People living on the East Coast and are looking for a full-service bank with mobile app access, this one’s for you. This TD Bank review provides you key information on how this financial institution may just be the right one for you.
The increasing number of smartphones as well as the presence of the Internet has brought rapid changes in a lot of things — including financial services.
With technology, consumers, as well as banking institutions, now have access to new tools — digital ones — for managing finances. Needless to say, technology in the banking industry has changed the customer-bank relationship to a different level.
According to a report by the Federal Reserve, which is the central bank of the United States, it has found that the use of smartphone technology has grown rapidly in the country. Mobile banking use has expanded, including for banking.
In the said report, it says that based on the Federal Reserve Board’s Survey of Household Economics and Decisionmaking (SHED), in 2017, “about half of U.S. adults with bank accounts had used a mobile phone to access a bank account.”
Meanwhile, according to Statista, based on a 2018 survey, it was found that the use of mobile banking differs among demographic groups — 69.3% of Millennials used mobile banking, while only 24% among respondents who belong to Baby Boomers are into it.
This study shows that while a lot of young people are into mobile banking, the older generations are not as receptive to it because they are more confident and trusting with traditional banking. They find mobile banking too risky.
However, things changed when the pandemic struck the world in 2020.
In fact, an article by CNBC says that according to Fidelity National Information Services (FIS), there was a 200% jump in new mobile banking registrations, while mobile banking traffic rose to 85%.
With health protocols in place, it is no doubt people relied so much on mobile banking instead.
While the pandemic is still around, the number of mobile banking users will surely continue to surge.
Now, while this is good news to mobile banks, this somehow poses a challenge to traditional banks. This means they need to keep up with the game by providing better mobile banking services.
TD Bank is one of those traditional banks that managed to keep up with the changing needs of their customers.
Unlike other banks of the same type, TD Bank offers customers the ability to open an account either through its online channels or by visiting one of its 1,250 physical locations.
Well, as mentioned earlier, in this TD Bank review, you will surely find out more about this financial institution and what makes it an ideal choice.
In particular, we are going to tackle the following in the next few sections:
- What is TD Bank?
- Who is TD Bank best for?
- What are the products offered by TD Bank?
- How to bank with TD Bank?
- Is TD Bank safe?
- What to like about TD Bank?
- What not to like about TD Bank?
WHAT IS TD BANK?
Before we proceed with the more serious information like the products offered by the bank, let us first and foremost get to know TD Bank.
As a customer, it is important to know the history of the bank. This tells you a lot in terms of how credible and how strong its foundation is.
TD Bank, for instance, has been around for 150 years now. The longevity of its presence in the banking industry only means they are doing what is right — including insuring they get to adapt to changes, and of course, provide excellent customer service.
TD Bank is actually a subsidiary of the Canadian Toronto Dominion Bank. Currently, the bank’s headquarter in the United States is located in Chapel Hill, North Carolina.
The bank boasts more than 9 million customers as of this writing, and 1,250 brick-and-mortar locations along the East Coast. Thus, making it an ideal bank for people living in that area.
Also, TD Bank currently has more than $300,000,000 in assets, making it ranked 9th based on the mx.com 2019 rankings.
TD Bank is a full-service bank, which means, if you want to have access to a variety of bank products and services (including checking, savings, and CD accounts), this one’s got to be among your top choices.
Additionally, it is also known for providing an exemplary customer experience.
The video below by Talend provides you information on how the bank delivers a legendary customer experience.
TD Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means every depositor could receive up to $250,000 per account category in case of a bank failure.
WHO IS TD BANK BEST FOR?
How do you know if TD Bank is indeed right for you?
Well, on this part of our TD Bank review, we are going to talk about who’s going to benefit from it the most.
First, as mentioned in the previous section, TD Bank is a full-service bank, which means it offers a variety of products and services. Thus, it is ideal for those who want a wide range of bank product selections.
Second, TD Bank should appeal to consumers who want to bank in a traditional banking institution, at the same time, enjoy the benefits of having mobile access.
Third, since there are a few TD Bank branches that are open outside the usual banking days, this financial institution would also be great for people who want access to a brick-and-mortar location on weekends.
Fourth, TD Bank is a good choice for those who want to park their money into their accounts to be able to waive the monthly fees.
Fifth, if you are someone who wants a bank that reimburses out-of-network ATM fees reimbursed, TD Bank is also a good option. However, you need to meet the minimum balance required to be able to enjoy this feature.
Sixth, this bank is also a great choice for people who use their debit cards for international travel.
Lastly, TD Bank is a great bank for those who want a financial institution that caters to different types of customers — from students to those aged 60 and above.
WHAT ARE THE PRODUCTS OFFERED BY TD BANK?
Similar to any other large financial institution out there, TD Bank offers a wide range of banking products and services.
For this TD Bank review, however, we are going to particularly focus on the following:
- Savings Account
- Checking Account
- Certificate of Deposit (CD) Account
TD Bank offers two different savings accounts for customers to choose from. These accounts are the TD Simple Savings and the TD Beyond Savings.
Now, let’s look into what these accounts are all about —
TD Simple Savings
With TD Simple Savings, all balances earn a 0.05% annual percentage yield (APY). This basically means that regardless of you only have a $1 balance in your account, you are still going to earn the said APY.
The bank charges TD Simple Savings account holders a monthly fee of $5. However, this can be waived as long as you do any of the following conditions:
- Keep at least a $300 daily balance
- Connect your savings account to an existing TD checking account
- Make a $25 or more recurring transfer from your linked account (Please note that this is only good for the first 12 months since you open your TD Simple Savings account.)
Furthermore, the bank also waives the monthly fee if the account holder falls below 18 or above 62 years old.
One of the best things about the TD Simple Savings account is that it does not have a minimum deposit to be able to open an account, which makes it a great choice for anyone.
TD Beyond Savings
The TD Beyond Savings account is ideal for those who keep high balances of $20,000 and above on their savings accounts.
Having a balance below $20,000 entitles you to a monthly maintenance fee of $15. Also, you only get to earn 0.10% APY.
Meanwhile, for those whose balances are $20,000 and above, apart from the waived monthly fee, they get to earn 0.50% APY, which is quite competitive given that TD Bank is a traditional bank.
In addition, account holders who are able to keep at least $2,500 on balances also get to reimburse out-of-network ATM fees.
TD Bank offers five checking account options — pretty much covering almost all types of bank customers, including students and seniors.
These accounts are namely: TD Convenience Checking, TD Simple Checking, TD Beyond Checking, TD Student Checking, and TD 60 Plus Checking.
Unlike most banks of similar type, TD Bank does not require a minimum opening deposit for any of its checking account options.
However, it does charge monthly fees if the account holder is not able to meet a certain minimum balance requirement.
Now, let’s take a look at what each of these accounts has to offer —
TD Convenience Checking
This checking account type is suitable for customers who want to earn interest but does not keep a high balance in their account.
Although there is a monthly maintenance fee, it can be waived if you are able to keep a minimum of $100 balance in your account. Account-holders aged 17 to 23 are also exempted from paying the monthly fee.
Additionally, a $1 monthly fee is charged if you prefer receiving a paper statement. The bank also charges $3 for a non-network ATM fee.
Speaking of which, this account has a daily ATM limit of $750.
TD Simple Checking
The TD Simple Checking account is ideal for those who want a no-frills checking account.
Unlike the other checking accounts, though, TD Simple Checking comes with a monthly maintenance fee of $5.99 no matter how much you have in the bank.
True to its name, it comes with just the basics like free online statements and free access to TD Bank’s mobile app.
TD Beyond Checking
With TD Beyond Checking, monthly maintenance fees of $25 are waived if you do any of the following requirements:
- Get monthly deposits of $5,000 or more
- Have an average daily balance of $2,500
- Have a combined total of $25,000 across eligible TD Bank accounts
In addition to waived monthly maintenance fee, account holders may also enjoy other perks such as:
- Free basic checks
- Reimbursement of up to two overdraft fees per year
- Fees incurred with a rush bill payment will be covered
- Reimbursement of fees tacked onto one outgoing wire—domestic or international—per statement cycle
While everything seems great, the downside of this account is that the APY is not as competitive. For minimum daily balance of $0.01 to $9,999.99, the APY is only 0.01%; for balances between $10,000 and $49,999.99, it’s 0.03% APY, while for balances of $50,000 and up, the APY is 0.05%.
TD Student Checking
What’s nice about TD Bank is that they take into consideration the different needs of their target market.
TD Student Checking is specifically designed for young people aged 17 to 23. This account features no minimum balance requirements, as well as no monthly maintenance fees.
More so, the no-account fee bleeds over to a linked Simple Savings account if you are 24 years old or below.
Similarly, the TD Student Checking charges $3 for the non-network ATM fee, as well as $1 for the paper statement fee.
The daily ATM limit is also $750.
TD 60 Plus Checking
The TD Plus 60 Checking account is obviously for customers aged 60 and up. This account features free checks, money orders, as well as statements.
While it does have a $10 monthly maintenances fee, it can easily be waived by keeping an average daily balance of $250.
Additionally, account holders get to earn 0.05% APY on all balances.
Certificate of Deposit (CD) Account
TD Bank offers tiered interest rates on its CD account depending on the deposit amount.
What’s nice about it though is that account holders get a rate bump if their CD accounts are linked to an eligible TD Bank checking account. Otherwise, the rate is only 0.10% APY.
TD Bank offers CD terms from three months to 12 months.
To open a TD Bank CD account, the minimum deposit requirement is $250.
Similar to other banks, TD also penalizes early withdrawals depending on how early you get your money. For withdrawals made during the first seven to 89 days after opening an account, you will lose all interest earned.
Meanwhile, for withdrawals made anywhere between 90 days and a year since opening the account, you will lose three months’ worth of interest.
Just to give you an idea, other products that TD Bank offers are:
- Money Market
- Home Equity Loans and Lines
- Personal Loans
- Prepaid Cards
HOW TO BANK WITH TD BANK?
In this section of our TD Bank review, we are going to talk about how to actually bank with TD Bank.
As mentioned earlier, you have the option to sign up for an account either online through the TD Bank website or by visiting one of the bank’s 1,250 branch locations.
Similar to other banks, you will be asked to provide personal information including your address, phone number, as well as your Social Security number. Presentation of a valid government ID such as a passport or driver’s license will also be required.
The TD Bank mobile app is available for both iOS and Android users.
The app lets you access most of the bank’s products. Additionally, it also allows users to deposit checks, transfer money between accounts, view statements, as well as find the nearest branch location or ATM.
IS TD BANK SAFE?
Your account’s safety and security are an utmost concern of TD Bank. Thus, the bank made sure to put all bank-grade security and safety measured to avoid fraud or identity theft threats.
The bank uses high-grade encryption not only on its website but on its mobile app as well.
As mentioned, TD Bank is insured by the FDIC, which means all depositors can receive up to $250,000 per account category in the event that the bank fails.
WHAT TO LIKE ABOUT TD BANK?
This TD Bank review is not complete without a list of things to like and not to like about this financial institution.
First, let’s talk about the things that really stand out —
- Wide Selection of Banking Products – TD Bank is a full-service bank, thus, it offers a wide selection of banking products and services.
- Solid Checking Account Options – The bank offers five different checking account options, which cater to the varying needs of customers. Needless to say, depending on what stage in life they’re in. Whether you are a student, a professional, or someone who’s over 60 years old, TD Bank has a specific checking account for you.
- Mobile App – Apart from the fact that the TD Bank mobile app is secured, it also allows users to access most of the bank’s products and services, as well as provide essential features to have a better mobile banking experience.
- FDIC-Insured – TD Bank is a member of the FDIC, which provides insurance to all accounts should the bank fails.
- Sign-Up for an Account Online – Although you can open an account in any of TD Bank’s branches, it also allows you to sign up online through its website, which makes it very convenient for customers especially these days.
WHAT NOT TO LIKE ABOUT TD BANK?
Now, in this section, let’s talk about some of the things that did not stand out. This includes:
- Low APY on Savings Accounts – Compared to other banks, TD Bank savings accounts do not provide competitive rates.
- Monthly Maintenance Fee – The bank charges monthly maintenance fees. Although it can be waived if you meet certain requirements.
FINAL THOUGHTS ON TD BANK REVIEW
TD Bank is a full-service bank that offers both traditional and mobile banking experiences particularly for people living on the East Coast. It offers a wide selection of products including checking, savings, and CD accounts.
While it may not be the best in terms of rates on its deposit accounts, TD Bank is still worth a try especially if you want to get the best of both worlds – access to a physical branch and online, do you agree?