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TD Bank’s business accounts

Manage big or small business finances with tiered options and convenient access.

Amy Stoltenberg

Updated Aug 18, 2020. What changed?

Originally founded in Toronto in 1855 to help support Canada’s grain industry, today TD Bank services US east coast companies in all industries. But service and transaction fees can get steep if your business needs suddenly change.

What banking products does TD Bank offer for businesses?

TD Bank has account options for small businesses and larger commercial companies. But since it’s located solely on the East Coast, make sure it’s offered in your state:

Connecticut
Delaware
Florida
Maine
Maryland
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Vermont
Virginia
Washington, DC

All of TD Bank‘s small business accounts include access to online banking and bill pay, plus live customer service available 24/7. Pay $35 for each overdraft incurred and $10 for overdraft protection transfers.

TD Business Simple Checking. There’s a flat monthly maintenance fee of $10 that can’t be waived, and a required initial deposit of $25. Deposit up to $5,000 cash per statement cycle for free and make 200 payments or deposits before paying a $.75 fee per transaction.
TD Business Convenience Checking Plus. Deposit $100 to open the account and get the $25 monthly fee waived by maintaining a balance of at least $1,500. Deposit up to $10,000 cash per statement cycle for free. Make 500 payments or deposits before paying a $.50 fee per transaction.
TD Business Premier Checking. A $200 initial deposit is required to open this account. The $30 monthly maintenance fee can be waived with $40,000 in combined business deposits and a linked personal checking account, or enrollment in Active TD Merchant Solutions or Active TD Digital Express or by taking out a TD Small Business Loan or Line of Credit. Deposit $30,000 in cash for free each statement cycle. Make up to 500 transactions before incurring a $.35 fee.
TD Business Interest Checking Plus. Waive the $15 monthly fee by maintaining a balance of $2,500 and earn interest along the way. Open an account with an initial $100 deposit and get 200 free transactions before incurring a $.50 fee. Deposit $10,000 for free each statement cycle before incurring a $.20 charge per $100.

Account	Opening Deposit	Monthly Maintenance Fee	How to Waive Monhly Fee	Transaction Fees
TD Business Simple Checking	$25	$10	N/A	$0.75. Includes 200 free transactions each statement period.
TD Business Convenience Checking Plus	$100	$25	Maintain a balance of $1,500	$0.50. Includes 500 free transactions each statement period.
TD Business Premier Checking	$200	$30	Maintain a balance of $40,000 OR enroll in Active TD Merchant Solutions OR Active TD Digital	$0.35. Includes 500 free transactions each statement period.
TD Business Interest Checking Plus	$100	$15	Maintain a balance of at least $2,500	$0.50. Includes 200 free transactions each statement period.

Send interest earned to charity by placing cash in one of these trusts:
- Interest on Lawyers Trust Account (IOLTA). The interest earned from this account is donated to support civil legal services and justice programs for people unable to afford them.
- Interest of Realtors Trust Account (IORTA). All interest earned is given to groups that provide housing for people with low income.
Grow your company’s extra cash with one of two small business savings options:
- TD Business Savings. Waive the $5 monthly maintenance fee by maintaining a $5 daily balance. Expect an APY of .05%. Start earning interest by depositing a penny.
- TD Small Business Money Market Plus. Save for planned and unplanned expenses with TD Bank‘s highest interest option for small businesses, though specific rates vary by location. The $15 monthly maintenance fee can be waived by maintaining a minimum daily balance of $2,500. Open an account with an initial deposit of $25.

All TD Bank commercial checking accounts qualify for its Earnings Credit Rate (ECR) and include access to dedicated relationship managers and itemized account analysis statements. Other features vary by account and include:

TD Commercial Simple Checking. It’s meant for businesses with more than $2.5 million in annual sales or more than $50,000 in operating deposit balances. The $15 monthly maintenance fee can’t be waived, and there’s a minimum initial deposit of $200.
TD Commercial Convenience Checking. Intended for companies with $2.5 million in annual sales and operating deposit balances of over $100,000. It offers advanced online payment and fraud services. The $50 monthly maintenance fee can be waived by maintaining $100,000. An initial deposit of $200 is required.
TD Commercial Analyzed Checking. It’s best for companies that have $5 million or more in annual sales and at least 1,000 monthly transactions. Get access to advanced treasury management services and fraud protection. Monthly maintenance fees vary by state, but can’t be waived. Deposit $25 to get started.
TD Not-for-Profit Advantage checking. Nonprofits with $5 million or more are qualified for this account, which is meant to help nonprofit entities maximize income and streamline donation and payment processes. It also qualifies for advanced treasury management services. The monthly maintenance fee varies by state and can’t be waived, but you can open an account with a $25 deposit.

Account type	Who it’s meant for	Monthly Fee	How to Waive Monthly Fee	Opening Deposit
TD Commercial Simple Checking	Companies with more than $2.5 million in annual sales OR more than $50,000 in operating deposit balances	$15	N/A	$200
TD Commercial Convenience Checking	Companies with more than $2.5 million in annual sales OR operating balances of over $100,000	$50	Maintain a balance of $100,000	$200
TD Commercial Analyzed Checking	Companies with more than $5 million in annual sales AND at least 1,000 monthly transactions	Varies by state	N/A	$25
TD Not-for-Profit Advantage Checking	Nonprofits with annual revenue of at least $5 million	Varies by state	N/A	$25

TD Bank offers money market accounts to help big companies grow cash at a higher rate than regular savings accounts. Each depositor is insured up to $250,000 by the FDIC.

TD Enterprise Money Market. Manage up to $5 million and earn preferred relationship rates with a linked Commercial Checking account. Get up to 50 free deposits, then pay $.50 per item. Skip the $15 monthly fee by maintaining a balance of at least $2,500.
TD Commercial Money Market. Manage up to $25 million at a time with no monthly maintenance fees. Plus, you’ll have the option to link it to a TD Investment Sweep account, which will automatically deposit dividends and interest back into your savings.
TD Corporate Liquidity Management Account. Meant for balances over $25 million. Expect a higher interest rate than the Enterprise and Commercial money market accounts. For more information, request an appointment with a business specialist.

Account	Balance Limitations	Monthly Maintenance Fee	How to Waive Monthly Fee	Transaction Fees
TD Enterprise Money Market	Up to $5 million	$15	Maintain a balance of at least $2,500	$0.50 per deposit. Includes 50 for free each month
TD Commercial Money Market	Up to $25 million	$0	N/A	N/A
TD Corporate Liquidity Management Account	Minimum of $25 million	N/A	N/A	N/A

- Credit cards. The TD Business Solutions Credit Card rewards you with $300 cash back after you spend $3,000 within the first 90 days of opening the card. Earn cash back on business essentials like phone, internet and cable.
- CDs. It offers short and long term options, from seven-day to five-year terms, for both small business and commercial growth.
- Investing. It has a line of “Sweep” services for liquidity management that invests excess cash.
- Loans and credit lines. Finance projects by taking out a regular or asset-based loan. It also offers access to SBA loans.
- Real estate financing. Take out a mortgage to fund new development needs.
- Prepaid debit cards. Load money onto a Visa to pay your employees.
- Leasing and equipment financing. Get funds to help stay up-to-date with the latest tech and tools of your trade.

Why should I open a business account with TD Bank?

If your business is based in a state with a TD Bank, you’ll enjoy:

Assistance with cash management. If you opt in to TD Bank‘s Treasury Management Services, you can get help managing receivables and payables such as sending bills and payroll.
Online accounting. Small business owners can now use TD’s integrated payment and accounting system to send invoices and receive faster payments.
Account options can grow with your business. Since its product offerings are tiered, you can upgrade to more sophisticated offerings with better perks as your revenue increases.
Expanded hours offer easier access. Exact hours are location-specific, but most offer extended hours and are open Saturdays and Sundays.

What should I look out for?

Like any bank, TD Bank has its drawbacks. Before opening your business accounts, be consider:

Hefty maintenance fees. Most of its checking and savings accounts require a large balance to waive the monthly fee. And for some accounts, there’s not an option to waive fees at all.
Limited national presence. If you’re planning on expanding to other states, make sure your long term business plan aligns with what TD can offer.
Transaction fees add up quickly. While you can depend on a fair amount of free deposits and payments each statement cycle, the charges can add up quickly after you hit the threshold.

TD Bank customer service

Get support from TD Bank through one of the below:

Phone: For business banking support, call 855-278-8988.
Chat online: It offers business banking support via live chat Monday to Friday from 8:30 a.m. to 5:30 p.m. ET.
Facebook: Send an IM with general questions.
Branch: Schedule an appointment for in-person advice and assistance.
Submit message: Fill out a form online with your contact info and question and someone will be in touch via electronic message.

Hours depend on the branch, but typical hours are:

Monday to Wednesday 8 a.m. to 6 p.m. ET
Thursday to Friday 8 a.m. to 8 p.m.
Saturday 8 a.m. to 3 p.m.
Sunday 11 a.m. to 4 p.m.

Customer service is available by phone 24/7.

Bottom line

TD Bank has some solid infrastructure in place to support the needs of small and commercial businesses. It also has a suite of personal accounts. But if it’s not the right fit, compare other banks to see what they have to offer.

Frequently asked questions

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Amy Stoltenberg

Amy Stoltenberg writes about lifestyle and money for Finder, researching the best options for shopping, banking, insurance and authentic travel experiences. After studying writing and fashion at Savannah College of Art and Design, she worked designing apparel at a corporate behemoth before opting for a career with unlimited travel time. When her laptop’s closed, she can be found wandering the streets looking for happy hour and hole-in-the-wall eateries.

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