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TD Bank vs. Bank of America

Compare an East Coast bank with 24/7 customer service against a Big Four bank with one of the largest branch networks

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TDBank vs BofA
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
  • Higher interest rates. If you’re looking to save, TD’s Preferred Rate Savings account offers up to 0.75% APY with rates that differ by state.
  • 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 0.75% APY. Since Bank of America‘s one account only earns a maximum of 0.06%, TD is the clear winner.

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Winner: TD Bank

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
TD Bank Simple Savings
0.05%
$5 per month
(can be waived)
$0
Read review
View details
An everyday savings account with no minimum opening deposit required.
Bank of America Advantage Savings
0.01%
$8 per month
(can be waived)
$100
Read review
View details
A savings account that lets you earn cashback at participating retailers and rewards depending on your balance.
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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.

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Winner: TD Bank

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
TD Beyond Checking
$0
1,900 ATMs across the country and Canada
$0
A checking account that offers interest plus three ways to waive the monthly fee, two overdraft paybacks a year and no ATM fees with a $2,500 balance.
Bank of America Advantage SafeBalance Banking
$25
16,000 fee-free ATMs nationwide
$2.50
Customize your account to fit your needs and experience our full scope of services
TD Convenience Checking℠
$0
1,900 ATMs across the country and Canada
$3
Offering digital wallet compatibility, free Zelle transfers, TD rate discounts and no fees for students and young adults age 17 to 23. But the $15 monthly maintenance fee could chip at your funds.
Bank of America Advantage Relationship Banking
$100
16,000 fee-free ATMs nationwide
$5
Customize your account to fit your needs and experience a wide array of services from a Big Four bank.
Bank of America Advantage Plus Banking
$100
Over 16,000 ATMs
$2.50
Everyday banking with more ways to waive the monthly fee.
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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.

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Winner:TD Bank

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Bank of America Featured CD
Bank of America Standard Term CD
0.07%
0.08%
0.08%
0.08%
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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

  • 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

    Bank of America

  • 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

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 BankBank of America
Branches1,300 in 17 states plus 1,150 in Canada4,400 in 38 states plus branches in 40 countries
ATMs2,500+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

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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.

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