TD Bank Is Offering Up to $1,400 for New Checking and Savings Accounts – Here's What You Need to Know

If you've been eyeing a solid bank bonus, TD Bank just sweetened the pot. They're now offering up to $1,400 when you open a new checking and savings account and meet a few requirements. The best part? You can snag both bonuses if you qualify. But there's a catch – this offer is targeted, so not everyone will see it. Let's break down what you need to do to get your hands on that cash.

What's the Deal, Exactly?

TD Bank is running a promotion where new customers can earn up to $1,400. That's a $400 bonus for opening a TD Beyond Checking account and setting up $2,500 in direct deposits within 60 days. On the savings side, you can earn up to $1,000 by opening a TD Signature Savings account and depositing $100,000 or more in new money within 20 days – you'll need to keep that balance for 90 days to get the bonus.

There are lower tiers for the savings bonus too: $600 for $50,000, $400 for $30,000, and $200 for $10,000. So even if you don't have six figures lying around, you can still grab something.

One important thing: this offer is targeted. TD's landing page says it's only available to people who received a mailer or email. If you didn't get one, you might still be able to apply, but there's a risk they'll enforce the targeted language. A few folks have reported that happening, so proceed with caution.

How to Qualify for the Checking Bonus

The checking bonus is straightforward: open a TD Beyond Checking account and have at least $2,500 in direct deposits hit the account within 60 days. Direct deposits include things like your paycheck, pension, or Social Security. Transfers from other accounts or person-to-person payments like Venmo don't count.

The Beyond Checking account has a $25 monthly fee, but you can waive it easily. Options include: having $5,000 or more in direct deposits each statement cycle, keeping a $2,500 minimum daily balance, or maintaining a $25,000 combined balance across linked TD accounts. If you're already planning to use direct deposit for the bonus, the fee waiver should be a no-brainer.

The bonus will be credited to your account within 180 days of opening. Just make sure you don't close the account within six months, or TD might take the bonus back.

The Savings Bonus – Worth It for Big Depositors

The savings bonus is where the real money is, but it requires a serious chunk of change. For the full $1,000, you need to deposit $100,000 in new money within 20 days and keep it there for 90 days. 'New money' means funds not already in a TD retail deposit account – so no moving money from your existing TD checking.

If you have the cash, it's a decent return. Plus, TD Signature Savings offers a competitive interest rate – for balances over $100,000, you can earn around 3.51% APY (as of the offer date). That's not bad for a savings account, and it sweetens the deal while you're waiting for the bonus to post.

Lower tiers are available if $100k is too steep. For $50,000 you get $600, for $30,000 you get $400, and for $10,000 you get $200. The bonus posts within 140 days of meeting the requirements.

Things to Watch Out For

First, this is a targeted offer. If you didn't get a mailer or email, you might still be able to apply through the link, but TD has been known to enforce the targeting. Don't count on getting the bonus if you weren't invited.

Second, you can't have received a TD checking or savings bonus in the past. If you've already taken advantage of a previous offer, you're out of luck. Also, you can only get one checking and one savings bonus per customer – no stacking multiple offers.

Third, be mindful of the early closure penalty. If you close your account within six months, TD reserves the right to deduct the bonus amount. So plan to keep the account open for at least half a year.

Finally, the bonus is taxable. TD will likely issue a 1099-MISC for the value, so set aside some of that bonus for tax time.

Bottom Line

• Up to $1,400 total: $400 for checking (Beyond Checking, $2,500 direct deposit) + $1,000 for savings (Signature Savings, $100k deposit).
• Offer is targeted – only for those who received a mailer or email. Check eligibility before applying.
• Savings has lower tiers: $600 for $50k, $400 for $30k, $200 for $10k.
• Must keep accounts open 6 months to avoid bonus clawback.
• Bonus is taxable (1099-MISC).

Common Questions