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The bottom line: TD Bank and Bank of America are two of the best national banks out there. 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. TD Bank also might be a better option for a savings account if you’re eligible for a cash bonus.
TD Bank 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
TD Bank Convenience Checking Account – Ongoing Bonus or TD Bank Beyond Checking Account – Ongoing Bonus checking account bonus, depending on the account
TD Simple Savings Account – Ongoing Bonus savings account bonus
A+ rating from the Better Business Bureau
Only available on the East CoastMonthly service fees (although, possible to waive)High CD early withdrawal penalties
Pros and Cons of Bank of America
ProsCons
Around 3,900 branches and 15,000 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
Bank of America Advantage Plus Checking Account – Ongoing Bonus checking account bonus
A- rating from the Better Business Bureau
Monthly services fees (although, possible to waive)Pays low savings rates
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 depositTD Bank Convenience Checking AccountBank of America Advantage Plus Checking AccountMonthly service feeTD Bank Convenience Checking Account – Fees DisplayBank of America Advantage Plus Checking Account – Fees DisplayHow 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 programBe a student under the age of 25Sign-up bonusTD Bank Convenience Checking Account – Ongoing BonusBank of America Advantage Plus Checking Account – Ongoing BonusNext stepsTD Bank Convenience Checking Account – CTA TextBank of America Advantage Plus Checking Account – CTA Text
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 TD Bank Convenience Checking Account at TD Bank. In comparison, Bank of America requires an initial deposit of at least Bank of America Advantage Plus Checking Account.
Both bank accounts offer a cash bonus if you’re a new customer. Bank of America Advantage Plus Checking Account has a Bank of America Advantage Plus Checking Account – Intro Bonus. The TD Bank Convenience Checking Account is offering TD Bank Convenience Checking Account – Intro Bonus.
If you’d rather open the TD Bank Beyond Checking Account – Product Name Only, you may qualify to earn a TD Bank Beyond Checking Account – Ongoing Bonus bonus.
See the best bank account bonuses right now>>
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 depositTD Simple Savings AccountBank of America Advantage Savings AccountMonthly service feeTD Simple Savings Account – Fees DisplayBank of America Advantage Savings Account – Fees DisplayHow 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 TD Simple Savings Account minimum opening deposit, while Bank of America requires at least Bank of America Advantage Savings Account to open the Bank of America Advantage Savings Account.
TD Bank also offers one of the best savings account bonuses. New customers who open the TD Simple Savings Account or TD Signature Savings may be eligible for a cash bonus of TD Simple Savings Account – Intro Bonus.
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 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: TD Bank
It’s a tight race between Bank of America and TD Bank savings accounts. TD Bank is ultimately our top pick because it has a lower minimum balance requirement, waives fees for people over the age of 62, and offers a TD Simple Savings Account – Ongoing Bonus cash bonus for new savings account customers.
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 depositTD Bank Choice Promotional Certificate of DepositBank of America Standard Term Certificate of DepositAPYTD 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, Featured CDs
TD Bank CDs have a lower minimum opening deposit than most financial institutions — you may open an account with TD Bank Choice Promotional Certificate of Deposit upfront. At Bank of America, you’ll need to make an initial deposit of at least Bank of America Standard Term Certificate of Deposit.
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
TD Bank will likely be a better choice for CDs, particularly, if you like to open a special type of CD or a CD with a low initial deposit.
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. TD Bank also has an A+ rating.
Both banks have been involved in recent public controversies.
In 2023, Bank of America paid over $100 million to customers in a settlement when accused of repeatedly charging a $35 overdraft fee for the same transaction, withholding credit card rewards, and enrolling customers in credit card accounts without them knowing or authorizing it.
In 2022, the Consumer Financial Protection Bureau fined Bank of America for freezing customers’ accounts because its automatic fraud filter incorrectly detected fraud on accounts. The CFPB claimed that the bank made it difficult for customers to un-freeze their accounts.
The Department of Justice charged Bank of America in 2020 when it accused the bank of 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.
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.
TD Bank vs. Bank of America: 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 or CD 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.
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 around 3,900 locations.
