TD Bank Review: Checking, Savings, and CDs – Should I bank with TD Bank

TD Bank is an all-in-one bank with excellent customer satisfaction. 

Table of Contents:

What Bank owns TD Bank?

What does TD Bank stand for?

Is TD Bank a good bank?

How much money do I need to open a TD Bank account?

Is TD Bank owned by Bank of America?

Is TD Bank FDIC insured?

Is TD Bank a real bank?

Is TD American or Canadian?

How is TD Bank different from other banks?

How does TD Bank rank?

Does TD Bank charge for checking accounts?

Does TD have a free savings account?

What are the benefits of TD Bank?

Is TD online banking safe?

Summary

What Bank owns TD Bank?

TD Bank is an American national banking corporation that has its headquarters in Cherry Hill, New Jersey. The bank is a subsidiary of the Toronto-Dominion Bank of Toronto, Canada and it is also a member of the TD Bank Group. 

What does TD Bank stand for?

The TD stands for Toronto-Dominion Bank, its name is taken from its two predecessors the Bank of Toronto and the Dominion Bank. The merging of these institutions was made official in 1955 was the reason that the bank took on the new name of Toronto-Dominion Bank. The American TD Bank, took its name after it was acquired by the Toronto-Dominion Bank in 2004. Originally TD Bank in America was called the Portland Savings Bank. 

Is TD Bank a good bank?

TD Bank can be a good bank if you are looking for great customer service. In fact, one of the competitive advantages of this bank is that most of their 1,200 locations are open on the weekend too. This means that you will be able to take care of your banking at almost any given moment in the week. However, while the customer support that you will receive from TD is excellent, what may not be as great is the rates that they offer. Especially in their savings accounts, the rates are known to be less competitive than they are in other banks. If your predominant reason for opening a bank account is to save money, and especially if you are looking to save a larger amount like a deposit for a house, then you may be best off choosing a different bank that offers higher interest rates so as to make the most of your money. 

How much money do I need to open a TD Bank account?

Most of the TD checking accounts do not require a minimum deposit. This means that you should be able to open up your bank account quite quickly and easily after visiting one of the TD Bank locations. In fact, their 0-deposit requirement is highly advertised by TD bank as it can be a huge perk for those looking to open their own checking account. 

Is TD Bank owned by Bank of America?

TD Bank and Bank of America are two very well-established banking institutions in the USA. However, these two institutions do not appear to belong to the same group or be subsidiaries of the same company. What’s more, the two operate on a vastly different scale as TD Bank can only be found in 15 US states, while Bank of America can be found in 38 states. 

Is TD Bank FDIC insured?

TD Bank takes security very seriously and as such all-bank deposits are covered by FDIC insurance. The amount covered by FDIC insurance in this case is the maximum allowed by law and information on FDIC Coverage of Accounts can also be found on the TD website for those who are looking for further information. 

TD Bank accounts covered under FDIC include:

• Individual Accounts
• Joint Accounts
• Retirement Accounts
• Business Accounts
• Revocable Trust Accounts

Is TD Bank a real bank?

TD Bank is not only real, but it is also a full-service bank. This means that they offer loans, credit cards, checking accounts, savings accounts, business accounts, and other financial products and services to their users. TD Bank is well-known for the excellent and fast customer support and service that they offer their clients. In fact, the bank makes its services easily accessible by allowing customers to contact their customer service team through their in-app communication feature, different social media channels, as well as email and phone. Apart from all of this, their strong presence on the East Coast makes them a strong contender for those looking for a bank to sign on with. Other important things to remember regarding TD Bank include: 

• TD Bank accounts are insured under FDIC
• TD Bank has branches and ATMs in 15 states 
• TD Bank has over 1,200 locations and 700 ATMs
• Their TD mobile banking app makes it easily accessible to manage your money, pay bills
• Offers 24/7 customer service
• It is a full-service bank which means that you can even use it for your mortgage

Is TD American or Canadian?

TD Bank is an American bank. However, the bank is a subsidiary of the Canadian multinational Toronto-Dominion Bank. This means that while TD Bank is based in the USA, the Bank Group that owns it is in reality based in Canada. 

How is TD Bank different from other banks?

There are many ways in which TD Bank differs from other banks that are traditionally found in America. Most commonly, the many features that it provides customers with, along with the excellent service associated with this bank are often considered to be some of the primary differences between using a TD Bank account or an account from a different bank. 

• Unlike most banks, TD has no minimum opening deposit requirement from checking accounts
• Its Beyond Checking account is designed to minimize ATM fees 
• Its savings account has relatively low-interest rates 
• It can only be found in 15 USA states 
• TD Bank offers great sign in bonuses for those who sign-up 
• Relatively high monthly fees

One of the biggest differences that are often noted when one compares TD to other banks is the fact that they offer fixed rates. The fact that TD offers fixed-payment variable rates means that as someone with a home loan you will not need to worry about your mortgage payment constantly fluctuating. Mortgages with TD often also have a minimum down payment of 3% without the need for insurance. This sets these products apart when compared to regular mortgages offered by other lenders. 

How does TD Bank rank?

TD is currently the eighth largest bank in the USA. Its total assets reach about $415.51 billion, making it one of the largest banks in the states, even though it does not service all 50 states. While TD Bank may not rank first in size, it does rank first in customer satisfaction. This means that those who are choosing to use their services are extremely satisfied with all the different available channels for interactions and the general branch experience that they have. Most notably, customer service satisfaction ranks high in both branch experience and online satisfaction. 

Does TD Bank charge for checking accounts?

TD Bank does indeed have a monthly fee for its checking accounts. The TD Convenience Checking account which is considered to be the best TD Bank product for everyday balance has a monthly fee of $15. However, that fee can be waived if you have a $100 minimum daily balance in your account. The TD Bank Mobile app is free to use for those who have a TD account. Students do not even need to maintain that $100 minimum balance to have their monthly fees waived. As such, while the accounts do have a small charge associated with them that charge can easily go away and be waived. 

Does TD have a free savings account?

The TD Simple Savings account is not free. In fact, there is a small fee of $5 that needs to be paid monthly for the maintenance of this account. However, there are some ways in which you can get that amount waived. Firstly, anyone who maintains a minimum balance of $300 daily will be able to have and use their savings account for free. What’s more, the fee is also waived for those who are under the age of 18 or over the age of 62. For everyone else, the fee is waived for the first 12 months for those who have a recurring transfer of $25 or more from a TD Bank Checking account. Through all of these different ways in which you can waive the monthly fees associated with your account, it becomes as though the TD Bank savings account is pretty much free in practice, even if on paper it is not. 

For those looking to save money for something big, such as the deposit on a house, this bank account can be perfect since you will not be required to pay the monthly fees if you have a balance of over $300. What’s more, because TD Bank is a full-service bank there can be benefits to choosing to have your savings account in the same bank that you will take your mortgage out of. For this reason, it may be a wise choice to start using TD savings account for your future home deposit savings. 

What are the benefits of TD Bank?

Choosing to use TD Bank can come with many benefits, from signing up for your account to maintaining it, TD has many policies in place that can help you save money. These benefits also set this bank apart from any other bank that offers checking and savings accounts. The main benefits associated with TD Bank include: 

1. Excellent Customer Support

TD Bank is passionate about providing its clients with excellent support both in person and through the different online channels that it has available. 

2. Opening Hours

Most of the TD Bank branches work longer hours and are even open on weekends. If you often find yourself looking to complete your banking tasks at odd hours, signing on with TD can allow you to complete everything on your schedule. 

3. Monthly Fees can be waived

One of the main benefits of using TD Bank is that the monthly fees both those associated with the checking accounts and those associated with the savings accounts can easily be waived. To waive the monthly fee off of your checking account you will need to maintain a balance of $100, for your savings account a balance of $300 will waive off any required fees. 

4. Sign-Up Bonus

TD has incredible sign-up bonus deals available for those who open checking accounts with them. In fact, for their Convenience Checking account the sign-up bonus is $150 and for their Beyond Checking account that amount is doubled, and Beyond Checking customers can get a $300 sign-up bonus. These very generous sign-up bonuses set apart TD from other companies.

Is TD online banking safe?

TD Bank uses many different security features in an effort to ensure that all of your banking will be completed in a safe and private environment, even when the transactions are being made online. The TD Bank mobile app is also designed in a way that will protect the confidentiality of customers and their account information. Transactions are also completed securely ensuring in this way their integrity. While TD Bank does everything possible to ensure the safety of your online account, as a user of online banking it is important that you: 

• Do not write down your passwords or leave them out for others to find
• Choose a secure password
• Use your phones safety features
• Do not leave your phone unattended while doing your online banking

Summary

TD Bank is an American full-service bank corporation that can provide safety in all of your transactions. The company is particularly well known for its excellent customer service both offline and online. The monthly fees for TD bank accounts are easily waived which means that following certain requirements you will be able to save money while doing your banking, which makes it a great home savings option. TD Bank can assist you with your checking accounts, your savings account, your loans, and even your mortgage, all of which are easily accessible through their mobile app.