking services/perks

  • 24/7 account access with free online banking
  • FDIC insurance coverage
  • Free bill pay
  • Transfer funds between accounts
  • Online alerts

TD Bank savings and checking account options

The bank offers different checking and savings accounts for customers with various balances and needs.

Here’s a rundown of TD Bank’s checking and savings options:

TD Bank checking accounts

TD Simple (SM): Great option for consumers who can’t maintain high daily balances. TD Simple (SM) has no minimum balance requirements. Pay a $5.99 monthly fee and access free online and mobile banking, around-the-clock customer service and ATMs in the U.S. and Canada. Account holders also get a discount off their first order of checks and a certain percentage rate discount off their home equity line of credit and mortgage.

TD Convenience (SM): Maintain at least a $100 balance in your account and avoid the monthly fee of $15. Account holders also get the same online, mobile, ATM and discount benefits as TD Simple (SM) customers.

TD Premier (SM): Maintain a daily minimum balance of $2,500 and take advantage of TD Premier’s (SM) biggest perks: No monthly maintenance fees, no ATM fees at any bank and tiered interest rates (annual percentage yield) that increase with your account balance. Plus, free checks, free money orders and no stop payment fee.

TD also offers checking accounts for loyal customers ($20,000 minimum combined deposit across all your accounts), seniors who maintain a minimum $250 balance ($0 monthly fee and the ability to earn interest) and students (no monthly fee, but just the basics).

TD Bank savings accounts

TD Simple Savings: A good starter option for first-time savings account holders. No monthly maintenance fee for the first year if you link to your TD checking account. Another way to avoid the fee? Set up a recurring transfer of at least $25 from an eligible TD Bank account.

TD Growth Money Market: Get free bill pay when you write up to six checks a month and tiered interest rates (APY) based on your account activity. Increase your savings by $50 each month or set up a recurring transfer and get an interest rate bump. Maintain a minimum $2,000 daily balance and TD Bank waives the regular $12 monthly fee ($11 monthly with online statements). Bonus: If you’re 62 or older, you don’t have to pay the fee either.

TD Select Savings: You get many of the same perks with TD Select Savings as you do with TD Growth Money Market, with a few extras: No fees when you use a non-TD ATM, free checks, money orders and no stop payment fee. You also get overdraft protection when you link to your checking account. TD Select Savings is best for consumers who can maintain a high daily balance, at least $15,000 to avoid the $15 monthly fee (or $14 with online statements). Another way to waive this fee is to open the account as an individual retirement account (IRA). 

All these accounts come with access to TD Bank’s online and mobile banking tools. Log into your account online to view your statements, schedule and pay monthly bills, transfer money between accounts and send money to a friend or family member. Access all these features — and deposit checks — on TD Bank’s mobile app.

Cons: Limited number of branches compared to other banks

For a company whose slogan is “America’s Most Convenient Bank,” TD Bank has some work to do with its brick-and-mortar presence. The bank has a huge footprint in Canada, but a smaller one in the U.S. with only 1,300 locations in 15 states from New England to Florida (plus Washington, D.C.). Compare that to Bank of America’s 4,000+ locations or Wells Fargo’s estimated 6,000+ branches, and TD customers are probably better off with online banking.

TD Bank fees to expect

Like any bank, TD isn’t shy about fees. It’s also a hassle for customers to avoid monthly maintenance fees because minimum balance requirements are daily – not monthly (which is the industry standard).

Here’s a quick overview of TD Bank’s fees:

  • $3 fee for using a non-TD ATM
  • $5 fee for money orders, $8 for checks
  • $35 overdraft fee
  • $7 fee for next-day delivery for person-to-person payments or $1 for 3-day delivery (some banks offer this service for free if you transfer money via email or mobile)
  • Monthly maintenance fees between $5.99 to $25, depending on account

Is TD Bank and its online banking services right for you?

TD Bank offers simple, easy-to-use online and mobile banking options, making it a great choice for consumers who think it’s passé to visit a bank in-person. But if you prefer the brick-and-mortar experience, TD Bank may be inconvenient compared to other bigger banks. Otherwise, it’s a good choice for the discounts, ability to earn interest on deposits and other perks mentioned above. 

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