TD Bank is a solid option to consider if you prioritize higher-yield savings and low fees. That said, Chase offers more comprehensive credit card options with better cashback rewards and has extensive physical branch locations for in-person support.
Here’s more on the key features of these two banks, as well as their pros and cons, to help you choose the best one for your needs.
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| Savings | APY: Up to 2.75% | APY: Up to 0.02% APY with relationship rates |
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| Branches | Around 1,100 branches across 15 states | Around 4,700 branches in 48 states |
Accounts at both Chase and TD Bank are FDIC insured, which means you’re covered up to $250,000 per depositor per relationship category.
Chase was founded as The Bank of The Manhattan Company back in 1799 and is currently the largest bank in the country by asset size, with total assets of $3.58 trillion. It serves around 86 million customers worldwide with over 4,700 branches domestically.
TD Bank’s physical reach is less widespread than that of Chase Bank, but it still has a bit over 1,000 branches. The bank was founded through the merger of the Bank of Toronto and the Dominion Bank and serves over 27.9 million customers today.
TD Bank is the winner when it comes to earning interest rates on savings accounts and CDs.
Although not as high as other online banks, TD Signature Savings can earn up to 2.75% APY with a balance of at least $100,000 (exact rates vary by zip code). On the other hand, Chase’s savings rate is only 0.01% on all account balances, and some of its CD rates are exclusive to existing customers. For either bank, your exact rate on savings and CDs depends on your location.
If you’re looking for a bank that provides a wider range of products, you’ll want to look into Chase.
Chase also has a pretty innovative digital banking platform that allows for cardless ATM transactions, full account management within its app and much more. And if you travel a lot and want access to physical branches wherever you go, banking with Chase is a safer bet since they have thousands of brick-and-mortar locations domestically and internationally.
Chase doesn’t offer personal loans, but it still has quite a solid range of borrowing options, like auto, business, home and student financing. Where we think Chase truly shines is the number of credit cards it offers. You can compare over 30 personal credit cards at Chase to find the best one that suits your lifestyle and spending habits.
Although TD Bank offers 14 personal credit cards to choose from, Chase is still the clear winner for credit card options. That said, TD Bank offers personal loans, unlike Chase.
Both TD Bank and Chase feature investing opportunities.
Chase offers Self-Directed Investing, one-on-one advisory services, IRAs, unlimited commission-free online trades and its JPMorgan Wealth Plan. TD Bank also offers TD Direct Investing and a comprehensive range of registered and non-registered investment options.
If you want to avoid fees, you may want to go with TD Bank. TD Bank also charges fees on some accounts, but on average, they’re lower than Chase’s.
Chase charges fees on almost all of its personal and business accounts, ranging from $4.95 to $35 per month. And though you could waive the fees by meeting certain requirements, it’s still another hoop you have to jump through.
Chase and TD Bank both hold an A+ rating on the Better Business Bureau (BBB). And both have accumulated thousands of negative reviews and complaints across their BBB and Trustpilot pages, but that’s not surprising considering their size.
Most of TD Bank and Chase’s complaints were about issues like unauthorized charges on checking or credit card accounts, frustrating customer service experiences, disputes over late fees and unexpected account closures — all pretty typical concerns when it comes to big banks.
Even though Chase has its cons, we still think it’s a more reliable option for everyday banking needs because of its wide branch network and variety of account options that cater to different financial situations.
However, that doesn’t mean you should completely rule out TD Bank. It can still be worth looking into, depending on your goals and circumstances. For example, if you want to earn higher interest rates on savings, TD Bank may be a better fit.
TD Bank may be a good fit if you want to earn higher interest rates on savings products.
Chase is the better option if you need branch access and a wider range of banking products.
If neither bank seems right for you, here are some alternatives to consider.
Chase Secure Banking is a no-frills checking account with a waivable monthly fee, no overdraft fees and a souped-up mobile app.
Chase High School Checking is an account designed for teenagers, but a parent or guardian will need to open a Chase account as well.
Chase First Banking gives parents and kids a way to manage chores, track allowances, set savings goals and more.
This well-known bank has a myriad of products, but its Premier Savings account isn’t competitive.
This exclusive checking account from Chase comes with great perks, but to waive the fee you’ll need a large balance or specific account.
Chase CDs let you pick from a number of terms, but you may end up sacrificing interest.
The Chase Savings account doesn’t have a lot of bells and whistles, and you can waive the fee. But with a low rate, the work may not be worth it.
See our take on Chase’s premium, mostly fee-free Sapphire checking account.
Find out the pros and cons of the Chase Total Checking Account and whether it’s the right place to park your cash.
