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TD Bank, N.A. Savings Account Review

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TD Bank, N.A. is a national bank and subsidiary of the Ontario-based Toronto-Dominion Bank. The bank has been in service for more than 150 years and offers a variety of financial services, including checking and savings accounts, as well as CDs, home equity loans, mortgages, personal loans and IRAs. Their savings accounts program is divided into 3 options, designed to appeal to customers from all ages.
 
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How is TD Bank rated?

Breakdown

4.0/5
Rates and fees
4.0/5
Balance Requirements
0.0/5
Availability & Type of Financial Institution
4.0/5
Financial Stability & Ratings
0.0/5
Customer Support

Overall Rating: 3.9 / 5 (Very good)

TD Bank, N.A. offers an average Annual percentage yield (APY), but it makes up for it with a variety of savings account plans that come with great perks, such as tiered interest rates, APY rate bumps, free ATM cards, online statements, direct deposit, and online and mobile banking. Customers younger than 18, or 62 and over, enjoy maintenance fee-less accounts, which makes TD Bank an excellent option for kids and seniors.

TD Bank Account Features

Balance Requirements - 4 / 5

TD Bank offers 3 account types: Simple Savings, TD Growth Money Market, and TD Preferred Savings. The accounts are designed to appeal to a variety of customers, from those who are just starting their savings account to those who want to maximize their earnings. Each account has its own perks, and they come with online and mobile banking, mobile deposit, free direct deposit, online statements, and ATM card as standard. There is no minimum deposit to open an account. TD Growth and TD Preferred offer tiered rates and APY rate bumps, but these bumps depend on linking or making transfers from a primary TD banking account. Finally, TD Bank mentions that APY rates are subject to change, so percentages can increase or decrease after customers open an account.

APY (Annual Percentage Yield)

0.03% and 0.05% as standard. 0.05% and 0.10% as bump rate rewards
Interest Compounded
Monthly
Integration with Other Online Accounts
Checking
Bonus Offers/Customer Perks
-TD Simple Savings: Free automatic transfers and no monthly maintenance fees for customers under 18 or over 62. -TD Growth Money Market: Tiered interest rates and 0.03-0.05 APY rate bump with $50 monthly growth, free bill pay, write up to 6 checks each month, and no maintenance fees for customers over 62. -TD Preference Savings: Tiered interest rates, 0.05-0.10 APY rate bump wen you link an eligible TD account, free ATM use when using non-TD ATMs, and reimbursement from other banks' surcharges when you maintain a minimum daily balance of $2,500. Also, no maintenance fees for customers over 62.
Mobile App
Yes
Debit/ATM Card
Yes
ATM Fees
-TD Simple Savings and TD Growth Money Market: $3.00 for each withdrawal, transfer and balance inquiry done at non-TD ATMs. Will not reimburse surcharges other banks charge from transactions or balance inquiries. -TD Preferred Savings: $0 from withdrawals, transfers and balance inquiries done at non-TD ATMs. If the customer maintains a $2,500 minimum daily balance, TD Bank will reimburse all surcharge fees.
No-Fee ATM
No-Fee at Branded ATMs

TD Bank Fees and Restrictions

Rates and fees - 4 / 5

TD Bank's savings accounts have a few fees and restrictions, including maintenance, overdraft, wire and fund transfer fees, as well as limits on transfers and withdrawals. Maintenance fees can be waived if requisites are met, such as being a certain age or keeping a minimum account balance daily. However, overdraft fees can't be waived, with a $35 fee per item the bank pays, and a maximum of 5 overdraft fees per business day. Transfer fees apply only to external transfers to institutions other than TD Bank, with a $3.00 fee for transfers with 3 day delivery and $7.00 for transfers with next day delivery. For wires, there's a $15.00 fee for domestic and international incoming wires, a $25.00 domestic outgoing fee, and a $40.00 fee for outgoing international wires. There is no minimum deposit required and no maximum balance cap, and as with all savings accounts, there is a maximum of 6 pre-authorized or electronic withdrawals per monthly cycle, in compliance with Government Regulation D.

Fees

Maintenence
Insufficient Balance Fee
Inactivity Fee
Passed Monthly Transaction Limit Fee
Returned Deposit Fee
Overdraft Fee
Out of Network ATM Fee
Minimum Opening Deposit
0 except for IRA accounts, which require $300.
Minimum Balance to Avoid Penalty
TD Simple Savings: $300, TD Growth Money Market: $2,000, TD Preferred Savings: $20,000
Withdrawal Limit
Visa debit dard and ATM card: $750 daily. Visa Private Client debit card: $1,000
Transfer Limit
3 business days: $3,000 (daily) and $5,000

TD Bank Reputation & Financial Strength

Financial Stability & Ratings - 4 / 5

When it comes to financial ratings, TD Bank enjoys stable and positive scores, with an AA- S&P rating and an Aa2 Moody's score. TD Bank is also BBB accredited and has an A+ rating, but has a hefty number of negative reviews and complaints on record. This is common for a bank of its size and age, although it's important to note that most complaints deal with problems with their fees and customer support. Users can contact TD Bank through social media, email, chat and phone, and its customer support phone line is available 24/7.
Year Founded
1852
Standard & Poor's Financial Rating
AA-
Moody's Financial Rating
Aa2
Consumer Financial Protection Board (CFPB) Complaints
8,450

Contact Methods

  • Phone
  • Email
  • Chat
  • Social Media
BBB Rating
A+
BBB Total Complaints
896
BBB Resolved Complaints
256
Customer Support Hours
24/7
Live Help 24/7
Yes

Company Profile

Full Name
TD Bank, N.A. Savings Account
Company Website
https://www.td.com/us/en/personal-banking/
Headquarters
10 Great Falls Plz, Auburn, ME, 04210

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Top Rated
Our Partner
3.90% APY on Savings Account
  • $0 monthly balance
  • 60,000 ATMs
  • Easy cash access
  • 24/7 live customer support
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