The bottom line: TD Bank will likely stand out if you plan to open a CD or checking account. These bank accounts have low minimum opening deposits and more ways to avoid bank fees than Bank of America’s accounts. If you’re priority is opening a savings account, you might lean more toward Bank of America because it can be a bit easier to avoid the monthly service fee.
TD and Bank of America both have branches on the East Coast.
To help you see if Bank of America or TD Bank is right for you, we’re comparing each institution’s bank accounts. We’re also assessing the banks’ trustworthiness so you can learn more about their banking histories.
Pros and cons of TD Bank
ProsCons
Over 1,100 branches in 15 states and Washington, DC
Over 2,600 free ATMs
Possible to waive monthly services fees
$200 checking account bonus until October 31, 2022
Only available on the East CoastPays low interest ratesMonthly service feesHigh CD early withdrawal penaltiesA- rating from the Better Business Bureau because the government took action against the business
Pros and cons of Bank of America
ProsCons
Over 4,200 branches and 16,000 ATMs
Savings features on savings account (Earn up to 10% cash back through BankAmeriDeals and Keep the Change® feature lets you round up debit card purchases)
Possible to waive monthly service fees
$100 checking account bonus until June 30, 2022
A+ rating from the Better Business Bureau
Doesn’t offer a money market accountPays low interest ratesMonthly services feesBank history includes settlements involving racial discrimination and discrimination against people with disabilities
TD Bank vs. Bank of America checking account comparisons
Below, we’ve compared each bank’s standard checking account. Both of these bank accounts have a monthly service fee, unless you qualify to waive it by meeting specific requirements each month.
TD Bank Convenience Checking AccountBank of America Advantage Plus Checking AccountMinimum opening deposit$0$100Monthly service fee$15 or $0$12 or $0How to waive the monthly service fee
Fulfill one of the following requirements:
Keep at least $100 in your account dailyAre between the ages of 17 and 23
Fulfill one of the following requirements
Make $250 or more in direct deposits each monthMaintain an average daily balance of $1,500 or more in your checking accountEnroll in the Preferred Rewards programSign-up bonus$200$100Next stepsTD Bank Convenience Checking AccountBank of America Advantage Plus Checking Account
The TD Bank Convenience Checking Account has a lower minimum balance requirement than the Bank of America Advantage Plus Checking Account. You also may open a checking account with $0 at TD Bank. In comparison, Bank of America requires an initial deposit of at least $100.
Both bank accounts offer a cash bonus if you’re a new customer. Bank of America has a $100 bonus if you open the Bank of America Advantage Plus Checking Account, and receive $1,000 or more in qualifying direct deposits during the first 90 days of opening an account. To be eligible for the $200 bonus on the TD Bank Convenience Checking Account, you’ll need to receive $500 or more in direct deposits during the first 60 days.
Winner: TD Bank
The TD Bank Convenience Checking Account has a lower minimum opening deposit and minimum balance requirement than the Bank of America Advantage Plus Checking Account. If you’re a new customer, you also could get a greater cash bonus at TD Bank than you would at Bank of America.
TD Bank vs. Bank of America savings account comparisons
The TD Simple Savings Account and Bank of America Advantage Savings Account are each bank’s standard low-fee savings account. See how the two savings accounts stack up.
TD Simple Savings AccountBank of America Advantage Savings AccountAPYTD Simple Savings AccountBank of America Advantage Savings AccountMinimum opening deposit$0$100Monthly service fee$5 or $0$8 or $0How to waive the monthly fee
No monthly service fees during the first year if you do the following:
Make a monthly direct deposit of $25 or more from a TD Bank checking account
If you don’t set up direct deposit or skip a month, you must meet one of the following requirements to waive the fee:
Maintain $300 in your checking account dailyAre under the age of 24 Are over the age of 62
Monthly service fee automatically waived during the first 6 months
After that, you must meet one of the following requirements to waive the fee:
Maintain at least $500 in your checking account dailyLink a Bank of America Advantage Relationship Banking AccountEnroll in the Bank of America Preferred Rewards ProgramAre under the age of 18Are under the of 25 and a student
If you are searching for a savings account with a low minimum opening deposit, you’ll probably favor TD Bank. The TD Simple Savings Account has a $0 minimum opening deposit, while Bank of America requires at least $100 to open the Bank of America Advantage Savings Account.
If your goal is to avoid monthly service fees, it could be a bit of a toss-up. Your best option will depend on how you manage the account.
Bank of America makes it a bit easier to waive monthly service fees when you open an account. It also might be a good choice if you also plan to open a checking account or enroll in the Bank of America Preferred Rewards Program.
The TD Simple Savings Account might be worth exploring if are over the age of 62 or you don’t meet the minimum balance requirements at Bank of America.
Winner: Bank of America
It’s a tight race between Bank of America and TD Bank savings accounts. Bank of America narrow beats TD Bank in this category because its a bit easier to waive monthly service fees when you first open an account. However, you still might consider the TD Simple Savings Account if you’re over the age of 62 or don’t meet the minimum balance requirements at Bank of America.
TD Bank vs. Bank of America CD comparisons
TD Bank Choice Promotional Certificate of DepositBank of America Standard Term Certificate of DepositTerm lengths3 months to 5 years28 days to 10 yearsMinimum opening deposit$250$1,000APYTD Bank Choice Promotional Certificate of DepositBank of America Standard Term Certificate of DepositEarly withdrawal penalties3 months to 2 years interest7 to 365 days interestTypes of CDsStandard CDs, No-Penalty CDs, Step-Up CDsStandard CDs
TD Bank CDs have a lower minimum opening deposit than most financial institutions — you may open an account with $250 upfront. At Bank of America, you’ll need to make an initial deposit of at least $1,000.
TD Bank also could be a suitable option for opening a no-penalty CD or step-up CDs. Bank of America doesn’t offer these types of CDs. A no-penalty CD allows you to withdraw from your account before it matures, and you won’t have to pay a penalty. A step-up CD has an interest rate that goes up at a specific date.
Bank of America may be a better option than TD Bank if you’re looking for a greater variety of standard terms. Bank of America CDs range from 28 days to 10 years.
Winner: TD Bank
Neither Bank of America nor TD Bank offer competitive interest rates on CDs. However, TD Bank may be worthwhile if you like to open a special type of CD or a CD with a low initial deposit.
TD Bank vs. Bank of America money market account comparisons
Bank of America doesn’t have a money market account, but TD Bank does. The TD Bank Growth Money Market Account might be a good option if you’d like an account with easy access to your money — it comes with checks and an ATM card.
The money market account works best if you keep at least $2,000 in your account daily, so you won’t have to pay a $12 monthly service fee.
The TD Bank Growth Money Market Account pays a lower interest rate than the average money market account. If earning a competitive interest rate is a priority for you, consider going through our best money market accounts guide.
Winner: TD Bank
TD Bank wins in this category only because Bank of America doesn’t offer a money market account. That said, the TD Bank Growth Money Market Account could be a good fit if you’re searching for a money market account that has a $0 opening deposit. You must keep at least $2,000 in your account daily or link a TD checking account to avoid a $12 monthly service fee, though.
TD Bank vs. Bank of America trustworthiness and BBB ratings
We include ratings from the Better Business Bureau to evaluate how a bank deals with customer issues. Keep in mind good BBB ratings don’t necessarily guarantee you’ll have a smooth relationship with a bank. You may want to talk to current customers or read online customer reviews to see if a particular bank is a good fit for you.
Bank of America received an A+ rating from the BBB, while TD Bank has an A- rating because government action was taken against TD Bank.
Both banks have been involved in recent public controversies.
In 2020, the Department of Justice charged Bank of America for unfairly denying home loans to adults with disabilities, even though they qualified for loans. Bank of America paid around $300,000 total to people who were refused loans.
The Department of Labor also required Bank of America to pay $4.2 million in 2019 to people who claimed the bank discriminated against women, Black, and Hispanic applicants in the hiring process.
Meanwhile, the US Bureau of Consumer Financial Protection required TD Bank to pay $122 million in a settlement in 2020 that accused the bank of charging customers a Debit Card Advance service without their permission.
Winner: Tie
Bank of America and TD Bank have been involved in recent public settlements. Consider reading about mission-driven financial institutions if you seek additional banking options.
Frequently asked questions
Is Bank of America better, or TD Bank?
TD Bank may be a strong contender if you’re looking to open a checking account, CD, or money market account at a brick-and-mortar bank. Its bank accounts have low minimum opening deposits. You’ll also be able to waive monthly service fees on the checking account or money market account if you meet specific requirements.
If you’d like to open a savings account, Bank of America may be your first choice. You can have monthly service fees waived automatically during the first six months.
Which has more branches, Bank of America or TD Bank?
Bank of America has more branches. TD Bank has 1,100 branches, while Bank of America has 4,200 locations.