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TD Bank Business Account: 2021 Review

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Susan Guillory
Susan GuilloryUpdated February 8, 2021
TD Bank business accounts offer some of the most competitive fees and benefits of any bank catering to small businesses, including an interest-earning checking account option.
Pros and cons

Pros

  • Some branches open on Sundays
  • Option to earn interest on one kind of checking account

Cons

  • Only has U.S. branches in the Eastern part of the country.
  • Limited ATMS and fees to use non-TD Bank ATMs

TD Bank Business Account Rates, Fees, Types, and More

TD Bank offers business checking and saving accounts, as well as loans, credit cards, and lines of credit. Read on for fees, rates, and requirements for these account types.

TD Bank Business Checking

Maintenance fees: 
  • TD Business Simple Checking: $10/mo
  • TD Business Convenience Checking Plus: $25/mo; waivable with minimum daily balance
  • TD Business Premier Checking: $30/mo., first 3 statement cycles waived
  • TD Business Interest Checking Plus: $15/mo; waivable with minimum daily balance
Minimum daily balance to waive monthly maintenance fee:
  • TD Business Simple Checking: n/a
  • TD Business Convenience Checking Plus: $1,500
  • TD Business Premier Checking: $40,000 across all accounts
  • TD Business Interest Checking Plus: $2,500
Free monthly transactions:
  • TD Business Simple Checking: 200
  • TD Business Convenience Checking Plus: 500
  • TD Business Premier Checking: 500
  • TD Business Interest Checking Plus: 200

TD Bank Business Savings and Money Market

Interest rates:
  • TD Business Savings: .may vary by location
  • TD Small Business Money Market Plus: .Tiered
Maintenance fees: 
  • TD Business Savings: $5/mo; waivable with minimum daily balance
  • TD Small Business Money Market Plus: $15/mo; waivable with minimum daily balance
Minimum daily balance to waive monthly fee:
  • TD Business Savings: $500
  • TD Small Business Money Market Plus: $2,500
Free monthly transactions:
  • TD Business Savings: 6
  • TD Small Business Money Market Plus: 50

TD Bank Business CDs

Interest rates:
  • TD Business Basic CDs: .varies with term
  • TD Business No-Catch CDs: ..03%
  • TD Business Jumbo CDs: ..05%
Minimum deposit to open and maintain account and APR
  • TD Business Basic CDs: $5,000
  • TD Business No-Catch CDs: $25,000
  • TD Business Jumbo CDs: $50,000
Terms:
  • TD Business Basic CDs: 91 days to 5 years
  • TD Business No-Catch CDs: 3, 5, 9, or 11 months
  • TD Business Jumbo CDs: 7-75 days

TD Bank Business Credit Cards

Interest rates: 0% for first 6 billing cycles; then 12.99%, 17.99% or 22.99% variable APR based on your creditworthinessAnnual Fee: $0Sign-up bonus: 0% introductory APR on purchases for first 6 billing cycles; earn $300 cash back when you spend $3,000 in eligible purchases within the first 90 days

TD Bank Business Loans and Lines of Credit

Interest rates:
  • Business loans: fixed rate
  • Lines of credit:  WSJ Prime + 0.74%
  • Commercial mortgages: variable rate
Fees: 
  • Business loans: For SBA loans, varies based on amount borrowed
  • Lines of credit: Call for information
  • Commercial mortgages: Call for information

Alternatives to a TD Bank Business Account

TD Bank online business accounts aren’t your only options for business banking services. While researching business bank accounts, it can be helpful to explore other banks and reviews. Be sure to check out the Chase business savings account and Bank of America’s small business options, for starters.

What Types of Business Accounts Does TD Bank Offer?

TD Bank small business account services include the following. 
  • Business checking accounts
  • Business savings accounts
  • Business money markets
  • Business certificates of deposit (CD)  
  • Business loans
  • Business lines of credit
  • A business  credit card
  • TD Bank business services like online accounting and merchant services.

TD Bank Business Checking

The TD Bank business checking account is one of the leading small business checking account options available to small businesses, with four accounts to choose from:
  • TD Business Simple Checking. A basic business account with no minimum balance requirement, a low monthly fee, and up to 200 items paid and/or deposited per statement included.
  • TD Business Convenience Checking Plus. Provides online payment options, up to 500 items paid and/or deposited per statement period included, monthly fee waived with $1,500 daily balance.
  • TD Business Premier Checking. Offers the most perks of any TD Bank small business checking account, including free unlimited money orders and official checks.
  • TD Business Interest Checking Plus. An interest-earning account that also Includes up to 200 items paid and/or deposited free per statement.

TD Bank Business Savings, CDs, and Money Markets

When it comes to a savings account for small businesses, there is one TD Bank business savings account option. You can  open your account with as little as $25, but you’ll need to have a minimum daily balance of $500 if you want to get the $5 monthly maintenance fee waived. You might also consider its money market account, or one of three CD options.
  • TD Business Basic CDs. Offers the longest terms of any TD Bank CDs.
  • TD Business No-Catch CDs. Terms of 3, 5, 9, or 11 months. 
  • TD Business Jumbo CDs. Has the highest minimum of any TD Bank CDs. 

TD Bank Business Credit Cards

Unlike other big banks, TD Bank offers just one business credit card with average interest rates. The TD Bank business account promotion of 0% introductory APR on purchases for the first 6 billing cycles, as well as being able to earn $300 cash back when you spend $3,000 in eligible purchases within the first 90 days, may make it an appealing option to business owners.

TD Bank Business Loans and Lines of Credit

TD Bank business banking offers simplified lending products compared to other banks, with a business loan ($10,000-$1,000,000), line of credit ($25,000-$500,000), and commercial mortgage (up to $1,000,000)  as its offerings. You can apply for loans under $100,000 online, but for amounts higher, you’ll need to visit a branch to apply.

Why Choose TD Bank

TD Bank business account reviews praise TD Bank for its low fees, transparency, and TD Bank business solutions. It’s a great option for those on the east coast, where the bank concentrates its US branches.

Important to Keep in Mind

While the Simple Checking fees are just $10 a month, other accounts have TD Bank business account fees of $25 or $30, which can add up. Be sure you can qualify to waive those fees if you need the features those accounts provide.

Opening a TD Bank Business Account

There are a few things you’ll need to open a business bank account at TD Bank, but generally the process is painless and fast.

TD Bank Business Account Requirements

TD Bank business account requirements are similar to those for other banks. You’ll need to be the owner or individual with control of the company you’re opening an account for, and you’ll need to have a business in one of the states where TD Bank operates.If you have four or fewer signers for the account, you can open a checking, savings, or money market account online, otherwise you’ll need to go to a branch. TD Bank has branches in Connecticut, Delaware, Florida, Maine,Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Caroline, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington DC, as well as British Columbia, Canada.

How to Open a TD Bank Business Account

To open your account, you will need several documents and pieces of information. If you’re opening your account online, you’ll need:
  • DBA/fictitious name/assumed name/trade name certificate or registration
  • Chapter and Bylaws of Association or copy of minutes of last meeting with new elected officers
  • Partnership Banking Agreement
If you’re opening an account at a branch, you’ll need:
  • DBA/fictitious name/assumed name/trade name certificate or registration
  • Chapter and Bylaws of Association or copy of minutes of last meeting with new elected officers
  • Partnership Banking Agreement
  • Document used to form and register your business; e.g., Articles of Incorporation/Organization, Certificate of Good Standing
  • Board of Directors Resolution/Bylaws
  • LLC Operating Agreement
Once you have your TD Bank open business account, you’ll be mailed your debit cards and checks. 

The Bottom Line

For businesses on the east coast, TD Bank offers affordable banking and long hours (some branches are even open on Sundays). If the basic checking account suffices, it’s got some of the lowest fees of any business banking account, and if you need more, it’s easy enough to waive the higher fees of other checking options.

Frequently Asked Questions

What do you need to open a business account at TD Bank?
Is TD Bank good for small business?
Does TD Bank have free business checking?
What are the requirements to open a TD Bank business account?
What are the benefits and drawbacks to a TD Bank business bank account?

About the Author

Susan Guillory
Susan GuillorySusan Guillory is the president of Egg Marketing, a content marketing firm based in San Diego. She’s written several business books, and has been published on sites including Forbes, AllBusiness, and Cision. She enjoys writing about business and personal credit, financial strategies, loans, and credit cards. Follow her on Twitter @eggmarketing.
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