Are you in the market for a new checking account?
TD Bank has two cash bonus offers when opening a new checking account with them. (they also have a Bank Card promotion that I will touch on)
The terms are fairly simple for both – open an account and receive direct deposits. The Premier Checking account has a higher bonus but much higher minimum balance (to avoid fees) and direct deposit totals. If the tiers are too high on the Premier, you can still get cash by going with the Convenience checking option too. At the very least, you'll walk away with $150 and a solid checking account to go with it.
TD Bank N.A. is FDIC insured (FDIC # 33947) and they have branches in Connecticut, Washington D.C., Delaware, Florida, Massachusetts, Maryland, Maine, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Virginia, and Vermont. Here's our guide to finding your TD Bank routing number.
TD Bank offers bonuses on these two checking accounts:
- TD Beyond Checking – $300 bonus (details below), $2500 minimum balance to avoid fee, no ATM fees, free first order of check
- TD Convenience Checking – $150 bonus (details below), $100 minimum balance to avoid fee, discount on first order of checks
Both of these offers are for new customers who do not have an existing or prior checking account at TD Bank. You will need to open the account online and the direct deposits need to be recurring deposits of your paycheck, pension, or benefits from the government (like Social Security) or your employer. You can't transfer funds from another account and have it count. The bonus is deposited within 95 days of satisfying the criteria.
TD Bank Beyond Checking Promotion – $300
TD Bank has a Beyond Checking promotion of $300 with very reasonable requirements for an account of this type. Just open a TD Beyond Checking account and receive direct deposits of $2,500 or more within 60 days of opening your account.
There is a $25 monthly maintenance fee that is waived when you maintain a $2,500 minimum daily balance. They also offer overdraft service as well as free money orders, bank checks, stop payments, paper statements with check images, as well as incoming wire transfers.
Remember, this bonus will be reported as taxable income on Form 1099-MISC.
TD Bank Convenience Checking Promotion – $150
If the balance requirements or the direct deposit requirement was too high for you, you can still get $150 by opening a TD Convenience Checking account and receive direct deposits of $500 or more within 60 days of opening your account. If the $2,500 in direct deposits within 60 days is too high a bar, the $500 might be easier to reach.
There is a $15 monthly maintenance fee that is waived if you maintain a minimum daily balance of just $100. This checking account does not earn interest.
TD Bank Visa Card – $150
If you are looking for a new credit card, the TD Bank Visa Card has a $150 cash back bonus when you spend just $500 within 90 days of opening the account. It pairs nicely with the banking promotions and $150 is a nice amount for such a modest spend requirement.
The card offers 3% cashback on dining, 2% cashback at grocery stores, and 1% everywhere else – so it's a very good daily spending card too.
Lastly, it has no annual fee and no foreign transaction fee, so very useful if you're traveling internationally. The card is only available to those in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas, Vermont, Virginia, and Washington, D.C.
How does bonus this compare?
We maintain a comprehensive list of bank bonuses (a good place to look if you don't think you can satisfy this bonus's requirements) so we know a good bonus when we see one.
This Chase bonus is comparable to what you'd see from another bank or HSBC from a dollar amount but the requirement of a direct deposit is what makes it a little easier to accomplish if you can't maintain the balance amounts. The higher direct deposit amount (compared to just having a DD) is different, which makes it a higher bar, but the balance is lower. Six or half dozen, as they say.
More recently, Wells Fargo has a $400 bonus offer for similar requirements (receive a total of $4,000+ in qualifying direct deposits in the first 90 days is the biggest difference):
In the end, eligibility is important too and this one is open to a broad geographic area.
This is an above-average bonus offer that is generous enough to be enticing. If you don't have an account and don't mind redirecting your direct deposit, it's a good one to take advantage of if you are in the market.
The requirements are standard and the account itself is good too – it's an all around good offer.