TD and Bank of America both have branches on the East Coast.

To help you see if Bank of America or TD Bank is right for you, we’re comparing each institution’s bank accounts. We’re also assessing the banks’ trustworthiness so you can learn more about their banking histories.

Pros and cons of TD Bank

Pros Cons
  • Over 1,100 branches in 15 states and Washington, DC

  • Over 2,600 free ATMs

  • Possible to waive monthly services fees

  • $200 checking account bonus until October 31, 2022

  • Only available on the East Coast
  • Pays low interest rates
  • Monthly service fees
  • High CD early withdrawal penalties
  • A- rating from the Better Business Bureau because the government took action against the business

Pros and cons of Bank of America

Pros Cons
  • Over 4,200 branches and 16,000 ATMs

  • Savings features on savings account (Earn up to 10% cash back through BankAmeriDeals and Keep the Change® feature lets you round up debit card purchases)

  • Possible to waive monthly service fees

  • $100 checking account bonus until June 30, 2022

  • A+ rating from the Better Business Bureau

 

  • Doesn’t offer a money market account
  • Pays low interest rates
  • Monthly services fees
  • Bank history includes settlements involving racial discrimination and discrimination against people with disabilities

TD Bank vs. Bank of America checking account comparisons

Below, we’ve compared each bank’s standard checking account. Both of these bank accounts have a monthly service fee, unless you qualify to waive it by meeting specific requirements each month.

  TD Bank Convenience Checking Account Bank of America Advantage Plus Checking Account
Minimum opening deposit $0 $100
Monthly service fee $15 or $0 $12 or $0
How to waive the monthly service fee

Fulfill one of the following requirements:

  • Keep at least $100 in your account daily
  • Are between the ages of 17 and 23

Fulfill one of the following requirements

  • Make $250 or more in direct deposits each month
  • Maintain an average daily balance of $1,500 or more in your checking account
  • Enroll in the Preferred Rewards program
Sign-up bonus $200 $100
Next steps Learn more Learn more

The TD Bank Convenience Checking Account has a lower minimum balance requirement than the Bank of America Advantage Plus Checking Account. You also may open a checking account with $0 at TD Bank. In comparison, Bank of America requires an initial deposit of at least $100. 

Both bank accounts offer a cash bonus if you’re a new customer. Bank of America has a $100 bonus if you open the Bank of America Advantage Plus Checking Account, and receive $1,000 or more in qualifying direct deposits during the first 90 days of opening an account. To be eligible for the $200 bonus on the TD Bank Convenience Checking Account, you’ll need to receive $500 or more in direct deposits during the first 60 days.

Annual Percentage Yield (APY)

None

Minimum Deposit Amount

None

4/5

Editor’s Rating

4/5

Editor’s Rating

Annual Percentage Yield (APY)

None

Minimum Deposit Amount

None

Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Pros

  • No monthly service fee if you’re ages 17 to 23
  • No opening deposit
  • No out-of-network ATM fees

Cons

  • $15 monthly service fee
  • No interest earned
  • Doesn’t reimburse out-of-network ATM fees charged by providers
  • $35 overdraft fee

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Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
More Information

  • Access to 1,100 branch locations and over 2,600 ATMs
  • Waive $15 monthly fee with $100 daily balance
  • No opening deposit
  • FDIC insured

TD Bank vs. Bank of America savings account comparisons

The TD Simple Savings Account and Bank of America Advantage Savings Account are each bank’s standard low-fee savings account. See how the two savings accounts stack up.

  TD Simple Savings Account Bank of America Advantage Savings Account
APY 0.02% APY 0.01% to 0.04% APY
Minimum opening deposit $0 $100
Monthly service fee $5 or $0 $8 or $0
How to waive the monthly fee

No monthly service fees during the first year if you do the following: 

  • Make a monthly direct deposit of $25 or more

If you don’t set up direct deposit or skip a month, you must meet one of the following requirements to waive the fee:

  • Maintain $300 in your checking account daily
  • Are under the age of 24 
  • Are over the age of 62

Monthly service fee automatically waived during the first 6 months

After that, you must meet one of the following requirements to waive the fee:

  • Maintain at least $500 in your checking account daily
  • Link a Bank of America Advantage Relationship Banking Account
  • Enroll in the Bank of America Preferred Rewards Program
  • Are under the age of 18
  • Are under the of 25 and a student

 

If you are searching for a savings account with a low minimum opening deposit, you’ll probably favor TD Bank. The TD Simple Savings Account has a $0 minimum opening deposit, while Bank of America requires at least $100 to open the Bank of America Advantage Savings Account

If your goal is to avoid monthly service fees, it could be a bit of a toss-up. Your best option will depend on how you manage the account. 

Bank of America makes it a bit easier to waive monthly service fees when you open an account. It also might be a good choice if you also plan to open a checking account or enroll in the Bank of America Preferred Rewards Program. 

The TD Simple Savings Account might be worth exploring if are over the age of 62 or you don’t meet the minimum balance requirements at Bank of America.

Annual Percentage Yield (APY)

0.01% to 0.04% APY

Minimum Deposit Amount

$100

3.25/5

Editor’s Rating

3.25/5

Editor’s Rating

Annual Percentage Yield (APY)

0.01% to 0.04% APY

Minimum Deposit Amount

$100

Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Pros

  • New accounts have monthly fee waived for the first 6 months
  • Multiple ways to waive monthly fee after the first 6 months
  • No excess withdrawal fee if your balance is at least $20,000, or if you’re a Preferred Rewards customer

Cons

  • Low APY
  • Compounds interest monthly, not daily
  • $100 opening deposit
  • $8 monthly service fee
  • $10 excess withdrawal fee

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Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
More Information

  • Access to over 4,200 branches and 16,000 ATMs
  • Earn slightly higher rates by becoming a Preferred Rewards customer and qualifying for the Gold, Platinum, or Platinum Honors tier
  • Earn cash back when you make a debit card or credit card purchase through the BankAmeriDeals® program; Cardholders will automatically be enrolled in the program when setting up online banking and a list of eligible offers and deals will be available through online banking
  • Waive $8 monthly service fee by maintaining $500 balance, OR linking to your Bank of America Advantage Relationship Banking® account, OR by becoming a Preferred Rewards customer
  • Waive monthly fee if you’re a student under age 24
  • Interest compounded monthly and paid monthly
  • FDIC insured

TD Bank vs. Bank of America CD comparisons 

  TD Bank Choice Promotional Certificate of Deposit Bank of America Standard Term Certificate of Deposit
Term lengths 3 months to 5 years 28 days to 10 years
Minimum opening deposit $250 $1,000
APY 0.05% APY 0.03% APY
Early withdrawal penalties 3 months to 2 years interest 7 to 365 days interest
Types of CDs Standard CDs, No-Penalty CDs, Step-Up CDs Standard CDs

TD Bank CDs have a lower minimum opening deposit than most financial institutions — you may open an account with $250 upfront. At Bank of America, you’ll need to make an initial deposit of at least $1,000. 

TD Bank also could be a suitable option for opening a no-penalty CD or step-up CDs. Bank of America doesn’t offer these types of CDs. A no-penalty CD allows you to withdraw from your account before it matures, and you won’t have to pay a penalty. A step-up CD has an interest rate that goes up at a specific date. 

Bank of America may be a better option than TD Bank if you’re looking for a greater variety of standard terms. Bank of America CDs range from 28 days to 10 years. 

Annual Percentage Yield (APY)

0.05% APY

Minimum Deposit Amount

$250

3.5/5

Editor’s Rating

3.5/5

Editor’s Rating

Annual Percentage Yield (APY)

0.05% APY

Minimum Deposit Amount

$250

Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Pros

  • $250 minimum opening deposit
  • Standard term options

Cons

  • Low interest rate
  • High early withdrawal penalties

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More Information

  • Terms range from 3 months to 5 years
  • Earn 0.05% APY on all terms
  • Early withdrawal penalties: All interest earned for terms under 90 days; 3 months of interest on terms between 90 days and 1 year; 6 months of interest on terms between 1 year and 2 years; 9 months of interest on terms between 2 years and 3 years; 1 year of interest on terms between 3 years and 4 years; 18 months of interest on terms between 4 years and 5 years; 2 years of interest on terms 5 years or longer
  • Interest compounded and deposited monthly
  • FDIC insured

TD Bank vs. Bank of America money market account comparisons 

Bank of America doesn’t have a money market account, but TD Bank does. The TD Bank Growth Money Market Account might be a good option if you’d like an account with easy access to your money — it comes with checks and an ATM card. 

The money market account works best if you keep at least $2,000 in your account daily, so you won’t have to pay a $12 monthly service fee. 

The TD Bank Growth Money Market Account pays a lower interest rate than the average money market account. If earning a competitive interest rate is a priority for you, consider going through our best money market accounts guide. 

Annual Percentage Yield (APY)

0.01% to 0.03% APY

Minimum Deposit Amount

None

3.75/5

Editor’s Rating

3.75/5

Editor’s Rating

Annual Percentage Yield (APY)

0.01% to 0.03% APY

Minimum Deposit Amount

None

Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Pros

  • No minimum opening deposit
  • Possible to waive the monthly service fee
  • Check writing included
  • Free ATM card included
  • Earn Relationship Bump Rate if you meet the requirements

Cons

  • Low interest rate
  • $12 monthly service fee

Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
More Information

  • Access to 1,100 locations and over 2,600 ATMs
  • No monthly service fees for anyone age 62 or older
  • To waive the $12 monthly service fee, keep at least $2,000 in your account daily or link to a TD Relationship Checking or TD Beyond Checking account
  • Standard interest rate: Earn 0.01% APY on account balances under $25,000; Earn 0.02% APY on account balances over $25,000
  • Relationship Bump interest rate: Earn 0.01% APY on account balance under $2,000; Earn 0.02% on account balances between $2,000 and $25,000; Earn 0.03% APY on balances over $25,000
  • To earn the Relationship Bump Rate, you must do the following: Link a TD Checking account; complete a transfer from another TD Bank account each month, and grow your savings by $50 each month
  • Interest compounded and deposited monthly
  • FDIC insured

TD Bank vs. Chase trustworthiness and BBB ratings

We include ratings from the Better Business Bureau to evaluate how a bank deals with customer issues. Keep in mind good BBB ratings don’t necessarily guarantee you’ll have a smooth relationship with a bank. You may want to talk to current customers or read online customer reviews to see if a particular bank is a good fit for you.

Bank of America received an A+ rating from the BBB, while TD Bank has an A- rating because government action was taken against TD Bank. 

Both banks have been involved in recent public controversies. 

In 2020, the Department of Justice charged Bank of America for unfairly denying home loans to adults with disabilities, even though they qualified for loans. Bank of America paid around $300,000 total to people who were refused loans.

The Department of Labor also required Bank of America to pay $4.2 million in 2019 to people who claimed the bank discriminated against women, Black, and Hispanic applicants in the hiring process.

Meanwhile, the US Bureau of Consumer Financial Protection required TD Bank to pay $122 million in a settlement in 2020 that accused the bank of charging customers a Debit Card Advance service without their permission.

Frequently asked questions

Is Bank of America better, or TD Bank?

TD Bank may be a strong contender if you’re looking to open a checking account, CD, or money market account at a brick-and-mortar bank. Its bank accounts have low minimum opening deposits. You’ll also be able to waive monthly service fees on the checking account or money market account if you meet specific requirements.

If you’d like to open a savings account, Bank of America may be your first choice. You can have monthly service fees waived automatically during the first six months. 

Which has more branches, Bank of America or TD Bank?

Bank of America has more branches. TD Bank has 1,100 branches, while Bank of America has 4,200 locations.

Get the latest Bank of America stock price here.

Disclosure: This post may highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team. Read our editorial standards.