TD Bank 60 Plus Checking Review — Perfect for Retirees

If you’re nearing retirement or already there and aren’t particularly happy with your current bank, TD Bank 60 Plus Checking is built for you. It’s one of the few checking accounts specifically marketed to older Americans, with increasingly rare features like free paper checks, free paper statements, and discounts on TD loans (including for second homes).

TD Bank 60 Plus Checking isn’t appropriate if you live outside TD’s home region, which extends up and down the East Coast. Before opening an account, make sure you understand its other potential downsides as well.

What Is TD Bank 60 Plus Checking?

TD Bank 60 Plus Checking is a checking account built for users over age 60. It has a $10 monthly maintenance fee that’s waived with a balance of $250 or more. It also has a nominal yield on balances, though your balance has to be quite substantial for interest to pile up.

Other notable features of TD Bank 60 Plus Checking include free paper checks and statements, optional overdraft protection with no overdraft fees, and a 0.25% rate discount on eligible TD home loans and other credit products. This account has some high-tech features too, including contactless debit cards, rapid person-to-person transfers through Zelle, and a robust mobile app.

What Sets TD Bank 60 Plus Checking Apart?

TD Bank 60 Plus Checking has some features and capabilities worth noting at any age:

  • No opening or ongoing balance requirements. There’s no minimum balance to open or maintain this account. However, yoo need to maintain a $250 minimum daily balance to waive the maintenance fee.
  • Easy to waive the maintenance fee. The $10 monthly maintenance fee is relatively easy to waive, even if this isn’t your primary checking account. Just keep $250 in the account at all times.
  • Free paper checks and statements. This account comes with unlimited free paper checks and paper statements. Both are rare in the banking world these days, so this is a perk for users who prefer to keep checks on hand and physically handle their transaction records.
  • Rate discounts on eligible TD loans. Eligible TD personal and home equity loans qualify for 0.25% rate discounts as long as you keep this account open and in good standing.

Key Features of TD Bank 60 Plus Checking

TD Bank 60 Plus Checking has all the core features you’d expect from a traditional bank account, plus some add-ons that might pique your interest.

Account Fees & Requirements

This account has a $10 monthly maintenance fee. It’s waived as long as you maintain a daily balance of at least $250 in the account.

Account Yield

This account yields 0.01% APY on all balances. This rate hasn’t changed in years, even as savings account yields have skyrocketed, and as a result isn’t particularly notable.

ATM Access

TD Bank has several thousand ATMs up and down the East Coast. These machines charge no withdrawal fees, but there’s a $3 withdrawal fee (plus any third-party fees TD can’t control) for out-of-network withdrawals.

Paper Checks & Statements

This account comes with free paper checks and paper statements. There’s no limit to the number of free check reorders you can make, and you won’t pay a surcharge if you elect to receive paper statements instead of electronic ones.

Free Money Orders

TD Bank 60 Plus Checking waives customary fees on money orders picked up at TD Bank branch locations. This is a significant and rare perk if you routinely use money orders instead of personal checks for larger transactions.

Savings-Linked Overdraft Protection

If you have a TD Bank savings account, you can link it to your 60 Plus Checking account and pull from it to cover transactions that would normally result in negative balances. There’s no fee for this optional service.

If you don’t have a TD Bank savings account or don’t opt into free overdraft protection, the overdraft fee is $35 per occurrence (limit three per day).

Loan Discounts

You automatically receive a 0.25% interest rate discount on eligible TD loans with this account, including unsecured personal loans and home equity products. However, primary mortgages aren’t eligible.

Mobile Features

TD Bank has a mobile-responsive website and mobile apps for Android and iOS. Notable mobile features include:

  • Mobile check deposit
  • Digital bill payments
  • Person-to-person transfers through Zelle
  • Personalized account alerts
  • Credit and debit card controls, including one-touch card lock if your card is misplaced or stolen

Deposit Insurance

This account comes with FDIC insurance up to the current limit of $250,000. Should TD Bank fail, you’ll be reimbursed for account balances up to that amount.

Pros & Cons

TD Bank 60 Plus Checking is an above-average checking account designed specifically for older users. It has some noteworthy drawbacks though.

Pros

TD Bank 60 Plus Checking has some simple benefits that are in increasingly short supply elsewhere in the banking world.

  • Easy to waive the monthly maintenance fee. This account has a $10 monthly maintenance fee, but it’s waived with a $250 minimum daily balance. That’s no problem for most prospective account holders.
  • Free paper checks and statements. This account comes with free paper checks and statements. These simple perks are difficult to find in similar accounts.
  • Free money orders and bank checks. TD Bank charges no fees for money orders and bank checks drawn from a 60 Plus Checking account. Many other banks tack on small but annoying fees to these products.
  • Complimentary overdraft protection with a linked savings account. Link your TD Bank savings account and never again worry about overdrawing your account. There’s no fee for the privilege either.
  • Interest rate discounts on eligible TD Bank loans. Eligible TD Bank personal loans and home equity products qualify for a 0.25% interest rate discount, which can add up to hundreds or thousands of dollars over the life of a longer-term loan.

Cons

Though there’s more to like than dislike here, 60 Plus Checking falls short on key measures of accessibility and return on investment.

  • Not available nationwide. TD Bank has branches and ATMs across much of the eastern United States, but it’s more or less absent elsewhere and doesn’t accept applications from states outside its home territory.
  • Poor yield. TD Bank plays up this account’s yield, but it’s not much to write home about: just 0.01% APY on all balances. That’s only slightly better than nothing.
  • Small ATM network. TD Bank only has a few thousand ATMs in its network. If you don’t live near a TD Bank branch, there’s probably no TD Bank ATM in your neighborhood either.
  • No account opening bonus. TD Bank 60 Plus Checking has no bonus offer for new account holders. That’s a drawback relative to two other popular TD Bank accounts that do have account opening promotions: Beyond Checking and Convenience Checking.

How TD Bank 60 Plus Checking Stacks Up

Before you apply for a 60 Plus Checking account, make sure it’s the right fit for you. You might find a superior alternative without going too far in TD Bank’s Beyond Checking account. See how the two compare.

60 Plus Checking Beyond Checking
Minimum Deposit $0 $0
Monthly Fee $10 $25
Monthly Fee Waiver $250 minimum balance Multiple options, but more difficult
Free Checks Yes Yes
Paper Statements Yes Yes
Out-of-Network ATM Fees Not waived Waived with $2,500 balance
Overdraft Protection Yes, via savings account Yes, via savings account plus two non-savings fee reimbursements per year

TD Bank 60 Plus Checking and TD Bank Beyond Checking have a lot in common, but Beyond Checking is more generous overall. The main reason to stick with 60 Plus Checking is it’s much easier to waive the monthly maintenance fee with a qualifying balance.

Final Word

TD Bank 60 Plus Checking goes the extra mile to accommodate older users who appreciate little (but important) things like free paper checks, free money orders, and discounts on home equity loans. There’s nothing groundbreaking about it, but that’s fine: It covers a lot of bases and does what it promises.

That said, there are even better checking account options for discerning older customers. And you might not have to look far: TD Bank Beyond Checking has an even more generous lineup of perks, albeit with a harder-to-waive monthly maintenance fee.

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