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TD Bank Convenience Checking Account Review

(2 out of 5) MyBankTracker Editor's Rating

TD Bank New York
TD Bank New York, NY

With a history that spans decades, it’s no secret that TD Bank is among the most popular major banks available.

Its products vary and include everything from credit cards to loans as well as many different types of checking accounts.

If you’re considering opening a checking account with TD Bank, here are some of the features you should know about.

In this review, learn how the TD Bank Convenience Checking Account stacks up against the many competing bank accounts available.

Legendary Convenience with TD Bank

One of the most notable features of the TD Bank Convenience Checking Account is, of course, its convenience.

TD Bank Convenience Checking Account Pros & Cons

Pros Cons
  • Mobile app available
  • Physical branches
  • Non-interest account
  • Monthly Maintenance Fee

TD Bank is known for being open on some major federal holidays. Additionally, many branches are open during the weekends.

Moreover, branch hours tend to be longer than what you'd find with other banks -- TD branches are open earlier and stay open later.

For people who are busy and on-the-go, it’s important that their bank accounts are always accessible.

Further, if you have problems or concerns with your checking account, you want to be able to reach someone immediately.

Fortunately, with this account, you have access to features like free mobile banking, online banking, and live customer service 24/7, all of which are known for making banking with TD Bank more convenient.

Sign-up Offers Worth Hundreds of Dollars

TD Bank is also one of the few big banks that usually offers an opportunity to earn hundreds of dollars when you open an account.

If you happen to be considering the TD Convenience Checking account, the sign-up bonus might provide further incentive to open this account.

The offers may be available for limited times and the bonus amount can vary.

Before you apply for the account, check for any sign-up bonus first.

Mobile Banking Apps Packed with Features

Mobile banking is very important nowadays and TD Bank's mobile banking apps (available for iOS and Android) do not disappoint.

In addition to being able to check your account balances and activity, you can deposit checks on the go, make online payments, send money to other people, and more.

With mobile deposit, you'd save many trips to the bank. These are the limits that apply to the feature:

  • Customers with accounts for 3 to 6 months: $1,000 per day and $2,500 per 30-day period
  • Customers with accounts for 6 to 12 months: $2,500 per day and $3,500 per 30-day period
  • Customers with accounts for more than 1 year: $2,500 per day and $6,000 per 30-day period

These limits can vary by account. Accounts with higher balances or a longer relationship with the bank may have higher mobile deposit limits.

Low Minimum Balance to Avoid Monthly Fees

There is a monthly maintenance fee of $15 with the TD Convenience Checking account, which is among the highest monthly fees when compared to other bank accounts, even with other major banks.

However, TD Bank makes it super easy to avoid this monthly fee -- just maintain a low minimum daily balance of $100.

Most other big banks have a minimum balance of $1,000 to $1,500 in order to waive their monthly fees.

TD Bank also offers other types of checking accounts with different monthly rates.

As an example, the Premier Checking account has a monthly fee of $25 unless you have a minimum daily balance of $2,500.

However, this account also has other features such as the ability to earn interest.

If you want to bank with TD Bank but prefer a lower monthly fee, you can also consider TD Simple Checking.

The fee for this account is $5.99 per month, which is less but also has no option to waive the fee.

If you want to bank with TD Bank but prefer a lower monthly fee, you can also TD Simple Checking.

The fee for this account is $5.99 per month, which is less but also has no option to waive the fee.

Other Account Fees to Know About

In addition to the monthly maintenance fee, you should be aware of the other fees that come with this account.

Some of the fees include a $3.00 fee for non-TD ATM withdrawals, transfers, and balance inquiries.

Other fees include overdraft fees and administrative fees like copy fees, for example.

Some of the fees include a $3.00 fee for non-TD ATM withdrawals, transfers, and balance inquiries.

Other fees include overdraft fees and administrative fees like copy fees, for example.

These are fees are common with most basic checking accounts at other major banks. Their costs are also very similar.

These are some of the most important fees that apply to the TD Convenience Checking account:

TD Bank Convenience Checking Account Fees

Type Fee amount
Monthly Maintenance Fee $15
Out-of-Network ATM Fee $3
Overdraft Fee $35
Overdraft Protection Transfer Fee $10
Returned Item $35
Stop Payment $30
Deposited Item Returned or Cashed Check Returned $15
Incoming Domestic Wire Transfer $15
Incoming International Wire Transfer $15
Money Order $5
Cashiers Check $8

TD Convenience Checking vs. Top Online Checking Accounts

It might be difficult determining which bank account is best for you. Here’s a brief look at how the TD Bank Convenience Checking Account stacks up against its competition.

Axos Bank Rewards Checking

Granted, the Axos Bank Rewards Checking isn’t as popular as the TD Bank accounts, but it offers many valuable features you won’t get with the TD Convenience account.

For instance, the Axos Bank Rewards Checking account offers an opportunity to earn extra cash back when you use your debit card, and you can earn interest on your balance if your monthly direct deposits total $1,000 or more.

Plus, there’s no monthly service fee with the Bank of Internet account.

TIAA Bank Checking

The TIAA Bank Checking account is also an online account. This account stands apart from others because it currently offers a rate of 15x the rate that other banks offer.

However, this account requires a $5,000 minimum deposit to open an account, which could be a problem for you if you don’t have a large chunk of money on hand.

Still, if you have $5,000 to start out with, TIAA Bank currently pays one of the highest rates you’ll find with a checking account.

This could be extremely valuable to you, depending on the amount of money you have to start your account with.

Capital One 360 Checking

Capital One is a major financial institution, just as well known as TD Bank.

For consumers who prefer major banks over lesser-known banks, Capital One is likely TD Bank’s biggest competition.

Further, the Capital One 360 Checking account has no monthly fees and pays interest on your balance.

While the TD Bank account could end up costing you money, an online account with Capital One can end up earning money.

Final Verdict

For consumers interested in major banks and the convenience that comes with, the TD Bank Convenience Checking Account might be ideal.

It provides many of the features you should expect to get with any bank account, along with the confidence you get banking with a large financial institution.

Plus, TD Bank offers a bonus for new accounts that can be worth hundreds, which you won’t always get with other banks.

However, it does charge one of the highest monthly maintenance fees, even though it is possible to waive the fee by maintaining a low balance of just $100.

If you can’t maintain this balance, however, you’ll end up paying $15 a month just to have the account.

Also, keep in mind that many of the benefits offered with the TD Bank account are standard with any bank account.

Except for the sign-up offer that might vary from time to time, the convenience checking account does not offer any other bonuses, interest, or cash back.

For those opportunities, you will have to consider a different TD Bank account, which also means a higher monthly maintenance fee.

With so many online banks that charge no monthly fees and also offer opportunities to earn cash back or interest, it’s difficult for a bank account like the convenience checking account with TD Bank to stand out.

Unless you already have a relationship with TD Bank or are loyal to its financial products, you’ll likely find more value and more opportunities for growing your money with many other banks.

More: Best Checking Accounts of the Year