If you own a small business, your finances should be placed in an account strictly for business purposes and kept separate from your personal expenses. This can alleviate issues with taxes, payroll, and help you establish business credit.
Opening a business bank account can also make your business eligible for small business loans, lines of credit, and other business financing options that wouldn’t be available without one.
One business checking account to consider is TD Bank, which has four business checking accounts:
- TD Business Simple Checking
- TD Business Interest Checking Plus
- TD Business Convenience Checking Plus
- TD Business Premier Checking
Below, we detail the most up-to-date information you’ll need about getting a TD small business checking account.
How Does TD Bank Checking Compare to Others in 2022?
Here’s how TD Bank’s business checking account compares to other small business checking account offers from Nav’s business checking marketplace.
What Are the Best Features of a TD Bank Business Checking Account?
The features of your business checking account should reflect your most immediate needs, as well as the future financial goals of your business. From transaction fees to merchant solutions and overdraft protection, we break down some of the best features TD business checking accounts have below.
One of the best features for all TD Bank small business owners is that they have 24/7 live customer service agents available. For business customers, this is a great feature in the event you misplace your debit card, have an issue logging into your online banking, or otherwise need support for your banking business needs. It also comes in handy in the event you’re opening your account online and run into any questions.
Also, the TD Bank Business Interest Checking Plus account earns interest. The annual percentage yield (APY) for this account is 0.05%. So if your business has a consistent and significant revenue stream, the money you keep in this account will make you more money. And if you have the TD Business Premier Checking account, then you do not have to pay a fee to use non-TD Bank ATMs.
In addition, various TD Bank branches have extended in-person banking services until 6 p.m. All branches are open on Saturdays, and many also open on Sundays. TD Bank provides the convenience of mobile banking through their mobile app, which is also convenient for business owners on the go.
How Do I Open a TD Bank Checking Account?
Opening a TD small business deposit account has standard application requirements that are the same across all four of their business checking accounts. This is a great way to verify your business and any individuals you’re authorizing to have access to the accounts.
Whether you’re completing an application in-person or online, you’ll need:
- Your legal business name and address
- Your Tax ID Number (some business owners may use their personal Social Security Number)
- A valid driver’s license, state-issued ID, or passport to verify your identity
If you plan to add other authorized users, beneficial owners, or give anyone else access, you’ll need each person’s name, physical address, Social Security Number, phone number, date of birth, and a valid ID. Their job title is also required for this process.
Is There a Minimum Amount Needed to Open a TD Bank Business Checking Account?
Because TD Bank has four business checking accounts, each account has its own requirements for the minimum amount needed to open an account.
TD Business Simple checking accounts require a $25 deposit to open an account and cost $10 per month. The monthly maintenance fee is required for these TD Bank business accounts and can’t be waived. Opening a TD Business Interest Checking Plus account requires a $100 minimum deposit, and the $15 monthly cost is waived if you keep a daily balance of $2,500 or more. If you maintain this balance requirement, you’ll be paid interest.
The TD Business Convenience Checking Plus also requires a minimum of $100 for an opening balance and costs $25 per month. However, the fee is waived if you keep your business account and one personal checking account at TD Bank with a minimum daily combined balance of $1,500.
Getting a TD Business Premier Checking account requires a minimum opening deposit of $200 and charges the most per month at $30. Nevertheless, Business Premier Checking clients do not pay TD Bank fees while using out-of-network ATMs (other accounts charge $3 per transaction). You can also open up to two additional Business Simple accounts and a TD Bank Money Market Plus account without paying a monthly fee at any other time.
Can I Open a TD Bank Business Checking Account Online?
If you have four or fewer authorized signers on the account, you can apply for a TD Bank small business account online. If not, going to a TD Bank location near you is another option for business owners looking to get a bank account.
To open an account online, you’ll need the following documents:
- Fictitious name/assumed name/DBA/trade name certificate or registration
- Partnership Banking Agreement
- Chapter and Bylaws of Association or copy of minutes of the last meeting with newly elected officers
TD bank accounts for business offer small business owners varying options based on their business needs. If your business is making a consistent revenue stream that you want to grow, the TD Bank Business Interest Checking Plus may be best suited for your business. If your business and cash flow have expanded greatly and you need additional banking options such as a small business money market account and business savings account, then the TD Business Premier Checking account would be your go-to.
If you want to avoid stipulations like minimum daily balances, then getting the TD Bank Simple Checking account may work well for you. Ultimately, all TD bank accounts have their perks, but they all come with a monthly service fee.
The easiest way to find the right bank account for your business is to create a Nav account. Nav finds your best options for small business loans, business credit cards, and other business services based on your business data. Our platform also walks you through how to build business credit, so all your financial health needs are covered.