TD Bank vs. Bank of America: Which is Right for You?

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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

Pros and Cons of Bank of America

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.

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>>

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.

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. 

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.

TD Bank vs. Bank of America CD Comparisons 

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. 

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.

If you'd like to open a savings account, it could be a toss-up between the two banks.

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.