TD Bank vs. Bank of America: Which is right for you?

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

Pros and cons of Bank of America

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.

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.

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.

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.

TD Bank vs. Bank of America CD comparisons 

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. 

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. 

TD Bank vs. Chase 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.

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.