TD Bank and Bank of America (BofA) each have their perks in terms of everyday banking. TD Bank is known for its low fees and 24/7 customer service, which is great if you want easy access to help anytime. Bank of America, on the other hand, stands out with its huge branch and ATM network and a wide mix of accounts to choose from.
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| Savings | Up to 3% | Up to 0.04% |
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Both banks are FDIC-insured and long-standing institutions, and either is a solid option at the end of the day.
TD Bank, founded in Canada, has a smaller US footprint with branches primarily along the East Coast, serving states such as Connecticut, Florida and New York.
In comparison, Bank of America is one of the country’s largest banks with branches in 38 states and can serve customers in all 50 US states.
If you value local customer service and fewer fees, TD Bank may be your winner. But if you want easy access to branch locations and a wide product menu, you may like Bank of America more.
TD Bank offers three checking accounts that have waivable monthly fees and two savings accounts. The TD Signature Savings account earns up to 3% APY, but you’ll need to have a minimum balance of $100,000 to earn that rate, which can be unattainable for a lot of people.
BofA offers four main checking accounts: Advantage Plus, Advantage Plus Banking, Advantage SafeBalance and SafeBalance for Family, along with its Advantage Savings account.
The trade-off is higher fees. Most of the bank’s accounts charge a monthly maintenance fee, and you need to jump through some hoops to waive them. Bank of America’s savings rates are pretty low, maxing out around 0.04%.
Both TD and BofA offer basic borrowing options, such as personal loans, mortgages, auto loans, home equity lines and credit cards.
However, Bank of America has the upper hand here since it has more credit card choices, better intro offers, cashback and travel rewards as well as military benefits.
You can’t go wrong with either option when it comes to investing.
TD Bank connects you to IRAs, retirement accounts and brokerage services, which makes it a pretty solid pick if you want more investing variety.
Bank of America works with Merrill for its investment side, so you can handle banking and investing in one place.
TD Bank’s checking accounts come with monthly fees, but these can often be avoided by making direct deposits or maintaining a reasonable minimum balance. TD also tends to be more forgiving with out-of-network ATM access and doesn’t have many hidden charges.
Bank of America also charges maintenance fees that range between $4.95 and $25 a month, and though these can be waived, the requirements are higher than what TD asks for. For example, two of the four checking accounts require you to maintain several thousand dollars in your account or set up recurring direct deposits to avoid the fee.
Both banks have received their fair share of complaints on the Better Business Bureau (BBB) and Trustpilot. Most of it comes down to customer service. For both banks, people often mention long response times, difficulty resolving issues and just general frustrations with banking services. However, these complaints are pretty common with banks this size.
Bank of America and TD Bank have mixed reviews on Reddit, too. Many users complained about BoA’s high fees and poor customer service, though a few people did give credit to its rewards program, with one user saying, “They have THE best credit card cashback programs in the market, and other banks do not even come close.”
Reddit users aren’t overly enthusiastic about TD Bank, but they’re not overly negative either. As one user puts it, “they’re fine if they’re convenient for you and you’re not paying any fees.”
If you need nationwide access, military perks or a wider suite of financial products, Bank of America may be worth it. But if you live on the East Coast and want lower fees and 24/7 support, TD Bank is the stronger choice here.
Overall, though both BoA and TD Bank are reputable financial institutions, their savings rates are pretty lackluster compared to top online banks like Ally and SoFi. So, if you want to earn competitive APYs on your savings, you may want to look elsewhere.
TD Bank is great for people who want minimal fees and round-the-clock support.
Bank of America is great for people who value convenient access and a wide product menu.
If neither TD nor Bank of America feels like the right fit, there are plenty of other solid options out there, including online banks, that may better meet your needs.
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