TD Bank Review 2024 | Bankrate (2024)

FAQs

Is my money safe in TD Bank right now? ›

Coverage for TD Bank Accounts & Investments

All deposits and deposit products are FDIC-insured, up to $250,000 per depositor, per ownership category.

TD Bank is financially strong

TD Bank is well-positioned to withstand economic cycles due to our: Diverse business model: Our full range of retail, small business and commercial banking products allows us to stay resilient to changes in individual sectors of the economy.

TD Bank scores 4.1 out of 5.0 stars overall with our review team, thanks in part to its many options for checking and CD accounts. It only has branches and ATMs in 15 states, so some people who want in-person banking would need to consider other options.

TD Bank Group could be hit with a worst-case scenario in penalties says a banking analyst, after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.

Perhaps the biggest disadvantage is the low APY you can expect from a TD Bank savings account. Even with a linked checking account and more than $250,000 at the bank, your rate isn't likely to be any higher than what you'll find from several online banks, even with much lower minimum balances.

Chase: Rates. Both banks offer relatively low-interest rates, but TD offers the potential for higher rates on its savings and checking accounts than Chase does. TD Bank offers a rate that starts at 0.01% APY for it's signature savings and caps out at 4.00% based on how much you have in the account.

TD Bank has been hit with over $9 million in fines for multiple violations involving non-compliance and money laundering.

Toronto Dominion's odds of distress is less than 5% at this time. It is unlikely to undergo any financial distress in the next 24 months. Odds of distress shows the probability of financial torment over the next two years of operations under current economic and market conditions.

Royal Bank of Canada (RBC) and TD Bank remain Canada's only members on the list of global systemically important banks (G-SIBs), which defines banks considered “too big to fail” by regulators. The Financial Stability Board (FSB) published its G-SIB list for 2020 on Nov.

Which bank is better, Wells Fargo or TD Bank? ›

TD Bank is a great choice for those who don't have huge savings and would like human assistance whenever they need it. TD Bank is better suited for people new to banking, such as students or people in their early twenties. Wells Fargo offers their customers convenient access to their accounts.

You've reached your daily purchase limit. Your debit card expired or is inactive. The bank finds the purchase suspicious. Your card is suspended.

Bank accounts are typically frozen for suspected illegal activity, a creditor seeking payment, or by government request. A frozen account may also be a sign that you've been a victim of identity theft. Each situation requires specific actions to unfreeze the account.

Toronto-Dominion Bank's stock price fell 5.8 per cent on Friday after troubling revelations about a U.S.-led probe into alleged laundering of illicit drug proceeds through its branches raised new concerns about the eventual financial toll of the bank's regulatory problems.

In short, if you have less than $250,000 in your account at an FDIC-insured US bank, then you almost certainly have nothing to worry about. Each deposit account owner will be insured up to $250,000 — so, for example, if you have a joint account with your spouse, your money will be insured up to $500,000.

Conservative investors with a long-time horizon for their investment goals should find TD bank stock a good investment. Those looking for a stock that provides some liquidity for their portfolio would be pleased with TD's regular and high dividend yield.

In addition, cash in your account can be held in a TD Ameritrade FDIC Insured Deposit Account (IDA). Balances in an IDA are held at one or more banks (“Program Banks”), where they are insured by the Federal Deposit Insurance Corporation (FDIC) against bank failure for up to $250,000 per depositor, per bank.

JPMorgan Chase, the financial institution that owns Chase Bank, topped our experts' list because it's designated as the world's most systemically important bank on the 2023 G-SIB list. This designation means it has the highest loss absorbency requirements of any bank, providing more protection against financial crisis.