What are the disadvantages of TD Bank?
Many online-only banks have Bank of America beat in terms of what they may offer customers in annual rates across several different accounts. TD's interest rates, while better than Bank of America's, are still not stellar. TD has a reputation for offering its clients mostly below-average savings rates.
Many online-only banks have Bank of America beat in terms of what they may offer customers in annual rates across several different accounts. TD's interest rates, while better than Bank of America's, are still not stellar. TD has a reputation for offering its clients mostly below-average savings rates.
- Special offer: New checking customers can earn a special offer.
- Monthly fee: $15 or $0. ...
- Free Mobile Banking with TD Bank Mobile Deposit2
- Student perks: No monthly maintenance fee if you're ages 17–233
FDIC coverage for your TD Bank accounts
All deposits and deposit products are FDIC-insured, up to $250,000 per depositor, per ownership category.
It is also the 10th largest bank in the nation. It was established in 1852 and as of September of 2023, it had grown to 27,569 employees at 1,179 locations. TD Bank's CD rates are 11% higher than the national average, and it has a B+ health rating.
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.
The TD Bank 60 Plus Checking Account stands out because it doesn't require a minimum deposit. You'll get free paper checks, paper statements, and money orders with this account, and a 0.25% discount on home equity loans and personal loans with TD Bank. Overdraft fees can go as high as $35 per transaction.
| Monthly Maintenance Fee | $15 |
|---|---|
| No Monthly Maintenance Fee When You | 1) Maintain a $100 minimum daily balance OR 2) If the Primary account holder is age 17 through 232 |
| Earns Interest | No |
| ATM Fees | None at TD ATMs |
| Checks | Discount on first order of select styles |
Fitch Affirms The Toronto-Dominion Bank at 'AA-'; Outlook Stable. Fitch Ratings - New York - 20 Jun 2023: Fitch Ratings has affirmed The Toronto-Dominion Bank's (TD) Long-Term Issuer Default Rating (IDR) at 'AA-' and its Short-Term IDR at 'F1+'. The Rating Outlook is Stable.
| Minimum Balance | Monthly Fees (if not waived) | |
|---|---|---|
| Simple | $0 to $100 | $5 to $20 |
| Premium | $1,000 to $2,500 | $25 to $50 |
| Student | $0 to $100 | $15 |
| Senior | $250 | $10 |
Could TD Bank fail?
With roughly $1.26 trillion in assets, TD Bank would certainly be considered too big to fail, and many believe the large banks are set to benefit from this recent banking crisis because they're likely to be seen as a safe place to transfer funds into.
| Daily ATM Withdrawal Limits at Top Banks | |
|---|---|
| PNC Bank | $500-$1,500 |
| Regions Bank | $808 |
| Truist | $500-$3,000 |
| TD Bank | $1,250-$1,500 |
The good news is nearly all banks have insurance through the Federal Deposit Insurance Corporation (FDIC). This protection covers $250,000 “per depositor, per insured bank, for each account ownership category.” This insurance covers a range of deposit accounts, including checking, savings and money market accounts.
TD Bank agrees to pay $1.2 billion settlement over alleged role in infamous $7.2 billion Texas Ponzi scheme. TD Bank denies any wrongdoing. The scheme involving disgraced Texas financier Allen Stanford collapsed in 2009 during a federal investigation.
#10 TD Bank
The TD Group offers the usual savings and checking accounts, mortgage and other loan options, credit cards and investing options.
The Canada-based TD Bank Group then became majority owner in 2004 and renamed it "TD Banknorth, N.A." by adding the Canadian bank's popular "TD" initials.
TD Bank is worth considering if you're looking for a bank with great customer service and a few options for checking accounts 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.
- Ally Bank.
- Citizens Bank.
- Bank of the West.
- US Bank.
- SunTrust.
- Union Bank.
- Wells Fargo.
- HSBC.
- Best Banks of 2024.
- Capital One Bank.
- Chase Bank.
- Axos Bank.
- Discover Bank.
- Synchrony Bank.
- TD Bank.
- Regions Bank.
- HDFC Bank. HDFC Bank offers 7.10 percent to senior citizens on deposits of one year to 15 months. ...
- ICICI Bank. ICICI Bank offers interest in the range of 7 to 7.25 per cent depending on the tenure. ...
- State Bank of India. ...
- Bank of Baroda.
Which bank is best for senior citizens savings account?
The ICICI Senior Citizen Savings Account also offers a higher interest rate than a regular savings account on the account balance in excess of Rs 75,000. It is important to note that the Senior Citizen Bank Account also offers secured returns and tax-saving benefits with Government-backed Senior Citizen Savings Scheme.
If you're 60 or older, get the checking account that earns interest with a low minimum balance to waive the monthly fee.
If you don't have money to open a checking account, you'll probably prefer TD Bank. At Bank of America, you'll have to deposit anywhere from $25 to $100. TD Bank lets you open a checking account with $0 minimum opening deposit. You'll also prefer TD Bank to other institutions if you'd like to get 24/7 customer service.
- Capital One Bank: Best online checking account.
- Chase: Best for a large branch network.
- Axos Bank: Best for online account options.
- Discover® Bank: Best for doing all of your banking at one place.
- Synchrony Bank: Best high-yield savings account.
- TD Bank: Best for customer service.
| Rank by Asset Size | Bank Name | Number of Branches |
|---|---|---|
| 7. | Goldman Sachs Bank | None |
| 8. | Truist Bank | 2,000 |
| 9. | Capital One | 300 branches and 50+ Capital One Cafes |
| 10. | TD Bank | 1,100 |
