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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.
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.
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
- No Minimum Opening Deposit
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.
- No ATM Fees for TD Bank Machines
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.
- Free Online Statements
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.
- TD Overdraft Relief
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.
- Rate Discounts
Holders of either account can receive a discounted rate on other TD Bank banking products, including personal loans and home equity loans.
Differences
- Interest
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.
- Monthly Maintenance Fees
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.
- Checks
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.
- Fee Reimbursements
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.
- Freebies
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.
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.
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Manage Overdraft Fees
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.
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Use TD ATMs
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.
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Check Deposit Options
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:
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Take Advantage of Your Debit Card
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.
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Set Up Automatic Payments
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.
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FAQs
How to Find TD Bank Branches Near Me?
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
How to Contact TD Bank Customer Service?
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.
What Are TD Bank Opening Hours?
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.
How do you close a TD Bank Account?
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.
Do any of them offer a promotion?
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.
Do any of them earn interest on balance?
Yes, you’ll receive interest on your balance if you have a Beyond Checking account. There is no interest offered with Convenience Checking.
Do they good option for students?
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:
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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.
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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.
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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.
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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
