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If you live on the East Coast and prioritize traditional banking, you might be considering Chase or TD Bank.Â
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.
Standout feature
Annual Percentage Yield (APY)
Standout feature
Annual Percentage Yield (APY)
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TD Bank, Member FDIC
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Chase Bank, Member FDIC
Pros and Cons of TD Bank
Pros | Cons |
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Pros and Cons of Chase
Pros | Cons |
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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 Account | Chase Total Checking® |
Minimum opening deposit | $0 | $0 |
Monthly service fee | $15 monthly service fee | $12 monthly service fee |
How to waive the monthly service fee |
Meet one of the following requirements:
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Meet one of the following requirements:
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Bonus | $200 | $200 |
Next steps | Start Banking | Start Banking |
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.Â
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.Â
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 $200 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 $300 bonus with another TD checking account (TD Bank Beyond Checking Account), 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.
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Fees
$15 monthly service fee
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Bonus
$200
- No monthly service fee if you’re ages 17 to 23
- No opening deposit
- Free overdraft protection
- $15 monthly service fee
- No interest earned
- $3 out-of-network ATM fee
- $35 overdraft fee
The Insider’s Take
You might like one of TD Bank’s three primary checking accounts if you prefer banking face-to-face and live near a branch along the East Coast.
TD Bank Convenience Checking Account
Product Details
- Access to 1,100 branch locations and over 2,600 ATMs
- Waive $15 monthly fee with $100 daily balance
- No opening deposit
- FDIC insured
TD Bank vs. Chase Savings Account Comparisons
For savings accounts, we’re seeing how the TD Simple Savings Account stacks up to Chase Savingsâ„ since both accounts have a $5 monthly service fee that can be waived.
 | TD Simple Savings Account | Chase Savings℠|
APY | 0.02% | 0.01% (as of 3/24/2023) |
Minimum opening deposit | $0 | $0 |
Monthly service fee | $5 monthly service fee | $5 monthly service fee |
How to waive the monthly fee |
No monthly service fees during the first year if you do the following:Â
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:
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Meet one of the following requirements:
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Next steps |
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.Â
Start saving
Fees
$5 monthly service fee
Annual Percentage Yield (APY)
0.02%
Minimum Deposit Amount
$0
- No monthly fee for students, or for adults under age 24 or age 62 or older
- No monthly fee for the first 12 months, with recurring monthly deposits of $25
- Mobile check deposit
- No minimum opening deposit
- Low APY
- $5 monthly service fee
The Insider’s Take
TD Bank Signature Savings Account pays a higher interest rate than the TD Simple Savings Account on balances of $10,000 or more. However, to get the most out of this account, you’ll need to qualify for a relationship rate and meet one of the requirements to waive the TD Signature Savings – Fees Display. Ultimately, you can find much better rates with the best online banks.
TD Bank
Product Details
- No monthly service fee for students, adults under age 24 or age 62 or older
- Waive $5 monthly service fee by maintaining $300 minimum daily balance
- No monthly fee for the first 12 months if you make recurring $25 monthly deposits
- Interest compounded daily
- FDIC insured
Start saving
Fees
$5 monthly service fee
Annual Percentage Yield (APY)
0.01% (as of 3/24/2023)
Minimum Deposit Amount
$0
- No minimum opening deposit
- Relatively easy to waive $5 monthly fee
- Link to a Chase checking account for free overdraft protection
- Low APY
- Interest compounded monthly, not daily
- $5 monthly service fee
Chase Savingsâ„
Product Details
- Access to 15,000 Chase ATMs and over 4,700 branches
- Link this account to your Chase checking account for Overdraft Protection
- Waive $5 monthly service when you maintain a $300 balance, automatically transfer $25 each month from your Chase checking account, link to Chase College Checking for Overdraft Protection, link to a qualifying Chase checking account, or are under age 18
- Manage your accounts, deposit checks, transfer money and more — all from your device
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com
- Member FDIC
TD Bank vs. Chase CD ComparisonsÂ
 | TD Bank Choice Promotional CD | Chase CD |
Term lengths | 3 months to 5 years | 1 month to 10 years |
Minimum opening deposit | $250 | $1,000 |
APY | 0.05% to 5.00% | 0.01% to 4.50% (vary by location) |
Early withdrawal penalties | 3 months to 2 years interest | 90 days to 1 year interest |
Types of CDs | Standard CDs, No-Penalty CDs, Step-Up CDs | Standard CDs |
Next steps | Start Saving | Start Saving |
Most banks require a minimum opening deposit of $1,000 for CDs like Chase. However, TD Bank lets you open a CD with only $250 upfront.Â
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.Â
Chase may be a better option than TD Bank if you’re looking for standard CD terms under three months or over five years. Both TD Bank CD rates and Chase CD rates are relatively low, except on certain terms. So the best fit could come down to which term you want.
Start saving
Annual Percentage Yield (APY)
0.05% to 5.00%
Minimum Deposit Amount
$250
- $250 minimum opening deposit
- Standard term options
- Solid interest rate compared to other brick-and-mortar banks
- High early withdrawal penalties
The Insider’s Take
TD Bank Choice Promotional CDs are good options if you want a 6-month or 12-month term, and if you also have a personal checking account so you can earn the higher relationship bump rate on those two terms. Otherwise, you can earn much higher rates at other banks.
TD Bank Choice Promotional CD
Product Details
- Terms range from 3 months to 5 years
- Earn 0.05% to 1.00% APY, or 0.05% to 5.00% APY if qualify for a relationship bump rate when you also have an eligible checking account
- Early withdrawal penalties: All interest earned for terms under 90 days; 3 months of interest on terms between 90 days and 1 year; 6 months of interest on terms between 1 year and 2 years; 9 months of interest on terms between 2 years and 3 years; 1 year of interest on terms between 3 years and 4 years; 18 months of interest on terms between 4 years and 5 years; 2 years of interest on terms 5 years or longer
- Interest compounded and deposited monthly
- FDIC insured
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.Â
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.Â
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.Â
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 $250 to open a CD at TD Bank, while at Chase, you need a minimum deposit of $1,000. It also may be easier to waive monthly service fees on the TD Bank Convenience Checking Account than Chase Total Checking®.Â
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.
Betterment Cash Reserve Account
New Customer Offer: Earn 5.50% (variable) APY* when you open your first cash account with qualifying deposit