TD Business Banking Review: A Flexible Bank for East Coast Business Owners
We give you the scoop on everything you need to know before opening an account with TD Bank.
TD Bank offers business checking and savings accounts to business owners—plus a whole lot more. But is this east coast bank right for your small-business needs? We’ve done some digging to help you decide.
In this review, we’ll explain what kinds of businesses can benefit from TD Bank, unpack the products and services TD Bank has to offer business owners, and tell you some other tidbits you might want to know—like what TD even stands for. (Toronto-Dominion. It’s secretly Canadian.)
Let’s find out if TD Bank is right for your banking needs.
TD Bank is best for east coast businesses that need flexible banking
We have an easy test to tell if you should open a business bank account with TD Bank. Just answer these three questions:
- Is your business headquartered on the east coast?
- Do you prefer in-person banking over online banking?
- Would you appreciate a bank that offers some flexibility—both in products and in access options?
If you answered yes to all three questions—and we do mean all three—then TD Bank might be right for you. (Otherwise, we suggest you check out our list of the best banks for small businesses to find an alternative.)
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TD Bank gives small-business owners plenty of options for banking, from checking accounts to money market accounts to certificates of deposit (CDs). But it has more than that—think business financing, payroll services, business credit cards, and more. With that kind of product range, TD can help a wide range of businesses.
Plus, it offers more flexible access than many banks. It has extended business hours (more on this below), and has options for banking in person and over the internet—well, so long as you’re in one of these 15 states (or the District of Columbia):
Check out our guide to the best bank for business in your state to find an alternative.
Put simply, TD Bank provides flexible business banking options, thanks to its variety of products for small businesses of all sizes and needs, as well as its unusually wide business hours.
TD Bank checking and savings accounts
So you think TD Bank might be right for you, but you’re not positive yet. No problem. Let’s break down its business bank accounts to see if it offers what you need.
While TD Bank didn’t top our list of the best banks for small-business checking, it was an honorable mention. Its fees are competitive, though not the best we’ve seen. Of course, the exact fees you pay will depend on which checking account you get. You have four to choose from.
|Feature||TD Business Simple Checking||TD Business Interest Checking Plus||TD Business Convenience Checking Plus||TD Business Premier Checking|
|Min. opening deposit||$25||$100||$100||$200|
|Monthly fee waivable?||✘||✔||✔||✔|
|TD ATM fees||N/A||N/A||N/A||N/A|
|Non-TD ATM fees||$3/transaction||$3/transaction||$3/transaction||N/A|
|Additional transactions||$0.75 ea.||$0.50 ea.||$0.50 ea.||$0.35 ea.|
|Free cash deposits||Up to $5,000||Up to $10,000||Up to $10,000||Up to $30,000|
|Cash deposit fee||$0.20 per $100||$0.20 per $100||$0.20 per $100||$0.20 per $100|
|Open an account||Apply Now||Apply Now||Apply Now||Apply Now|
Business Simple Checking has the lowest opening deposit and monthly fee, but that doesn’t necessarily make it the cheapest. It’s the only checking account that doesn’t have an option for waiving the monthly fee, and it has higher transaction fees than other accounts. But if you plan on maintaining a low account balance—too low to waive the monthly fees on other accounts—this could be your best option.
Then there’s Business Interest Checking Plus, TD’s interest-bearing checking. You can waive its monthly fee with a $2,500 daily balance, and you’ll get lower transaction fees than with Simple Checking. But the APY on this account is pretty disappointing (0.05% compared to Axos Bank’s 0.8%), and you get only 200 free transactions a month. Still, if you just want to earn a few extra dollars with checking, this account works.
With Business Convenience Checking Plus, you can waive the maintenance fee by keeping a $1,500 daily balance, spread between your TD business account and your TD personal checking account. That’s a lower balance than the Interest Checking Balance Plus account, and you get more free transactions with this account too—making this a great option for most businesses.
Business Premier Checking gives you the most free transactions and deposits, plus lower transaction fees—but it has the highest monthly fee, and waiving it will cost you, no matter which waiving qualifier you choose. You can maintain a minimum balance of $40,000 between your business account and personal checking account, use TD’s merchant solutions, use the TD Digital Express check scanner, or have an active business loan from TD Bank. If you’re doing any of those things anyway, this account is the obvious choice. Otherwise? You’ll probably get a better deal on a cheaper account.
Need more than just a checking account? No worries—TD Bank has options for business savings too.
|Feature||TD Business Savings||TD Small Business Money Market Plus|
|Min. opening deposit||$25||$25|
|Monthly maintenance fee||$5||$15|
|Monthly fee waivable?||✔||✔|
|How to waive monthly fee||$500 min. daily balance||$2,500 min. daily balance|
|TD ATM fees||N/A||N/A|
|Non-TD ATM fees||$3/transaction||$3/transaction|
|Free cash deposits per cycle||Up to $5,000||Up to $5,000|
|Cash deposit fee||$0.25 per $100||$0.25 per $100|
|Able to use checks?||✘||✔|
|Open an account||Apply Now||Apply Now|
The Business Savings account provides a low-cost option for squirreling away your business funds, but it doesn’t allow you to use checks. Plus, savings accounts usually have a lower APY than money market accounts. So while the Small Business Money Market Plus account costs a bit more, it’s worthwhile for businesses that intend to maintain a larger account balance.
Want to know more about your business savings options? We have a guide to the differences between savings, money market accounts, and CDs.
But if you really want to maximize your business savings, take a look at TD Bank’s certificates of deposit (CDs).
|Feature||TD Business Basic CDs||TD Business No-Catch CDs||TD Business Jumbo CDs|
|Min. opening deposit||$5,000||$25,000||$50,000|
|Term length||91 days–5 yrs.||3 mos.–11mos.||7 days–75 days|
|Penalty-free withdrawal||✘||Once per term||✘|
|Open an account||Apply Now||Apply Now||Apply Now|
TD Bank has some of the most flexible CD options we’ve seen, with terms that range from as short as one week to as long as five years. So whether you want to save (relatively) little or a lot, TD has a CD for you.
Just remember that CDs don’t really let you touch your money—at all—for the duration of the term. TD does offer No-Catch CDs that give you one penalty-free withdrawal per term. But if you really need access to your money, we suggest a money market account instead.
TD’s flexible business hours
Now you know all about TD’s small-business bank accounts. But let’s get back to that other reason business owners will like TD Bank: extended hours.
Most banks are open Monday through Friday, 9 to 5—not ideal if you’re running a business during those same hours. But TD isn’t most banks.
For starters, TD Bank stays open on some holidays when other banks don’t. On Presidents Day, Columbus Day, and Veterans Day, you can do business as usual at TD Bank.
More importantly, TD Bank branches have wider hours on any given week than most of the competition does. While the exact hours vary from branch to branch, we saw locations that opened at 8:30 a.m., locations that closed at 6 p.m., and locations that were open on Saturday and Sunday.
We went with TD Bank due to the seven-days-a-week in-store access . . . being open seven days a week allows a tremendous advantage to get some banking done over the weekend to deal with daily business practices and avoid long lines at the bank on Thursdays and Fridays.
So even if you run your business during a typical 9 to 5 workday—or if your retail business is open every day and you need to make deposits or get change on the weekends—you’ll have time to bank with TD.
Plus, TD gives you options for banking both in person and online. Yes, TD Bank is ultimately a traditional brick-and-mortar bank. You’ll need to visit a branch sometimes (to open most accounts or take out a loan, for example). But TD offers enough online and mobile banking features that you can pay bills, make cash transfers, and check account balances from the comfort of your home or business at whatever hours you please.
Other small-business products and services from TD Bank
Still curious about what else TD Bank can offer you? Then let’s dig into its other business products.
|Loan type||Loan min./max.||Lowest listed rate||Term||Get a loan|
|Loan||$10,000/$1 million||Unlisted||3–5 yrs.||Apply Now|
|Line of credit||$25,000/$500,000||5.99%||N/A||Apply Now|
|Commercial mortgage||Up to $1 million||Unlisted||20 yrs.||Apply Now|
|Practice financing||Up to $12 million||Unlisted||Unlisted||Apply Now|
TD Bank offers loans and lines of credit to its small-business customers. While it might not appear on our ranking of the best small-business loans, you might find that getting a loan through your bank gets you good deals. (As mentioned above, it can certainly waive the monthly fee on a premium business checking account.)
Small-business credit cards
Even if long-term financing isn’t your thing, you can still consider getting a business credit card from TD Bank. The TD Business Solutions Credit Card has cash back rewards for various purchases, and there’s no annual fee.
Does your small business sell stuff or get paid via credit cards? TD Bank also has options for accepting credit card payments. It has merchant solutions for both in-store and on-the-go needs, with a variety of Clover point-of-sale systems.
If figuring out how to do payroll yourself sounds like it would take too long (we get it), you might be interested in TD Bank’s payroll services. TD Bank will assign you a payroll specialist who can take care of all that messy stuff, like calculating taxes.
You can even get HR help through TD Bank’s payroll services—perfect for when you know you need HR but don’t have the budget to add an HR specialist to your payroll.
Prepaid debit cards
Finally, TD Bank has three types of prepaid Visa debit cards. These range from a one-time use card (maybe to give employees a little holiday cash) to a reloadable card designed for payroll. They work pretty much like any debit card would, so you and your employees can use them just about anywhere.
What customers say about TD Bank
You can see that TD Bank has a lot to offer—but what do actual TD customers have to say about it? Well, TD Bank has a 6.1 (out of 10) on Trustpilot and a 3.4 (out of 5) on Bank Branch Locator.1,2 Those mediocre scores are an average of really positive and really negative reviews, with very little in between.
Pretty much all the reviews are about specific branches. Some people say the staff at their local branch go above and beyond to help customers, while others say the staff at their local branch are rude and unhelpful. In other words, your specific experience will largely depend on who works at the branch near you.
The good news? TD Bank as a whole has an A+ rating with the Better Business Bureau (BBB),3 which means it’s not embroiled in government lawsuits—unlike some banks (we’re looking at you, Wells Fargo and Chase). So at least you can trust that TD Bank isn’t actively encouraging its employees to scam you.
TD Bank isn’t for everyone—such as businesses not on the east coast or businesses that prefer to do everything online. Even so, many businesses will like the wide range of financial products and services that TD Bank has to offer, not to mention the flexibility provided by its extended hours and online banking options.
Keep an eye on your business bank account—whether at TD Bank or somewhere else—by checking out our guide to the best small-business accounting software.
At Business.org, our research is meant to offer general product and service recommendations. We don’t guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.