Are you in the market for a checking account and considering TD Bank?
They'd like to sweeten the deal for you with a pair of checking account promotions that are among the richest we've seen for a checking account.
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.
About TD Bank
TD Bank, short for Toronto-Dominion Bank, has a long storied history in the banking world. As with many large banks, its “history” depends on which lineage you follow. If you're talking about the top of the organization, TD Bank was created on 1955 with the merger of two much older banks, the Bank of Toronto (1855) and The Dominion Bank (1869).
But if you're looking at the US subsidiary, TD Bank, N.A., it's origins go back to 1852 with the founding of Portland Savings Bank. Portland Savings Bank would later be known as Banknorth. It would take on the TD Bank name in 2008 when it acquired Commerce Bank and merge with TD Banknorth.
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.
TD Bank offers six checking account products, two of which currently offer a bonus:
- TD Convenience Checking – $150 bonus (details below), $100 minimum balance to avoid fee, discount on first order of checks
- TD Beyond Checking – $300 bonus (details below), $2500 minimum balance to avoid fee, no ATM fees, free first order of check
- TD Simple Checking – no bonus, no minimum balance, $5.99 monthly maintenance fee, discount on first order of checks
- TD Relationship Checking – no bonus, $20,000 combined minimum balance to avoid $25 fee, no ATM fees, free checks & more perks
- TD 60 Plus Checking – no bonus, account for age 60+, $250 minimum balance to avoid fee, free standard checks, money orders & paper statements
- TD Student Checking – no bonus, no maintenance fee when age < 24 and full-time student, no minimum balance, no fee
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.
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.
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' 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.
In the end, eligibility is important too and this one is open to a broad geographic area.
Bonus Requirements & Details
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.
Finally, this bonus, like all bonuses, will be reported as taxable income on a Form 1099-MISC.