*PLEASE NOTE: We are not affiliated with TD Bank and do not sell or market any of their products. This is simply a blog post where we review what they offer.
If you are inquiring about TD Bank and whether or not to use them as your future bank, you have come to the right place! Choosing a bank to trust with your money and business can be quite stressful because of all the competitive other banks. This article will give you some input about the bank and what they offer their clients. We have all seen TD whether in their community or on TV with their commercials, they are a well known and reliable bank to work with. Not only do they offer banking options from checking and savings but they also offer some life insurance products and financial services. The following are some key points about TD Bank that may be helpful for those who are in a hurry or simply want to know what we will be covering in this article;
- In 1852 TD Bank opened their doors in Portland, Maine but wasn’t called TD Bank then, their name was Portland Savings Bank.
- TD offers checking & savings accounts, credit cards, competitive mortgage rates, auto loans, and even life insurance.
- TD Bank is not only well known for providing banking opportunities and financial services but they also take corporate responsibility to give back to communities.
- Just like many banks, TD Bank offers a couple different options when it comes to checking accounts.
- TD Bank offers saving options such as TD Simple Savings, which allows you to build your savings and grow them quickly.
- With TD Choice CDs, you can enjoy rates that increase with your balance.
- You can also choose from a variety of mortgage products and they include 15-year mortgages or 30-year conventional mortgages.
History
In 1852 TD Bank opened their doors in Portland, Maine but wasn’t called TD Bank then, their name was Portland Savings Bank. Years later they grew enormously with a series of mergers and renamed themselves Peoples Heritage Bank in 1983. Following their rename, they expanded deeper into New England and with several acquisitions they took the name Banknorth. Banknorth caught the eye of TD Bank Group of Toronto, Canada in 2004, who was a top 10 financial services company in North America. TD Bank Group then became one of Banknorth’s majority shareholder and in 2007 TD bought Banknorth and renamed to TD Banknorth. The following year TD Bank Group acquired Commerce Bank and the company rebranded for the last time to TD Bank, America’s Most Convenient Banks.
Review
TD Bank offers a unique banking experience and offers a good variety of products and services which can help you decide whether this bank is right for you. TD offers checking & savings accounts, credit cards, competitive mortgage rates, auto loans, and even life insurance. TD Banks is a top pick of course and are located mostly on the East Coast from Florida to Maine, and have longer hours of operations than a lot of other banks. However, shopping around for life insurance or even your banking opportunities is important because you never know what you will get offered next. Just like you go around car shopping before you pick one, so that when looking for a bank or life insurance. Read some reviews and ratings, because you will get the most out of reviews then you will on the company’s website.
Bring Change
A lot of companies give back to their community but not all do that. TD Bank is not only well known for providing banking opportunities and financial services but they also take corporate responsibility to give back to communities. TD Bank says “We’re coming together with the community to help those in need. Because together, we Bring Change.” With the WOW! Zone, TD Bank helps students in grades K-12 develop strong financial skills that they will be able to use throughout their lives. Programs that include is K-12 Personal Finance, Junior Banker Store Tours, and Online Activities. TD participates in many other projects such as the AVET Project, American Legion, Alston Wilkes Society Veterans Services, 9-1-1 Veterans, Bed-Stuy Campaign Against Hunger, Family Promise of Bergen County, The Rina Shkolnik Kosher Food Pantry, and Island Harvest Food Bank. There are much more but we think you get the point by now.
Checkings
Just like many banks, TD Bank offers a couple different options when it comes to checking accounts. This option has no minimum balance and also allows you to get your first full order of checks with discounts available. The second option for checking is TD Convenience which gives great features and your first full order of checks with discounts. This option requires a low minimum balance of $100 to waive the $15 monthly maintenance fee. If you are 60 or older you can earn interest and keep a low minimum balance to waive the monthly with a TD 60 Plus checking account. With the TD Relationship, you are able to bundle accounts and enjoy discounted rates and fees on many bank products and services. You have to maintain the combined minimum daily balance of $20,000 to get fee free service. If you are a student under 24 and enrolled as a full-time student you do not have any monthly maintenance fees. TD Premier is another checking option that keeps a higher balance, earn interest, and can use non-TD ATMs with no additional charge.
Savings
TD Bank offers saving options such as TD Simple Savings, which allows you to build your savings and grow them quickly. With this option, you don’t need to pay any monthly maintenance fees with recurring transfers from a TD Bank account. Monthly maintenance fee is also waived as long as you maintain a certain balance. The other savings option TD Bank offers is TD Growth Money Market which allows you to get rewarded for growing your savings each month. You get tiered interest rate which helps you earn more as you continue to grow your savings. If you make recurring transfers from a TD Bank account you can grow your savings by $50 in a month and you are able to enjoy a free bill pay if you write up to 6 checks a month. The last option TD offers for savings is called TD Select Savings. This option allows you to earn more when you keep a higher balance and link an eligible account. TD rewards you with tiered interest rates when you continue to build your savings. If you like an eligible TD Bank mortgage, home equity, credit card accounts or small business checking account you can get a rate bump. With this option, you also get fees, for using a non-TD atm, waived and not only that but you also get free money orders.
CD
TD Bank offers flexible options and competitive rates in order to meet your financial needs. There is a wide variety of terms available with convenient automatic renewal and no monthly maintenance fees. With TD Choice CDs, you can enjoy rates that increase with your balance. With this plan, you can get a rate bump if you also own a checking account. Tiered interest rates reward you for having a higher balance and is also available as an IRA. TD also offers TD No-Catch CDs, which allows you to enjoy the security of a CD, but still, have the flexibility of making one withdrawal per term. This option also allows you to make one penalty-free withdrawal per term. TD also offers a third CD option, TD Step Rate CDs, which offers you benefit from guaranteed returns as the interest rate on your CD increases every year. This option allows you to make a full or partial withdrawal within 10 calendar days and is also available as an IRA. TD Bank CD rates are competitive and range from 0.15% to 1.25% APY and you can get started with a low $250 deposit, plus there is an option to automatically renew your certificate of deposit when it matures.
Life Insurance
TD Bank offers life insurance products that are Term life, Whole life, and Single Premium life. To buy a whole life insurance product from TD Bank you must go into their bank and same goes for Single Premium life, they are not offered online. Only Term life is offered online and in store. For term life, the issue age starts at 21 until 65. For whole life, the issue age starts at 35 until 65. Single premium life issues for only people who are 55 and above. Term life is only for income replacement for a specific time period, such as 10, 15, 20, or 30 years. Available coverage amounts for term life is $50,000-$1,000,000 and they have the lowest premiums than the other life insurance products and also doesn’t require a medical exam. Whole life is for permanent coverage that builds a cash value account and coverage lasts a lifetime. Face amounts are $10,000-$1,000,000 and have higher premiums but build cash value and don’t require a medical exam. Single premium life is for wealth transfer and its advantages. This coverage is for the rest of your life and coverage amounts are $5,000-$1,000,000 and only require a one-time premium between $5,000-$1,0000 and also don’t require a medical exam.
Loan
TD Bank has one of the highest scores when it comes to providing the amount their clients need a loan. TD Bank makes getting an auto loan easy for everyone by making it possible to receive a loan in person, over the phone, or even online. The loans provided for autos feature low and fixed rates and in some cases, you don’t need a down payment.
Mortgage
TD Bank offers mortgage rates that are competitive and easier than most of their competitors. In this world easy is the way to go, and the mortgage isn’t an easy thing to make simple for consumers. You are able to apply online and receive a decision the same day you applied. You can also choose from a variety of mortgage products and they include 15-year mortgages or 30-year conventional mortgages.
TD Banking Benefits
- Banking is made simplified with no minimum balance.
- Low, predictable monthly maintenance fee or just $5.99
- You are able to access thousands of TD ATMs in the U.S and even in Canada.
- Your TD Bank Visa Debit Card is available as soon as you open your account on the spot.
- TD provides discounts on your first order of checks.
- TD Bank also offers rate discounts on home loans taking off .25% of your home equity line of credit.
- TD offers free mobile banking with the ability to deposit anything on your mobile app.
- You have access to free Bill Pay with e-bills online.
- With online banking, you can also see free online statements that even show your check images.
- TD Bank offers live customer service 24/7.
- TD Bank opens early and closes late and most locations are open 7 days.
Final Thoughts
TD Bank offers a variety of services which makes themselves one of the most well-known banks in the Eastern U.S. They strive to create the best experience for their consumers and if you are looking for a bank with longer hours and are open on weekends this may be the most beneficial bank for you. If you are looking for life insurance, there are many other companies who specialize in life insurance and may offer better quotes than TD Bank. Here at InsureChance, we work with over 60 top “A” rated life insurance companies and it gives us more options to find the best company for our clients. It cost $0 for us to compare and contrast for you so that you can spend more time with the ones who deserve your time the most, your family. Give us a call if you have any questions or concerns
