TD Bank Review

Debit Card(s) at TD Bank

TD Bank offers one basic debit card. This debit card offers a rewards program, which is pretty typical of most debit cards. However, this rewards program offers few redemption options and the supporting vendors are pretty obscure. Examples include Gemvara and eBags.

Credit Cards at TD Bank

TD Easy Rewards Visa Credit Card: The TD Bank Easy Rewards card is their basic credit card. It utilizes a points redemption program to incentivize your purchases. As with most credit cards, it offers a sign-up bonus. This particular card has a sign-up bonus of 20,000 points (roughly $200) upon spending $1500 in the first 90 days. This is a ho-hum rewards bonus. While it is a decent value,  it is nowhere near as lucrative as some of the rewards bonuses of competing cards. However, an additional sign-up bonus makes it slightly more attractive.

In the first 6 billing cycles (6 months) you can 5x the points on eligible purchases. Eligible purchases include dining, groceries, gas, and cable, utility, and phone bills. You can earn up to 45,000 points during this period. Unfortunately, to rack up 45,000 points you would still need to spend about $9,000 during that 6 month purchase. For the standard spender, that is a very steep price to pay for a $450 value, but for a big spender it’s an easy payout. At the end of the 6 months you revert to earning 1 point per $1 spent, which means the value of this credit card drops significantly. Their rewards redemption options are fairly impressive, with over 400 rewards including some nifty electronics and gift cards for popular franchises. You can also redeem your points for cashback. As most banks do, it brags 0% APR during the first year. After that, your APR jumps to 12.99%, 17.99%, or 22.99% depending on your credit score. As always, you are hopefully paying off your balance in full each month – so the APR of a card shouldn’t be a big part of your decision – unless it’s over 22.99%, which is a good indicator of a bank that’s trying to rip you off.

TD Cash Rewards Visa Credit Card: This credit card is nearly identical to the Easy Rewards card, the only difference is that it focuses on cash back rewards. It offers the same rewards bonuses and APR Rates. Strangely enough, you can still redeem your points for rewards, so it really is interchangeable to the Easy Rewards Card.

TD First Class Visa Credit Card: The focus of this card is that you can redeem your points for airlines miles. Many competing credit cards offer this option, and this card falls far behind the competition’s bonuses. Its sign-up bonus awards you with 15,000 points the first time you use this card and an additional 10,000 points upon spending $3,000 points within the first 3 months. Many airline miles cards will offer you more points for less spending. The Citi Platinum Card AAdvantage Card offers 30,000 (essentially a round-trip flight) for spending $1,000 in the first three months. However, you can also earn triple points on qualifying travel and dining purchases. While this benefit alone isn’t a big deal by itself, its lack of a cap on these earnings is worthy of note. It’s also worth noting that after the first year you will be charged $89 dollars annually. Be aware that because this card has a minimum $5,000 limit, applicants with lower credit scores may not qualify.

TD Ameritrade Client Rewards Card: The TD Ameritrade card is altogether unimpressive. While the spending requirement is low ($500), it’s $100 cash back reward is pretty meager. If you spend more than $500 in 3 months, you should probably look into alternative credit cards. You can earn 1.5% in rewards on all purchases, as well as an extra 10% when depositing your rewards into an eligible TD Ameritrade account. So, while having an Ameritrade account does increase the value of this card, the maximum of 1.65% cashback earnings doesn’t match up to the many cards that offer a rate of 2% or more.

TD Aeroplan Visa Card: The Aeroplan Visa Card utilizes a rewards program partnered with AirCanada. The 25,000 point sign-up bonus for $1,000 spent is a moderate value that is pretty similar to the sign-up bonuses offered by other airline sponsored cards. Beyond the sign-up bonus, this card is pretty boring. You earn 1x points on standard purchases and 2x points on AirCanada purchases. It’s important to be aware of your ability to transfer points from many other cards to Aeroplan. Many of these other cards have larger standard returns and offer triple or quadruple points on qualifying purchases. As with many other airline partnered cards, you can expect to see a high return in the first 3-6 months, but the savings will drop significantly after that brief ‘honeymoon’ period when your sign-up bonus has come and gone and you’re paying a $95 annual fee.

Checking Accounts at TD

TD Simple: This debit account is TD’s “basic” option. You pay a monthly $5.99 fee to maintain your account. Unfortunately, chances are that if you can’t afford to keep a minimum balance in your account you most likely cannot afford a monthly fee. Unlike most banks, this fee will not be waived if the account holders makes regular direct deposits.

TD Convenience: This card allows you to waive your monthly fee of $15 by maintaining a minimum $100 balance. This is no real issue for most of us. However, TD seems to always be just behind the offerings of competing banks. For instance, the claimed perk of this account is that you will receive a discount on your first order of checks. Many banks will gift you with you an order of checks or give you a discount for each subsequent order of checks.

TD Premier: TD’s Premier option is an interest-bearing checking account. It requires a $2500 minimum balance to waive the $25 monthly fee, which is a bit rich for many of us. It’s always nice to rake in some savings, though!

TD Relationship: This checking account is slightly strange. The idea behind it is that you and your partner bundle your accounts to up your balance to enjoy discounts and benefits. Amazingly, it requires a minimum balance of $20,000 to avoid paying the monthly fee. This minimum balance is extremely high and makes this account inaccessible to many couples.

The only appeal is that you don’t have to pay any ATM fees (TD and non-TD) when you minimum balance stays about $2,500.

TD 60+: Geared towards seniors, this account requires a minimum balance of $250 to avoid the monthly fee – which is admittedly low compared to TD’s other offerings. The nicest perks are the free checks and money orders. This account is a decent option for someone looking for a simple, no-yield account.

TD Student: This account is perfect for a young student looking for something basic. Full-time students under the age of 24 do not have to pay any monthly balances on this account or on connected TD Student Savings accounts. Not bad!

Savings Accounts at TD

Even the top savings accounts at TD have APYs that fall quite a bit below the national average. pursuing a savings account at TD is not recommended unless you are very attached to the bank or do not qualify for other accounts. The following list briefly describes the differing benefits for each of their accounts.

TD Simple Savings: This base savings account has a .05% APY and requires a minimum balance of $300 to waive the monthly fee.

TD Growth Money Market: With this higher end card your APY goes up as your savings increase. These APY rates range from .05% to .35%. It also offers the convenience of checks. You can waive the monthly fee if you are 62 or older, or you maintain a balance of $2,000.

TD Relationship: This account has the same basic idea as the Relationship checking account. You combine your finances to enjoy the benefits of a higher balance. The APYs for this account range from .05% to .4%.

Other Financial Services

Loans: TD offers an array of additional services typically found at most banks. However, the loan selection they offer is shockingly limited. At TD Bank, you cannot obtain reverse mortgages, debt consolidation loans, or automobile loans. Hybrid loans are not available either. While you can apply for home mortgages, personal loans, FHA loans, and student loans, the interest rates at which they offer these loans are not competitive. If you are having trouble receiving loan approval from other banks but are accepted by TD Bank, their rates are not a deal breaker – there are simply more money savvy options easily available to most people.

CDs: The annual CD yield rates of TD are noticeably unimpressive. While the national average for a 1 Year APY is .35%, TD’s rate is .20%. To receive a higher return you would have to select a long term option, but these elevated returns still wouldn’t keep up with the competition’s long term options.

Insurance: TD offers auto, home, travel, life, health, and alternative vehicle insurance. Their motorcycle insurance policies are particularly popular. The general consensus is that TD offers a number of affordable insurance plans, but their coverage is fairly minimal. Even fairly decent plans are quite expensive at TD. Customer reviews in regards to their insurance policies are mixed. Some remark that filing a claim is an easy, quick process while others wax lyrical about the difficulties TD put them through. This is normal, as most banks/insurance providers have overwhelmingly negative reviews. One commonly seen report however, is that while the rates start out low, they quickly rise in the following years and customers are hit with hidden charges. Overall, their insurance plans seem fall in the middle of the pack.

Customer Support: If you need to contact TD Bank with a question or problem, you can contact them by phone or email. Their website has a fairly in depth FAQs section, as well. The big sticking point here is that they don’t offer web chat support, which is an extremely common and convenient feature offered by the majority of banks today. On a positive note, the amount of complaints they receive each year is less than the average number of complaints received by banks of a similar size. TD is also open for longer hours than most banks, and many of its branches are open on the weekends. This feature is very convenient to those working typical 9-5 jobs.

Bottom Line Conclusion – Should You Bank with TD Bank?

If you attracted to a TD bank because you live near a branch or receive a reward/bonus from work, don’t be scared off of signing up with them. While they are not rated highly by experts, they do not exhibit typical predatory behavior and they are considered financially stable. However, opening an account with them is not financially savvy or financially stupid. If you are looking to yield considerable savings, look elsewhere. While their debit cards are fair options, their checkings and savings accounts are less attractive than many of the alternatives. Their website is outdated and hard to navigate. It is also concerning that they are said to only pull from Experian, which can be a big issue for people who depend upon their Experian score. Their features and services are unimpressive, at best. Also, while similar complaints are heard in regards to most banks, many customers report that TD has a plethora of hidden fees and will charge you staggering overdraft penalties. If you have some sort of connection to TD or are just looking for something, go for it – just make sure to read the fine print to avoid fees. But if you are actively looking to open an account with the best possible benefits, research other banks thoroughly before signing up with TD.

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