TD Bank Business Checking Review 2024

TD Bank offers four types of business checking accounts to help you manage your small business finances. Each account charges a monthly maintenance fee, although these can often be waived by meeting certain requirements. All accounts include free in-network ATM transactions, mobile check deposits and the ability to pay bills.

TD Business Premier Checking℠

TD Bank Business Premier Checking offers the most perks and highest transaction limits of any TD Bank business checking account and requires a $200 opening deposit.

This account includes:

• No ATM fees at TD Bank or non-TD Bank ATMs
• Up to two additional business checking accounts and one business money market account with no monthly charge
• Free paper statements, including check images
• Unlimited free money orders and official checks
• Up to 500 free items paid or deposited per statement cycle
• Up to $30,000 in free cash deposits per statement cycle

The bank charges a monthly maintenance fee of $30 for this account, but it will be waived if you maintain a $40,000 combined minimum balance across eligible TD Bank accounts.

The charge for over-the-limit transactions is $0.35 each, and if you need to deposit more than $30,000 in cash per statement cycle, you’ll pay $0.25 per $100 deposited over the limit.

TD Business Convenience Checking Plus

TD Business Checking Convenience Plus includes additional tools and features for businesses and requires a $100 opening deposit.

The account has the following transaction limits:

• Up to 500 free items paid or deposited per statement cycle
• Up to $5,000 in free cash deposits per statement cycle

There’s a $25 monthly fee the bank will waive by if you maintain a $1,500 combined balance across this account and a TD Bank personal checking account.

You’ll pay $0.50 for each over-the-limit transaction and $0.25 per every $100 deposited over the limit. TD Bank charges a $3 out-of-network ATM fee for this account.

TD Business Simple Checking℠

The TD Business Simple Checking account is geared toward business owners who maintain lower balances and process fewer monthly transactions. This account requires a $25 opening deposit and has a fixed monthly fee of $10 that can’t be avoided.

The transaction limits are:

• Up to 200 free items paid or deposited per statement cycle
• Up to $5,000 in free cash deposits per statement cycle

Additional transactions cost $0.75 each, and additional cash deposits cost $0.25 per $100. You can send free professional invoices with online payment options, though fees apply for accepting online credit, ACH or lockbox payments. This account has a $3 out-of-network ATM fee.

TD Business Interest Checking Plus

TD Business Interest Checking Plus is the bank’s only interest-bearing checking account and requires a $100 opening deposit. Rates are typical of business checking accounts at traditional banks but lower than what you’d get at the best online banks.

This account is limited to:

• Up to 200 free items paid or deposited per statement cycle
• Up to $5,000 in free cash deposits per statement cycle

After that, you’ll pay $0.50 for each over-the-limit transaction and $0.25 per $100 deposited. Out-of-network ATM transactions cost $3 each.

There’s also a $15 monthly fee, which you can avoid by meeting a $2,500 minimum daily balance requirement.

There are a few things that all TD Bank business checking accounts have in common. The main features include TD Bank Small Business Overdraft Relief, longer hours, instant-issue debit cards and 24/7 live customer support.

Overdraft fees are $35 per item, but Small Business Overdraft Relief offers these benefits:

• No overdraft fee if you’re overdrawn by $50 or less
• Grace period that allows you to make deposits up to 11 p.m. the next business day to avoid overdraft fees
• Savings overdraft protection with no annual fees or transfer fees
• Access to an overdraft line of credit

TD Bank business account access makes it convenient to manage your money from anywhere. Your options for accessing and managing your accounts include:

• Online banking
• Mobile banking
• Remote check deposit
• TD Bank and non-TD Bank ATMs
• 1,100+ TD Bank branch locations
• Phone banking

In addition, TD Bank offers specialized solutions to help you meet different needs for your business.

For example, you can use TD Bank online accounting to track invoices and payments so you can easily review your finances at a glance. Merchant solutions make it easy to pay vendors and accept payments from customers with minimal fees.

TD Bank is just one option for small business checking accounts. If you’re looking for the best place to handle business finances, you might consider other brick-and-mortar banks or an online business checking account.

In terms of how TD Bank business checking measures up against other traditional business checking accounts, there are some similarities. For instance, it’s not uncommon for traditional banks to charge monthly maintenance fees for business checking.

Regarding features and benefits, TD Bank has a few advantages, especially when it comes to overdraft relief and customer service. While some banks offer grace periods or overdraft fee waivers for business checking, not all of them do. Plus, the ability to bank at a branch with extended hours or talk to a customer support rep anytime day or night make this account even more convenient.

If you’re wondering whether an online business checking account might be a good fit, here are a few comparisons.

TD Bank vs. Bluevine

Bluevine is a fintech company offering business checking accounts with no overdraft fees, monthly fees or account minimums.

These accounts also provide the opportunity to earn 2.00% APY on balances of up to $250,000 if you spend $500 with their debit card or receive $2,500 in customer payments each month. This rate is competitive with the best high-yield checking accounts and well above what TD Bank offers.

The Bluevine Business Checking offers fee-free access at MoneyPass ATMs but doesn’t waive or reimburse fees at other ATMs. There are no branch locations to visit if you need help or want to deposit cash.

TD Bank vs. Axos

Axos Bank offers full-service banking that includes small business products and services. Checking account options include Axos Bank Basic Business Checking and Axos Bank Business Interest Checking.

The Basic Business Checking account is what it sounds like: a simple checking account for business. There are no minimum balance requirements or monthly fees and Axos reimburses domestic ATM fees. Interest checking earns  up to 1.01% APY on balances below $50,000 and a reduced rate on balances greater than that. There’s a $10 monthly maintenance fee for this account, which you could avoid by meeting a $5,000 minimum average daily balance requirement.

Axos Bank operates entirely online so there are no branches to visit. But you can manage your money through online banking, mobile banking or at MoneyPass and Allpoint ATMs.

TD Bank vs. Lili

Lili is a fintech company that partners with a bank to offer financial services for freelancers, gig workers and other small business owners. You can open a Lili Basic or Lili Pro account and the range of features included will depend on which one you choose.

Lili Basic is free while Lili Pro costs $15 a month. Paying the fee can help you unlock added benefits, such as fee-free overdrafts up to $200, a 4.15% APY on savings and cashback rewards at participating merchants.

While Lili doesn’t have any branches, you can deposit cash at partner retail locations. You will pay a fee for that convenience, however.

Forbes Advisor rates banks based on various factors, including their fees, interest rates and ATM networks, among other characteristics. We assign separate ratings to financial institutions and their individual products, such as checking accounts, savings accounts and certificates of deposit (CDs). We rate banks based on a scale of one to five stars, with one star as the poorest rating and five stars as the best.

To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.