TD Bank Review (May, 2024) – Get up to $400 when you sign up

Despite it being one of Canada’s most prominent banks, many prefer to read a TD Bank review before opening an account.

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Last Updated: May 16, 2024

TD Bank

  • Easy, safe and secure banking from home
  • Bank from anywhere with confidence
  • Range of accounts for anyone

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So, we’ve written this comprehensive review of TD Bank to help you determine whether it’s the right bank for your needs.

As one of Canada’s “big six” banks, it’s comparable with giants like RBC and CIBC. But it also competes well with younger institutions and niche financial service providers. The bank is praised for its customer-focused methodologies.

It offers everything you would expect in the personal and commercial banking spheres. TD Bank has also upgraded its technology to provide the convenience of mobile app and online banking.

But what sets this bank apart from others? And how can you tell whether this is the bank for you? We aim to answer these questions and more through this TD Bank review. Buckle up and prepare to dive in.

What makes TD Bank a good option?

Let’s begin this TD Bank review by providing an overview of the bank and why we think it’s a good option. Perhaps you’ve skimmed through other TD Bank reviews and require more information on why this bank may be a good fit. This section should help.

TD Bank (Toronto-Dominion Bank) is a Canadian multinational banking and financial services corporation. Founded in 1855, it has become one of Canada’s largest banks.

It operates in various countries around the world. Its product offerings include savings and cheque accounts, insurance, credit cards, and more for individuals and businesses.

The bank is known for providing convenient and accessible banking solutions to its clients. In recent years, TD Bank has also made significant strides to better serve its customers in the digital age. This is evident in the expansion of its online and mobile banking capabilities.

Due to its broad range of products and services, it can conveniently fulfill all the customer’s financial needs in one place. TD Bank also has a strong reputation for stability and reliability, with a long history of serving customers and managing their finances.

This can reassure customers who want to entrust their financial well-being to a bank with a proven track record.

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Pros and cons of TD Bank

A comprehensive list of pros and cons always helps with any decision-making process. So, this part of our TD Bank review provides precisely that.

The pros of TD Bank

  • Convenience: TD Bank has an extensive network of branches and ATMs across Canada and the United States. It also provides robust online and mobile app banking options. This makes it easy for customers to access their accounts and manage their finances.
  • Customer Service: The bank is known for its customer-centric approach and consistently ranks highly in customer satisfaction surveys. Customers particularly appreciate the 24/7 TD Bank toll-free line available for customer queries.
  • Range of Products and Services: TD Bank offers everything you need in both the personal and commercial banking sectors. This includes savings and cheque accounts, loans, credit cards, lines of credit, mortgages, insurance, and more.
  • Extended Hours: This bank’s physical branches are known to stay open longer than other banks. In fact, many locations offer extended hours on weekdays and weekends.
  • Investment Platform: Its investment platform, TD Ameritrade, is a popular choice for investors. It offers a range of investment options, including stocks, ETFs, mutual funds, and more.
  • International Presence: TD Bank has a strong presence in Canada and the US. But it is also present in other countries, such as the United Kingdom and China. This can benefit customers who travel frequently or have international financial needs.
  • Community Involvement: The bank actively supports local communities through various initiatives. These include charitable donations, employee volunteering, and sponsorships of community events. This can be attractive to customers who value social responsibility.

The cons of TD Bank

  • Fees: TD Bank’s fees for some of its products and services can be higher than other banks. This could be a drawback for customers who are price sensitive. For example, insufficient funds fees are much higher at TD Bank.
  • Credit Requirements: For the most part, the bank has stricter credit requirements for certain products, such as loans and credit cards. This could be a challenge for some customers with less-than-perfect credit histories.
  • Limited Branch & ATM Access: TD Bank has an extensive network of branches and ATMs in most of Canada. But there are no branches in Nunavut and the Northwest Territories. And there’s only one branch in Yukon. This could be seen as a pitfall by customers in these Canadian regions who prefer in-person banking services.
  • Investment Platform Fees: TD Ameritrade customers should know that fees may be associated with using the platform. These could include trading fees or account maintenance fees.
  • Higher Minimum Balances: Some of TD Bank’s accounts or services may require higher minimum balances than others. This could be seen as a stumbling block for some.
  • Limited Rewards Programs: TD Bank offers some rewards programs for its credit cards and other products. But the range of options may be more limited than those other banks provide.

TD Bank products and services

Next up in our TD Bank review, we break down some of its various products and services.

TD Bank Savings Accounts

TD Bank offers a variety of savings accounts, all of which feature no monthly fees.

  • TD Every Day Savings Account: An account that provides a straightforward and adaptable savings solution, granting convenient access to funds while allowing you to accrue interest on your account balance.
  • TD High Interest Savings Account: A savings account that garners more attractive interest rates compared to the Every Day Savings Account. But it comes with some restrictions on transactions and balance requirements.
  • TD ePremium Savings Account: An online-only savings account that offers competitive interest rates. But it has a higher minimum balance requirement to earn interest.

TD Bank Chequing Accounts

Toronto-Dominion Bank offers the following chequing accounts.

  • TD Minimum Chequing Account: A basic chequing account with a low monthly fee. It provides a limited number of transactions and no overdraft protection.
  • TD Every Day Chequing Account: It’s a flexible account with a flat monthly fee, unlimited transactions, and a range of features. These include overdraft protection and access to online and mobile banking.
  • TD Unlimited Chequing Account: This premium account with a higher monthly fee offers unlimited transactions. It also includes enhanced features such as a safety deposit box and access to premium banking services.
  • TD All-Inclusive Banking Plan: A comprehensive banking package. It includes unlimited chequing and savings accounts, premium credit card benefits, and other features and services.
  • TD Student Chequing Account: This is a chequing account designed for students. The account offers no monthly fees, unlimited transactions, and a range of student-specific benefits and features.

TD Bank credit cards

TD Bank offers many different credit cards. However, these are some of the bank’s most popular credit card products:

  • TD Aeroplan Visa Infinite Privilege Card: This premium travel credit card offers exclusive Aeroplan perks and benefits. These include airport lounge access, priority check-in, and bonus Aeroplan points.
  • TD First Class Travel Visa Infinite Card: A travel credit card with rewards points for every dollar spent. It also includes travel insurance coverage and exclusive travel perks like airport lounge access.
  • TD Cash Back Visa Infinite Card: It’s a cashback credit card offering cash rewards on every purchase, travel insurance coverage, and more.
  • TD US Dollar Visa Card: A credit card designed for frequent travellers to the US. This card allows for purchases and payments in US dollars with no foreign transaction fees.
  • TD Rewards Visa Card: This rewards credit card gives you points on everyday purchases. It includes various redemption options, such as travel, merchandise, or statement credits.
  • TD Emerald Flex Rate Visa Card: A credit card with a variable interest rate allows for more flexibility in managing interest charges. It also comes with various other features, such as travel insurance coverage and purchase protection.

Other TD Bank services

The bank also offers customers the following core services:

  • Investment Accounts & Options
  • Mortgages
  • Home Equity Line of Credit (HELOC)
  • Lines of Credit
  • Loans
  • Overdraft Protection.
  • Wealth Management Services
  • Business Banking
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TD Bank product and service quality

Based on customer reviews and feedback, TD Bank generally receives favourable product and service ratings. Customers often praise the bank’s convenience, innovation, and customer service.

In fact, many customers cite the bank’s friendly and helpful staff and responsive support channels. However, some customers have reported long wait times on the phone or slow response times to inquiries.

TD Bank’s online and mobile banking capabilities are often praised for their user-friendliness, efficiency, and range of features. And the majority feel confident in TD Bank’s ability to protect their personal and financial information.

The bank’s product offerings are generally well-received, with customers appreciating the range of options available. But a few customers have noted that the fees associated with certain products can be high.

In Canada, TD Insurance is licensed by the Autorité des Marchés Financiers (AMF) and the Financial Services Regulatory Authority of Ontario (FSRA).

TD Insurance also holds a membership with the Insurance Bureau of Canada (IBC). This organization represents the Canadian home, auto, and business insurance industry.

These accreditations and associations are vital as they ensure that TD Bank meets specific standards and requirements for insurance products and services.

And this confirms the bank’s adherence to applicable regulations and established industry standards.

Furthermore, it is worth mentioning that TD Bank deposits are protected by the Canada Deposit Insurance Corporation (CDIC).

While there is room for improvement, TD Bank is generally a reliable and trusted banking and financial solutions option.

How to get started with TD Bank

Are you keen to sign up or apply for an account or credit card with TD Bank via its online banking interface? This part of our TD Bank review will guide you through the process. Here are the steps a new TD Bank customer should follow:

  1. Go to TD Bank’s website and click “Register” under the “Login” button. This option can typically be found on the homepage or product pages.
  2. Choose the type of account or credit card you want to apply for. And review the product details, fees, and eligibility requirements.
  3. Click on the “Apply Online” button to start the application process.
  4. Complete the online application by providing your personal and financial details. These will encompass your name, address, birth date, social security number, and employment situation.
  5. Follow the instructions to upload required documents, such as proof of identification, income, or residence.
  6. Examine the terms and conditions for the account or credit card, and consent to them.
  7. After submitting your application, await TD Bank’s decision. Be prepared to supply further information or documentation during the verification process.

Keep in mind that the exact procedures and prerequisites might differ. This will depend on the type of account or credit card you are applying for or your location and eligibility.

It’s also essential to review the terms and conditions of the account or credit card carefully before applying. This will ensure you understand the fees, benefits, and other vital details.

Alternatives to TD Bank

Perhaps, after reading this TD Bank review, you’re not convinced that TD Bank is a good fit for your financial needs. In that case, we’re offering you a few alternative options to help you with your search for the ideal bank.

TD Bank vs RBC

RBC (Royal Bank of Canada) is another prominent Canadian bank that operates in various countries worldwide.

As such, the Bank has a stronger international presence than TD Bank, with operations in over 40 countries. This can benefit customers who travel frequently or have international financial needs.

As mentioned, some of TD Bank’s products and services carry a high fee. But RBC tends to offer lower fees than most banks, which could be a draw for customers who are price sensitive.

While both banks provide a range of credit cards linked to excellent rewards programs, RBC has more to offer in this department. Its various rewards and cash back options may appeal to customers who want to earn rewards on their purchases.

RBC’s mobile banking app has won several awards and received high praise for its online banking interface. Customers indicate that these platforms are user-friendly, efficient, and create a pleasant customer experience.

That said, TD Bank and RBC Bank are very much on par regarding products and services. But RBC Bank may be a better option for customers who prioritize a robust international presence, lower fees, and better credit card rewards.

TD Bank vs CIBC

CIBC (Canadian Imperial Bank of Commerce) is another of Canada’s “big six” banks offering myriad financial products and services. And most of these are similar to those provided by TD Bank.

Both TD Bank and CIBC offer a range of mortgage options, some of which are similar while others are vastly different. For instance, customers looking for variable-rate mortgage options may find a broader selection at CIBC.

CIBC offers various international services, including foreign exchange and wire transfer services. The bank also gives customers access to its Global Money Transfer platform. This platform allows customers to send money to over 90 countries worldwide.

Overall, CIBC may be more suitable for customers looking for certain types of mortgages and more international services.

TD Bank review conclusion

TD Bank is a well-established bank with a strong reputation for its remarkable customer service and consistent reliability. Its banking and financial products range makes it a one-stop bank for customers seeking comprehensive financial solutions.

That said, there are some potential drawbacks to consider, such as fees and limited availability in certain regions. However, TD Bank generally offers a reliable and trusted option for customers seeking banking and financial services.

Thanks for checking out our TD Bank review.

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FAQs about our TD Bank review

Is TD Bank a good bank?

Yes. TD Bank is widely recognized as a reputable institution and a familiar name in Canada. It provides a variety of banking and financial services while maintaining a strong commitment to security and privacy for its customers.

How do I review and accept a TD Bank online banking agreement?

Access your online banking account and proceed to the "Account Preferences" or "Profile" area. Within this section, you can view and approve any pending agreements or disclosures.

What does “pending review” mean on TD Bank?

The status "Pending Review" means that a transaction or activity is being reviewed by the bank's fraud prevention or security team. This is a standard security measure that helps to protect your account and prevent unauthorized activity.

How does TD Bank money transfer work?

TD Bank offers several ways to transfer money, including online and mobile banking, wire transfers, and global money transfers. The specific process will depend on the type of transfer you are making. But it generally involves providing the recipient's name, address, account details, and the amount you wish to transfer. Fees and processing times may vary depending on the transfer method and destination.

Who is TD Bank best for?

TD Bank may be a good choice for customers who value a convenient banking experience with an array of product options. It may also appeal to frequent travellers due to its international services and partnerships with other banks worldwide. Ultimately, TD Bank may be best for those prioritizing a solid banking relationship and personalized service.

April 6, 2023
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