Update 5/4/25: Deal is back until July 31, 2025
Offer at a glance
- Maximum bonus amount: $500
- Availability: CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, SC, VT, & VA
- Direct deposit required: None
- Additional requirements: See below
- Hard/soft pull: Soft
- ChexSystems: Unknown
- Credit card funding: Up to $1,000 (a lot of cards process as cash advance)
- Monthly fees: $10-$15, avoidable
- Early account termination fee: Six months, bonus forfeit
- Household Limit: None mentioned
- Expiration date: November 30, 2024
Contents
The Offer
- TD Bank is offering a $500 bonus when you open a new business checking account and complete the following requirements:
- Deposit a minimum of $2,500 within the first 25 days and maintain at least a $2,500 balance for 90 additional days from the 25th day after account opening.
- Conduct 25 qualifying transactions across the first 3 statement cycles (ACH debits/credits, bill pay, Merchant Solutions settlement transactions, incoming/outgoing wires, checks paid, small business Zelle transactions, Visa Business Debit card transactions, digital express remote deposits, and settlement transactions for TD Online Accounting or Tap-to-Pay on iPhone payments received)
The Fine Print
- Offer valid October 1, 2024 through November 30, 2024 and is available when opening a qualified Checking account at a TD Store or online.
- Checking Bonus: You will not qualify for the Checking Bonus if you are an existing TD Bank Business Checking customer OR had a previous Business Checking Account that was closed within the preceding 12 months OR have received a prior Business Checking account bonus at any time. Eligibility is determined based on the SSN/TIN of the business used to open the account.
- To qualify for the $500 Cash Back Offer: You must open a new Business Checking account. Business Simple Checking, Business Convenience Checking Plus, Business Interest Checking Plus or Business Premier Checking products are eligible. The criteria below must also be met:
- Deposit a minimum of $2,500 within the first 25 days and maintain at least a $2,500 balance for 90 additional days from the 25th day after account opening.
- Conduct 25 qualifying transactions across the first 3 statement cycles. Your eligible transactions include ACH debits/credits, bill pay, Merchant Solutions settlement transactions, incoming/outgoing wires, checks paid, small business Zelle transactions, Visa Business Debit card transactions, digital express remote deposits, and settlement transactions for TD Online Accounting or Tap-to-Pay on iPhone payments received.
- After you have completed the requirements outlined above, we’ll deposit the bonus in your new account on or before 180 days after account opening. To receive the bonus, your account must not be closed or restricted at the time of payout. If your new checking account is closed by you or TD Bank within 6 months after account opening, TD Bank reserves the right to deduct the bonus amount at closing.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
- TD Business Simple Checking Account Guide has a $10 monthly fee that can’t be waived
- TD Business Convenience Checking Plus Account has a $15 monthly fee, this is waived with $1,500 in Combined balances in TD Business Convenience Checking
Plus and one personal checking
Early Account Termination Fee
In their online fee schedule, there is no mention of an early account termination fee. The fine print does say the accounts need to be kept open for 6 months or the bonus is forfeit though.
Our Verdict
Think this is the first time we’ve seen a business checking bonus. There is a $300 personal checking & $200 savings bonus. Bonus itself is a bit tedious but worth doing if you’re eligible. I’ll add this to our best bank bonus page.
Hat tip to BankBonusIsMyReligion & Steph S
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
I finally got my $500 bonus after a long fight with TD. First they just said I hadn’t met the requirements. They eventually clarified this by saying I hadn’t made the $2500 deposit within the first 25 days. They said the account had been opened the day after I applied, but I countered that they sent the email saying I’d been approved several days later and I had taken this date for the opening date. They eventually relented and made it sound like they were doing me a favor. This isn’t the first time I’ve had trouble with TD.
I think that’s why someone suggested to count your account open days from the day you applied. Best to avoid any confusion and unnccessarily give these banks a reason to deny you.
Re the 25 transaction per month requirement. Let’s say I have a credit card on which I want to make a $100 payment through bill pay (assuming I make my bill pay payments by setting them all up myself manually rather than using the automatic type ). so I set up to make say five different $20 each payments on that bill a few days apart from each other. Can anyone forsee a problem with that being counted as 5 transactions?
Where do you see 25 transactions per month?
It’s 25 transactions (total) during the first 3 statement cycles. Not 25/month * 3 months
Thank you
Does anyone know if Chase Ink codes as a purchase?
Seeing some new activity on this page so wanted to remind everyone: this bank records your application date as your account opening date so get your deposits in early so you don’t miss the deadline.
Weird. they dragged my application out something around 13 days alone before the account could even be accessed. Thankfully I deposited right away.
Does anyone know if a Wells Fargo Signify codes as a purchase?
I applied online, uploaded the forms and completed the application. Under review now, there is no clear timeline of when the review will be finalized. “Once completed, we’ll open your account and notify you via e-mail within 1-2 business”.
Did you get any response from them yet?
No response, but when I called for a follow up a week later, I found out the account was opened.
Did you call the customer service number for small business or the number given at the time of application along with the reference number?
I called the customer service for small business along with business ID.
thanks!
How did you receive your Online banking username credentials etc? Did you call CSR? They denied helping me saying it’s a business account and you must visit a branch.
I called CSR a couple of times, they also suggested to visit a branch. In branch the process was super easy, both for the debit card and for setting up the online credentials.
Finally got it from CSR after I received my debit card.
I applied 2 weeks ago and got approved as a Sole proprietor online (NY). I had to call to get online banking access which was very fast since I had them link it to my personal account, took seconds.
I made a mistake when applying though. I applied for the Premiere flavor of checking. This requires a 25k min balance before $30 fees. It’s waived the first 3 months, but from DPs, it looks like it pays out in roughly 140~ days which is roughly 4 or 5 months. I asked about product changing and they said that changing is easy to do, but the rep believed after an hour of holding and asking around that it would invalidate the offer. “The account cannot have changed made to it in the first 90 days.”
I’m thinking I’ll call back in a month or so to see if another rep has a different take on it. Maybe it’s possible to change after 90 days when the fee waiver ends and escape the fee and still get the bonus payout, but it sounds like risk instead of eating the 30 to 60 fees depending on the timeline unless a rep can verify otherwise. Otherwise, I’ll eat the fees until payout. My mistake, gotta own it.
Did you ever get emails from TD bank after your account was opened mentioning about your temporary username and temporary password for online banking? I received but I am not able to login using them. contacted CSR and they are unable too.
No, I never got online banking for the account setup. Instead, I had to call and they linked it to my existing personal account. The rep said if I wanted to setup the biz account access directly I’d need to talk to the business support team.
OK thank you. To me they said we can’t do it over phone. You need to visit a branch to set up online banking credentials as it’s a sole prop account. I am now thinking to open a personal checking as well to try this work around.
I just opended the TD Business Convenience Checking Plus account and I have no checking account. Will I still be charged a fee if I have the minimum balance?
Did you find out if maintaining $2500 in just the business acct could waive the fee or you definitely need a personal account as well?
Did you ever get an answer to this?
Which version of biz checking do we favor? I was thinking Simple Checking, but it actually has no way to waive the 10d/month account fee.
TD Business Convenience Checking Plus – Waive the monthly fee with a $2,500 minimum daily balance between this account and a TD personal checking account.
Is it required to have a checking account? What if I have a 2.5k balance on the TD Business Convenience Checking Plus account and nothing else?
Does anyone know if Cash App will fulfill the transaction requirements?