TD Bank offers several business checking accounts to fit your needs. Some of them earn interest, while others come with a monthly maintenance fee.
If you’re looking to keep a significant chunk of your money in the bank, TD’s Small Business Money Market Plus account is worth considering. It offers a competitive 0.05% annual percentage yield (APY).
Features
TD Bank offers a range of business accounts and services, from Visa debit cards to online accounting and merchant solutions. Its business bank accounts are based on different needs, so you can find the right one for you.
TD has a wide array of checking and savings options, including several that offer interest-bearing checking. You can also open a business loan or line of credit and get commercial mortgages, all of which are FDIC insured. The bank has over 1,100 branches across 15 states and Washington, D.C., and extended hours at branches on both nights and weekends.
A business account from TD is the right choice for many small businesses. It’s easy to set up and manage, has low fees, and offers a variety of benefits.
In addition to the business checking accounts, TD offers online banking with a free Visa debit card, merchant services, and a business loan and credit card. Its TD Bank business loan comes with flexible repayment schedules, and its TD Bank credit card offers low rates and fees.
If you need to send invoices, TD Bank has a new partnership with Autobooks to add digital invoicing to its business banking products. The collaboration will make it easier for SMBs to process payments and get paid faster, a press release says.
Autobooks is a payment acceptance company that works with banks to provide a full accounting and cash flow management suite, including automated clearing house (ACH) and bill pay services. Adding Autobooks’ invoicing and payments capabilities to TD Business Simple Checking is part of the bank’s push to make business banking simpler, according to the release.
Fees
If you’re looking for a bank that offers both a variety of options and excellent customer service, TD Bank is worth considering. It’s one of the top-ten largest banks in the United States, and it has a strong presence in Canada as well.
TD Bank offers a variety of business checking accounts that vary in their features and fees. All have the ability to transfer money and pay bills online, though some have more perks than others. If you’re a small business owner, you may want to choose an account that best suits your needs and budget.
For example, if you’re traveling frequently, a TD Bank business account with fee-free ATM withdrawals and no out-of-network transaction fees could be ideal for you. Or, if you have an expanding business with a high cash flow, a TD Business Interest Checking Plus account might be right for you.
Another perk is the availability of extended branch hours at select locations, which make it easier for you to bank even when your office or retail shop is closed. And if you prefer to bank in person, TD’s convenient, seven-day-a-week in-store access means that you can visit any location you want at your convenience.
In addition to its wide network of branches and ATMs across the country, TD Bank also has extensive mobile and online banking services. Its app allows you to deposit checks in your account from your smartphone and is free to download. It also has a mobile banking feature that allows you to access your account and pay bills without leaving your home or office.
Requirements
TD Bank’s business checking accounts are made with small businesses in mind. They simplify fees and free transactions and offer a broader range of financial products. Moreover, many of these accounts have competitive rates and bonuses for new customers.
You’ll need a valid driver’s license or state-issued ID to open the account, and you may also be asked for your Social Security number and job title. You can open the account online or in person at a TD Bank branch.
One of the best perks about the TD Bank business checking account is its 24/7 live customer service. Having a team of expert agents on hand is especially useful if you’re experiencing problems with your account or you’re just not sure what to do.
Additionally, a few TD Bank branches have extended hours and offer Sunday banking services at select locations. These features can make a big difference for busy business owners who need to visit the bank to deposit checks or pay bills.
In addition to these features, TD Bank offers online and mobile banking, merchant solutions, and TD Online Accounting. The latter can help streamline your accounting and automate your invoicing process.
TD Business Convenience Checking Plus is an excellent option for a small business that wants to earn interest on deposits and avoid monthly maintenance fees. You can waive the monthly fee by maintaining a $1,500 daily balance. Alternatively, you can link a TD personal checking account to your account and count the combined balance toward your daily minimum.
Alternatives
If a TD Bank business account isn’t right for you, there are many alternatives that may suit your needs. One of the most popular options is a neo bank, which offers a range of online banking products and services at lower fees than traditional brick-and-mortar banks.
Unlike most banks, neobanks don’t have the same overhead costs that make their interest rates and fees less competitive than their traditional rivals. The low fees that neobanks are able to offer mean they’re ideal for businesses with smaller budgets, especially those that operate on the margin.
For example, a neobank like Statrys offers a multi-currency account with no minimum balance requirements and no monthly fee. It also offers a full suite of business services, including tax management and human resources support, as well as online accounting.