TD Bank vs. Bank of America: Which Is Better for You?

Finding the best bank in America to fit your specific needs is important to build a solid foundation in your financial life. But with dozens of different banks operating in the U.S., how can you know which one is best suited for you? The answer is to compare each bank on the metrics that matter most: account options, fees and interest rates. Here’s a side-by-side comparison of TD Bank and Bank of America to help you make a decision.

A financial advisor can help you choose a bank account that fits your financial needs.

What to Know About TD Bank

If you’re looking for a bank that enables you to withdraw money anytime and anywhere, TD Bank can be a strong contender.

It’s an established bank, with origins going back to a merger between Canada’s Dominion Bank and the Bank of Toronto. The bank also stands out with long branch hours and a commitment to being open on weekends and many holidays. It operates about 1,100 branches in the U.S.

TD Bank offers a great deal of account variety to customers: savings accounts, checking accounts, certificates of deposit (CDs), money market accounts (MMAs) and IRAs. Some savings accounts include waivable monthly maintenance fees, and MMAs come complete with check-writing capabilities. In general, most of these services also offer increased rates with qualifying account activity.

What to Know About Bank of America

With a beginning in 1904 as the Bank of Italy, the Bank of America of today has expanded worldwide. Not only that, but its offerings of banking products have grown to include home mortgages, auto loans and investment opportunities with Merrill Lynch. It operates approximately 3,700 branches and approximately 15,000 ATMs.

Though one of the nation’s largest banks, Bank of America does not feature any of the nation’s highest-earning interest rates. However, if you are focused on other benefits in addition to incrementally building your current savings, BoA could be a great place for you to have an account. It offers checking accounts, savings accounts and nearly a dozen CDs. It also offers mortgages.

TD Bank vs. Bank of America: Bank Accounts

TD Bank is one of a few banks in America that offers money market accounts (MMAs). These are a type of savings account that will generally earn you a higher amount of interest than a run-of-the-mill savings account. However, a small caveat is that the minimum balance and deposit for MMAs are often much higher than for a basic savings account.

With TD Bank, you may also take advantage of CDs, high interest-earning checking accounts and more. The bank also specializes in mobile banking for savings and checking account customers, which gives you the ability to deposit your checks as you receive them, via the convenience of your smartphone.

Bank of America, meanwhile, offers its customers savings accounts, checking accounts, two types of CDs and IRAs. Perhaps the strongest feature that Bank of America offers customers is its Apple and Android mobile apps. Through these platforms, users can review their account activity and balances, order new checks, order debit card replacements, mobile bill pay, do internal transfers and, via Zelle, do external transfers, find ATMs and branches in their area, set up secure login procedures and more.

Bank of America’s most popular loans are its fixed-rate conventional mortgages. It also offers these mortgages in 15-, 20- and 30-year terms, affording you flexibility in your repayment period. BOA also offers adjustable-rate mortgages (ARMs), available in 10/1, 7/1 and 5/1 forms. Here’s a table with percentages and dollar amounts comparing both banks, as of April 2025.

Product	Interest Rate	Loan Size	Payments for 30 years
BoA 30-Year Fixed	6.750%	$200,000	$973 for 30 Years
TD Bank 30-Year Fixed	6.875%	$200,000	$1,352 for 30 Years
BoA 15-Year Fixed	5.750%	$200,000	$1,256 for 15 years
TD Bank 15-Year Fixed	6.000%	$200,000	$1,651 for 15 Years

Another key consideration is access to personalized customer service. If you prefer to talk with a real person about your finances, BoA can provide you with extensive human expertise. Even more so than TD Bank, BoA boasts thousands of physical branches around the U.S., as well as a large network of ATMs nationwide.

For those who want mobile banking as a centerpiece, the BoA app does it all, giving you access to your balances on the go. The bank buttresses these services with ultra-tight security measures to give you peace of mind.

TD Bank vs. Bank of America: Fees

It is easy to overlook fees when opening an account with a bank that seemingly fits your needs, but doing business with a bank with extensive fees can end up costing you a ton in the long run. Here’s a roundup of a few factors to consider for both banks in the table below.

Fee	TD Bank	Bank of America
Basic Checking Account	$4.95 per month	$4.95 per month (three ways to have fee waived)
Basic Savings Account	$5 per month with online statements (can be waived)	$8 per month (can be waived)
Out-of-network U.S. ATM fee	3% per transaction	$5 per transaction
Overdraft	$0	$10

Both banks have monthly maintenance fees, but it is possible to waive Bank of America’s fees. TD Bank’s Simple Savings accounts have a $5 to $8 monthly fee, and Signature Savings accounts’ include a $15 rate.

With a Bank of America Advantage Savings account, you will be charged an $8 monthly fee that is waivable under certain circumstances. You can avoid this fee if you maintain a minimum daily balance of at least $500, link your Bank of America Advantage Relationship Checking account to your Advantage Savings account or if you are, or plan to become, a Bank of America Preferred Rewards client.

TD Bank vs. Bank of America: Rates

Bank of America loses this round with its notoriously low interest rates. Many online-only banks have Bank of America beat in terms of what they may offer customers in annual rates across several different accounts.

TD’s interest rates, while better than Bank of America’s, are still not stellar. TD has a reputation for offering its clients mostly below-average savings rates. However, if you elect to open a TD Signature Savings account , you could begin to collect higher interest rates as your account balances increase. Even at the lowest tier and most basic version of the account, your rates would still be higher than those of most other big banks.

Needless to say, when you are comparing TD Bank vs. Bank of America rates, TD wins here.

Account Type	TD Bank	Bank of America
Basic Checking Account	0.01% APY (with qualified account activity)	0.01% to 0.02% APY (with qualified account activity)
Basic Savings Account	0.02% APY (with qualified account activity)	0.01% to 0.04% APY (with qualified account activity)
CDs	1.00%-4.00% APY (with qualified account activity)	0.01%–4.00% APY depending on term and balance

Bottom Line

Choosing between TD Bank and Bank of America can be tough. TD Bank may be a better fit if you’re new to banking or have smaller savings, especially since it offers 24/7 customer support. Bank of America, while offering strong benefits, may be a better choice for those with more financial stability. If you’re somewhere in between, it helps to compare account types, interest rates and fees to see which bank aligns more closely with your needs.

Tips for Choosing the Right Bank

First and foremost, take the time to identify the two or three most important factors that you want included in your new account(s). This will drastically help in narrowing down the banks you should be considering. For example, if you want to earn rewards from your checking account, check out the best rewards checking accounts. But if no fees are more important to you, a free checking account might be a better choice.
You might find that while a bank suits you well, a credit union could work even better. These financial institutions afford members special perks that most banks simply cannot match. Interested? SmartAsset came up with the best credit unions of 2018.
A financial advisor can offer valuable help as you review your choices of banks. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.