TD Bank and Bank of America are two of the big players in the banking industry, and offer a range of services, each with its own set of advantages. Let's compare both banks products side by side:
Checking Accounts
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Account Types
Bank Of America offers three types of personal checking accounts and two accounts for business use. While all of them charges monthly fees, customers can waive them in various ways::
BofA Checking Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
Safe Balance | $4.95 | $500 |
Advantage Plus | $12 | $1,500 |
Advantage Relationship
| $25 | $20,000 |
TD Bank offers various checking accounts for individuals, including for particular audiences such as students and seniors, while most accounts monthly fees can be waived:
TD Checking Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
TD Convenience Checking Account | $15 | $100 |
TD Beyond Checking Account | $25 | $2,500 |
TD Simple Checking Account | $5.99 | Can't be waived |
TD Essential Banking | $4.95 | Can't be waived |
TD 60 Plus Checking Account | $10 | $250 |
Student Checking Account | $0 | N/A |
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Features
Bank of America offers a range of features for both personal and business accounts. For personal accounts, they provide paper checks, overdraft protection, and a $0 liability guarantee. Digital banking services are also available, ensuring convenient access to account information.
In the realm of business accounts, Bank of America offers the Business Advantage Fundamentals Banking package, which includes QuickBooks integration, cash flow monitor, Erica (BofA virtual financial assistant), mobile check deposit, and Zelle for business transactions.
BofA Checking Account | Main Features |
|---|---|
Safe Balance | Digital banking, no overdraft fees, $0 liability guarantee |
Advantage Plus | Paper checks, overdraft protection, $0 liability guarantee |
Advantage Relationship
| Earns interest, no fees on select banking service ,overdraft protection |
Business Advantage Fundamentals
| QuickBooks® integration, Cash Flow Monitor, Erica, Mobile Check Deposit, Zelle® for business |
Business Advantage Relationship
| No fees for incoming wires, stop payments, electronic deposits & more |
TD Bank's checking accounts offer a range of benefits. Basic accounts provide essential features like online bill pay and free statements, mobile deposit, Zelle, and a debit card.
The premium account goes a step further, offering no ATM fees, reversing two overdraft fees, overdraft payback, interest on balance and free checks.
TD Checking Account | Main Features |
|---|---|
TD Convenience Checking Account | Online banking, mobile deposit, Zelle, debit card |
TD Beyond Checking Account | No ATM fees, 2 overdraft fees reversed, overdraft payback, interest bearing |
TD Simple Checking Account | Online banking, mobile deposit, Zelle, debit card |
TD Essential Banking | digital tools, no overdraft fees, debit card |
TD 60 Plus Checking Account | Interest bearing, free checks, money orders and paper statements |
Student Checking Account | Online banking, mobile deposit, Zelle, debit card |
Savings Accounts
TD Bank savings account is our winner as it offers much higher rates compared to BofA savings account.
Bank of America's Rewards Savings account offers a feature called Keep the Change. This feature automatically saves by rounding up your purchases made with a Bank of America debit card. Additionally, Bank of America's mobile app allows convenient check deposits into your savings.
The TD Simple Savings account has a lower interest rate and a small monthly fee. On the flip side, the TD Signature Savings account gives you higher interest rates, specifically 0.01% – 3.51%. To enjoy the top rate, you must keep a minimum balance of $100,000 in your account.
Neither bank offers money market accounts for individuals.
TD Savings | BofA Savings | |
|---|---|---|
Savings Rate | 0.01% – 3.51% | 0.01% – 0.04% |
Minimum Deposit | $0 | $100 |
Fees | $5
Can be waived if you carry $300 minimum account balance or $25+ recurring transfer
| $8 per month
Can be waived by maintaining a balance of $500+, becoming a Preferred Rewards member or linking to your B of A Advantage Banking account. Fees are also waived for enrolled students aged under 24
|
Certificate Of Deposits (CDs)
When it comes to CDs, TD Bank is our winner. Both banks offer high rates only on promotional, special terms – but TD Bank offers more terms with high CD rates than Bank Of America.
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Bank of America CD Rates
CD Term | APY |
|---|---|
3 Months | 3.75% |
6 Months | 0.03% |
7 Months (Featured) | 4.00% |
12 Months | 0.03% |
13 Months (Featured) | 2.75% |
24 Months | 0.03% |
25 Months (Featured) | 2.00% |
36 Months | 0.03% |
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TD CD Rates
CD Term | APY |
|---|---|
3 Months | 1.00% – 2.75% |
6 Months | 1.00% – 2.75% |
12 Months | 1.00% – 3.51% |
18 Months | 1.00% – 3.00% |
24 Months | 1.00% – 3.00% |
36 Months | 1.00% – 2.75% |
48 Months | N/A |
60 Months (Step Rate CD) | 1.00% – 2.25% |
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Credit Cards
When it comes to credit cards, Bank of America is a clear winner.
Bank of America provides a diverse range of credit cards, each designed to meet varying financial needs and preferences. The Bank of America Customized Cash Rewards is a popular choice, offering cash back on everyday purchases with customizable bonus categories. The Bank of America Travel Rewards is ideal for frequent travelers, providing points for travel-related expenses and featuring no foreign transaction fees.
For those seeking premium benefits, the Bank of America Premium Rewards Elite Credit Card offers substantial rewards on travel and dining, along with statement credits for travel expenses.
Card | Rewards | Bonus | Annual Fee |
| Bank of America Unlimited Cash Rewards
| 1.5%
unlimited 1.5% cash back on all purchases
| $200
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
| $0 |
|---|---|---|---|---|
| Bank of America® Customized Cash Rewards credit card | 1-3%
3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. The 3% and 2% cash back available on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter (then 1%)
| $200
$200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
| $0 |
| Bank of America® Travel Rewards credit card | 1.5X
1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points
| 25,000 points
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – which can be redeemed for a $250 statement credit toward travel purchases
| $0 |
| BankAmericard | N/A | 21 billing cycles on purchases and balance transfers made within the first 60 days | $0 |
| Bank of America® Premium Rewards® Elite | 1.5x – 2x
2 points for every dollar you spend on travel or dining purchases, with 1.5 points per dollar on all your other purchases | 75,000 points
75,000 bonus points if you spend $5,000 or more within 90 days of opening your account
| $550 |
| Bank of America Premium Rewards | 1.5X – 2X
Unlimited 2X points on travel and dining purchases. Unlimited 1.5X points on all other purchases | 60,000 points
60,000 online bonus points after spending $4,000 on purchases in the first 90 days.
| $95 |
Card | Rewards | Bonus | Annual Fee |
| TD Cash Credit Card | 1% – 3%
3% and 2% Cash Back on your choice of Spend Categories (you can switch your categories quarterly), and 1% Cash Back on all other purchases | $200
Earn $200 Cash Back when you spend $1,000 within the first 90 days after account opening. | $0 |
|---|---|---|---|---|
| TD Double Up Credit Card | 2%
2% unlimited Cash Back – no rotating Spend Categories, no caps or limits | $150
$150 Cash Back in the form of a statement credit when you spend $1,000 within the first 90 days after account opening | $0 |
| TD FlexPay Credit Card | N/A | 0% Intro APR: 18 billing cycles on balance transfers | $0 |
| TD First Class Visa Signature Credit Card | 1X – 3X
3X First Class miles on travel and dining purchases and 1X First Class miles on all other purchases | 25,000 miles
25,000 miles on $3,000 spent in first 6 cycles | $89 (waived first year) |
| TD Clear Visa Platinum Credit Card | N/A | N/A | $120 / $240 |
Lending Options For Borrowers
When it comes to lending products, there is no winner, as neither bank offers a full product line for borrowers.
Bank of America offers a comprehensive array of home loans options, including mortgages, mortgage refinancing, and home equity loans. Additionally, they offer auto purchase loans and auto refinancing options. On the other hand, TD Bank focuses on home loans and personal loans.
None of these banks will have a solution for customers who need auto loans or student loans, including refinancing.
Which Bank Is Our Winner?
Choosing between TD and Bank of America isn't straightforward, but if we have to pick, TD comes out ahead. They provide better savings rates, including CDs, and offer a wider range of checking accounts. On the flip side, Bank of America excels in the realm of credit cards.
Yet, it's vital to weigh different factors, focusing on what matters most to you. Consider aspects like banking services, overdraft help, how often you use ATMs, proximity to bank branches, and other individual preferences when making your decision.
Comparing TD Bank and BofA: Our Methodology
In our detailed banking comparison, The Smart Investor team thoroughly looked in five main areas in both banks and compare them side by side:
Checking Accounts (30%): We checked things like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers for customers.
Savings Accounts including CDs (20%): We focused on important stuff like how much interest you can earn (APY), the smallest amount you need to open an account, how flexible the accounts are, and if they're insured by FDIC. We also looked at special savings offers, different types of CDs, and any fees for taking money out early.
Credit Cards (15%): We looked at what rewards you get, how much the card costs each year, any bonuses you get for signing up, perks for traveling, how much interest you pay on balances, and if you can transfer balances from other cards.
Lending Options (15%): We checked out the different kinds of loans they offer, like personal loans, student loans, mortgages, and loans where you use your home as collateral.
Customer Experience And Bank Reputation (20%): We looked into how easy it is to use their online and mobile banking, how helpful their customer support is, what people say about them online, any awards they've won, and how stable they are financially. This gave us a good idea of what it's like to be a customer and how much people trust them.
Compare BofA With Alternative Banks
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Compare TD Bank
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