TD Bank vs. Bank of America

TD Bank and Bank of America are two established financial institutions that serve customers across the country. But TD’s 1,300 branches are scattered across the East Coast and Bank of America is found in 38 states. Compare account offerings, rates and fees to find out which bank is right for you.

What’s in this guide?

• Pros and cons of TD Bank
• Pros and cons of Bank of America
• Savings accounts
• Checking accounts

• Certificates of deposit
• Other products
• Branches and ATMs
• Special features

Pros and cons of TD Bank vs. Bank of America

TD Bank

Pros

• Availability. TD provides 24/7 phone support and offers longer branch hours than 20 of its top national competitors, including Bank of America.
• Minimal fees. With the exception of its Simple Checking account, you can easily avoid monthly fees by meeting account balance or direct deposit requirements.
• Lower deposit requirements. You can open any TD checking account with no opening minimum deposit requirement.

Cons

• No military benefits. Unlike Bank of America, TD doesn’t offer discounted interest rates or reduced payment options for members of the military.
• Limited branches and ATMs. TD Bank‘s 1,300 branches are located exclusively along the East Coast.
• Fewer account rewards. While TD and Bank of America have similar credit card bonuses, TD’s checking accounts lack its competitor’s relationship perks.

Bank of America

Pros

• Larger network. Bank of America has 4,400 branches across 38 states.
• Wider selection of financial products. Bank of America‘s comprehensive suite of products includes credit cards, home loans, retirement accounts and small business financing.
• Opening bonuses. You could qualify for cash rewards, 0% introductory APRs or bonus rewards points if you apply for a Bank of America credit card.
• Keep the Change Savings Program. For each purchase you make with your debit card, Bank of America rounds up to the nearest dollar and transfers the difference into your savings account.

Cons

• More fees. Almost all of Bank of America‘s checking and savings accounts come with monthly maintenance fees.
• Less accessible customer service. While Bank of America‘s branch network is larger than TD’s, it lacks the 24/7 phone support of its competitor.
• Higher deposit requirements. While you can open a TD checking account for free, minimum deposit requirements for Bank of America accounts range from $25 to Bank of America‘s savings account rates top out at a disappointing 0.06% APY.

TD Bank vs. Bank of America savings accounts

TD has two traditional savings accounts, one of which has the potential to earn up to 0.05% APY. Since Bank of America‘s one account earns a maximum of 0.06%, this is the clear winner.

Winner: TD Bank

Bank of America vs. TD Bank checking accounts

Both banks offer three standard checking options, and while they both have an account that pays interest, the amount you’ll earn is insignificant. TD wins this category for its lower deposit requirements, free out-of-network ATM transactions and a number of waived fees.

Winner: TD Bank

TD Bank vs. Bank of America certificates of deposit

TD has far more term options, higher APYs, lower minimum deposit requirements and one penalty-fee withdrawal, making it the better option for CDs.

Winner:TD Bank

Bank of America vs. TD Bank other products

Both banks have a wide selection of financial products, but TD wins for its larger selection of investing and retirement products.

TD Bank vs. Bank of America branches and ATMs

Both TD and Bank of America have customer service that’s available seven days a week, but TD offers extended banking hours and 24/7 access to customer service.

	TD Bank	Bank of America
Branches	1,300 in 17 states plus 1,150 in Canada	4,400 in 38 states plus branches in 40 countries
ATMs	2,500+	16,000
Customer service	Phone 24/7 Social media Live chat via Facebook	Phone: Weekdays from 8 a.m. to 9 p.m., Saturday 8 a.m. to 8 p.m., Sunday 8 a.m. to 5 p.m. ET Social media Live chat Email

TD Bank vs. Bank of America special features

Both banks have special features that make them unique:

TD Bank	Extended hours and 24/7 customer service No foreign transaction fees
Bank of America	Opening bonuses and rewards programs Military banking

Winner: Tie

Bottom line

Pick TD Bank if you live on the East Coast or if you want extended banking hours and 24/7 customer service. Choose Bank of America if you want military benefits, rewards programs and opening bonuses. Bank of America and TD Bank both offer a selection of banking products, but both banks pay lower interest than other institutions.

Compare your options to find higher rates or better features.

Frequently asked questions

• What states have TD Bank branches?

  TD Bank has branches in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts,
  New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode
  Island, South Carolina, Vermont, Virginia and Washington.

• What states have Bank of America branches?

  Bank of America has branches in Arizona, Arkansas, California, Colorado, Connecticut,
  Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky,
  Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New
  Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma,
  Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah,
  Vermont, Virginia and Washington.

• Does TD Bank offer a rewards program?

  Yes. At the moment, TD only offers rewards programs on its credit cards.

• Does TD Bank have a mobile app?

  Yes. The TD mobile app allows you to manage money, deposit checks, contact customer service, open accounts and more.