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td banknorth savings account rates

Are the TD Bank business checking accounts the right choice for your business? How much cash you can deposit before incurring a cost. The TD Bank Select Savings Account has tiered interest rates that get better when linked to another TD product, no ATM fees, free money orders, & much more. You are no longer able to use your card; If you had funds remaining on your card, your balance will be refunded to the TD Bank Debit Card linked to your account.

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TD Bank Checking and Savings Account Review

Opening a checking and savings account is a lot simpler than it was a few decades ago — however, you also have more choices than ever before about where to bank. Finding a checking and savings account that suits your lifestyle and goals is important for maintaining your financial future.

You may have considered opening a checking and savings account at TD Bank, one of the top national banking chains in the country. TD Bank, member FDIC, offers both online and in-branch services, but are they right for you? In this TD Bank review, I’ll walk you through this bank’s checking and savings accounts, review key features and costs, pros and cons, and provide you with alternative options to explore.

What is TD Bank?

TD Bank originally opened in as Portland Savings Bank in Portland, Maine. The bank grew and expanded over the decades, becoming Peoples Heritage Bank, Banknorth, then was rebranded as TD Bank after being purchased by TD Bank Group in Canada and acquiring Commerce Bank in

Today, though TD Bank is primarily an east coast bank, it is the 8th largest bank in the world, by assets. TD Bank has more than 1, locations offering financial services along the east coast and offers its customers a full suite of banking services, including personal checking and savings accounts, business accounts, CDs, credit cards, personal loans, mortgages, and home equity services.

How do TD Bank checking and savings accounts work?

TD Bank has five main checking account options and three primary savings accounts. While TD Bank has a large reach on the east coast and offers safe deposit box services with hours that extend beyond traditional banking hours.

You can sign up for a TD Bank account at a branch or online, as long as you live within one of the 13 states serviced by this bank.

First, let's run through each of TD Bank’s five checking account options:

  • TD Simple Checking - Best for anyone looking for a checking account with no minimum balance requirements and a low monthly fee.
  • TD Convenience Checking - Best for anyone looking for a basic, everyday banking account with a low minimum balance requirement to waive monthly fees.
  • TD Beyond Checking - Best for anyone looking for a checking account with perks, who have higher deposits, and can maintain a higher minimum balance.
  • TD Student Checking - Best for students and young adults aged 17 - 23 who want basic checking options with no monthly fee or minimum balance requirement.
  • TD 60 Plus Checking - Best for anyone 60 or older looking for a checking account with low monthly fees.

I’m a fan of the variety of accounts TD offers but I wish the bank had a free option for seniors and low-income earners. I do appreciate that their Convenience Checking fee is easy to waive and that their Simple Checking has a low monthly fee.

Now let's review the three TD Bank savings accounts:

  • TD Simple Savings - Best simple savings account for new savers looking to build healthy money habits.
  • TD Growth Money Market Savings - Slightly higher-interest savings option for intermediate savers with $2, or more to deposit.
  • TD Beyond Savings - Higher-interest savings option for more advanced savers with $20, or more to deposit.

I like that TD Bank offers a few different savings options depending on where you are in your savings journey and that the Simple Savings and Beyond Savings accounts do not require you to also have a checking account. Interest rates, while slightly higher than other national banks, are still average-to-low.

For either checking or savings, you can conduct your banking through TD's mobile app. Online banking can also be used to set up bill pay and can accept mobile deposits.

How much does TD Bank Cost?

TD Bank’s only free accounts are student checking and savings and Simple Savings if you’re 60+. However, their Convenience Checking account has a lower balance requirement than most competitors offer to waive the monthly fee.

Checking TypeMonthly FeeFees waived if:Minimum Opening Deposit
Simple$5N/A$0
Convenience$15$ daily balance$0
Beyond$25$5,+/mo direct deposits or $2, daily balance or $25,+ all accts$0
Student$0N/A$0
Savings TypeMonthly FeeFees are waived if:Minimum Opening Deposit
Simple$5*$ daily balance$0
Growth Money Market$12$2, daily balance$0
Beyond$15$20, daily balance$0

Free for the first year if you transfer $25 or more from checking each month; free for students, minors, and seniors 60+

TD Bank features

Extended branch hours

It can be difficult to visit most bank branches in-person during the week if you work a standard 9-to-5 shift. TD Bank offers extended banking hours as late as 7 p.m. EST and Saturday and Sunday hours in most locations.

Account options for everyone

Although I wish TD Bank offered a free basic checking option, I do love the number of account options available at this bank. I’m glad they offer a low price point of a $5 checking account and have low balance requirements to waive fees for Convenience Checking and Simple Savings accounts. TD Bank’s account options, fees, and perks are also presented well and easy-to-understand.

Additional banking products

You'll also find TD Bank offers:

  • TD Bank credit cards
  • Brokerage accounts through TD Ameritrade, Inc.
  • Commercial banking
  • Small business banking
  • Home equity loans

Free accounts for seniors, minors, students, and young adults

I’m a big fan of free checking accounts and I’m glad TD Bank offers free checking options for young adults under I also like that they waive savings account fees for seniors, minors, and students, and even offer seniors a free version of their Growth Money Market Account.

No foreign transaction fees for debit cards

If you travel often, you’re probably used to those pesky transaction fees some banks charge when you use your debit card overseas. I love that TD Bank does not charge transaction fees when visiting foreign countries, and also am a big fan of their free ATMs in Canada.

Who is TD Bank best for?

Students and young adults on the east coast

If you live or go to school on the east coast and you’re looking for a free checking and savings account, it’s hard to beat the no-cost, no minimum deposit requirements TD Bank will offer you. TD Bank even offers students secured credit cards to help them build credit while in school.

Live on the east coast

If you live on the east coast and love the convenience of having a bank nearby, particularly one with extended hours, TD Bank might be the right choice for you. TD Bank offers account options that compete with top national banks and offer many perks, including interest checking accounts and low minimum balance requirements. TD Bank’s basic checking account options are hard to beat when compared to top competitors.

Who shouldn’t use TD Bank?

If you don’t live on the east coast or if you’re planning to move farther west, TD Bank is not a good option. Not only is it impossible to open many of their accounts if you live outside the east coast, but it’s also extremely difficult to manage your account and make cash deposits if you aren’t within a distance of a TD Bank branch or ATM.

Anyone interested in high-interest rates

TD Bank’s interest rates are slightly higher than national competitors and some accounts even offer slightly higher interest rates, if you can fulfill large deposit requirements. However, when compared to local banks and online lenders, TD Bank’s rates are average-to-low.

TD Bank pros and cons

Pros

  • No minimum deposits required. None of TD Bank’s checking or savings accounts require depositing a single penny in order to open them. This is a major pro for anyone just beginning their financial journey, switching banks, or waiting for their first paycheck from a new job.
  • Convenience (if you live on the east coast). You can’t deny the sheer convenience of “America’s Most Convenient Bank” if you happen to live on the east coast. No matter your shift or schedule, it’s easy to find a day and time to visit a TD Bank branch in-person, if needed. TD Bank also offers 24/7 access to customer service, so you can speak to a representative at any time of day.
  • Full suite of digital tools. Like most premier banks, TD Bank offers a full suite of digital tools, including an intuitive digital app where you can manage your money, make transfers, pay bills, and more. TD Bank also offers access to transfer tools, like Zelle, and even lets you open new accounts directly from their app.
  • Relationship rate bumps. TD Bank offers relationship rate bumps when you link eligible TD checking and savings accounts together. This rate increase can help you earn even more in interest than you would otherwise.

Cons

  • Lackluster ATM options. Many banks offer a large selection of in-network ATMs, but TD Bank’s 1, ATM options are disappointing when compared to competitors. Combine that with TD Bank’s high $3 fee for using a non-TD Bank ATM, and it’s easy to see that TD Bank could be doing more to improve its ATM options.
  • Steep overdraft fees. If you spend more money than you have in your account, TD Bank will charge you a $35 overdraft fee — an amount on par with most national competitors. However, while many competitors will charge this fee for up to three or four transactions per day, TD Bank will actually charge you up to five times per day. This could leave you $ deeper in the negative.
  • Average-to-low interest rates. TD Bank’s savings accounts’ interest rates are not as competitive as they could be, especially since many rates are tiered. In order to obtain the bank’s highest current rate of %, you’ll need to deposit at least $, Even then, you can find high-yield savings accounts with a minimum rate of % or higher on all account balances.

Related:Best High-Yield Savings Accounts

TD Bank vs. competitors

BankMinimum DepositMonthly FeeSavings APYISF FeeBranches
TD Bank$0$5 - $25%$35 each (5/day max)1,+
U.S. Bank$25$ - $%$35 each (4/day max)2,
Wells Fargo$25$10%$35 each (3/day max)5,

TD Bank vs. U.S. Bank

Both T.D. Bank and U.S. Bank are in the top 10 largest banks in the world and both of these banks offer similar account types. I’ll show you how these banks compare to one another below.

Both TD Bank and U.S. Bank offer a large selection of accounts (though U.S. Bank has more savings options) and both charge monthly account fees. They also offer discounts and free options for students and seniors.

U.S. Bank has more locations spread across the country than T.D. Bank and charges overdraft fees fewer times. On the downside, U.S. Bank does require minimum deposits to open new accounts, while TD Bank does not. TD Bank also has higher standard savings rates.

TD Bank vs. Wells Fargo

Another top competitor of TD Bank is Wells Fargo. This highly regarded national bank also offers similar services to TD Bank, with a few differences worth exploring.

Both TD Bank and Wells Fargo offer discounts and free account options for students and seniors. They also offer top-of-the-line digital apps and online services.

Wells Fargo outshines TD Bank by having a larger reach and network of branches and ATMs across the country. Wells Fargo also makes it easier to manage your money entirely online if you do live out of the range of a banking location.

On the downside, Wells Fargo does require a minimum deposit to open an account, while TD Bank does not. TD Bank also has a higher standard savings rate.

FAQs

How much money do I have to keep in my TD account?

TD Bank does not have minimum deposit requirements to keep your account open. If you want to avoid charges, you’ll need to maintain a daily account balance of $ or more (depending on your account type).

Is TD Bank good for opening a savings account?

When compared to top national banks, TD Bank’s base savings rate is slightly higher than its competitors. However, it’s still lower than many national banks and online savings accounts.

Does TD Bank have free checking?

TD Bank offers free checking to students and young adults under They do not have any other free checking accounts, though their Convenience Checking fee can be waived by maintaining an account balance of $

How do I avoid TD Bank fees?

To avoid TD Bank fees: Maintain the account balance required to waive your monthly fee; enroll in overdraft protection set up direct deposits to waive monthly fees; and sign up for low balance alerts.

The bottom line

TD Bank is one of the top banks in the country and a primary financial institution for many individuals on the east coast. TD Bank makes it easier to waive monthly checking account fees, while also providing low monthly fee account options. I’m a fan of their free student and young adult accounts and their interest-earning checking account for seniors. I also like that their standard savings rate is higher than competitors, even if it could be higher.

If you don’t live on the east coast, TD Bank will likely not be a good fit. If you do live on the east coast and want access to a bank that’s open 7 days a week with some of the best hours in the country, you might enjoy opening a checking and savings account at TD Bank.


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TD Bank CD Rates: December

TD Bank offers eight TD Choice CD terms, ranging from three months to 60 months. The bank’s CD rates tend to be very low compared to CDs from the top online banks. Rates are the same for all CD terms, regardless of opening deposit—all of TD’s Choice CDs currently pay % APY. There’s a $ minimum deposit requirement to open a CD.

Here’s an overview of TD Bank’s rates for its TD Choice CDs. Rates are accurate as of Nov. 28,

Overview of TD Bank CDs

TD Bank offers three types of CDs: TD Choice, No-Catch and Step Rate. The primary offering, featured here, is the TD Choice CD.

The TD Choice CD doesn’t require customers to have an eligible TD Bank checking account to receive the stated interest rate, or APY. Customers who do have a qualifying TD Bank checking account are eligible for a “bump rate” APY, which, as of this writing, is the same as the Choice CD APY. Although the bank offers various balance tiers for its CDs, all balances currently pay the same % APY. Regardless of the term, TD Bank requires a minimum opening balance of $

Notably, TD Bank’s CDs may vary by ZIP code, although the bank seems to pay the same yield regardless of your location. TD Bank operates in 15 states and Washington, D.C.

TD Bank also offers No-Catch CDs, which offer one no-penalty withdrawal per term. No-Catch CDs are available for either six-month or month terms, both paying % APY.

The third TD Bank CD is the Step Rate CD, with either a three-year term, paying a composite % APY, or a five-year term, paying a composite % APY. The Step Rate CD provides guaranteed interest rate increases each year, plus one optional penalty-free withdrawal each anniversary of the account opening date.

Interest on TD Choice CDs is compounded monthly and is credited to your account on a monthly basis. While it’s possible to withdraw interest prior to maturity, the interest yield on TD Bank’s CDs is negligible. If you’re interested in withdrawing interest earnings, a savings account may better serve your needs.

Early withdrawal penalties at TD Bank are hefty, so keep this in mind before opening a CD. For CDs with terms of 90 days but less than one year, you’ll forfeit three months’ interest. For terms equal to one year but less than two years, you’ll forfeit six months’ interest.

How Much Can You Earn With TD Bank’s CD Rates?

Before you invest in a TD Bank CD, be sure to do your research to compare CD rates across several banks and credit unions. If you need help choosing a CD that matches your savings goals, TD Bank has a handy CD Selector tool to help you decide between terms.

Here’s what you can earn with TD Bank’s Choice CDs with a $10, investment, assuming the earnings are compounded monthly:

How TD Bank’s CDs Compare

While the yields on TD Bank’s CDs are significantly lower than the best CD rates available on the market, they are in line with interest rates offered by a number of large banks. With interest rates flat across all CD terms, there’s little incentive to buy a longer-term CD. Consider shopping around at online banks, which tend to offer higher rates on CDs. You may also do well to research money market accounts and online savings accounts from online banks, which provide greater liquidity and may offer higher yields.

According to the FDIC, TD Bank’s CD rates are also lower than the national average CD rates.

About TD Bank

With over 1, branches along the East Coast of the U.S., TD Bank is a full-service bank and ranks as one of the country’s largest banks by assets. It offers a wide array of banking services for consumer and business customers, including CDs, checking, savings, home loans, personal loans, IRAs and credit cards. While it boasts a highly rated mobile app for customers who like to bank on the go, its yields on interest-bearing products like CDs, savings accounts and money market accounts tend to be far below those offered by the best online banks.

Frequently Asked Questions (FAQs)

CDs are a type of time deposit account that you can find at both banks and credit unions. Unlike a savings account, you purchase a CD for a fixed amount and a fixed term. If you withdraw your money before the CD’s maturity date, you’ll often get hit with an early withdrawal penalty.

Are there different types of CDs?

CDs come in a variety of types. Although the most popular type is a standard CD, with a fixed rate and a fixed term, you can find bump-up CDs, step-up CDs and no-penalty CDs as well. Some of these offer more liquidity than others. Before you put money into a CD, know your options.

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TD Beyond Savings

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Earn more when you keep a higher balance and link an eligible TD account1

  • Get a bump rate when you link to an eligible TD Bank account1
  • $20, minimum daily balance to waive $15 monthly maintenance fee
  • Account extras: Non-TD ATM fees waived2 plus services at no cost

View the TD Beyond Savings Account Guide

Get a savings account that rewards your higher balance with tiered interest rates plus a relationship bump rate when you link an eligible TD account1, and account perks at no cost.

  • Tiered rates
    As your balance grows, so does your interest rate – helping you to earn more as you save
  • Relationship bump rate
    When you link an eligible TD Bank active personal or small business checking, mortgage, home equity or credit card1
  • Free ATMs anywhere you go
    Pay no TD ATM fees when you use non-TD ATMs regardless of balance and get reimbursed for other banks' surcharges when you maintain a $2, minimum daily balance2
  • $15 monthly maintenance fee waived
    When you maintain a $20, minimum daily balance
  • Free services
    Incoming wire transfers, official bank checks, money orders and stop payments are free

With Relationship Bump Rate

Earn more when you link an eligible TD Bank mortgage, home equity, credit card or active personal or small business checking account.1

Current APY*

Required Minimum Daily Balance To Earn APY*

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Current APY*

Required Minimum Daily Balance To Earn APY*

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What you pay

Monthly Maintenance Fee

$15

Daily Balance to Waive Fee

$20,

Earns Interest

Yes, tiered interest rates

ATM fees

None at TD or non-TD ATMs2

Checks

N/A

Online Statements

Free

Paper Statements

Free

Minimum Opening Deposit

$0

Overdraft Protection

This account can be set up to protect a TD Checking account3

Free with this Account

Mobile Deposit4, money orders, stop payments, official checks

Additional Benefits

Relationship bump rate available1, free incoming wire transfers

Get the most from your new account

TD Beyond Checking

Earn interest and get reimbursed for fees like ATM transactions and overdrafts5, 6

CDs

Build your savings on your terms with CDs that fit your goals

TD Bank Credit Cards

Choose the card with the rewards you want, like Cash Back for everyday purchases

Open account

Online

The fastest way to open an account

In person

Visit a TD Bank near you to set up your account

By phone

Talk to a Banking Specialist 24/7

View the TD Beyond Savings Account Guide.

*Annual Percentage Yield (APY) is accurate as of Mar 14, and subject to change after the account is opened. Fees may reduce earnings on the account. Aggregate balances over $25 million are subject to negotiated interest rates.

1Eligible accounts include: TD Bank Personal Mortgage, Home Equity or Credit Card OR an active Personal or Small Business Checking account WITH at least three Customer-initiated deposit, withdrawal, transfer or payment transactions posted each calendar month OR an Active Personal or Small Business Checking account WITH a direct deposit each calendar month.

2For non-TD ATM transactions, the institution that owns the terminal (or the network) may assess a fee (surcharge) at the time of your transaction, including balance inquiries.

3Please refer to TD Bank Overdraft Protection and Services for information on Savings Overdraft Protection.

4TD Bank Mobile Deposit is available to Customers with an active checking, savings or money market account and using a supported, internet-enabled iOS or Android device with a camera. Other restrictions may apply. Please refer to the Mobile Deposit Addendum.

5For non-TD ATM transactions, the institution that owns the terminal (or the network) may assess a surcharge at the time of your transaction, including balance inquiries.

6Overdraft Payback automatically reverses the first two overdraft fees (paid or returned) incurred within a calendar year (January–December); max $70 per calendar year.

View the TD Beyond Savings Account Guide.

*Annual Percentage Yield (APY) is accurate as of Mar 14, and subject to change after the account is opened. Fees may reduce earnings on the account. Aggregate balances over $25 million are subject to negotiated interest rates.

1Eligible accounts include: TD Bank Personal Mortgage, Home Equity or Credit Card OR an active Personal or Small Business Checking account WITH at least three Customer-initiated deposit, withdrawal, transfer or payment transactions posted each calendar month OR an Active Personal or Small Business Checking account WITH a direct deposit each calendar month.

2For non-TD ATM transactions, the institution that owns the terminal (or the network) may assess a fee (surcharge) at the time of your transaction, including balance inquiries.

3Please refer to TD Bank Overdraft Protection and Services for information on Savings Overdraft Protection.

44TD Bank Mobile Deposit is available to Customers with an active checking, savings or money market account and using a supported, internet-enabled iOS or Android device with a camera. Other restrictions may apply. Please refer to the Mobile Deposit Addendum.

5For non-TD ATM transactions, the institution that owns the terminal (or the network) may assess a surcharge at the time of your transaction, including balance inquiries.

6Overdraft Payback automatically reverses the first two overdraft fees (paid or returned) incurred within a calendar year (January–December); max $70 per calendar year.

Minimum daily balance to waive monthly maintenance fee

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TD Bank Review

Whom Is TD Bank Best For?

TD Bank is great for people who can't get to a bank during normal banking hours. You might consider TD Bank if you:

  • Want a physical bank that's open earlier and later than most banks, including weekends and some holidays
  • Are comfortable with interest rates that are within the normal range for a brick-and-mortar bank (but lower than online-only banks)
  • Are looking for a large network of free ATMs
  • Want a full-service bank with great customer service

What Does TD Bank Offer?

You have a lot of options at TD Bank.

Accounts

Checking Accounts

TD Bank offers five different types of checking accounts that vary in monthly fees and interest rates paid. All accounts have free ATM access at in-network TD ATMs, and some will reimburse your fees for non-TD ATMs. Checking accounts are FDIC-insured up to $, per depositor, per institution.

Checking Account Options
Name of AccountMonthly FeeTo Waive FeeATM fees
TD Beyond Checking$25$2, minimum daily balanceNone with $2, minimum daily balance
TD Convenience Checking$15$ daily balanceNone at TD ATMs
TD Simple Checking$N/ANone at TD ATMs
TD 60 Plus Checking$10$ daily balanceNone at TD ATMs
TD Student Checking$0Be between ages 17 and 23None at TD ATMs

Savings Accounts

TD Bank has two options for savings accounts. They each bear interest, but rates vary by account type and daily balance. TD Bank also offers a feature called Rate Bump, which rewards you with higher interest rates if you link more than one TD Bank account.

Savings accounts are FDIC-insured up to the federal limit.

Savings Account Options
Name of AccountMonthly FeeTo Waive FeeStandard APYAPY with Rate Bump
TD Simple Savings$5$ balance or recurring transfer%N/A
TD Beyond Savings$15$20, minimum daily balance%% to %

With TD Bank, you won't see the best savings rates—which are still less than what's offered by some online-only banks—until you have $, or more on deposit with the bank.

TD Growth Money Market

If you'd like the ability to write checks from your savings account, the TD Growth Money Market account offers the following tiered rates (as of October 24, ):

Money Market Accounts
BalanceStandard APYAPY with Rate Bump
$—$%%
$1,—$1,%%
$2,—$4,%%
$5,—$9,%%
$10,—$24,%%
$25,—$49,%%
$50,—$99,%%
$,—$,%%
$,+%%

Even with Rate Bump, you're still likely to find higher interest rates and lower minimum balances at another bank.

Certificates of Deposit

TD Choice Promotional CDs
TermStandard APYRate Bump APY
3 Months%%
6 Months%%
9 Months%%
12 Months%%
18 Months%%
24 Months%%
36 Months%%
60 Months%%

With a minimum deposit of $ and a linked eligible checking account, you can earn up to a % return on a promotional CD with Rate Bump as of October 24, Eligibility for checking accounts means that the account is in good standing and active. CDs are FDIC-insured up to the federal limit.

TD Choice No-Catch CDs
TermStandard APY
6 Months%
12 Months%

TD's no-catch CDs differ from its promotional CDs because no-catch options allow you to make one withdrawal per year without a penalty, and there is no bump rate.

TD Step Rate CDs
TermStandard APY
3 Years% (composite rate)
5 Years% (composite rate)

TD Step Rate CDs increase their APYs every year, and you can make one penalty-free withdrawal once a year on the account anniversary.

Early Withdrawal Penalties

No withdrawals are allowed within the first seven days of a CD term. Early withdrawal from your CD will incur a penalty ranging from three months of earned interest to all earned interest you earn depending on term length.

If you're concerned about penalties, you can also check out the TD No-Catch CDs, which permit one penalty-free withdrawal per term, or TD Step-Rate CDs, which permit one penalty-free withdrawal each anniversary.

Credit Cards

TD Bank has two different credit cards on offer, with either rewards or cash back.

Prepaid Cards

If you're looking for a prepaid card, you'll find a few options at TD Bank. You can use these reloadable cards anywhere Visa is accepted. They include:

  • TD Connect Reloadable Prepaid Card
  • TD Go Reloadable Prepaid Card
  • TD Bank Visa Gift Card

With the Connect card, you can access TD ATMs, fund the card online, over the phone, or with direct deposit. The Go card is aimed at teens, requires a $20 initial load, and carries a $ purchase fee.

Other Financial Products From TD Bank

TD Bank offers a wide array of other products, including:

TD Bank Customer Service

You have many options for reaching TD Bank. With their extended hours, you might visit a branch before or after work, on the weekend, or even on some holidays. You have access 24/7 via the website, phone, or mobile app, and the company encourages you to reach out with general comments or questions via Facebook Messenger and other social media.

How to Bank With TD Bank

With TD Bank, it's easy to open an account online or in a branch. To open an account online, simply click on any of the "open account" buttons on the account explanation pages.

You'll need a Social Security number, date of birth, and government-issued ID to open an account, as well as a way to fund the initial deposit, such as a debit card or existing bank routing and account numbers. You may also have the option to open an additional account as well—you can add a savings account when you're opening a checking account, for example.

The Final Verdict

Benefits

TD Bank offers a wide array of deposit accounts, including prepaid cards, but where they really shine is convenience. They have extended weekday and weekend hours, online access, and a mobile app. They also offer reimbursement for ATM fees for some account holders and free in-network ATMs for all account holders.

Drawbacks

You won't be impressed by TD Bank's interest rates on CDs, savings account, and interest-bearing checking accounts. Although they're average for a brick-and-mortar financial institution, they're offset by the high minimum balance requirements necessary to receive them, and the rates offered on lower balances aren't very competitive. You'll have better results if you can qualify for TD's Rate Bump feature.

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .

  1. TD Bank. "TD Growth Money Market." Accessed Aug. 17,

  2. TD Bank. "TD Bank CDs." Accessed Oct. 24,

  3. TD Bank. "Prepaid Visa Cards." Accessed Oct. 24,

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TD Bank Savings & Money Market Accounts

Ready. Set. Save.

Earn up to % APY and hit your goals faster with TD Beyond Savings.

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Choose from three great savings accounts that can help you reach your savings goal faster. Plus, if you select a TD Beyond Savings or TD Growth Money Market account—and have another eligible linked TD account—you'll earn a relationship bump rate1.

If you link other eligible TD accounts—such as checking, credit cards, etc.—you'll earn a relationship bump rate. It's our way of saying thanks for being a great Customer.1

Reach your savings goals sooner when you open an account today.

  • Minimum Daily Balance
    (maintain to waive monthly maintenance fee)

    Account Features

    Keep a $20, minimum daily balance.

    Competitive tiered rates

    As your balance grows, so does your interest rate—helping you to earn more as you save.

    Relationship bump rate

    Earn a relationship bump rate when you link an eligible TD account1 and get account perks at no cost.

    Free services

    Incoming wire transfers, official bank checks, money orders and stop payments are free

    Free ATMs anywhere you go.

    Visit a non-TD ATM, and we'll reimburse the other bank's charges5

  • Other ways to waive the monthly maintenance fee

    Minimum Daily Balance
    (maintain to waive monthly maintenance fee)

    Link your savings account to a TD Beyond Checking account.

    Keep a $20, minimum daily balance.

  • Account Features

    Other ways to waive the monthly maintenance fee

    Competitive tiered rates

    As your balance grows, so does your interest rate—helping you to earn more as you save.

    Relationship bump rate

    Earn a relationship bump rate when you link an eligible TD account1 and get account perks at no cost.

    Free services

    Incoming wire transfers, official bank checks, money orders and stop payments are free

    Free ATMs anywhere you go.

    Visit a non-TD ATM, and we'll reimburse the other bank's charges5

    Link your savings account to a TD Beyond Checking account.

  • Minimum Daily Balance
    (maintain to waive monthly maintenance fee)

    Account Features

    Keep a $ minimum daily balance.

    Free automatic transfers

    Kick-start your savings with transfers from other accounts

    Earn interest

    Grow your savings by earning interest to help you reach your goals

  • Other ways to waive the monthly maintenance fee

    Minimum Daily Balance
    (maintain to waive monthly maintenance fee)

    Link your savings account to a TD Beyond Checking account

    If you're under 24, link your savings account to a TD Convenience CheckingSM account3

    Waived automatically if you're 18 or under/62 or older.

    Make recurring $25+ transfers from your linked TD Bank checking account4

    Keep a $ minimum daily balance.

  • Account Features

    Other ways to waive the monthly maintenance fee

    Free automatic transfers

    Kick-start your savings with transfers from other accounts

    Earn interest

    Grow your savings by earning interest to help you reach your goals

    Link your savings account to a TD Beyond Checking account

    If you're under 24, link your savings account to a TD Convenience CheckingSM account3

    Waived automatically if you're 18 or under/62 or older.

    Make recurring $25+ transfers from your linked TD Bank checking account4

  • Minimum Daily Balance
    (maintain to waive monthly maintenance fee)

    Account Features

    Keep a $2, minimum daily balance.

    Relationship bump rate

    Earn a relationship bump rate when you make a recurring transfer from a linked TD Bank Checking account, and grow your savings by at least $50 in a month1

    Online Bill Pay

    Enjoy the convenience of Bill Pay and write up to 6 checks a Month3

  • Other ways to waive the monthly maintenance fee

    Minimum Daily Balance
    (maintain to waive monthly maintenance fee)

    Link your savings account to a TD Beyond Checking account.

    Waived automatically if you're 62 or older without a linked checking account.

    Keep a $2, minimum daily balance.

  • Account Features

    Other ways to waive the monthly maintenance fee

    Relationship bump rate

    Earn a relationship bump rate when you make a recurring transfer from a linked TD Bank Checking account, and grow your savings by at least $50 in a month1

    Online Bill Pay

    Enjoy the convenience of Bill Pay and write up to 6 checks a Month3

    Link your savings account to a TD Beyond Checking account.

    Waived automatically if you're 62 or older without a linked checking account.

TD Beyond Savings

TD Simple Savings

TD Growth Money Market

Minimum Daily Balance
(maintain to waive monthly maintenance fee)

Account Features

Keep a $20, minimum daily balance.

Competitive tiered rates

As your balance grows, so does your interest rate—helping you to earn more as you save.

Relationship bump rate

Earn a relationship bump rate when you link an eligible TD account1 and get account perks at no cost.

Free services

Incoming wire transfers, official bank checks, money orders and stop payments are free

Free ATMs anywhere you go.

Visit a non-TD ATM, and we'll reimburse the other bank's charges5

Keep a $ minimum daily balance.

Free automatic transfers

Kick-start your savings with transfers from other accounts

Earn interest

Grow your savings by earning interest to help you reach your goals

Keep a $2, minimum daily balance.

Relationship bump rate

Earn a relationship bump rate when you make a recurring transfer from a linked TD Bank Checking account, and grow your savings by at least $50 in a month1

Online Bill Pay

Enjoy the convenience of Bill Pay and write up to 6 checks a Month3

Other ways to waive the monthly maintenance fee

Minimum Daily Balance
(maintain to waive monthly maintenance fee)

Link your savings account to a TD Beyond Checking account.

Keep a $20, minimum daily balance.

Link your savings account to a TD Beyond Checking account

If you're under 24, link your savings account to a TD Convenience CheckingSM account3

Waived automatically if you're 18 or under/62 or older.

Make recurring $25+ transfers from your linked TD Bank checking account4

Keep a $ minimum daily balance.

Link your savings account to a TD Beyond Checking account.

Waived automatically if you're 62 or older without a linked checking account.

Keep a $2, minimum daily balance.

Account Features

Other ways to waive the monthly maintenance fee

Competitive tiered rates

As your balance grows, so does your interest rate—helping you to earn more as you save.

Relationship bump rate

Earn a relationship bump rate when you link an eligible TD account1 and get account perks at no cost.

Free services

Incoming wire transfers, official bank checks, money orders and stop payments are free

Free ATMs anywhere you go.

Visit a non-TD ATM, and we'll reimburse the other bank's charges5

Link your savings account to a TD Beyond Checking account.

Free automatic transfers

Kick-start your savings with transfers from other accounts

Earn interest

Grow your savings by earning interest to help you reach your goals

Link your savings account to a TD Beyond Checking account

If you're under 24, link your savings account to a TD Convenience CheckingSM account3

Waived automatically if you're 18 or under/62 or older.

Make recurring $25+ transfers from your linked TD Bank checking account4

Relationship bump rate

Earn a relationship bump rate when you make a recurring transfer from a linked TD Bank Checking account, and grow your savings by at least $50 in a month1

Online Bill Pay

Enjoy the convenience of Bill Pay and write up to 6 checks a Month3

Link your savings account to a TD Beyond Checking account.

Waived automatically if you're 62 or older without a linked checking account.

Your savings account comes with more than just a great rate.

Mobile Banking

Bank anytime, anywhere—right from your phone.

Live Customer Service, 24/7

Call and talk to a real person day or night.

Still deciding on a savings account?

Use the account selector to help you discover which savings account is right for you.

1TD Beyond Savings: eligible accounts include TD Bank personal mortgage, home equity or credit card OR an active personal or small business checking account WITH at least three Customer-initiated deposit, withdrawal, transfer or payment transactions posted each calendar month OR an active personal or small business checking account WITH a direct deposit each calendar month. TD Growth Money Market: must be linked to an eligible, personal TD Bank checking account, have a qualifying transfer into account and have an increase in the closing balance by at least $50 from previous statement period. See the Personal Deposit Account Agreement for more details.

2Annual Percentage Yield (APY) is accurate as of Mar 11, and subject to change after the account is opened. Fees may reduce earnings on the account. Aggregate balances over $25 million are subject to negotiated interest rates.

3One TD Simple Savings monthly maintenance fee waiver placed upon Customer request and expires upon primary Customer's 24th birthday.

4For the first 12 months, waived each month you have a linked eligible TD Bank Checking account and a recurring transfer of $25 or more from a TD Bank account. See the Personal Deposit Account Agreement for more details.

5TD fees waived regardless of balance, and non-TD fees reimbursed when minimum daily balance is at least $2, For non-TD ATM transactions, the institution that owns the terminal (or the network) may assess a fee (surcharge) at the time of your transaction, including balance inquiries.

For written correspondence,please contact us at:

TD Bank, Attention: Marketing
P.O. Box
Portland, ME

1TD Beyond Savings: eligible accounts include TD Bank personal mortgage, home equity or credit card OR an active personal or small business checking account WITH at least three Customer-initiated deposit, withdrawal, transfer or payment transactions posted each calendar month OR an active personal or small business checking account WITH a direct deposit each calendar month. TD Growth Money Market: must be linked to an eligible, personal TD Bank checking account, have a qualifying transfer into account and have an increase in the closing balance by at least $50 from previous statement period. See the Personal Deposit Account Agreement for more details.

2Annual Percentage Yield (APY) is accurate as of Mar 11, and subject to change after the account is opened. Fees may reduce earnings on the account. Aggregate balances over $25 million are subject to negotiated interest rates.

3One TD Simple Savings monthly maintenance fee waiver placed upon Customer request and expires upon primary Customer's 24th birthday.

4For the first 12 months, waived each month you have a linked eligible TD Bank Checking account and a recurring transfer of $25 or more from a TD Bank account. See the Personal Deposit Account Agreement for more details.

5TD fees waived regardless of balance, and non-TD fees reimbursed when minimum daily balance is at least $2, For non-TD ATM transactions, the institution that owns the terminal (or the network) may assess a fee (surcharge) at the time of your transaction, including balance inquiries.

For written correspondence,please contact us at:

TD Bank, Attention: Marketing
P.O. Box
Portland, ME

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Источник: mynewextsetup.us

About TD Bank

TD Bank is one of the major banks in the United States in terms of assets. It has 1, branches throughout the East Coast of the United States, with presence in 15 states and Washington, D.C. The bank has a history of more than years and serves million customers.

Customers can earn rate increases or cash incentives from TD Bank in a variety of ways. They can also pick from a variety of bank accounts, ranging from a basic savings account to an interest-earning checking account to a five-year CD, allowing them to maintain their banking and investing in one location.

Can I use TD Bank for international bank transfers?

Yes. With TD Bank’s wide range of transfer options, sending money overseas is simple. These are some of them:

  • TD Global Bank Transfer is a service that allows you to send money to a bank account in another country.
  • With TD Visa Direct, you may send money to a recipient’s Visa debit or credit card from anywhere in the world.
  • Western Union Money TD Bank service allows you to send money internationally for cash pickup. 

TD Bank Exchange rates and fees

TD Bank’s rates change throughout the day, and the rate for a single transaction is established when that transaction is completed. The bank is not liable for any decisions you make based on the rates or the TD Foreign Exchange Calculator provided on its website.

In comparison to specialist money transfer services, TD has low exchange rates. Compare TD’s rates with those of other specialist money transfer providers if you want to save money on your next transfer.

The base rate on the TD Canadian Dollar Premium Business Savings Account is %. The Canadian Dollar Premium Business Savings Account Base Rate is a variable interest rate provided by TD Bank specifically for the Premium Business Savings Account.

The base rate for the TD U.S. Dollar Premium Business Savings Account is also %. This means that the US$ Premium Business Savings Account base rate is a reference interest rate set by the TD Bank from time to time only for the TD US$ Premium Business Savings Account.

Rates are subject to vary during the day and at the time of booking. Except for the purchase and selling of currency notes, the rates apply to all foreign exchange transactions.

The following are TD Banks transfer fees:

  • $ for outgoing international wire transfers
  • $ for outgoing domestic wire transfers
  • $ USD per online transaction
  • $ USD per online transaction for Minimum Order Amount; each currency must be at least $25 USD.
  • $1, USD per online transaction for Maximum Order Amounts.

There is a $ charge if you receive an international transfer. When transferring money overseas through wire transfer, keep in mind that the recipient bank may charge a fee as well, so you may need to consider these additional expenses into your transfer.

Also, when buying foreign currency online, there is an additional transaction fee of $ USD. This cost will be collected when you submit your order.

How do TD Bank transfer fees compare to using a money transfer provider?

Using a specialist money transfer provider increases your chances of finding a means to send money abroad with reduced fees. You may use some available online comparison tools to see all of your options, including transfer costs, currency rates, and transfer times.

TD Bank pros and cons

The following are TD Bank’s benefits and drawbacks:

Pros

• Convenient. To transfer money, you won't need to create a new account; simply go to your local bank.

• Cross-border accounts: TD Bank is especially well-positioned for transfers between Canada and the United States, whether you live in either country part-time or move money there often.

• Long banking hours. Branches have long hours and are open and on weekends, and new debit cards may be picked up curbside. Many TD Bank branches provide extended hours, and customer service is available 24/7.

• Online banking. Customers can bank online or using the TD Bank mobile banking app, which is available for both iOS and Android smartphones.

• Secure. Because TD requires you to visit a branch to conduct wire transfers, you're less likely to be a victim of fraud.

Cons

• Poor exchange rates. In comparison to specialist money transfer services, TD adds a bigger margin to the exchange rate.

• High balance to nix fees. If you want to avoid the monthly maintenance charge, which may be as much as $15, you'll need to keep a careful eye on your account and maintain a minimum level.

• Savings accounts with low APYs. Savings accounts with low APYs – The TD Simple Savings account offers a basic APY of %, which is very low. The APY on the TD Beyond Savings is graded dependent on account balance. If you link your savings account to an eligible TD account, you'll get a tiny "rate bump," but it'll only be %, which isn't much.

• Quite high fees. The price for transferring money overseas is greater than what other Canadian banks charge on average.

Answers to key questions about TD Bank

Some of the most commonly asked questions concerning TD Bank’s banking services are as follows:

Can I open a TD Bank account in any country?

Yes. You may create a TD Bank account online, thus you might be residing in another country while doing so. You must, however, be a US or Canadian resident and be able to give necessary information such as your home address and social security number.

Does TD Bank have an app?

Yes. The TD Banking app is available in both the Apple and Google stores, and it allows you to make deposits, use services like Bill Pay and Send Money with Zelle, and securely check your account balance while you’re on the move.

Are there transfer limits?

Yes. Every 24 hours, TD Bank has a $6, transaction limit.

How long do transfers take with TD Bank?

Wire transfers are processed through the SWIFT network by TD Bank and take 3 – 5 working days on average.

Online orders are generally delivered to a TD Bank branch in business days. It’s possible that some currencies will take longer than days. An order confirmation and tracking notice will be sent to you through email.

What customer support options are available?

There are several ways to contact TD Bank. You may visit a branch before or after work, on the weekend, or even on holidays, thanks to their extended hours. You may visit the website, phone, or mobile app at any time, and the firm invites you to contact them via Facebook Messenger, Twitter and other social media platforms with general comments or queries.

Can I use a TD Bank debit card when travelling abroad?

Yes. You may use your TD debit card to acquire cash from a non-TD ATM or to make purchases when traveling outside of the United States. A foreign currency fee of 3% of the transaction amount will be charged by TD Bank.

How to open an account and transfer money with TD Bank

On the bank’s website, you may easily open a TD Bank account. When you create a TD Convenience or TD Premier account online rather than in a physical store, you can even get a cash incentive.

When browsing at TD Bank’s online banking products, you must first choose the location in which you reside (or bank). As a result, the bank will be able to provide you with a more realistic picture of the products accessible to you. This process begins with selecting a state and then a city.

It’s as simple as clicking the “Open Account” button on the website once you’ve discovered the account you want to open. You’ll next be requested to input your information, including your phone number and email address. You’ll also make your first deposit at this time and start banking.

You may initiate a wire transfer by visiting your local branch or logging into your online banking account. For your transfer, you’ll need to supply the following information:

  • Account holder’s name and full address of the recipient
  • Account number of the recipient
  • The telephone number and address of their branch
  • BIC Routing Number/ SWIFT Code
  • The amount you’re transferring and the currency you’d like to convert it to

Your transfer will take 3–5 days to arrive in your recipient’s account once it has been completed.

Foreign currency is not carried by TD bank branches, therefore you will have to pay ahead of time and pick up the cash at a branch a week or so later. A reliable foreign exchange dealer will always have all currencies on hand the same day. You may place an order in seconds online and pay when you pick it up. You may also purchase foreign currency online and have it delivered to your home.

Customer service details for users of TD Bank

TD Bank, like many other big banks, allows customers to bank online or via the bank app 24/7. You may also call to reach their customer care department. You can manage your bank accounts, set up bill autopay, deposit checks, and make transfers. Zelle also allows you to send money to friends and relatives. You may set up email notifications to keep track of your financial activity.

Many of its physical locations have extended hours on weekends and evenings. At TD Bank, you may transact business whenever you choose if you’re too busy during the week to stop by.

Summary

TD Bank is a brick-and-mortar bank with a strong presence in the Eastern United States that offers straightforward accounts with average available features. However, TD Bank offers two distinct benefits: extended branch hours and free ATMs in both Canada and the United States. Convenience Checking, which has an easily avoidable monthly cost and a significant sign-up bonus if you meet certain conditions, may be the most attractive account.

TD Bank also offers far more rewards to clients who open numerous accounts than many other banks. The standard interest rate for TD Beyond Savings, for example, rewards customers who link another eligible TD Bank account with a greater interest rate.

Fees and interest rates are two areas where TD Bank falls short. While many checking and savings accounts do not charge monthly maintenance fees unless you fulfil certain criteria, several of TD Bank’s products require consumers to jump through hoops in order to get their costs reduced. When compared to its online-only competitors, TD Bank’s deposit products provide very little interest.

Lastly, TD Bank is ideal for East Coast residents of the U.S. who want a bank with a strong physical presence and a wide range of checking and savings accounts to select from. Those wanting to get the most out of their deposit products, such as checking and savings accounts, should go elsewhere.

Источник: mynewextsetup.us

TD Banknorth

Former bank holding company

TD Banknorth, formerly Banknorth, was a wholly owned subsidiary of the Toronto-Dominion Bank which conducted banking and insurance activities, primarily serving the northeastern area of the United States, headquartered in Portland, Maine. The bank became TD Bank, N.A. on May 31,

In August , Toronto-Dominion Bank became the majority owner, renaming it "TD Banknorth, N.A.", all remaining shares of TD Banknorth were acquired by Toronto-Dominion Bank on April 20,

Its operating companies were Banknorth Connecticut, Peoples Heritage Bank (in Maine), Banknorth Massachusetts, Bank of New Hampshire, Evergreen Bank (in New York), Hudson United Bank, Banknorth Vermont, and Bancnorth Insurance Group. The majority of these companies were branded as TD Banknorth of State (example "TD Banknorth of Maine").

On April 10, , TD Banknorth merged with New Jersey–based Commerce Bank to form TD Bank, with joint headquarters in Cherry Hill, New Jersey and Portland, Maine. The legal name of the bank was changed to TD Bank, N.A. on May 31, , with all TD Banknorth branches outside of New England and all Commerce Bank branches being rebranded in the fall of The remaining branches, in New England, took on the new name in September

History[edit]

The origins of Banknorth Group, now TD Bank, lie in a number of local Mainesavings banks, and in Vermont dating back to with Woodstock National Bank.

Portland Savings Bank[edit]

The Portland Savings Bank was established in , and was initially open only on Wednesdays and Saturdays from &#;a.m. to &#;p.m. Albion K. Parris, Portland’s mayor, was the first President. Support of community and public projects was an important objective of the bank. It weathered the great fire of Portland and the financial panics in and , and at its 50th year in had 24, depositors, deposits of almost $10,,, and a staff of nine. In , a branch on Congress Street joined the Head Office branch, and nineteen years later all business moved to Congress Street.

The Stock Market Crash of and the ensuing Great Depression gravely threatened the bank. To handle the number of properties it came to own through foreclosure, the bank established a “Real Estate Department” or property management division. Returning to prosperity with the post-war mortgage boom, Portland Savings was revolutionized under the leadership of Roger Lambert, CEO from to He encouraged the creation of a more dynamic board of directors and established a wide array of bank services, following the model of the commercial banks. He expanded Portland Savings’ portfolio of commercial loans and introduced innovative retail products such as money market certificates. Between and the bank grew from 2 to 13 branches across Maine, with assets increasing from $63 to $ million

People’s Savings Bank[edit]

People's Savings was founded in in Lewiston, Maine. A conservative but successful bank, it prospered with the local mill economy. Early in the twentieth century the bank innovated by opening $1 accounts for all babies born in the area, on condition that there were no withdrawals for ten years. The policy lasted into the s. Christmas and vacation clubs were also established. Local banks suffered greatly from the decline of the mill economy in the s and s, but enjoyed a recovery during World War II, with industrial renewal and a defense bond business. In the post-war period People's helped finance the new industries that were gradually replacing textiles in the local economy.

Rockland Savings Bank/Heritage Savings Bank[edit]

Rockland Savings was established in in Rockland, Maine, (following attempts in and ). In , it changed its name to the Heritage Savings Bank. In , it merged with:

  • Penobscot Savings, Bangor, founded in and a pioneer in savings for children in association with the local school system. A “small conservative bank in a small conservative city,” it did not expand its branch system until , when a second office was opened.
  • Waterville Savings, founded in Waterville in

Franklin County Savings Bank & Trust Co.[edit]

Franklin County Savings Bank was founded in in St. Albans, Vermont. The bank maintained the name Franklin County Bank until the merger with Lamoille County Bank & Trust Company () in the early s. After the merger, the bank adopted a new name, Franklin Lamoille Bank. The bank also incorporated a holding company named Banknorth.

Woodstock National Bank was founded in and merged into the Howard Bancorp. The Woodstock National Bank maintained its name until June when it merged into its sister bank First Vermont Bank & Trust Company.

Granite Savings Bank & Trust Company[edit]

The Granite Saving Bank & Trust Company was founded in Barre, Vermont in The bank's original office, located on North Main Street in Barre, is now the home for a senior citizen group. The current headquarters is 36 North Main Street, Barre. Banknorth Group Inc. planned to maintain the name until it was purchased by Peoples Bank (Maine). In , Granite Savings Bank & Trust merged with its sister bank The Howard Bank, a change some customers never noticed until their statement arrived.

The Howard Bank N.A.[edit]

The Howard National Bank & Trust Company of Burlington, Vermont, was founded in The Bank bought out a few banks and took them under the Howard Bank name. The Bank changed and shortened its name when it became a more statewide banking company. The Bank also created a banking holding company as "Howard Bancorp" in , and in , the Howard Bancorp merged with Banknorth Group Inc. In the deal, Howard Bancorp decided to take on the Banknorth Group name.

First Vermont Bank & Trust Company[edit]

The First Vermont Bank & Trust was founded in The Company bought Franklin Lamoille Bank and was one of the first banks to offer on-line banking for the tellers. However, when Howard Bancorp purchased Banknorth Group, management found it too expensive to upgrade the systems of the new division. In , the bank acquired Woodstock National Bank and in , all three Vermont banks were merged into Banknorth N.A. Vermont, a division of Banknorth N.A.

The oldest component that Banknorth currently has recorded for the Vermont banking company is Woodstock National Bank. All the Vermont banking companies date to the s with the exception of First Vermont Bank from

Merger of Portland/Peoples/Heritage[edit]

"The late s and early s were difficult years for the thrift industry. As inflation and interest rates soared into double digits, savings banks in Maine and elsewhere found themselves forced to pay higher interest rates to attract depositors while maintaining a large portfolio of long-term low-interest mortgages." In , Portland Savings declared a loss and recognized a pressing need for consolidation in the local banking market. The following year Portland and People's arranged a merger, and the new bank adopted the People's name. In , Peoples and Heritage merged as Peoples Heritage, a billion dollar institution with Wes Bonney as the first President. The new bank, with a total of 35 branches, moved quickly to expand its ATM network, introduce innovations such as Cashline phone banking, and develop an emphasis on commercial loan, a new development for a traditional savings bank. In , in an effort to acquire capital for expansion, Peoples dropped its charter as a mutual bank and rechartered into a public corporation.

With its new resources the bank planned to grow its asset base from $1 billion to $4 billion within five years. This would be accomplished through acquisitions, an expanded branch network, and a rapid increase in commercial lending and real estate. In , Peoples Heritage reorganized itself as a bank holding company in order to gain greater flexibility in making bank and non-bank acquisitions.

Acquisitions in the period were:

  • Northeast Leasing:
  • Six branches from Casco Northern Bank:
  • First Coastal Bank, Portsmouth, NH:
  • Merchants National Bank of Dover
  • First National Bank of Portsmouth, founded
  • Oxford Bank & Trust Company from Bank of Vermont (As part of Bank of Boston's purchase of Bank of Vermont, regulators required it to sell the Oxford Bank & Trust component.) (5 branches - ).
  • Had a $ million personal trusts department, the first venture of Peoples into this area.

Recession and crisis[edit]

In , the Maine real estate market collapsed. In this period of crisis, William J. Ryan became the new president and CEO. In , the recession resulted in bank closures or mergers in New England. Peoples’ stock began to fall as serious problems emerged with bad loans, particularly in the faltering real estate sector, but also in the commercial realm. In the period to , Peoples was losing money, and federal regulators issued a cease and desist order restricting the bank's freedom in the loans area. In response, the management team was shaken up, and special teams were assigned to loans review and restructuring. The bank opened an innovative storefront retail real estate office to move foreclosed properties.

Recovery began by mid The bank had aggressively reduced its portfolio of non-performing loans, and all discernible asset quality trends were positive, resulting in a favorable impact to the bottom line. In , the bank again became profitable, and it re-capitalized with a rights offering in Q4 , generating $38 million in new capital.

Recovery and expansion[edit]

In , the Peoples management held a retreat to plan strategy for future growth. Bill Ryan proposed a doubling of assets to $5 billion through a maximization of market share in Maine and acquisition of other community banks in the region.

The plan resulted in the following acquisitions during the s:

  • Mid-Maine Savings, Auburn, Maine,
  • Bankcore, Inc / North Conway Bank, North Conway, New Hampshire,
  • Bank of New Hampshire, , second largest bank in New Hampshire, founded in , with assets of billion. The acquisition increased the size of Peoples by 1/3 to $ billion. As well, it established People's credentials as a commercial bank. Terms of the merger allowed The Bank of New Hampshire to keep its name and management structure.
  • Family Bancorp, Haverhill, Massachusetts,
  • Atlantic Bancorp, Portland, Maine, 15 branch operation with assets of $,
  • CFX, Keene, New Hampshire, , originally Cheshire County Savings Bank, The acquisition doubled People's assets to $10 billion. NH branches became part of The Bank of New Hampshire, while Massachusetts branches joined Family Bancorp.
  • Springfield Institution for Savings (SIS) , Springfield, Massachusetts - billion in assets, included Glastonbury Bank and Trust Company of Glastonbury, Connecticut
  • Banknorth Group of Burlington, Vermont (), agreement reached in

Peoples becomes Banknorth[edit]

The Banknorth acquisition was the most significant to date, and with it Peoples assumed the Banknorth name. Banknorth Group Inc. was headquartered in Burlington, Vermont. The company was the holding company for: Franklin Lamoille Bank () in St. Albans, The Howard Bank N.A. () in Burlington; Stratevest N.A. (Investment & Managements) in Burlington (FLB, THB, GSB, FVB, FNB, FMB, EB), Granite Savings Bank & Trust Company () in Barre; Woodstock National Bank () in Woodstock, First Vermont Bank, & Trust Company () in Brattleboro, and Farmington National Bank (), Farmington, New Hampshire. The merger increased Peoples' assets to $17 billion and gave it a larger presence in Massachusetts, Vermont, and through Evergreen Bank (Glens Falls, (), in New York.

The completion of the merger was delayed by regulatory review, but on May 10, , Banknorth Group Inc of Portland, Maine came into being. “The Banknorth acquisition brought into the fold eight separate community banks (Franklin Lamoille Bank N.A., The Howard Bank N.A., and First Vermont Bank N.A. in Vermont; Bank of New Hampshire under the charter of Farmington National Bank in New Hampshire, Oxford Bank & Trust, a division of Peoples Heritage Bank, and Peoples Heritage Bank in Maine; First Mass. Bank in Massachusetts, GBT, a division of First Mass Bank in Connecticut, and Evergreen Bank in New York), with branches, together with an investment management firm, Stratevest, that oversaw some 4 billion in assets and a freestanding mortgage-lending unit.”

The new organization renewed its program of acquisitions. “As Banknorth expanded across the map of New England, the message remained the same: community banking values, enhanced by the resources of a major banking organization, create a better bank.”

Acquisitions in the period included:

  • Andover Bancorp, $ billion company, 15 branches in Essex and Middlesex counties, Massachusetts,
  • MetroWest, 17 branches in Boston western suburbs, slightly less than $1 billion in assets,
  • Ipswich Bancshares, 8 branches north of Boston,
  • Warren Bancorp, Essex County, Massachusetts,
  • Community Insurance Agencies, Inc. May
  • Bancorp Connecticut, seven branches and $ million in assets,
  • American Savings Bank, New Britain, Connecticut, Added $4 billion in assets and 47 branches in central Connecticut.
  • CCBT Financial Companies, Parent company of Cape Cod Bank & Trust, with $ billion in assets and 26 branches in Barnstable and Plymouth Counties, Massachusetts,
  • Boston Federal Savings Bank, subsidiary of BostonFed Bancorp, Inc., with $ billion in assets and $ billion in deposits, and 16 branches in Middlesex, Norfolk, Essex, and Suffolk Counties, Massachusetts,

In the s and early s, the emphasis was on the development of a financial services company in a true community bank setting. In , the bank launched what would become Banknorth Insurance Group, and by built the largest insurance brokerage group in New England. By , Banknorth Investment Management Group had grown out of the trust business of the Bank of New Hampshire and Banknorth Vermont's consolidated trusts operation, Stratevest.

On December 31, , the holding company, Banknorth Group, Inc., merged its seven subsidiary banks into one bank, Banknorth NA under the Peoples Heritage Bank charter dating back to , with one OCC charter. Using locally relevant trade names retained the local identity in each state.

TD acquisition[edit]

On August 26, , TD Bank Financial Group announced it had signed an agreement with Banknorth to acquire 51% of the outstanding shares of the company for a total of $ billion US. Banknorth shareholders approved the transaction at a special meeting of shareholders on February 18, , and final approval was announced on March 1, In connection with the transaction, Banknorth changed its name to TD Banknorth Inc. and reincorporated in Delaware.

All remaining shares of TD Banknorth were acquired by Toronto-Dominion Bank on April 20,

Continued growth[edit]

In July , TD Banknorth announced that it had acquired Hudson United Bank, based in Mahwah, New Jersey. Hudson United had earlier acquired numerous regional banks. The acquisition significantly expanded TD Banknorth's presence in both Connecticut and New York and extended the franchise into northern New Jersey and Philadelphia as well. The acquisition was finalized on January 31, , and all HUB locations were converted to TD mynewextsetup.us, most of the former HUB locations, including those taken over by regional banks, are now part of TD Bank, N.A..

TD Banknorth announced acquisition of Interchange Financial Services Corp in April , adding 30 branches in Bergen and Essex counties of New Jersey.

In January , the company finalized acquisition of Boothby & Bartlett Company, a central Maine insurance agency in Waterville.

Banknorth added a sister company, TD Ameritrade, which was formed after the Ameritrade Holding Corporation acquired TD Waterhouse USA from Toronto-Dominion Bank in On November 20, , TD Bank Financial and TD Banknorth entered into an agreement in which TD Bank would acquire all remaining shares of TD Banknorth held by the public for US$ per share in cash. This was completed on April 20, , and TD Banknorth became a wholly owned subsidiary of TD Bank.

On October 2, , Toronto-Dominion announced its plans to acquire Cherry Hill, New Jersey–based Commerce Bancorp, pending shareholder and regulatory approval. The combined company was to be known as TD Commerce Bank, but in March , Commerce Bank & Trust Company of Worcester, Massachusetts filed a lawsuit against TD Banknorth, to bar the bank from using the name TD Commerce Bank in its existing Massachusetts branches.[1] On May 2, , federal Judge F. Dennis Saylor granted a preliminary injunction, prohibiting the use of the TD Commerce name in Massachusetts branches.[2] Toronto-Dominion then dropped plans to add the Commerce name to its banking operation and instead chose to operate all its branches as "TD Bank".

See also[edit]

Miscellaneous Canadian owned US banks[edit]

References[edit]

(All quotes derived from James Hayman, “Taken at the Flood: The Remarkable Unfinished Story of Banknorth Group”, Banknorth Group, This official history is the principal source of information for the summary.)

External links[edit]

Источник: mynewextsetup.us

TD Beyond Savings

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Earn more when you keep a higher balance and link an eligible TD account1

  • Get a bump rate when you link to an eligible TD Bank account1
  • $20, minimum daily balance to waive $15 monthly maintenance fee
  • Account extras: Non-TD ATM fees waived2 plus services at no cost

View the TD Beyond Savings Account Guide

Get a savings account that rewards your higher balance with tiered interest rates plus a relationship bump rate when you link an eligible TD account1, and account perks at no cost.

  • Tiered rates
    As your balance grows, so does your interest rate – helping you to earn more as you save
  • Relationship bump rate
    When you link an eligible TD Bank active personal or small business checking, mortgage, home equity or credit card1
  • Free ATMs anywhere you go
    Pay no TD ATM fees when you use non-TD ATMs regardless of balance and get reimbursed for other banks' surcharges when you maintain a $2, minimum daily balance2
  • $15 monthly maintenance fee waived
    When you maintain a $20, minimum daily balance
  • Free services
    Incoming wire transfers, official bank checks, money orders and stop payments are free

With Relationship Bump Rate

Earn more when you link an eligible TD Bank mortgage, home equity, credit card or active personal or small business checking account.1

Current APY*

td banknorth savings account rates Minimum Daily Balance To Earn APY*

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Current APY*

Required Minimum Daily Balance To Earn APY*

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What you pay

Monthly Maintenance Fee

$15

Daily Balance to Waive Fee

$20,

Earns Interest

Yes, tiered interest rates

ATM fees

None at TD or non-TD ATMs2

Checks

N/A

Online Statements

Free

Paper Statements

Free

Minimum Opening Deposit

$0

Overdraft Protection

This account can be set up to protect a TD Checking account3

Free with this Account

Mobile Deposit4, money orders, stop payments, official checks

Additional Benefits

Relationship bump rate available1, free incoming wire transfers

Get the most from your new account

TD Beyond Checking

Earn interest and get reimbursed for fees like ATM transactions and overdrafts5, 6

CDs

Build your savings on your terms with CDs that fit your goals

TD Bank Credit Cards

Choose the card with the rewards you want, like Cash Back for everyday purchases

Open account

Online

The fastest way to open an account

In person

Visit a TD Bank near you to set up your account

By phone

Talk to a Banking Specialist 24/7

View the TD Beyond Savings Account Guide.

*Annual Percentage Yield (APY) is accurate as of Mar 14, and subject to change after the account is opened. Fees may reduce earnings on the account. Aggregate balances over $25 million are subject to negotiated interest rates.

1Eligible accounts include: TD Bank Personal Mortgage, Home Equity or Credit Card OR an active Personal or Small Business Checking account WITH at least three Customer-initiated deposit, withdrawal, transfer or payment transactions posted each calendar month OR an Active Personal or Small Business Checking account WITH a direct deposit each calendar month.

2For non-TD ATM transactions, the institution that owns the terminal (or the network) may assess a fee (surcharge) at the time of your transaction, including balance inquiries.

3Please refer to TD Bank Overdraft Protection and Services for information on Savings Overdraft Protection.

4TD Bank Mobile Deposit is available to Customers with an active checking, savings or money market account and using a supported, internet-enabled iOS or Android device with a camera. Other restrictions may apply. Please refer to the Mobile Deposit Addendum.

5For non-TD ATM transactions, the institution that owns the terminal (or the network) may assess a surcharge at the time of your transaction, including balance inquiries.

6Overdraft Payback automatically reverses the first two overdraft fees (paid or returned) incurred within a calendar year (January–December); max $70 per calendar year.

View the TD Beyond Savings Account Guide.

*Annual Percentage Yield (APY) is accurate as of Mar 14, and subject to change after the account is opened. Fees may reduce earnings on the account. Aggregate balances over $25 million are subject to negotiated interest rates.

1Eligible accounts include: TD Bank Personal Mortgage, Home Equity or Credit Card OR an active Personal or Small Business Checking account WITH at least three Customer-initiated deposit, withdrawal, transfer or payment transactions posted each calendar month OR an Active Personal or Small Business Checking account WITH a direct deposit each calendar month.

2For non-TD ATM transactions, the institution that owns the terminal (or the network) may assess a fee (surcharge) at the time of your transaction, including balance inquiries.

3Please refer to TD Bank Overdraft Protection and Services for information on Savings Overdraft Protection.

44TD Bank Mobile Deposit is available to Customers with an active checking, savings or money market account and using a supported, internet-enabled iOS or Android device with a camera. Other restrictions may apply. Please refer to the Mobile Deposit Addendum.

5For non-TD ATM transactions, the institution that owns the terminal (or the network) may assess a surcharge at the time of your transaction, including balance inquiries.

6Overdraft Payback automatically reverses the first two overdraft fees (paid or returned) incurred within a calendar year (January–December); max $70 per calendar year.

Minimum daily balance to waive monthly maintenance fee

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About TD Bank

TD Bank is one of the major banks in the United States in terms of assets. It has 1, branches throughout the East Coast of the United States, with presence in 15 states and Washington, D.C. The bank has a history of more than years and serves million customers.

Customers can earn rate increases or cash incentives from TD Bank in a variety of ways. They can also pick from a variety of bank accounts, ranging from a basic savings account to an interest-earning checking account to a five-year CD, allowing them to maintain their banking and investing in one location.

Can I use TD Bank for international bank transfers?

Yes. With TD Bank’s wide range of transfer options, sending money overseas is simple. These are some of them:

  • TD Global Bank Transfer is a service that allows you to send money to a bank account in another country.
  • With TD Visa Direct, you may send money to a recipient’s Visa debit or credit card from anywhere in the world.
  • Western Union Money TD Bank service allows you to send money internationally for cash pickup. 

TD Bank Exchange rates and fees

TD Bank’s rates change throughout the day, and the rate for a single transaction is established when that transaction is completed. The bank is not liable for any decisions you make based on the rates or the TD Foreign Exchange Calculator provided on its website.

In comparison to specialist money transfer services, TD has low exchange rates. Compare TD’s rates with those of other specialist money transfer providers if you want to save money on your next transfer.

The base rate on the TD Canadian Dollar Premium Business Savings Account is %. The Canadian Dollar Premium Business Savings Account Base Rate is a variable interest rate provided by TD Bank specifically for the Premium Business Savings Account.

The base rate for the TD U.S. Dollar Premium Business Savings Account is also %. This means that the US$ Premium Business Savings Account base rate is a reference interest rate set by the TD Bank from time to time only for the TD US$ Premium Business Savings Account.

Rates are subject to vary during the day and at the time of booking. Except for the purchase and selling of currency notes, the rates apply to all foreign exchange transactions.

The following are TD Banks transfer fees:

  • $ for outgoing international wire transfers
  • $ for outgoing domestic wire transfers
  • $ USD per online transaction
  • $ USD per online transaction for Minimum Order Amount; each currency must be at least $25 USD.
  • $1, USD per online transaction for Maximum Order Amounts.

There is a $ charge if you receive an international transfer. When transferring money overseas through wire transfer, keep in mind that the recipient bank may charge a fee as well, so you may need to consider these additional expenses into your transfer.

Also, when buying foreign currency online, there is an additional transaction fee of $ USD. This cost will be collected when you submit your order.

How do TD Bank transfer fees compare to using a money transfer provider?

Using a specialist money transfer provider increases your chances of finding a means to send money abroad with reduced fees. You may use some available online comparison tools to see all of your options, including transfer costs, currency rates, and transfer times.

TD Bank pros and cons

The following are TD Bank’s benefits and drawbacks:

Pros

• Convenient. To transfer money, you won't need to create a new account; simply go to your local bank.

• Cross-border accounts: TD Bank is especially well-positioned for transfers between Canada and the United States, whether you live in either country part-time or move money there often.

• Long banking hours. Branches have long hours and are open and on weekends, and new debit cards may be picked up curbside. Many TD Bank branches provide extended hours, and customer service is available 24/7.

• Online banking. Customers can bank online or using the TD Bank mobile banking app, which is available for both iOS and Android smartphones.

• Secure. Because TD requires you to visit a branch to conduct wire transfers, you're less likely to be a victim of fraud.

Cons

• Poor exchange rates. In comparison to specialist money transfer services, TD adds a bigger margin to the exchange rate.

• High balance to nix fees. If you want to avoid the monthly maintenance charge, which may be as much as $15, you'll need to keep a careful eye on your account and maintain a minimum level.

• Savings accounts with low APYs. Savings accounts with low APYs – The TD Simple Savings account offers a basic APY of %, which is very low. The APY on the TD Beyond Savings is graded dependent on account balance. If you link your savings account to an eligible TD account, you'll get a tiny "rate bump," but it'll only be %, which isn't much.

• Quite high fees. The price for transferring money overseas is greater than what other Canadian banks charge on average.

Answers to key questions about TD Bank

Some of the most commonly asked questions concerning TD Bank’s banking services are as follows:

Can I open a TD Bank account in any country?

Yes. You may create a TD Bank account online, thus you might be residing in another country while doing so. You must, however, be a US or Canadian resident and be able to give necessary information such as your home address and social security number.

Does TD Bank have an app?

Yes. The TD Banking app is available in both the Apple and Google stores, and it allows you to make deposits, use services like Bill Pay and Send Money with Zelle, and securely check your account balance while you’re on the move.

Are there transfer limits?

Yes. Every 24 hours, TD Bank has a $6, transaction limit.

How long do transfers take with TD Bank?

Wire transfers are processed through the SWIFT network by TD Bank and take 3 – 5 working days on average.

Online orders are generally delivered to a TD Bank branch in business days. It’s possible that some currencies will take longer than days. An order confirmation and tracking notice will be sent to you through email.

What customer support options are available?

There are several ways to contact TD Bank. You may visit a branch before or after work, on the weekend, or even on holidays, thanks to their extended hours. You may visit the website, phone, or mobile app at any time, and the firm invites you to contact them via Facebook Messenger, Twitter and other social media platforms with general comments or queries.

Can I use a TD Bank debit card when travelling abroad?

Yes. You may use your TD debit card to acquire cash from a non-TD ATM or to make purchases when traveling outside of the United States. A foreign currency fee of 3% of the transaction amount will be charged by TD Bank.

How to open an account and transfer money with TD Bank

On the bank’s website, you may easily open a TD Bank account. When you create a TD Convenience or TD Premier account online rather than in a physical store, you can even get a cash incentive.

When browsing at TD Bank’s online banking products, you must first choose the location in which you reside (or bank). As a result, the bank will be able to provide you with a more realistic picture of the products accessible to you. This process begins with selecting a state and then a city.

It’s as simple as clicking the “Open Account” button on the website once you’ve discovered the account you want to open. You’ll next be requested to input your information, including your phone number and email address. You’ll also make your first deposit at this time and start banking.

You may initiate a wire transfer by visiting your local branch or logging into your online banking account. For your transfer, you’ll need to supply the following information:

  • Account holder’s name and full address of the recipient
  • Account number of the recipient
  • The telephone number and address of their branch
  • BIC Routing Number/ SWIFT Code
  • The amount you’re transferring and the currency you’d like to convert it to

Your transfer will take 3–5 days to arrive in your recipient’s account once it has been completed.

Foreign currency is not carried by TD bank branches, therefore you will have to pay ahead of time and pick up the cash at a branch a week or so later. A reliable foreign exchange dealer will always have all currencies on hand the same day. You may place an order in seconds online and pay when you pick it up. You may also purchase foreign currency online and have it delivered to your home.

Customer service details for users of TD Bank

TD Bank, like many other big banks, allows customers to bank online or via the bank app 24/7. You may also call to reach their customer care department. You can manage your bank accounts, set up bill autopay, deposit checks, and make transfers. Zelle also allows you to send money to friends and relatives. You may set up email notifications to keep track of your financial activity.

Many of its physical locations have extended hours on weekends and evenings. At TD Bank, you may transact business whenever you choose if you’re too busy during the week to stop by.

Summary

TD Bank is a brick-and-mortar bank with a strong presence in the Eastern United States that offers straightforward accounts with average available features. However, TD Bank offers two distinct benefits: extended branch hours and free ATMs in both Canada and the United States. Convenience Checking, which has an easily avoidable monthly cost and a significant sign-up bonus if you meet certain conditions, may be the most attractive account.

TD Bank also offers far more rewards to clients who open numerous accounts than many other banks. The standard interest rate for TD Beyond Savings, for example, rewards customers who link another eligible TD Bank account with a greater interest rate.

Fees and interest rates are two areas where TD Bank falls short. While many checking and savings accounts do not charge monthly maintenance fees unless you fulfil certain criteria, several of TD Bank’s products require consumers to jump through hoops in order to get their costs reduced. When compared to its online-only competitors, TD Bank’s deposit products provide very little interest.

Lastly, TD Bank is ideal for East Coast residents of the U.S. who want a bank with a strong physical presence and a wide range of checking and savings accounts to select from. Those wanting to get the most out of their deposit products, such as checking and savings accounts, should go elsewhere.

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TD Bank Review

Whom Is TD Bank Best For?

TD Bank is great for people who can't get to a bank during normal banking hours. You might consider TD Bank if you:

  • Want a physical bank that's open earlier and later than most banks, including weekends and some holidays
  • Are comfortable with interest rates that are within the normal range for a brick-and-mortar bank (but lower than online-only banks)
  • Are looking for a large network of free Td banknorth savings account rates a full-service bank with great customer service

What Does TD Bank Offer?

You have a lot of options at TD Bank.

Accounts

Checking Accounts

TD Bank offers five different types of checking accounts that vary in monthly fees and interest rates paid. All accounts have free ATM access at in-network TD ATMs, and some will reimburse your fees for non-TD ATMs. Checking accounts are FDIC-insured up to $, per depositor, per institution.

Checking Account Options
Name of AccountMonthly FeeTo Waive FeeATM fees
TD Beyond Checking$25$2, minimum daily balanceNone with $2, minimum daily balance
TD Convenience Checking$15$ daily balanceNone at TD ATMs
TD Simple Checking$N/ANone at TD ATMs
TD 60 Plus Checking$10$ daily balanceNone at TD ATMs
TD Student Checking$0Be between ages 17 and 23None at TD ATMs

Savings Accounts

TD Bank has two options for savings accounts. They each bear interest, but rates vary by account type and daily balance. TD Bank also offers a feature called Rate Bump, which rewards you with higher interest rates if you link more than one TD Bank account.

Savings accounts are FDIC-insured up to the federal limit.

Savings Account Options
Name of AccountMonthly FeeTo Waive FeeStandard APYAPY with Rate Bump
TD Simple Savings$5$ balance or recurring transfer%N/A
TD Beyond Savings$15$20, minimum daily balance%% to %

With TD Bank, you won't see the best savings rates—which are still less than what's offered by some online-only banks—until you have $, or more on deposit with the bank.

TD Growth Money Market

If you'd like the ability to write checks from your savings account, the TD Growth Money Market account offers the following tiered rates (as of October 24, ):

Money Market Accounts
BalanceStandard APYAPY with Rate Bump
$—$%%
$1,—$1,%%
$2,—$4,%%
$5,—$9,%%
$10,—$24,%%
$25,—$49,%%
$50,—$99,%%
$,—$,%%
$,+%%

Even with Rate Bump, you're still likely to find higher interest rates and lower minimum balances at another bank.

Certificates of Deposit

TD Choice Promotional CDs
TermStandard APYRate Bump APY
3 Months%%
6 Months%%
9 Months%%
12 Months%%
18 Months%%
24 Months%%
36 Months%%
60 Months%%

With a minimum deposit of $ and a linked eligible checking account, you can earn up to a % return on a promotional CD with Rate Bump as of October 24, Eligibility for checking accounts means that the account is in good standing and active. CDs are FDIC-insured up to the federal limit.

TD Choice No-Catch CDs
TermStandard APY
6 Months%
12 Months%

TD's no-catch CDs differ from its promotional CDs because no-catch options allow you to make one withdrawal per year without a penalty, and there is no bump rate.

TD Step Rate CDs
TermStandard APY
3 Years% (composite rate)
5 Years% (composite rate)

TD Step Rate CDs increase their APYs every year, and you can make one penalty-free withdrawal once a year on the account anniversary.

Early Withdrawal Penalties

No withdrawals are allowed within the first seven days of a CD term. Early withdrawal from your CD will incur a penalty ranging from three months of earned interest to all earned interest you earn depending on term length.

If you're concerned about penalties, you can also check out the TD No-Catch CDs, which permit one penalty-free withdrawal per term, or TD Step-Rate CDs, which permit one penalty-free withdrawal each anniversary.

Credit Cards

TD Bank has two different credit cards on offer, with either rewards or cash back.

Prepaid Cards

If you're looking for a prepaid card, you'll find a few options at TD Bank. You can use these reloadable cards anywhere Visa is accepted. They include:

  • TD Connect Reloadable Prepaid Card
  • TD Go Reloadable Prepaid Card
  • TD Bank Visa Gift Card

With the Connect card, you can access TD ATMs, fund the card online, over the phone, or with direct deposit. The Go card is aimed at teens, requires a $20 initial load, and carries a $ purchase fee.

Other Financial Products From TD Bank

TD Bank offers a wide array of other products, including:

TD Bank Customer Service

You have many options for reaching TD Bank. With their extended hours, you might visit a branch before or after work, on the weekend, or even on some holidays. You have access 24/7 via the website, phone, or mobile app, and the company encourages you to reach out with general comments or questions via Facebook Messenger and other social media.

How to Bank With TD Bank

With TD Bank, it's easy to open an account online or in a branch. To open an account online, simply click on any of the "open account" buttons on the account explanation pages.

You'll need a Social Security number, date of birth, and government-issued ID to open an account, as well as a way to fund the initial deposit, such as a debit card or existing bank routing and account numbers. You may also have the option to open an additional account as well—you can add a savings account when you're opening a checking account, for example.

The Final Verdict

Benefits

TD Bank offers a wide array of deposit accounts, including prepaid cards, but where they really shine is convenience. They have extended weekday and weekend hours, online access, and a mobile app. They also offer reimbursement for ATM fees for some account holders and free in-network ATMs for all account holders.

Drawbacks

You won't be impressed by TD Bank's interest rates on CDs, savings account, and interest-bearing checking accounts. Although they're average for a brick-and-mortar financial institution, they're offset by the high minimum balance requirements necessary to receive them, and the rates offered on lower balances aren't very competitive. You'll have better results if you can qualify for TD's Rate Bump feature.

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .

  1. TD Bank. "TD Growth Money Market." Accessed Aug. 17,

  2. TD Bank. "TD Bank CDs." Accessed Oct. 24,

  3. TD Bank. "Prepaid Visa Cards." Accessed Oct. 24,

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Pros Explained

  • Weekend hours – Looking for a bank where you can step foot in the door after working hours? Many of its physical locations that are operating at normal operating hours are open on both Saturday and Sunday.
  • No foreign transaction fees on a debit card –If you prefer to use your debit card while traveling internationally, there are usually no foreign transaction fees to pay on TD Bank's debit card. It depends what account you have, but many have no foreign transaction fees. TD Bank also makes it easy for travelers to order foreign currency, whether or not you have an account.

Cons Explained

  • Low APY on savings accounts – The TD Simple Savings has a standard APY of %, which is super low. The TD Beyond Savings has a standard rate of just %. If you link another eligible TD account you get access to a tiered system. However, it won't be much help. In this case, you'll need $20, just to go to % and $, to reach the maximum of just %.
  • High balance is required to nix fees – If you want to skip the monthly maintenance fee, which can be as high as $15, you'll need to keep a close watch and a minimum balance.

In the fall ofTD Bank agreed to a $70 million legal settlement that was approved by a judge in January The lawsuits were for charging its customers excessive overdraft fees. TD agreed to pay customers $43 million and refund $27 million in overdraft fees.

Who Is TD Bank Best For?

TD Bank should appeal to a wide range of customers who want after-hours customer service. It might be a good fit if you:

  • Want to step into a brick-and-mortar location on the weekends 
  • Park enough money in your accounts to waive the monthly account fees 
  • Meet the minimum balance requirements to get out-of-network ATM fees reimbursed 
  • Plan on using your debit card for international travel 
  • Are looking for a bank account to serve your needs when you're a student or 62 and up

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:

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

Savings Accounts 

There are two savings accounts to choose from: TD Simple Savings and TD Beyond Savings. With TD Simple Savings, all balances earn % APY. There’s a $5 monthly fee, which can be waived if you do one of the following:

  • Keep a minimum daily balance of $ 
  • Make a recurring transfer of $25 or more from your linked TD checking account (good for the first 12 months after opening your account)

TD Beyond Savings is for those who keep high balances of $20, or more in their savings accounts. If you have less, you will be charged a $15 monthly fee. The base interest rate is currently %. With a linked TD checking account, you'll earn % if you have at least $20, working your way of up a tiered system to % if you have $, or more in the account.

Other incentives to keep a high bank balance in your account include reimbursement of out-of-network ATM fees when you maintain a $2, balance.

TD Beyond Savings Rates
Rate Bump APYStandard APY
$ to $19,%%
$20, to $49,%%
$50, to $99,%%
$, to $,%%
$, to $,%%
$, to $,%%
$1, to $9,%%
$10,+%%

Checking Accounts 

TD Convenience Checking might be suited for those who aren't looking for an account to earn interest and typically don't keep a high balance in their account. The $15 monthly maintenance fee is waived if you keep at least $ in your account balance or are between the ages of 17 through There's also no minimum amount to open an account.

TD Beyond Checking has no monthly maintenance fees if you do one of the following: get monthly deposits of $5, or more, have an average daily balance of $2, or have a combined total of $25, across eligible TD Bank accounts. Otherwise, you'll be required to pay the $25 monthly bank fee.

Other noteworthy perks include free basic checks and reimbursement of up to two overdraft fees a year. Also, any fees incurred with a rush bill payment will be covered. You'll also get reimbursed for fees tacked onto one outgoing wire—domestic or international—per statement cycle. However, you'll probably be able to find a higher APY elsewhere as the rate is %.

If you're looking for a no-frills checking account, the TD Simple Checking has a $ monthly maintenance fee no matter how much you have sitting in the bank. You get just the basics with this checking account, such as free online statements and free access to TD's mobile bank app.

Young folks between the ages of 17 to 23 are eligible to open a Student Checking account. TD Bank's Student Checking features no minimum balance and no monthly maintenance fees. The no-account fee bleeds over to a linked Simple Savings account if you're age 24 or under.

For those 60 and up, TD Plus 60 Checking features free checks, statements, and money orders. Also, the $10 monthly maintenance fee will be dropped as long as you keep an average daily balance of $ 

Money Market Account

The TD Growth Money Market Account offers a rate bump if you set up a monthly recurring transfer of at least $50 from an eligible TD td banknorth savings account rates. While there's a $12 monthly maintenance fee, you can skip the fee if you do one of the following:

  • Keep a minimum daily balance of $2,
  • Are 62 or older

The rates are as follows:

TD Growth Money Market Rates
Rate Bump APYStandard APY
$ to $%%
$1, to $1,%%
$2, to $4,%%
$5, to $9,%%
$10, to $24,%%
$25, to $49,%%
$50, to $99,%%
$, to $,%%
$,+%%

CDs

TD Bank offers tiered interest rates depending on the deposit amount. You get a rate bump if you link your CD to an eligible TD Bank checking account. The minimum deposit required is $

The penalties for early withdrawals depend on how early you take out your money. There are no penalties in the first seven days. If you make a withdrawal from the seventh to 89th day after you open an account, you lose all interest earned. Make a withdrawal anywhere from 90 days to one year of opening your account, and you lose three months' worth of interest. Penalties increase with time from there.

TD Choice Promotional CDs
Min. Daily BalanceRate Bump APYStandard APY
Three-Month CD
$ to $9, %%
$10, to $49,%%
$50, to $99, %%
$,+%%
Six-Month CD 
$ to $9, %%
$10, to $49,%%
$50, to $99, %%
$,+%%
Month CD
$ to $9, %%
$10, to $49,%%
$50, to $99, %%
$,+%%

If you're concerned about needing to take money out before your CD matures, TD Bank offers two options for greater flexibility. The first is a TD No-Catch CD, which features one penalty-free early withdrawal per term. You'll need a $ deposit to open, and there's no minimum monthly maintenance fee.

TD No-Catch CDs
TermStandard APY
Six-Month CD%
Month CD %

If you're afraid of getting locked into a CD and need to pull money prematurely, enter TD Bank's TD Step Rate CD. The TD Step Rate CD offers one withdrawal each anniversary, sans the penalty fee. It is distinguished from the No-Catch CD by offering yearly rate increases.

TD Step Rate CDs
TermComposite APY 
Three-Year CD%
Five-Year CD%

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 Card 
  • Secured Credit Card With Savings Account
  • TD Cash Credit Card
  • TD Double Up 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

Other Financial Products Offered by TD Bank

TD Bank also has a wide range of other offerings:

  • Home Equity Loans and Lines 
  • Mortgages 
  • Personal Loans 
  • IRAs 
  • Prepaid Cards

TD Bank Customer Service

Like many large banks, TD Bank offers the ability to bank 24/7 online or via the bank app. You can also call their customer service line at With the app, you can manage your bank accounts, set up autopay for your bills, deposit checks, and schedule transfers. You also can send money to friends and family through Zelle. To keep tabs on banking activity, you can set up email alerts.

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.

TD Bank ranked above average in every region that it appeared in the J.D. Power U.S. Retail Banking Satisfaction Study.

How to Bank With TD Bank 

You can sign up for an account online or by visiting one of its over 1, physical locations.

Verdict

TD Bank is worth considering if you're looking for a bank with great customer service and a few options for checking at different stages of your life. However, if you’re looking for a bank in which to park your money to earn interest, the rates are quite low. You can find more-competitive rates elsewhere. What's more, you’ll need to mind the minimum required balances for the monthly bank account fee to be dropped.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks including products available, interest rates, fees, and accessibility to ensure that our content helps users make the right decision for their savings and banking needs.

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .

  1. TD Bank. "Our Roots." Accessed Dec. 2,

  2. TD Bank. "How Can I Contact TD Bank Corporate Headquarters?" Accessed Dec. 2,

  3. TD Bank. "Find a TD Bank Store or ATM By State." Accessed Dec. 2,

  4. TD Bank. "Corporate Profile." Accessed Dec. 2,

  5. TD Bank. "TD Bank Savings & Money Market Accounts." Accessed Dec. 2,

  6. mynewextsetup.us "In re: TD Bank, N.A. Debit Card Overdraft Fee Litigation." Accessed Dec. 2,

  7. J.D. Power. "U.S. Retail Banks Nail Transition to Digital During Pandemic, J.D. Power Finds." Accessed Dec. 2,

Источник: mynewextsetup.us

TD Bank Checking and Savings Account Review

Opening a checking and savings account is a lot simpler than it was a few decades ago — however, you also have more choices than ever before about where to bank. Finding a checking and savings account that suits your lifestyle and goals is important for maintaining your financial future.

You may have considered opening a checking and savings account at TD Bank, one of the top national banking chains in the country. TD Bank, member FDIC, offers both online and in-branch services, but are they right for you? In this TD Bank review, I’ll walk you through this bank’s checking and savings accounts, review key features and costs, pros and cons, and provide you with alternative options to explore.

What is TD Bank?

TD Bank originally opened in as Portland Savings Bank in Portland, Maine. The bank grew and expanded over the decades, becoming Peoples Heritage Bank, Banknorth, then was rebranded as TD Bank after being purchased by TD Bank Group in Canada and acquiring Commerce Bank in

Today, though TD Bank is primarily an east coast bank, it is the 8th largest bank in the world, by assets. TD Bank has more than 1, locations offering financial services along the east coast and offers its customers a full suite of banking services, including personal checking and savings accounts, business accounts, CDs, credit cards, personal loans, mortgages, and home equity services.

How do TD Bank checking and savings accounts work?

TD Bank has five main checking account options and three primary savings accounts. While TD Bank has a large reach on the east coast and offers safe deposit box services with hours that extend beyond traditional banking hours.

You can sign up for a TD Bank account at a branch or online, as long as you live within one of the td banknorth savings account rates states serviced by this bank.

First, let's run through each of TD Bank’s td banknorth savings account rates checking account options:

  • TD Simple Checking - Best for anyone looking for a checking account with no minimum balance requirements and a low monthly fee.
  • TD Convenience Checking - Best for anyone looking for a basic, everyday banking account with a low minimum balance requirement to waive monthly fees.
  • TD Beyond Checking - Best for anyone looking for a checking account with perks, who have higher deposits, and can maintain a higher minimum balance.
  • TD Student Checking - Best for students and young adults aged 17 - 23 who want basic checking options with no monthly fee or minimum balance requirement.
  • TD 60 Plus Checking - Best for anyone 60 or older looking for a checking account with low monthly fees.

I’m a fan of the variety of accounts TD offers but I wish the bank had a free option for seniors and low-income earners. I do appreciate that their Convenience Checking fee is easy to waive and that their Simple Checking has a low monthly fee.

Now let's review the three TD Bank savings accounts:

  • TD Simple Savings - Best simple savings account for new savers looking to build healthy money habits.
  • TD Growth Money Market Savings - Slightly higher-interest savings option for intermediate savers with $2, or more to deposit.
  • TD Beyond Savings - Higher-interest savings option for more advanced savers with $20, or more to deposit.

I like that TD Bank offers a few different savings options depending on where you are in your savings journey and that the Simple Savings and Beyond Savings accounts do not require you to also have a checking account. Interest rates, while slightly higher than other national banks, are still average-to-low.

For either checking or savings, you can conduct your banking through TD's mobile app. Online banking can also be used to set up bill pay and can accept mobile deposits.

How much does TD Bank Cost?

TD Bank’s only free accounts are student checking and savings and Simple Savings if you’re 60+. However, their Convenience Checking account has a lower balance requirement than most competitors offer to waive the monthly fee.

Checking TypeMonthly FeeFees waived if:Minimum Opening Deposit
Simple$5N/A$0
Convenience$15$ daily balance$0
Beyond$25$5,+/mo direct deposits or $2, daily balance or $25,+ all accts$0
Student$0N/A$0
Savings TypeMonthly FeeFees are waived if:Minimum Opening Deposit
Simple$5*$ daily balance$0
Growth Money Market$12$2, daily balance$0
Beyond$15$20, daily balance$0

Free for the first year if you transfer $25 or more from checking each month; free for students, minors, and seniors 60+

TD Bank features

Extended branch hours

It can be difficult to visit most bank branches in-person during the week if you work a standard 9-to-5 shift. TD Bank offers extended banking hours as late as 7 p.m. EST and Saturday and Sunday hours in most locations.

Account options for everyone

Although I wish TD Bank offered a free basic checking option, I do love the number of account options available at this bank. I’m glad they offer a low price point of a $5 checking account and have low balance requirements to waive fees for Convenience Checking and Simple Savings accounts. TD Bank’s account options, fees, and perks are also presented well and easy-to-understand.

Additional banking products

You'll also find TD Bank offers:

  • TD Bank credit cards
  • Brokerage accounts through App store card Ameritrade, Inc.
  • Commercial banking
  • Small business banking
  • Home equity loans

Free accounts for seniors, minors, students, and young adults

I’m a big fan of free checking accounts and I’m glad TD Bank offers free checking options for young adults under I also like that they waive savings account fees for seniors, minors, and students, and even offer seniors a free version of their Growth Money Market Account.

No foreign transaction fees for debit cards

If you travel often, you’re probably used to those pesky transaction fees some banks charge when you use your debit card overseas. I love that TD Bank does not charge transaction fees when visiting foreign countries, and also am a big fan of their free ATMs in Canada.

Who is TD Bank best for?

Students and young adults on the east coast

If you live or go to school on the east coast and you’re looking for a free checking and savings account, it’s hard to beat the no-cost, no minimum deposit requirements TD Bank will offer you. TD Bank even offers students secured credit cards to help them build credit while in school.

Live on the east coast

If you live on the east coast and love the convenience of having a bank nearby, particularly one with extended hours, TD Bank might be the right choice for you. TD Bank offers account options that compete with top national banks and offer many perks, including interest checking accounts and low minimum balance requirements. TD Bank’s basic checking account options are hard to beat when compared to top competitors.

Who shouldn’t use TD Bank?

If you don’t live on the east coast or if you’re planning to move farther west, TD Bank is not a good option. Not only is it impossible to open many of their accounts if you live outside the east coast, but it’s also extremely difficult to manage your account and make cash deposits if you aren’t within a distance of a TD Bank branch or ATM.

Anyone interested in high-interest rates

TD Bank’s interest rates are slightly higher than national competitors and some accounts even offer slightly higher interest rates, if you can fulfill large deposit requirements. However, when compared to local banks and online lenders, TD Bank’s rates are average-to-low.

TD Bank pros and cons

Pros

  • No minimum deposits required. None of TD Bank’s checking or savings accounts require depositing a single penny in order to open them. This is a major pro for anyone just beginning their financial journey, switching banks, or waiting for their first paycheck from a new job.
  • Convenience (if you live on the east coast). You can’t deny the sheer convenience of “America’s Most Convenient Bank” if you happen to live on the east coast. No matter your shift or schedule, it’s easy to find a day and time to visit a TD Bank branch in-person, if needed. TD Bank also offers 24/7 access to customer service, so you can speak to a representative at any time of day.
  • Full suite of digital tools. Like most premier banks, TD Bank offers a full suite of digital tools, including an intuitive digital app where you can manage your money, make transfers, pay bills, and more. TD Bank also offers access to transfer tools, like Zelle, and even lets you open new accounts directly from their app.
  • Relationship rate bumps. TD Bank offers relationship rate bumps when you td banknorth savings account rates eligible TD checking and savings accounts together. This rate increase can help you earn even more in interest than you would otherwise.

Cons

  • Lackluster ATM options. Many banks offer a large selection of in-network ATMs, but TD Bank’s 1, ATM options are disappointing when compared to competitors. Combine that with TD Bank’s high $3 fee for using a non-TD Bank ATM, and it’s easy to see that TD Bank could be doing more to improve its ATM options.
  • Steep overdraft fees. If you spend more money than you have in your account, TD Bank will charge you a $35 overdraft fee — an amount on par with most national competitors. However, while many competitors will charge this fee for up to three or four transactions per day, TD Bank will actually charge you up to five times per day. This could leave you $ deeper in the negative.
  • Average-to-low interest rates. TD Bank’s savings accounts’ interest rates are not as competitive as they could be, especially since many rates are tiered. In order to obtain the bank’s highest current rate of %, you’ll need to deposit at least $, Even then, you can find high-yield savings accounts with a minimum rate of % or higher on all account balances.

Related:Best High-Yield Savings Accounts

TD Bank vs. competitors

BankMinimum DepositMonthly FeeSavings APYISF FeeBranches
TD Bank$0$5 - $25%$35 each (5/day max)1,+
U.S. Bank$25$ - $%$35 each (4/day max)2,
Wells Fargo$25$10%$35 each (3/day max)5,

TD Bank vs. U.S. Bank

Both T.D. Bank and U.S. Bank are in the top 10 largest banks in the world and both of these banks offer similar account types. I’ll show you how these banks compare to one another below.

Both TD Bank and U.S. Bank offer a large selection of accounts (though U.S. Bank has more savings options) and both charge monthly account fees. They also offer discounts and free options for students and seniors.

U.S. Bank has more locations spread across the country than T.D. Bank and charges overdraft fees fewer times. On the downside, U.S. Bank does require minimum deposits to open new accounts, while TD Bank does not. TD Bank also has higher standard savings rates.

TD Bank vs. Wells Fargo

Another top competitor of TD Bank is Wells Fargo. This highly regarded national bank also offers similar services to TD Bank, with a few differences worth exploring.

Both TD Bank and Wells Fargo offer discounts and free account options for students and seniors. They also offer top-of-the-line digital apps and online services.

Wells Fargo outshines TD Bank by having a larger reach and network of branches and ATMs across the country. Wells Fargo also makes it easier to manage your money entirely online if you do live out of the range of a banking location.

On the downside, Wells Fargo does require a minimum deposit to open an account, while TD Bank does not. TD Bank also has a higher standard savings rate.

FAQs

How much money do I have to keep in my TD account?

TD Bank does not have minimum deposit requirements to keep your account open. If you want to avoid charges, you’ll need to maintain a daily account balance of $ or more (depending on your account type).

Is TD Bank good for opening a savings account?

When compared to top national banks, TD Bank’s base savings rate is slightly higher than its competitors. However, it’s still lower than many national banks and online td banknorth savings account rates accounts.

Does TD Bank have free checking?

TD Bank offers free checking to students and young adults under They do not have any other free checking accounts, though their Convenience Checking fee can be waived by maintaining an account balance of $

How do I avoid TD Bank fees?

To avoid TD Bank fees: Maintain the account balance required to waive your monthly fee; enroll in overdraft protection set up direct deposits to waive monthly fees; and sign up for low balance alerts.

The bottom line

TD Bank is one of the top banks in the country and a primary financial institution for many individuals on the east coast. TD Bank makes it easier to waive monthly checking account fees, while also providing low monthly fee account options. I’m a fan of their free student and young adult td banknorth savings account rates and their interest-earning checking account for seniors. I also like that their standard savings rate is higher than competitors, even if it could be higher.

If you don’t live on the east coast, Global cash card customer service hours Bank will likely not be a good fit. If you do live on the east td banknorth savings account rates and want access to a bank that’s open 7 days a week with some of the best hours in the country, you might enjoy opening a checking and savings account at TD Bank.


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TD Bank Simple Savings Account Review

TD Bank Savings Account WebsiteTD Bank Savings Account

A savings account is a handy thing to have, especially when you run into a financial bind. Making savings a regular habit is a lot easier when you can watch your money grow in a savings account.

The TD Simple Savings Account offers a stress-free way to build savings and earn interest on the money you’re socking away.

TD Bank is one of the 10 largest banks in the U.S. and has more than 1, locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida so if you live in one of those areas, you’ve got ready access to your cash when you need it.

This savings account comes with features like:

  • Free automatic transfers between accounts
  • IRA savings account option
  • No minimum deposit required to open
  • Zero ATM fees when you use TD Bank ATMs in the U.S. and Canada

If you’re looking for a new home for your savings, the TD Simple Savings Account is one option.

In this TD Bank Simple Savings Account review, we'll compare rates, fees, and services to other national and online banks.

Earning Interest on Your Money With TD Simple Savings

As mentioned, the TD Simple Savings Account is an interest-bearing account. The rate isn’t tiered. You’ll earn the same APY whether you have $1, or $, in your account.

TD Bank Simple Savings Account Pros & Cons

ProsCons
  • Free ATM card
  • Can be used for overdraft protection
  • Access to physical branches
  • Mobile apps available
  • Monthly fee
  • Interest rate is much lower compared to online savings accounts

Compared to other savings accounts, the APY you’ll get with the TD Simple Savings Account is on the low side.

The higher your rate, the faster you can build your savings. An online bank, by comparison, may offer a better yield.

Online banks tend to have lower overhead costs than brick-and-mortar banks. That means they can pass their savings on to their customers by offering higher rates on deposit accounts.

The tradeoff is that by putting your savings in an online account, you sacrifice the convenience of being able to visit a bank branch.

If you need to make a cash deposit to your savings at a regular bank, you can do it at the ATM, the drive-thru or the teller window.

If you want to deposit cash to an online bank, you may have to deposit it in another account first, then transfer it to your online savings.

You have to ask yourself what’s more important: a higher APY or convenience? The TD Simple Savings Account may have a lower rate but you may not have to jump through as many hoops to get to your money.

If you plan to keep a higher balance in your account, a TD Select Savings Account is an alternative.

TD Bank Simple Savings Account Fees

TypeFee
Monthly Maintenance Fee $5
Excess pre-authorized withdrawals, transfers or checks$9
Statements with check copies &/or deposit slips only$5/Statement
Incoming wire$15
Outgoing wire$25
Stop Payment Fee$30

Tip:Take a short quiz to find the best online savings account for you.

How to Avoid the Monthly Maintenance Fee

Your efforts to save td banknorth savings account rates backfire if you’re paying the bank big bucks in fees each month. The TD Simple Savings Account does have a monthly maintenance fee of $5 but there are a few ways to avoid it.

Automatic savings transfers

First, you can get the fee waived in the first year by setting up automatic transfers to your savings.

To qualify for a fee waiver, you have to have a linked, eligible TD Bank checking account and a recurring transfer of $25 or more from a TD Bank account each month.

Maintaining a minimum daily balance

TD Bank also waives the fee if you meet the minimum daily balance requirement.

The minimum daily balance required to get out of paying the fee is $

There’s no minimum required to open an account but if you can do it with at least $, you can get around paying the monthly maintenance fee.

Be a student or senior

The fee can be waived if you link a TD Student Checking account to your Simple Savings account.

That’s good news for students who are trying to build up their savings while they’re still in school. The fee waiver also applies to savers who are 18 or younger, or 62 and older.

Choose online statements

If you sign up for online statements, you can knock the fee down to $4 a month. In terms of how the fee compares to other banks, it depends on who you bank with. Ally, for example, doesn’t charge a monthly maintenance fee at all.

Bank of America and Chase, on the other hand, both charge a $5 monthly maintenance fee for a basic savings account.

Both banks give you a chance to avoid the fee, either by setting up recurring transfers or maintaining a set minimum balance.

For premium savings accounts, the monthly fee goes up to $12 and $20, respectively.

Compared to other brick-and-mortar banks, TD Bank’s Simple Savings Account fee isn’t outrageous.

You’ve also got lots of ways to avoid it. If you’d rather not worry about fees or minimum balances at all, however, an online savings account may be the better choice.

Opt for a Simple Savings IRA instead

One last way to avoid the fee is to open your TD Simple Savings Account as an individual retirement account (IRA).

An IRA offers a tax-advantaged way to save for retirement. The minimum to open a Simple Savings IRA is $

The advantage of opening an IRA versus a savings account is that you can get some tax benefits.

Normally, when you have a savings account, the interest you earn is taxable income. You’d have to report any interest you earn on your taxes each year.

With an IRA, you don’t pay taxes on the money until you withdraw it in retirement.

If you open a Roth IRA, withdrawals are tax-free after age 59½. The downside is that you can only save up to a certain amount each year.

You can put $5, in an IRA, including an IRA savings account. You can’t take the money out until age 59½, without having to pay taxes and a penalty on it.

With a Simple Savings Account, there’s no limit on how much you can save each year. You can make up to six withdrawals per month without triggering a penalty.

A Simple Savings IRA serves a different purpose than the TD Simple Savings Account.

The IRA is for long-term savings. The regular Simple Savings Account is money you could tap for a down payment on a house, a summer vacation or a new tire if your car gets a flat.

Thinking about your goals can help you decide whether you need a Simple Savings IRA, a regular savings account or both.

Other Account Features

Before we wrap up our review, there are a couple of other points worth mentioning about the TD Simple Savings Account.

For one thing, you can use automatic transfers to add to your savings. That’s helpful if you’re struggling to get into the savings habit.

Next, this account isn’t just for grown-ups. Kids under 18 can also get a TD Simple Savings Account to start working towards their savings goals.

If you’ve got kids, getting them their own savings account can be a good way to teach them about managing money.

Finally, if you’ve got a TD Bank checking account, you can link it to your savings as a form of overdraft protection.

If you accidentally put your checking account in the red, TD Bank will transfer money over from your savings to cover it.

There’s a $10 fee for each daily transfer but that’s cheaper than paying $35 per transaction for overdraft fees.

Compared to the Top Online Savings Accounts

The TD Simple Savings Account has to contend with online savings accounts that provide higher interest rates without monthly fees:

Ally Bank Online Savings

Ally Bank's online savings account doesn't charge any monthly fees and it offers an interest rate that is significantly higher than the APY on the TD Simple Savings Account. You can also open multiple accounts with difference nicknames for difference savings goals.

Synchrony Bank High Yield Savings

The Synchrony Bank High Yield Savings account has no monthly, an attractive APY, and an optional ATM card for those times when you need cash immediately for an emergency.

Goldman Sachs Bank USA Online Savings

Goldman Sachs Bank USA's online savings account is a no-frills savings account that just focuses on delivering a high interest rate on your deposits.

Final Verdict: For Branch Banking, Not for High Rates

The TD Simple Savings Account has some positives. You don’t need a ton of cash to open one; in fact, you don’t need any money at all to get started.

While there is a monthly maintenance fee, dodging it may not be that difficult if you can maintain the $ minimum daily balance.

The option to set up your account as an IRA is also appealing if you haven’t started saving anything for retirement yet.

The biggest downside is the APY. Online banks tend to have the edge where that’s concerned. The same goes for the monthly maintenance fee.

But again, you lose the ability to talk to a teller face to face, which may matter more to some savers than others.

Overall, we’d say this account is good for someone who wants to earn interest on their savings and may not be ready to make the move to an online bank.

We’d suggest shopping around a bit more if you’re looking for a higher APY or a savings account without a monthly maintenance fee.

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td banknorth savings account rates

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