TD Bank vs. Bank of America: Which Bank Is Better?

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.

TD Bank vs. Bank of America: A quick comparison

	TD Bank Read Review	Bank of America Go to site
Bonus	Checking & savings customers can earn up to $500	Bank of America Advantage Banking Up To $500 Cash Offer. See offer page for more details. Bank of America, N.A. Member FDIC.
Savings	Up to 3%	Up to 0.04%
Checking	Monthly fee: $4.95 to $25 (waivable) Minimum deposit: $0 APY: Up to 0.01%	Monthly fee: $4.95 to $25 (waivable) Minimum deposit: $25 to $100 APY: Up to 0.02%
CDs	Terms: 3 months to 5 years Minimum deposit: $250 APY: Up to 3% APY on 12-month CD (rates vary by zip code)	Terms: 7 months to 10 years Minimum deposit: $1,000 Up to 3.25% APY
ATMs and branch network	Total ATMs: 2,500+	Total ATMs: 16,000
Branches	Around 1,100 branches across 15 states	Approximately 3,800 branches

TD Bank vs. Bank of America: Account options

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.

Banking

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% unless you’re in the Preferred Rewards program, in which case, you could earn up to 5%.

Borrowing

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.

Investing

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.

How TD Bank and Bank of America fees compare

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.

What customers say about TD Bank and Bank of America

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.”

Final verdict: BoA is better

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 at a glance

TD Bank is great for people who want minimal fees and round-the-clock support.

Bank of America at a glance

Bank of America is great for people who value convenient access and a wide product menu.

Alternatives to TD Bank and Bank of America

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.

• Chime®. A mobile-first fintech company that doesn’t charge monthly fees and gives you perks like early direct deposit and automatic savings.
• Ally Bank. An online bank known for its high savings rates, no-fee checking and easy-to-use digital tools.
• Wells Fargo. A big name with thousands of branches nationwide and a wide mix of accounts and loans.

To make sure you get accurate and helpful information, this guide has been edited by Bethany Hickey as part of our fact-checking process.

Written by

Jamela Adam

Contributor

Jamela Adam is a personal finance writer with over three years of experience. Her work has been published in major publications, including Yahoo Finance, Forbes Advisor, U.S. News, Business Insider, GOBankingRates, CNN Underscored, and Chime. Jamela previously worked as a content marketing specialist and helped devise content strategies for major brands in the financial services space. She is also a Certified Financial Education Instructor (CFEI). See full bio