Banking » Reviews » TD Bank Convenience vs TD Beyond Checking Account: Which Is Better?
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

TD Bank Convenience vs TD Beyond Checking Account: Which Is Better?

While TD Bank Convenience charges lower monthly fee, Beyond Checking offers interest on balance, check writing and freebies. Which is better?
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Table Of Content

TD Bank has several checking account options, with the two most popular being the TD Convenience Checking and TD Beyond Checking. But, how do these products stack up against each other? Here we’ll perform a head to head comparison to help you decide which one is the best choice for you.

What is TD Convenience Checking?

As the name suggests, TD Convenience Checking is designed to provide a convenient solution for your everyday banking needs. The account offers a free contactless debit card and a reasonable monthly maintenance fee, which can be waived if maintain a minimum daily balance of $100 or if the primary account holder is aged 17 to 23.

Although this is not a premium checking account product, you will find many of the features common to most standard and premium checking accounts. This includes 24/7 account management via the online platform or app, Zelle payments, online bill payment, and mobile deposits.

TD bank Check account balance
Check account balance on TD app (Screenshot from TD Bank)

What is TD Beyond Checking?

TD Beyond Checking is a more feature loaded checking account, offering the same contactless debit card and payment methods, but you’ll also get automatic reversal of overdraft fees up to two times per year, free paper checks and non network ATM fees reimbursed if you meet the account balance requirement.

There are also a number of fee waivers with this account including wire transfers, paper statements, stop payments, bank checks and money orders. You’ll also be reimbursed for one domestic or international outgoing wire transfer per statement cycle.

However, this does come at a cost, since the monthly maintenance fee is significantly higher than the Convenience Checking and it can only be waived by receiving $5,000 in direct deposits per statement cycle, maintaining a minimum daily balance of $2,500 or having a combined balance of $25,000 across your eligible TD accounts.

TD bank account services
TD bank account services (Screenshot from TD Bank)

How Do They Compare?

While most features existed on both TD Bank convenience and beyond checking accounts, there are some differences.  Here's a comparison:

TD Convenience Checking
TD Beyond Checking
Interest Bearing
No
Yes
Checks
Discount on first order
Free standard checks
Monthly Maintenance Fees
$15 Can be waived if you Maintain a $100 minimum daily balance or if the Primary account holder is age 17 through 23
$25 Can be waived if you send $5,000 in direct deposits per statement cycle or $2,500 minimum daily balance or $25,000 combined balance across eligible TD accounts
Fee Reimbursements
No
Two overdraft fees per year
Freebies
None
Money orders, bank checks, stop payments and incoming wires

Similarities

You can open either account with $0, making them readily accessible for anyone.

You don’t need to make an initial transfer to open the account, simply fund it when you’re ready to use it for your day to day transactions.

TD Bank has an ATM network with more than 2,600 machines across the country. 

You’ll not incur any fees for using these ATMs with your debit card for any transactions including withdrawals and making balance inquiries.

You can keep a track of your spending and overall finances with online bank statements. These are provided for both Convenience Checking and Beyond Checking customers free of charge. 

However, if you want paper statements, there is a charge for Convenience Checking customers.

Both accounts have access to TD Overdraft Relief. This feature includes a grace period, where if your available balance is back to at least $0 to cover the overdrawn balance 11pm the following business day, you’ll not incur an overdraft fee.

TD Bank also has a credits before debits approach, whcih means that deposits are applied to your balance before any withdrawals on the same business day. It also does not charge for Savings Overdraft protection and there is a limit of three overdraft fees per day on these accounts.

TD Overdraft Service
TD bank overdraft options (Screenshot from TD Bank)

Holders of either account can receive a discounted rate on other TD Bank banking products, including personal loans and home equity loans.

Differences

The first key difference between the Convenience Checking and Beyond Checking is that while Beyond Checking is interest bearing, the Convenience Checking does not pay any interest regardless of your balance.

TD Bank monthly maintenance fees are varied between the accounts, as well as the waiver criteria. The current monthly fees are $15 and $25 for the Convenience Checking and Beyond Checking, respectively. 

Additionally, the waiver criteria for the Convenience Checking account is far less stringent as you only need to maintain a daily balance of $100 or more, or be aged 17 to 23.

However, you need $5,000+ in direct deposits per statement cycle, a daily balance of $2,500+ or $25,000 across your eligible accounts to have the fee waived on the Beyond Checking account.

If you are looking for an account with no fees at all, take a look at our banks with free checking accounts list.

Although both accounts offer check writing privileges, the cost of the paper checks is a key difference. Checks for the Beyond Checking account are provided free of charge including check images. 

However, Convenience Checking customers will only receive a discount on the cost of the checks.

Convenience Checking does not have fee reimbursements, but Beyond Checking offers reimbursements on two overdraft fees per year, one outgoing wire transfer per statement cycle, all Rush Bill Payments and any non TD network ATM fees. 

However, there is a caveat that you need to maintain a balance of at least $2,500 to receive ATM fee reimbursements.

TD bank Bill payment
Pay bills on TD Bank app (Screenshot from TD Bank)

While the Convenience Checking does have a free debit card, that is the extent of the freebies for this account. However, with the Beyond Checking, you’ll get free bank checks, money orders, incoming wires and stop payments.

Which Account Is Better For Your Needs?

If you’re struggling to decide which account is the better choice for you, there are some questions you can ask yourself which could help you.

  • Do you have a TD Bank ATM nearby? The first thing to consider is whether you have a TD Bank ATM in your local area. Even if you don’t tend to withdraw cash regularly, ATM fees for non network machines can add up. So, if you don’t have a network machine in your area, you would be better with the Beyond Checking as it offers fee reimbursement.
  • Do you have a high balance or regular high value direct deposit? If you don’t tend to carry a balance of $2,500 plus or receive direct deposits totaling $5,000 per month, you’ll struggle to have the monthly maintenance fee waived on the Beyond Checking. Unless all of the other features are worth $25 per month, you may be better with the Convenience Checking.
  • Do you regularly use paper checks? If you’re a bit more old school and prefer to make payments using a paper check, you will only receive a discounted rate on paper checks with the Convenience Checking account. If you want free checks, you’re better suited to Beyond Checking.
TD bank convenience checking vs TD beyond checking
TD Beying Checking monthly fee is higher ($15 vs $25), but it offers a small interest, free standard checks, two overdraft fees per year and free money order and incoming wires. (Photo by Msdx15/Shutterstock)

Tips to Maximize Your TD Bank Checking Account

Although some checking account information may be obvious, you may not get the most out of your TD bank checking account.

Below are the best tips to help you manage your funds and get the most out of your checking account.

You can avoid paying TD overdraft fees by keeping an eye on your account balance. You can maintain your account by setting up alerts on your checking account.

Alerts notify you of any transaction on your TD checking account. For example, you can set up balance alerts when the funds drop below a certain amount.

You can avoid incurring ATM fees by using only TD ATMs. There are no ATMs fees for different TD checking accounts.

Therefore, you get 24/7 cash access at no fees when you use TD ATMs.

Compared to other big banks, TD Bank offers quite high rates on CDs. Check out your options, especially if you are able to deposit a significant amount. It's quick to open a CD via app:

TD Bank Open a CD
Open a CD on TD Bank app (Rates may change, screenshot from TD Bank)

A debit card enables you to access your account securely and conveniently.

You can use your debit card at different locations, including online merchants, to make purchases and withdrawals, which are deducted directly from your checking account.

You can get the best out of your checking account by setting up automatic payments to help pay your bills on time.

Through this, you can eliminate worry and save money and time. Also, automatic payments can help you pay your bills on time while traveling.

How to Open A TD Bank Account:

You can open TD bank account at a local TD Bank branch, by phone, or online. The online method is the quickest and most convenient for most people and can be done in a few simple steps.

  • Navigate to the Product Page: You’ll find all of the checking account options on the official TD Bank website under the “Checking” heading on the top bar. You can then navigate to the appropriate product page. If you’re ready to proceed, you simply need to click the orange “Open Account” button.
  • Confirm Your Residence: The first screen you’ll see simply asks you to confirm if you’re a US resident or a resident in Canada. You’ll then be redirected to the appropriate application form.
  • Add a Savings Account: At this stage, TD Bank explains the three steps of the application and asks whether you want to add a savings account.
  • Complete the Application: This is fairly standard and you’ll need to complete all the mandatory fields including your full name, address, email, phone number, date of birth and Social Security Number.
  • Verify Your ID: As with all banks and financial institutions, you’ll need to verify your identity to open a new account. You can do this with any government issued photo ID such as a driver’s license or passport.
  • Set Up Online Banking: The final stage of the application provides a prompt to set up online banking, so you can manage your account using the online platform or mobile app.
Top Offers From Our Partners

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

FAQs

TD bank has several branches across the country. You can find TD bank branches near you by using a branch locator.

The tool helps you to find branches near you conveniently. After finding the branches near you, you will enjoy banking with several accounts to choose from

You can talk to TD bank's representatives in different ways.

You can reach the bank on Facebook Messenger with general questions and comments.

Also, you can connect with the bank by visiting a branch near you and sending a DM on Twitter.

Moreover, you can call TD bank's customer service at 1-888-751-9000 or 1-800-819-1243.

TD bank branches open early and later every day, including during weekends and on some holidays.

The opening hours vary by branch location but on Monday through Friday, the branches open at 8:30 a.m. and close at 6 p.m.

On Saturday, the branches open at 9 a.m. and close at 1 p.m., while the operating hours on Sundays are between 11 a.m. and 2 p.m.

The easiest way to close a TD Bank account is to speak to a representative either by visiting a local branch or calling the customer support helpline. The representative can guide you through the closure process.

Currently, both accounts have a promotion for new customers. You can earn a $200 bonus with the Convenience Checking and $300 with Beyond Checking. However, you need to have a minimum amount of qualifying deposits to receive the bonus, so check the terms and conditions carefully.

Yes, you’ll receive interest on your balance if you have a Beyond Checking account. There is no interest offered with Convenience Checking.

Student checking accounts usually don't pay a monthly fee and get a couple of additional benefits, so basically, there are better options for students.

How We Review Checking Accounts: Our Methodology

The Smart Investor team has conducted a comprehensive review of checking accounts offered by various banks, taking into account several key factors to provide a thorough evaluation. Here's how we rated them across four important categories:

  • Checking Account Features (60%): We meticulously assessed the features and benefits associated with each bank's checking accounts. Factors considered include account fees, minimum balance requirements, ATM access, overdraft protection, online and mobile banking functionalities, and additional perks such as rewards programs. Higher ratings were awarded to banks offering a wide range of features and benefits that cater to diverse customer needs, ensuring convenience and flexibility in managing finances.

  • Customer Experience (20%): A positive customer experience is essential in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.

  • Diversity of Other Financial Products (10%): We also considered the diversity of other financial products offered by each bank, such as savings accounts, loans, credit cards, and investment options. Higher ratings were given to banks with a comprehensive suite of financial products, allowing customers to meet their various banking and financial needs in one place.

  • Bank Reputation (10%): The reputation of a bank is a crucial factor in decision-making. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were assigned to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.

By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when selecting a checking account

Checking Accounts Reviews

Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Search
Best Checking Accounts
Top Offers From Our Partners

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: 4.45% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Table of Contents