TD Bank Review 2024 | Bankrate (2024)

FAQs

Is TD Bank good or bad? ›

Key Takeaways: TD Bank scores 4.1 out of 5.0 stars overall with our review team, thanks in part to its many options for checking and CD accounts. It only has branches and ATMs in 15 states, so some people who want in-person banking would need to consider other options.

As of May 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

Credit Score Requirements

If you have poor or bad credit, you likely will be considered too high risk and not be approved for a score. To be approved for a personal loan from TD Bank you should aim to have a credit score of 660 or higher.

Coverage for TD Bank Accounts & Investments

All deposits and deposit products are FDIC-insured, up to $250,000 per depositor, per ownership category.

TD Bank is dealing with multiple US law enforcement and regulatory investigations into laundering funds tied to illegal drug sales. The bank has set aside US$450m for one of three regulatory probes and is investing heavily in improving its internal controls, increasing expenses.

Both banks offer relatively low-interest rates, but TD offers the potential for higher rates on its savings and checking accounts than Chase does. TD Bank offers a rate that starts at 0.01% APY for it's signature savings and caps out at 4.00% based on how much you have in the account.

Diversifying Your Portfolio to Reach a 10% Return

A diverse portfolio could consist of 30% in a mix of value and growth stocks, 30% in index funds, 20% in bonds, 10% in real estate and 10% in alternative investments like P2P lending or commodities.

Looks beyond credit scores — TD Bank doesn't post a minimum requirement for credit scores and accepts applications of all credit levels. Other considerations during their application process may include your debt-to-credit ratio, your overall credit health and repayment history.

How to get a 900 credit score? ›

A credit score of 900 is not possible, but older scoring models that are no longer used once went up to 900 or higher. The highest possible credit score you can get now is 850.

Credit Card Features

The minimum credit limit is $500 with a maximum of $25,000 for the TD Cash Visa and TD Business Solutions Visa^® Cards. For TD Visa Signature benefits, the credit limit must be $5,000 or greater.

TD Bank is known for offering quality customer service and solid digital banking tools, but if you're looking for the highest savings rates, you will want to look elsewhere. TD Bank earned a 3.7 out of 5 in Bankrate's overall rating of the bank, while its most accessible savings account earned 2.9 out of 5 stars.

TD Securities is committed to protecting your privacy and safeguarding your personal, business and financial information. TD Securities adheres to the codes, regulations and laws that govern the collection, use and protection of your Personal Information.

Royal Bank of Canada (RBC) and TD Bank remain Canada's only members on the list of global systemically important banks (G-SIBs), which defines banks considered “too big to fail” by regulators. The Financial Stability Board (FSB) published its G-SIB list for 2020 on Nov.

TD Bank hit with $9.2M penalty after failing to report suspicious transactions. Canada's financial-crime watchdog has levied a $9.2-million penalty against The Toronto-Dominion Bank for non-compliance with money laundering and terrorist financing measures as the bank also faces compliance investigations in the U.S.

TD Bank is a great choice for those who don't have huge savings and would like human assistance whenever they need it. TD Bank is better suited for people new to banking, such as students or people in their early twenties. Wells Fargo offers their customers convenient access to their accounts.