TD Bank and Bank of America are two established financial institutions that serve customers across the country. But TD’s 1,300 branches are scattered across the East Coast and Bank of America is found in 38 states. Compare account offerings, rates and fees to find out which bank is right for you.
Availability. TD provides 24/7 phone support and offers longer branch hours than 20 of its top national competitors, including Bank of America.
Minimal fees. With the exception of its Simple Checking account, you can easily avoid monthly fees by meeting account balance or direct deposit requirements.
Lower deposit requirements. You can open any TD checking account with no opening minimum deposit requirement.
Cons
No military benefits. Unlike Bank of America, TD doesn’t offer discounted interest rates or reduced payment options for members of the military.
Limited branches and ATMs. TD Bank’s 1,300 branches are located exclusively along the East Coast.
Fewer account rewards. While TD and Bank of America have similar credit card bonuses, TD’s checking accounts lack its competitor’s relationship perks.
Bank of America
Pros
Larger network. Bank of America has 4,400 branches across 38 states.
Wider selection of financial products. Bank of America’s comprehensive suite of products includes credit cards, home loans, retirement accounts and small business financing.
Opening bonuses. You could qualify for cash rewards, 0% introductory APRs or bonus rewards points if you apply for a Bank of America credit card.
Keep the Change Savings Program. For each purchase you make with your debit card, Bank of America rounds up to the nearest dollar and transfers the difference into your savings account.
Cons
More fees. Almost all of Bank of America’s checking and savings accounts come with monthly maintenance fees.
Less accessible customer service. While Bank of America’s branch network is larger than TD’s, it lacks the 24/7 phone support of its competitor.
Higher deposit requirements. While you can open a TD checking account for free, minimum deposit requirements for Bank of America accounts range from $25 to $100.
Lower interest rates. Bank of America’s savings account rates top out at a disappointing 0.06% APY.
TD Bank vs. Bank of America savings accounts
TD has two traditional savings accounts, one of which has the potential to earn up to 0.05% APY. Since Bank of America’s one account earns a maximum of 0.06%, this is the clear winner.
Winner: TD Bank
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Bank of America vs. TD Bank checking accounts
Both banks offer three standard checking options, and while they both have an account that pays interest, the amount you’ll earn is insignificant. TD wins this category for its lower deposit requirements, free out-of-network ATM transactions and a number of waived fees.
Winner: TD Bank
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TD Bank vs. Bank of America certificates of deposit
TD has far more term options, higher APYs, lower minimum deposit requirements and one penalty-fee withdrawal, making it the better option for CDs.
Winner:TD Bank
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Bank of America vs. TD Bank other products
Both banks have a wide selection of financial products, but TD wins for its larger selection of investing and retirement products.
TD Bank
Personal, car and student loans
Home loans and refinancing
Credit and reloadable cards
IRAs & 401(k)s
Small business and commercial banking
Brokerage accounts
Student and child banking
Portfolio management
529 plans & college savings
Foreign exchange
Financial advising
Bank of America
Car loans
Home loans and refinancing
Credit and reloadable cards
IRAs & 401(k)s
Small business banking
Brokerage accounts
Student and child banking
Military banking
529 plans
Foreign exchange
Financial advising
TD Bank vs. Bank of America branches and ATMs
Both TD and Bank of America have customer service that’s available seven days a week, but TD offers extended banking hours and 24/7 access to customer service.
TD Bank
Bank of America
Branches
1,300 in 17 states plus 1,150 in Canada
4,400 in 38 states plus branches in 40 countries
ATMs
2,500+
16,000
Customer service
Phone 24/7
Social media
Live chat via Facebook
Phone: Weekdays from 8 a.m. to 9 p.m., Saturday 8 a.m. to 8 p.m., Sunday 8 a.m. to 5 p.m. ET
Social media
Live chat
Email
TD Bank vs. Bank of America special features
Both banks have special features that make them unique:
TD Bank
Extended hours and 24/7 customer service
No foreign transaction fees
Bank of America
Opening bonuses and rewards programs
Military banking
Winner: Tie
Bottom line
Pick TD Bank if you live on the East Coast or if you want extended banking hours and 24/7 customer service. Choose Bank of America if you want military benefits, rewards programs and opening bonuses. Bank of America and TD Bank both offer a selection of banking products, but both banks pay lower interest than other institutions.
TD Bank has branches in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Washington.
Bank of America has branches in Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia and Washington.
Yes. At the moment, TD only offers rewards programs on its credit cards.
Yes. The TD mobile app allows you to manage money, deposit checks, contact customer service, open accounts and more.
Peter Carleton is a freelance writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading. See full bio
Shannon Terrell is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in personal finance. Her writing and analysis on investing and banking has been featured in Bloomberg, Global News, Yahoo Finance, GoBankingRates and Black Enterprise. She holds a bachelor’s degree in communications and English literature from the University of Toronto Mississauga. See full bio
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