TCF Bank Review of Checking, Savings, CD, Money Market, and IRA Accounts

For a regional bank, TCF offers a wide range of products and services, ranging from checking and savings accounts to prepaid debit cards, credit cards, mortgages and CDs. The bank is also committed to financial education and community service where it operates.

Here’s a closer look at the TCF product line, including rate information and tips on how to open various accounts.

TCF Bank’s Most Popular AccountsAPY

Account Type

Account Name

Compare Rates from Similar Accounts

0.01%

Savings

TCF Bank TCF Free Savings

1.85%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

0.05%

CD Rates

TCF Bank 3 - 13 Month CD

2.45%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

0.25%

CD Rates

TCF Bank 30 - 36 Month CD

2.55%

Ally Bank High Yield 3 Year CD

on Ally Bank’s secure website

0.35%

CD Rates

TCF Bank 49 - 61 Month CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

TCF Bank’s checking account options

TCF Bank’s savings account options

TCF Bank’s CD rates

TCF Bank’s money market account

TCF Bank’s IRA CD rates

Overall review of TCF Bank’s products

The TCF® Premier CheckingSM pays little to no interest and charges a monthly fee unless you meet the high minimum balance requirement.APY

Minimum Balance Amount

0.01%

$2,500+

With a $15 monthly maintenance fee that can only be waived if you carry $2,500 in your checking account or $15,000 across all TCF Bank accounts, this account doesn’t have much going for it. What sets it apart from the free checking account is that you can receive both online and paper statements for free with this account. With Premier Checking, customers can also get free checks and up to four free money orders per day.

The Premier Checking account does pay interest, but just barely. Rates are extremely low. You’ll need to deposit $2,500 just to earn a rock bottom 0.01% APY.

Beyond earning interest, Premier customers get all the benefits of the bank’s Free Checking account, from mobile and online access to a debit card and access to mobile payment apps Google Pay, Apple Pay® or Samsung PayTM.

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As the name implies, TCF Bank’s Premier 62+ Checking is an account designed for customers age 62 and older.APY

Minimum Balance Amount

0.01%

$0.01

The TFC Premier 62+ Checking account combines many of the best features of the bank’s other checking accounts. Account holders receive free online and paper statements, a free debit card, free checks, up to four free money orders per month, online bill pay, free TCF Bank ATM withdrawals and fee rebates for up to two non-TCF Bank network withdrawals per statement cycle.

Additionally, the Premier 62+ Checking account pays interest. Rates are the same for all deposit levels, and interest is paid starting with the first penny. However, rates are extremely low.

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TCF Bank requires a $25 deposit to open its Free Checking account, but once the account is open, there’s no minimum balance requirement. In-network domestic ATMs come free of charge, but you’ll have to pay to use domestic out-of-network ATMs. If you’re traveling overseas, ATM fees are high.

You’ll get the standard bells-and-whistles with the TCF Free Checking® account, as you would at most competitors, including:

TCF Bank has a standard overdraft policy that applies to all of the bank’s checking accounts, including the TCF Free Checking® account. If you link up a TCF Bank savings account or line of credit, the bank will automatically transfer enough money to cover an overdraft in your checking account. While you’ll still pay a fee, it’s less than the standard overdraft fee. If you overdraw your account by less than $5, you won’t have to pay the fee. However, for larger amounts, you can get hit with up to five overdraft fees per day.

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One benefit of the Teen Checking account over most other TCF Bank checking accounts is the fee waiver for two non-TCF Bank ATMs per statement cycle, just as with the Premier Checking account. Another benefit shared with the Premier Checking account is the inclusion of free paper statements.

Account holders also benefit from the standard features and benefits offered to all TCF Bank checking account customers, including mobile and online services, free online statements and a free debit card.

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TCF’s Free Student Checking is very similar to the bank’s Teen Checking, except it’s designed for a slightly older age group. Since the Free Student Checking account is open to customers age 18 to 24, no adult cosigner is required.

You can open TCF Bank’s checking accounts either online or by visiting a branch. The account-opening process is standard and similar to the procedures at other banks. If you’re already a TCF Bank customer, you can log in to your account and proceed from there. Otherwise, you’ll need to provide your personal and financial information to the bank online.

To apply, you’ll need to be a legal resident of the United States and at least 18 years old. You’ll also need to provide the following:

The online application will ask you for additional information, such as your date of birth, phone number, email address and employment information. You can also select a username and password to access your accounts in the future.

With internet access, an online application may be the easiest method to open a TCF Bank checking account. If there’s a branch near you, you can also open an account in-person with a bank representative.

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The TCF Free Savings Account’s low APY should send customers looking elsewhere to earn more on their savings deposits, though it is a complementary account to the TCF Free Checking account.APY

Minimum Opening Deposit

0.01%

$25

Among the features is a free debit card that can be used to access funds in both accounts. Despite the minimal interest paid on the account, it can be linked to provide overdraft protection for a TCF Bank checking account. At the same time, account minimums are low, and there’s no monthly maintenance fee attached to the account.

The TCF Free Savings account carries restrictions put in place by the Federal Reserve on all banks on savings and money market accounts. Known as Reg D, this rule restricts your withdrawals from savings accounts to six per month. Every withdrawal above the six allowed will trigger an excess activity fee from TCF Bank.

Interest rates on the Free Savings account do not vary based on size of deposit and balance, the same as with all TCF Bank accounts.

Member FDIC

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This is another TCF Bank savings product that does little to entice customers with an attractive yield on balances.APY

Minimum Balance Amount

0.01%

$0.01+

The Power Savings account is similar in many ways to the Free Checking account. Both accounts offer online and mobile access, a debit card and the same ATM withdrawal fee structure. The Power Savings account has a monthly maintenance fee and a higher minimum opening deposit. However, the monthly fee can be waived with just a small balance. As with all TCF Bank savings and money market accounts, monthly withdrawals are limited to six. Excess withdrawals trigger a fee. Interest rates on the Power Savings account are the same across the board, starting with a balance as low as $0.01.

Member FDIC

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The TCF Performance Savings account is designed for accounts with larger balances to avoid fees.APY

Minimum Balance Amount

0.01%

$1,000+

The TCF Performance Savings account is only open to customers bringing in new money – funds not currently on deposit with TCF Bank. Accounts are limited to one per person. While there is a monthly maintenance fee, the amount required to waive the fee is the same as the minimum balance to earn interest, so customers opening this account can usually avoid the fee.

The account shares many characteristics with other TCF Bank accounts, including mobile and online account access. ATM fees also share the same structure as most other TCF Bank accounts, including free domestic withdrawals from ATMs in the bank’s network. Excess activity fees are the same as all TCF Bank savings and money market accounts, assessed after reaching six transactions per statement period.

You can open a TCF Power Savings account online. To begin the application, you’ll need the following:

After answering some additional questions during the application, your last step will be funding the account.

To open a Free Savings or Performance Savings account, you’ll have to contact a branch directly, or visit in person. For the TCF Free Savings account, a companion TCF Free Checking account must also be opened.

Member FDIC

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While rates are low, TCF Bank offers standard account services that make banking convenient. Customers have mobile and online access to accounts, free ATM/debit cards, and free online statements. Overdraft fees, however, are high.

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TCF Bank only offers one type of certificate of deposit account, with maturities from three months to 10 years. Higher rates, along with promotional specials, are available to customers with a checking relationshipTerm

Standard APY

Relationship APY

3 - 13 months

0.05%

0.10%

14 months

0.15%

0.40%

15 - 20 months

0.15%

0.20%

21 - 29 months

0.20%

0.25%

30 - 36 months

0.25%

0.30%

37 - 48 months

0.30%

0.35%

49 - 61 months

0.35%

0.40%

62 - 120 months

0.45%

0.50%

TCF Bank’s CDs span a wide range of maturities. You can’t get a CD longer than 10 years, but you have a wide range of maturity choices shorter than that. A checking relationship can get you a modest boost across certain maturities.

Like most banks, TCF Bank charges an early withdrawal penalty if you need to take money out of your CD before it matures. The penalty varies based on the maturity of the CD.

Member FDIC

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TCF Bank offers a promotional CD for one maturity only.Term

APY

15 months

0.50%

TCF Bank’s promotional CD rate is for the 15-month maturity only. You can only get this rate by visiting a local branch. You must deposit new money to qualify for the promotional rate.

Unlike with other types of accounts at the bank, such as checking accounts, TCF Bank doesn’t allow CD accounts to be opened online. To open a CD, you’ll need to visit a branch. You can use the website’s search engine to find local branch and ATM locations.

The application process for opening CDs at TCF Bank is similar to opening checking or savings accounts. You’ll need to provide personal and financial information including your Social Security number, birth date, address and occupational information.

Member FDIC

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TCF Bank’s CD rates are the same for deposits of all sizes. This works against customers with large account balances, as they’d be entitled to higher rates at some competitor banks. However, for average customers that don’t have large sums to deposit, this is a benefit, as these smaller customers have access to the bank’s best rates, just like anyone else.

To find TCF Bank’s highest rates, you’ll have to commit to the longest maturities or take advantage of the relationship rates. Overall, TCF Bank’s low rates mean that extending maturities won’t provide a significant boost in income.

The best current option is to take advantage of the in-branch, new-money special. The yield on this special 15-month CD is the same as you could get on the 10-year relationship CD, and you’d only have to tie up your money for one-eighth of the time.

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TCF Bank’s Power Money Market Account pays interest and offers additional ways to access funds.APY

Minimum Balance Amount

0.01%

$0.01+

TCF Bank’s Money Market account has a monthly fee, but maintaining a modest balance will get that fee waived. Interest is paid starting from the first cent deposited. Rates are the same regardless of the amount deposited.

One of the benefits of the TCF Bank money market account is that you can write checks to get your money. However, as with all savings and money market accounts, you must keep your withdrawals to six or fewer per period, or you’ll run afoul of the Fed’s Reg D restrictions. TCF Bank assesses a $15 for every withdrawal you make above this six-per-month limit.

Overdrafts and ATM withdrawals carry the same fee structure as most of TCF Bank’s other accounts. The overdraft fee can be reduced if you use another account for overdraft protection, and withdrawals from ATMs in the domestic TCF Bank network are free of charge.

You can open a TCF Bank money market account online. Or, you can call or visit a local branch to complete the process. For additional information, contact the bank’s customer service team.

You can use the same personal and financial information you provided to open a checking or savings account to open a TCF Bank money market account. For example, you’ll need to provide important information including your Social Security number, birth date, address and occupational information.

Member FDIC

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You can buy CDs in a TCF IRA with maturities from three months to 10 years. Rates are higher for those with a checking relationship with the bank.Term

Standard APY

Relationship APY

3 - 13 months

0.05%

0.10%

14 months

0.15%

0.40%

15 month promotional CD - New money, in branch only

0.50%

0.50%

15 - 20 months

0.15%

0.20%

21 - 29 months

0.20%

0.25%

30 - 36 months

0.25%

0.30%

37 - 48 months

0.30%

0.35%

49 - 61 months

0.35%

0.40%

62 - 120 months

0.45%

0.50%

TCF Bank’s CD offerings in IRA accounts are identical to those in regular accounts, with the same options for maturity dates and rates. Customers with checking account relationships will benefit from slightly higher rates. The bank does offer one maturity at a promotional rate, good only for new customers who open the account in a branch.

Unlike with other types of accounts at the bank, such as checking accounts, TCF Bank doesn’t allow IRA CDs to be opened online. To open an IRA CD, you’ll need to visit a branch. You can use the website’s search engine to find local branch and ATM locations.

The application process for open IRA CDs at TCF Bank is similar to opening checking or savings accounts. You’ll need to provide personal and financial information including your Social Security number, birthdate, address and occupational information.

Member FDIC

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As with TCF Bank’s regular CDs, IRA CD rates are the same for deposits of all sizes. Larger deposits won’t help you get a higher rate, but extending your maturity date will. However, the increases offered to longer maturities are minor. The biggest jump in yield comes with the same 15-month promotional CD that is offered in regular accounts, carrying the same yield as a TCF Bank 10-year relationship CD.

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TCF Bank’s branch network is geographically limited to the upper Midwest, Arizona and Colorado. However, the bank offers some compelling account options. Rates across all products are extremely low. Checking options are a bit limited, but it’s easy to get a standard account with no fees. High-service checking and money market accounts are also available, with fee waivers for larger account holders. For those just starting out, there are student checking and saving options as well. However, these accounts don’t share the higher interest payouts offered by the bank’s CDs. Overall, the bank has standout options in some account categories, but not in all of them.

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