Extended hours. Most branches are open past working hours and during the weekend.
Overdraft fee scandal. TD settled a lawsuit in 2019, where it was accused of charging customers exorbitant overdraft fees. The bank agreed to pay $70 million.
TD Bank Checking and saving accounts Pros&Cons
No foreign transaction fees. You aren’t charged a foreign transaction fee while traveling abroad when you use a debit card linked to most TD accounts.
Student checking available. Students and young adults (between 17 and 23 years old) can open a checking account with no monthly fees.
No minimum deposit requirement. You can open a savings account with a zero balance.
Transact with Zelle. Customers can use Zelle’s peer-to-peer payments to send and receive money conveniently.
Non-competitive APY. TD Bank’s APY is 0.01%, which is below the national average of 0.04%.
High overdraft fee. TD charges an overdraft fee of $35, which can be levied up to five times a day, making it high.
TD Bank Credit cards Pros&Cons
Variety of card options. TD offers credit cards for most needs, including personal, business, travel, or credit building.
Welcome bonus. A majority of credit cards offer a signup bonus.
No annual fee. Most cards don’t charge an annual fee.
Lack of transparency. TD doesn’t state the minimum credit requirements. However, you can reasonably assume that your credit score needs to be at least good for most cards.
TD Bank Personal loans Pros&Cons
Discount on home remodeling and renovation loans. If you have a checking account with TD, you can get a 0.25% discount on your home equity line of credit.
$0 origination fee. You don’t have to worry about an origination fee when applying for TD’s personal loans.
Prequalification available. You can prequalify for a loan with a soft credit check.
Limited availability. Personal loan services aren’t available nationwide, as you need to be in one of the 15 East Coast states the bank offers its loan services to.
May need a high credit score. Even though eligibility requirements are undisclosed, you might find it hard to get your loan approved if your credit score is below 670.
TD Bank Mortgage Pros&Cons
Wide range of mortgage options. TD has conventional, specialty (e.g., for construction and medical professionals), government-backed, zero-to-low downpayment mortgage products, among others, available to meet your needs.
Loan officer availability. Your loan officer is available to you after working hours and on weekends.
Mortgage rate calculator. You can calculate your expected mortgage rates online before applying.
Not widely available. Mortgage services are limited to customers on the East Coast.
TD Bank Investment Pros&Cons
Robo-Advisor. Automated investing is available through Robo-Advisor.
High Robo-Advisor minimum deposit. You’ll need to deposit a minimum of $5,000 when investing with Robo-Advisor, and this amount is high, considering you can invest with other robo-advisors if you have $500 or less.
Investment options are limited. TD doesn’t offer cryptocurrencies and futures trading.
Fees. While you can trade mutual funds commission-free, you need to pay a flat fee of $9.99 on stocks and $9.99 + $1.25 per contract on options.