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.
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 $100.
- Lower interest rates. 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
What is the Finder Score?
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
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
What is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
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
What is the Finder Score?
The Finder Score analyzes hundreds of CDs from more than 100 institutions. It takes into account the product's interest rate for available terms and opening deposit requirements - this gives you a simple score out of 10.
Different banks and credit unions offer CDs for various lengths of time, ranging from as short as seven days to as long as 20 years. For our ratings, we consider the term lengths that the FDIC uses in its monthly updates on national rates.
If a bank or credit union doesn’t offer a CD for a specific term used by the FDIC, we don’t penalize it: Instead, we simply don’t rate it. Each of the standard term lengths has its own APY rating based on the FDIC’s average rates.
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.
- Personal, car and student loans
- Home loans and refinancing
- Credit and reloadable cards
- IRAs & 401(k)s
- Small business and commercial banking
- Brokerage accounts
- Student and child banking
- Portfolio management
- 529 plans & college savings
- Foreign exchange
- Financial advising
TD Bank
- Car loans
- Home loans and refinancing
- Credit and reloadable cards
- IRAs & 401(k)s
- Small business banking
- Brokerage accounts
- Student and child banking
- Military banking
- 529 plans
- Foreign exchange
- Financial advising
Bank of America
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 |
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TD Bank vs. Bank of America special features
Both banks have special features that make them unique:
TD Bank |
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Bank of America |
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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
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