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The bottom line: TD Bank and Chase are two of the best national banks out there. TD Bank makes it a bit easier to waive monthly service fees on its standard checking account than Chase. It has a lower minimum opening for CDs than Chase CDs. If you would like to open a traditional savings account, you could go with either bank since the accounts are very similar.
If you live on the East Coast and prioritize traditional banking, you might be considering Chase or TD Bank.
To help you determine whether Chase or TD Bank might be suitable for you, we’re comparing each institution’s bank accounts. We will also assess the banks’ trustworthiness so you can learn more about their banking history.
Pros and Cons of TD Bank
ProsCons
Over 1,100 branches in 15 states and Washington, DC
Access to 2,600 free ATMs
Possible to waive monthly services fees
Checking account bonus of TD Bank Convenience Checking Account – Ongoing Bonus or TD Bank Beyond Checking Account – Ongoing Bonus, depending on the account
Only available on the East CoastMonthly service feesHigh CD early withdrawal penalties
Pros and Cons of Chase
ProsConsOver 4,700 branches in 48 states and Washington, DCAccess to more than 16,000 free ATMsPossible to waive monthly service feesChecking account bonus of Chase Secure Banking℠ – Ongoing Bonus Chase Private Client Checking℠ – Ongoing Bonus, depending on the accountPays low interest ratesMonthly service fees
TD Bank vs. Chase Checking Account Comparisons
TD Bank and Chase have multiple checking accounts. Below, we’ve compared each bank’s basic checking account offerings. Both of these accounts provide ways to waive monthly service fees.
TD Bank Convenience Checking AccountChase Total Checking®Minimum opening depositTD Bank Convenience Checking AccountChase Total Checking®Monthly service feeTD Bank Convenience Checking Account – Fees DisplayChase Total Checking® – Fees DisplayHow to waive the monthly service fee
Meet one of the following requirements:
Keep at least $100 in your account dailyAre between the ages of 17 and 23
Meet one of the following requirements:
Receive a total of $500 or more in direct depositsKeep at least $1,500 in your checking account dailyMaintain an average daily balance of $5,000 or more in all Chase accounts and investment accounts
BonusTD Bank Convenience Checking Account – Ongoing BonusChase Total Checking® – Ongoing BonusNext stepsTD Bank Convenience Checking Account – CTA TextChase Total Checking® – CTA Text
If your priority is to avoid paying a monthly service fee, you may favor TD Bank over Chase. The TD Bank Convenience Checking Account has a lower minimum balance requirement than Chase Total Checking®. You’ll also be eligible to waive the monthly service fee at TD Bank if you are between the ages of 17 and 23.
Chase still might be worth considering if you’re looking to take advantage of a cash bonus, though. Both banks offer a $200 sign-up bonus if you’re a new customer, but Chase has easier requirements.
At Chase, all you need to do is use a coupon code when you open Chase Total Checking® and set up direct deposit in the first 90 days. To be eligible for the TD Bank Convenience Checking Account – Featured Reward Value bonus on the TD Bank Convenience Checking Account, you’ll need to receive $500 or more in direct deposits during the first 60 days of opening an account.
Keep in mind, you can also earn a TD Bank Beyond Checking Account – Ongoing Bonus bonus with another TD checking account (TD Bank Beyond Checking Account – Editorial Name Only), but it’s a little harder to qualify for — you’ll need to receive $2,500 in direct deposits in the first 60 days. There are also several Chase checking accounts that offer bonuses, but Chase Total’s is the easiest to qualify for.
Winner: TD Bank
The TD Bank Convenience Checking Account makes it easier to waive monthly service fees than Chase Total Checking®. You might still want to explore Chase Total Checking® if you’re a new customer and want to take advantage of a bank account bonus with easy requirements.
TD Bank vs. Chase Savings Account Comparisons
For savings accounts, we’re seeing how the TD Simple Savings Account stacks up to Chase Savings℠ since both accounts have a $5 monthly service fee that can be waived.
TD Simple Savings AccountChase Savings℠APYTD Simple Savings AccountChase Savings℠Minimum opening depositTD Simple Savings AccountChase Savings℠Monthly service feeTD Simple Savings Account – Fees DisplayChase Savings℠ – 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’ll need meet one of the following requirements to waive the fee:
Keep at least $300 in your checking account dailyAre under the age of 24 Are over the age of 62
Meet one of the following requirements:
Maintain a daily balance of $300 or moreHave an automatic transfer of $25 or more from a Chase checking accountLink Chase College Checking℠ for overdraft protectionAre under the age of 18Link to a qualifying Chase checking accountNext steps
TD Simple Savings Account – CTA Text
Chase Savings℠ – CTA Text
TD Bank and Chase have pretty similar savings accounts. Both banks let you open an account with $0 and pay low interest rates.
The requirements for waiving the $5 monthly service fee are almost interchangeable, as well. You might prefer the TD Simple Savings Account if you’re a senior citizen looking to open a savings account. However, if you’re under the age of 62, it may not make much of a difference, since the other requirements for waiving the fee are almost the same.
If you’re looking to earn a competitive interest rate on a savings account, you might consider looking over our best high-yield savings account for contenders.
Winner: Tie
It’s a toss-up between the two banks since the savings accounts have similar features. The requirements for waiving the $5 monthly service fee are nearly identical. Your best option might ultimately hinge on which bank’s branches are closer to your home.
TD Bank vs. Chase CD Comparisons
TD Bank Choice Promotional Certificate of DepositChase Certificate of Deposit (CD)Term lengths3 months to 5 years1 month to 10 yearsMinimum opening depositTD Bank Choice Promotional Certificate of DepositChase Certificate of Deposit (CD)APYTD Bank Choice Promotional Certificate of DepositChase Certificate of Deposit (CD)Early withdrawal penalties3 months to 2 years interest90 days to 1 year interestTypes of CDsStandard CDs, No-Penalty CDs, Step-Up CDsStandard CDsNext stepsTD Bank Choice Promotional CD – CTA TextChase CD – CTA Text
Most banks require a minimum opening deposit of $1,000 for CDs like Chase. However, TD Bank lets you open a CD with only TD Bank Choice Promotional Certificate of Deposit upfront.
TD Bank also might be ideal if you’d like to get a special type of CD. For example, you can get a no-penalty CD, which means you won’t have to be an early withdrawal penalty on a CD if you withdraw money before the end of the term. You may also open a 3-year or 5-year step-up CD. A step-up CD has a blended interest rate, which means that the interest rate will go up over time.
Chase may be a better option than TD Bank if you’re looking for standard CD terms under three months or over five years.
Winner: TD Bank
TD Bank CDs require a much lower minimum opening deposit than Chase CDs. You may also prefer TD Bank to Chase if you’d like to open a special type of CD, such as a no-penalty CD or step-up CD.
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.
JP Morgan Chase & Co. (Chase’s parent company) received an A+ rating. That said, Chase has had a couple of recent public settlements.
In 2020, JP Morgan Chase & Co. paid the Department of Justice $920 million in a settlement that said the bank was involved in wrongful trading.
In the same year, the US Department of Labor also required Chase to pay $800,000 in back wages in a settlement that accused the bank of underpaying women.
The BBB also gave TD Bank an A+ rating.
In 2020, the US Bureau of Consumer Financial Protection required TD Bank to pay $122 million in a settlement that accused the bank of charging customers a Debit Card Advance service without their permission.
TD Bank vs. Chase: Frequently Asked Questions
Is TD Bank better than Chase?
TD Bank might be a better option if you’d like to open a CD. You’ll only need TD Bank Choice Promotional Certificate of Deposit to open a CD at TD Bank, while at Chase, you need a minimum deposit of Chase Certificate of Deposit (CD). It also may be easier to waive monthly service fees on the TD Bank Convenience Checking Account than Chase Total Checking®.
Who has more branches, Chase or TD Bank?
Chase has more branches than TD Bank. TD Bank has 1,100 branches and is primarily based on the East Coast. Meanwhile, Chase has over 4,700 branches. Its branches are available in 48 states and Washington, DC.