business plans td bank

Developing A Business Plan

The importance of planning should never be overlooked. For a business to be successful and profitable, the owners and the managing directors must have a clear understanding of the firm's customers, strengths and competition. They must also have the foresight to plan for future expansion. Whether yours is a new business or an existing business in the process of expanding, money is often an issue. Taking time to create an extensive business plan provides you with insight into your business. This document can serve as a powerful financing proposal.

This article will take you through the step-by-step process of developing a business plan. A business plan is very specific to each particular business. However, while each business needs a unique plan, the basic elements are the same in all business plans. To complete an effective business plan you must dedicate time to complete the plan. It requires you to be objective, critical and focused. The finished project is an operating tool to help manage your business and enable you to achieve greater success. The plan also serves as an effective communication tool for financing proposals.

• Describe the importance of a business plan
• Identify the elements of an effective business plan
• Write a business plan
• Why Write a Business Plan?
• Who Should Write the Business Plan?
• Business Plan Components
• Executive Summary
• The Product/Service
• The Marketing Plan

The Competition

The Management Team

• Financial Data
• Supporting Documentation
• The process of putting a business plan together forces the person preparing the plan to look at the business in an objective and critical manner.  
• It helps to focus ideas and serves as a feasibility study of the business's chances for success and growth.  
• The finished report serves as an operational tool to define the company's present status and future possibilities.  
• It can help you manage the business and prepare you for success.  
• It is a strong communication tool for your business. It defines your purpose, your competition, your management and personnel. The process of constructing a business plan can be a strong reality check.  
• The finished business plan provides the basis for your financing proposal.

Planning is very important if a business is to survive. By taking an objective look at your business you can identify areas of weakness and strength. You will realize needs that may have been overlooked, spot problems and nip them before they escalate, and establish plans to meet your business goals.

The business plan is only useful if you use it. Ninety percent of new businesses fail in the first two years. Failure is often attributed to a lack of planning. To enhance your success, use your plan! A comprehensive, well constructed business plan can prevent a business from a downward spiral.

Finally, your business plan provides the information needed to communicate with others. This is especially true if you are seeking financing. A thorough business plan will have the information to serve as a financial proposal and should be accepted by most lenders.

Back to Outline

II. Who Should Write the Business Plan?

You, the owner of the business, should write the plan. It doesn't matter if you are using the business plan to seek financial resources or to evaluate future growth, define a mission, or provide guidance for running your business -- you are the one that knows the most about the business.

There are a number of software packages in addition to this article that can assist you in the formatting process: Business Plan Pro, Palo Alto Software are only two of many available.

Consultants can be hired to assist you in the process of formulating a business plan, but in reality you must do a majority of the work. Only you can come up with the financial data, the purpose of your business, the key employees, and management styles to mention a few items. You may still choose to use a consultant, but realize that you will still need to do most of the work, so why not tackle the plan yourself? If you need further help in one area, then seek the assistance of the consultant.

III. Business Plan Components

The Executive Summary

The first page of your business plan should be a persuasive summary that will entice a reader to take the plan seriously and read on. The Executive Summary should follow the cover page, and not exceed two pages in length.

• A brief description of the company's history
• The company's objectives
• A brief description of the company's products or services
• The market the business will compete in
• A persuasive statement as to why and how the business will succeed, discussing the business's competitive advantage
• Projected growth for the company and the market
• A brief description of the key management team
• A description of funding requirements, including a time-line and how the funds will be used

The Product or Service

It is important for the reader to thoroughly understand your product offering or the services you currently provide or plan on providing. However, it is important to explain this section in layman's terms to avoid confusion. Do not overwhelm the reader with technical explanations or industry jargon that he or she will not be familiar with.

It is important to discuss the competitive advantage your product or service has over the competition. Or, if you are entering a new market, you should answer why there is a need for your offering.

If appropriate, discuss any patents, copyrights and trademarks the company currently owns or has recently applied for and discuss any confidential and non-disclosure protection the company has secured.

Discuss any barriers that you face in bringing the product to market, such as government regulations, competing products, high product development costs, the need for manufacturing materials, etc.

• Is your product or service already on the market or is it still in the research and development stage?
• If you are still in the development stage, what is the roll out strategy or timeline to bring the product to market?
• What makes your product or service unique? What competitive advantage does the product or service have over its competition?
• Can you price the product or service competitively and still maintain a healthy profit margin?

Investors look for management teams with a thorough knowledge of their target market. If you are launching a new product, include your marketing research data. If you have existing customers, provide an analysis of who your customers are, their purchasing habits, their buying cycle. For more information, see these companion articles: Conducting a Marketing Analysis and Prepare a Customer Profile.

This section of the plan is extremely important, because if there is no need or desire for your product or service there won't be any customers. If a business has no customers, there is no business.

• A general description of your market
• The niche you plan on capitalizing on and why
• The size of the niche market. Include supporting documentation
• A statement and supporting documentation as to why you believe there is a need for your product or offering by this market
• What percentage of the market do you project you can capture?
• What is the growth potential of the market? Include supporting documentation
• Will your share of the market increase or decrease as the market grows?
• How will you satisfy the growth of the market?
• How will you price your goods or services in the growing competitive market?

The Marketing Strategy

Once you have identified who your market is, you'll need to explain your strategy for reaching the market and distributing your product or service. Potential investors will look at this section carefully to make sure there is a viable method to reach the target market identified at a price point that makes sense.

• Direct mail
• Trade shows
• Public relations
• Promotional materials
• Telephone sales
• One-on-one sales
• Strategic alliances

If you have current samples of marketing materials or strategies that have proved successful, make sure you include them with your plan.

Developing an innovative marketing plan is critical to your company's success. Investors look favorably upon creative strategies that will put your product or service in front of potential customers. Spend time developing this section.

Once you have identified how you will reach the market, discuss in detail your strategy for distributing the product or service to your customers. Will you mail order, personally deliver, hire sales reps, contract with distributors or resellers, etc.?

Understanding your competition's strengths and weaknesses is critical for establishing your product's or service's competitive advantage. If you find a competitor is struggling, you need to know why, so you don't make the same mistake. If your competitors are highly successful, you'll want to identify why. You'll also want to explain why there is room for another player in the market.

• Identify your closest competitors. Where are they located? What are their revenues? How long have they been in business?  
• Define their target market.  
• What percentage of the market do they currently have?  
• How do your operations differ from your competition? What do they do well? Where is there room for improvement?  
• In what ways is your business superior to the competition?  
• How is their business doing? Is it growing? Is it scaling back?  
• How are their operations similar to yours and how do they differ?  
• Are there certain areas of the business where the competition surpasses you? If so, what are those areas and how do you plan on compensating?

Analyzing your competitors should be an ongoing practice. Knowing your competition will allow you to become more motivated to succeed, efficient and effective in the marketplace.

Now that you have had an opportunity to really sell your idea and wow potential investors, the next question on their mind is how will you implement the idea. What resources and processes are necessary to get the product to market? This section of the plan should describe the manufacturing, R&D, purchasing, staffing, equipment and facilities required for your business.

You'll want to provide a roll out strategy as to when these requirements need to be purchased and implemented. Your financials should reflect your roll out plan.

In addition, describe the vendors you will need to build the business. Do you have current relationships or do you need to establish new ones? Who will you choose and why?

For most investors the experience and quality of the management team is the most important aspect they evaluate when investing in a company. Investors must feel confident that the management team knows its market, product and has the ability to implement the plan. In essence, your plan must communicate management's capabilities in obtaining the objectives outlined in the plan. If this area is lacking, your chances for obtaining financing are bleak.

If your team lacks in a critical area, identify how you plan on compensating for the void. Whether it is additional training required or additional management staff needed, show that you know the problem exists, and provide your options for solutions.

• Personal history of the principals:
• Business background of the principals
• Past experience -- tracking successes, responsibilities and capabilities
• Educational background (formal and informal)
• Personal data: age, current address, past addresses, interests, education, special abilities, reasons for entering into a business
• Personal financial statement with supporting documentation  
• Work experience:
• Direct operational and managerial experience in this type of business
• Indirect managerial experiences  
• Duties and responsibilities:
• Who will do what and why
• Organizational chart with chain of command and listing of duties
• Who is responsible for the final decisions?  
• Salaries and benefits:
• A simple statement of what management will be paid by position
• Listing of bonuses in realistic terms
• Benefits (medical, life insurance, disability...)  
• Resources available to your business:
• Insurance broker(s)
• Consulting group(s)
• Small Business Association
• Local business information centers
• Chambers of Commerce
• Local colleges and universities
• Federal, state, and local agencies
• Board of Directors
• World Wide Web (various search engines)
• What are your current personnel needs (full or part-time)? How many employees do you envision in the near future and then in the next three to five years?  
• What skills must your employees have? What will their job descriptions be?  
• Are the people you need readily available and how will you attract them?  
• Will you be paying salaries or hourly wages?  
• Will there be benefits? If so, what will they be and at what cost?  
• Will you pay overtime?

IV. Financial Data

At the heart of any business operation is the accounting system. It is important to have a certified public accountant establish your accounting system before the start of business. At times there is a tendency to do it yourself. Remember that an incredible number of businesses fail due to managerial inefficiencies. Leave it to the trained professional to help you in the area of accounting and legal matters. If your business can't afford a public accountant to establish your books, then you are undercapitalized. You need to secure additional resources before starting.

• Balance Sheet - indicates what the cash position of the business is and what the owner's equity is at a given point (the balance sheet will show assets, liabilities and retained earnings).  
• Break-Even Analysis - is based on the income statement and cash flow. All businesses should perform this analysis without exceptions. A break-even analysis shows the volume of revenue from sales that are needed to balance the fixed and variable expenses.  
• Income Statement - also called the profit and loss statement, is used to indicate how well the company is managing its cash, by subtracting disbursements from receipts.  
• Cash Flow - this projects all cash receipts and disbursements. Cash flow is critical to the survival of any business.

If the goal of your business plan is to obtain financing, you will be required to generate financial forecasts. The forecasts demonstrate the need for funds and the future value of equity investment or debt repayments. This exercise is critical in obtaining capital for your business. To obtain capital from lending institutions you must demonstrate the need for the funding and your ability to repay the loan.

The forecast that you generate should cover a three to five-year period. This is a period in which realistic goals can be established and attained without much speculation. Forecasts should be broken down in monthly increments.

Projections and forecasts are an integral part of your financial portfolio. Carefully and accurately state your assumptions. Honesty is the best policy! Over-optimism and over-inflation can lead to failure. For more help, review the tools Conduct a Sales Forecast and Prepare a Balance Sheet.

• Resumes  
• Credit information, include in Appendix  
• Quotes or Estimates  
• Letters of Intent from prospective customers  
• Letters of Support from credible people who know you  
• Leases or Buy/Sell Agreements  
• Legal Documents relevant to the business  
• Census/Demographic data

VI. Summary

The completed business plan should be bound. For internal purposes three-ring binders work well. Additions and changes can easily be placed in the binders. For the business plan that is to be circulated to a lender and/or investor, many types of appropriate folders and binders can be purchased at office supply stores.

Once the business plan is completed, it should become an operational tool to measure the success of the business. This plan should be updated as milestones are reached. Often companies will spend enormous time, energy and financial resources to complete this arduous task just for the purpose of obtaining additional capital. The companies that shelve the business plan after its completion and presentation to lenders lose out on the real value of this useful tool in the growth and development of small and large businesses.

VII. Resources

Bob Adams, "Adams Streetwise Complete Business Plan" (Adams Media 1998 )

Constantinos C. Markides, "All the Right Moves: A Guide to Drafting Breakthrough Strategy" (Harvard Business School Press,1999 )

Jerry Jinnett Pinson, "Anatomy of a Business Plan" (Dearborn Trade, 1999 )

Eric Press, "Analyzing Financial Statements" (Lebhar-Friedman, 1999 )

Peter Schwartz, "The Art of the Long View" (Currency-Doubleday, 1996 )  

American Institute of Certified Public Accountants (AICPA) - Avenue of The Americas, New York,N.Y .

Copyright © 2013, Virtual Advisor Inc.  

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TD Bank Business Checking: 2024 Review

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TD Bank offers four business checking accounts , including an interest-bearing option and a premium account best suited for larger businesses with complex banking needs. While this review includes details about all four options, the star rating above corresponds with the bank's entry-level account, TD Business Simple Checking℠ .

The level of choice TD Bank offers may be appealing for small-business owners looking to grow with their bank. Also appealing: TD Bank’s extended branch hours — some locations are open on Sundays — and 24/7 live telephone customer service. While convenient, those features may not outweigh the bank’s small ATM network and lack of free business checking .

Looking for a business checking account?

See our overall favorites, or choose your business type to find the best options for you.

on NerdWallet's secure site

TD Bank business checking is best for small-business owners who:

Operate a business in TD Bank’s service area and want a brick-and-mortar bank.

Want access to live customer service, 24/7.

Can maintain a high enough minimum balance to avoid the monthly service fee.

Prefer a brick-and-mortar bank with a free account? Consider the U.S. Bank Silver Business Package . That account also comes with a another feature many traditional banks offer (but TD Bank doesn't): a sign-up bonus.

Pros and cons

24/7 live customer service.

Some branches are open late and on weekends, including Sundays.

Interest-bearing checking account with no minimum balance requirement.

Accounts can be opened online.

No free business checking account.

Using an out-of-network ATM costs $3 per transaction.

Cash deposit allowance cut.

TD Bank business checking at a glance

How TD Bank business checking works

Account options: TD Bank has four business checking accounts with monthly service fees ranging from $10 to $30. All accounts include free online and mobile banking, including mobile deposit, online bill pay and ACH transfers.

TD Business Simple is $10 per month and requires a minimum opening deposit of $25. Unlike other TD Bank business accounts, there is no way to skirt the monthly maintenance fee.

TD Business Interest Checking Plus carries a $15 monthly maintenance fee, which is waived if you maintain a minimum daily balance of $2,500. You’ll earn interest (0.05% as of this writing) on any balance.

TD Business Convenience Checking Plus is $25 per month, but the fee is waived if you maintain a combined minimum daily balance of $1,500 between your business account and one TD Bank personal checking account.

TD Business Premier Checking has the highest monthly fee ($30) but it also comes with the most benefits. Business Premier Checking customers are not charged fees by TD Bank when they use out-of-network ATMs (other accounts are charged $3 per transaction) and can open a TD Bank Money Market Plus account and up to two additional TD Bank Business Simple accounts for no monthly charge.

The $30 monthly fee is waived for the first three statement cycles. After that, you need to maintain a combined balance of at least $40,000 across your Business Premier Checking account and one of the following TD Bank accounts: personal checking, merchant services or digital express. The balance of a TD Bank small-business loan or open business line of credit can also be combined with your business checking balance to waive the fee.

The top-tier business checking option also allows up to $30,000 in fee-free cash deposits. With TD Bank’s other business checking accounts, you can deposit up to $5,000 in cash or currency for no additional charges. Deposits beyond the account limit are 25 cents per $100.

TD Bank limits free transactions on each of its business accounts. TD Business Simple and TD Business Interest Checking Plus get up to 200 fee-free transactions, while TD Business Convenience Plus and TD Business Premier Checking accounts are capped at 500. Additional transactions range from 35 cents to 75 cents each, depending on the account. Transactions include any item paid from or deposited to your account.

Location availability: TD Bank operates around 1,100 branches across 15 states and Washington, D.C. Your business must be located in TD Bank’s service area to open a business account.

TD Bank’s service area includes Connecticut, Delaware, Florida, Massachusetts, Maryland, Maine, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Virginia, Vermont and Washington, D.C.

» MORE: What you need to open a business bank account

How to apply: You can apply for a TD Bank business account online, provided you have four or fewer signers on the account. Business owners can also open an account in person at a TD Bank branch.

Required information:

Legal name.

Valid Social Security number.

Required documentation:

Valid photo ID (driver’s license, state-issued ID or passport).

Relevant business documents, such as partnership agreement, DBA certificate, articles of incorporation, bylaws or LLC operating agreement.

Where TD Bank business checking stands out

24/7 customer service: TD Bank business customers can reach a live customer service representative 24 hours a day, seven days a week.

Extended branch hours: Select TD Bank retail locations stay open late (6 p.m.) and are open on the weekends, including Sundays at select locations. This makes it easier for small-business owners to complete in-person transactions and get face time with their banker.

Where TD Bank business checking falls short

Monthly fees: TD Bank does not offer a free business checking account, or even an easy way to avoid the monthly maintenance fee on its entry-level option: TD Business Simple Checking. You can sidestep the monthly fee on TD Bank’s other business checking accounts, but the burden is pretty high. On TD Business Convenience Checking Plus, for example, you need to maintain a minimum daily balance of $1,500 (can be a combined balance with a TD personal checking account) to avoid the fee.

» MORE: Best free business checking accounts

ATM fees and access: TD Bank operates 700 ATMs throughout its service area, a fraction of what its competitors provide. PNC Bank, for example, has 18,000 ATMs and serves many of the same areas. TD Bank charges $3 per transaction when you use an out-of-network ATM. The one exception: TD Business Premier Checking customers do not pay a fee to use non-TD Bank ATMs.

Interest-bearing checking: TD Bank’s Business Interest Checking Plus account earns a paltry 0.05% APY despite a monthly maintenance fee of $15. If you're comfortable with an online-only account, there are a number of free options that will do more with your money, including Bluevine Business Checking ( 2 % on balances up to and including $250,000; terms apply) and LendingClub Tailored Checking ( 1.5 % on on balances up to $100,000 and 0.10% on all balances after that).

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Former TD Bank employee took bribes to falsify documents, help move cash to Colombia

Bank says it's working with law enforcement to 'support the prosecution of criminals'.

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A former TD Bank employee falsified documents to open dozens of accounts and provided concierge-like services to help cash flow across borders, Bloomberg News reported on Monday.

Gerry Aquino Vargas, the now-former retail banker in a Hollywood, Fla., outpost of TD Bank, took a series of $200 US bribes to help clients move millions to Colombia by skirting anti-money-laundering defences, the report said, citing American prosecutors.

"TD, like all financial institutions, works with law enforcement to identify, stop and support the prosecution of criminals," bank spokesperson Lisa Hodgins said in an emailed statement to CBC News.

"When we became aware of these matters, we took action against these employees, co-ordinated efforts with the [Department of Justice], and have supported their work to bring these criminals to justice.

"More broadly, where our program was ineffective, we have held those leaders accountable and are taking action to drive the changes and meet our obligations," Hodgins wrote.

• TD Bank's failure to thwart money laundering in U.S. prompts calls for stronger regulation at home
• TD Bank could face more severe penalties after drug money laundering allegations, says analyst

The lender is facing a U.S. Department of Justice (DOJ) investigation over its ties to a $653 million US drug money-laundering case in New York and New Jersey, which is related to illegal drug sales and an employee taking a bribe to facilitate the laundering of drug money.

Last year, the bank disclosed it was co-operating with authorities in an investigation into its anti-money laundering compliance program by the DOJ.

With files from CBC News

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What can a TD personal bank account do for you? From chequing accounts with unlimited transactions and monthly fee rebates, to savings accounts that may help you achieve your financial goals, TD offers a range of personal bank accounts to help you manage your money. Compare the  differences between a chequing and savings account  so you know which type of bank account is best suited for you.

What type of account do you need?

New to Canada

Youth/Student    

• U.S. Dollar

Featured accounts

Td unlimited chequing account.

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TD All-Inclusive Banking Plan

Td every day savings account, features for all td personal accounts.

Paired with your TD app, instantly keep track of your monthly spending. 8

TD Fraud Alerts

Get text messages right to your mobile when we detect suspicious activity made with your TD Access Card for your personal banking accounts. 9

TD Mobile Deposit

Deposit cheques as soon as you receive them so you can spend more time doing the things you want.  10

Manage Your TD Access Card

Instantly lock your TD Access Card while maintaining pre-authorized payments, bill payments and transfers.

Frequently Asked Questions

Bank accounts, what is a bank account.

A bank account is an arrangement with a financial institution. As per this arrangement, a financial institution allows a person to deposit money into an account and withdraw it as necessary. Certain conditions may apply.

How many types of bank accounts are there?

There are many different types of bank accounts. In Canada, chequing accounts and savings accounts are the most common type of personal bank accounts.

Can you open a bank account online?

Yes, it is possible to open a bank account online. You may be required to provide some personal and financial information. You must be the age of majority in your province or territory of residence.

What do you need to open a Canadian bank account?

To open a TD Canadian bank account, you will need a valid form of identification (Photo ID and Non-Photo options exist). You will also need to provide a Social Insurance Number for tax reporting purposes.

Do you offer an account for students?

We offer student accounts tailored to your banking needs, whether it be no monthly fee or unlimited transactions. Learn more about the TD Student Chequing Account.

What types of Chequing accounts do you offer?

TD offers a range of personal chequing accounts designed to help you manage your money easily and take care of your bill payments, deposits, withdrawals, and other day-to-day financial matters. We encourage you to visit our personal chequing accounts page to compare different account types and choose the account that best meets your needs.

What types of Savings Accounts do you offer?

Whatever your savings goals, we offer a range of easy, flexible, convenient savings account options to help you reach them.

Visit our Savings Account page to view the benefits and features of each account to choose the one that's right for you.

What is a Tax-Free Savings Account (TFSA)?

A Tax-Free Savings Account (TFSA) is a registered plan that allows you to grow your savings tax-free. Through a TFSA, you can put your savings into eligible investments such as cash, stocks, bonds, GICs and mutual funds.

You’re not taxed on any income you earn within the account, so it’s a great way to save for any short, medium, or long-term goals.

Other Account Feature

Can you change an existing single bank account into a joint account.

Yes. You can change your existing single bank account into a joint account. You may need to visit a branch .

Can I view my bank account balance online?

Yes. You can view your bank account balance online by logging in to EasyWeb or through the TD mobile app.

What is your institution number?

The institution number for all TD Canada Trust branches is 004 .

How do I view my account balance?

You can view your account balance (and all your account information) by logging into EasyWeb Online banking and opening your My Accounts page, or by logging into the TD mobile app.

Do you offer international money transfer?

Yes. You can use TD Global Transfer on the TD app or EasyWeb to send money internationally. You will need to complete a one-time registration on the TD app or EasyWeb. For more details please visit the TD Global Transfer page .

What are foreign currency accounts?

Manage foreign exchange risk by holding funds in the foreign currency of your choice . Maintain the Minimum Monthly Balance in select currencies to waive the Monthly Account Fee. Visit a TD branch for details.

What is Overdraft Protection?

If you don’t have enough money in your Account to cover a payment or withdrawal, ODP may cover your payments or withdrawals up to your Overdraft Limit.

Earn 50% more Stars at Starbucks

Earn 50% more Stars at participating Starbucks® stores. Simply link your TD Access Card with Visa Debit with your Starbucks® Rewards account. Conditions apply 11 .

Discover more account features and services

Overdraft protection.

Overdraft Protection can help you avoid declined transactions, late payment charges on your statements and bills, and non-sufficient funds fees.

Pre-authorized debit payments

Pay your bills on time, every time. With Pre-Authorized Debit (PAD) payments are automatically deducted from your TD account.

Direct deposit

Setting up direct deposit is convenient, reliable and secure. Your payments will always be on time, so you'll have immediate access to your money when you need it.

Online statements

Online Statements are convenient and flexible. Sign up for email notifications to let you know when your online statements are ready for viewing.

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New to TD Bank Spring Chequing Program (Terms and Conditions)

Calculating up to $400 in cash + up to 5.55%

Savings Interest Rate

§  Up to $400 + up to 5.55% Savings Interest is calculated as follows: Offer 1) $350 cash + Offer 2) 3.70% Bonus Savings Interest Rate + Posted Rate of 1.85% (Current interest rate as of July 2023, unless otherwise indicated and subject to change) + Offer 3) $50 cash.  

Offer 1) Earn $350 in cash upon opening a new TD Unlimited Chequing Account or TD All-Inclusive Banking Plan between March 1, 2024, and June 3, 2024, by completing the qualifying criteria in accordance with Offer 1 below.

Offer 2) Earn 3.70% Bonus Savings Interest in Cash when a New Chequing Account customer (Defined as the new to TD Bank Chequing Customer in Offer 1) opens a new TD ePremium Savings Account by June 3, 2024, and meets the qualifying criteria as set out in accordance with Offer 2 below. Earn posted rate of 1.85% (Current interest rate as of July 2023, unless otherwise indicated and subject to change) to balances of $10,000 or greater on the TD ePremium Savings Account. The  Bonus Savings Interest  will be calculated separately and will be credited to the TD ePremium Savings Account monthly for a period of 90 days (3 months).

Offer 3) Earn $50 in cash when a New Chequing Account customer applies, is approved for, and adds Monthly Plan Overdraft Protection or Pay As You Go Overdraft Protection  (Pay As You Go Overdraft Protection is not available for Quebec residents)  to the New Chequing Account by June 3, 2024 and meets the qualifying criteria in accordance with Offer 3 below.

Offer 1: Chequing Account $350 Cash Terms and Conditions

† The $350 cash offer is available to Canadian residents that do not have an existing TD Chequing Account, that are the age of majority at time of account opening in their province or territory who:

(a) Open a TD Unlimited Chequing Account or TD All-Inclusive Banking Plan between March 1, 2024, and June 3, 2024.

(b) Complete any two of the following with the New Chequing Account:

1. Set up a recurring Direct Deposit from their employer, pension provider or the Government with the first deposit posted to the New Chequing Account before July 31, 2024. The Direct Deposit must occur either weekly, biweekly, monthly, or twice per month.

2. Make an Online Bill Payment through TD EasyWeb or the TD app, minimum $50 before July 31, 2024.

3. Set up a recurring Pre-Authorized Debit, minimum $50 with the first Pre-Authorized Debit posted to the New Chequing Account before July 31, 2024. Pre-authorized Debit must occur either weekly, biweekly, monthly, or twice per month.  Learn more about Pre-Authorized Debit

Whether or not a recurring Direct Deposit is acceptable for this offer is subject to our approval.

The following are not eligible for the $350 cash offer:

1. Customers who already have a TD Chequing Account that was closed on or after March 1, 2023; or

2. Customers who received any Chequing Account offers from TD in 2021, 2022, 2023; or

3. TD staff members or any TD customers who have a joint account with a TD staff member.

For any New Chequing Account that is a joint account, at least one account holder on the New Chequing Account must meet the eligibility requirements.  Limit of one $350 cash offer per New Chequing Account.  Limit of one $350 cash offer per customer. 

The $350 will be deposited to the New Chequing Account within 12 weeks after all required conditions have been met, provided that the New Chequing Account is still open, in good standing, with all conditions continuing to be met. The monthly fee for the New Chequing Account cannot have been waived or rebated for any reason, other than maintaining the minimum monthly balance, receiving a seniors' rebate, or receiving the New to Canada 12-month fee waiver on the TD Unlimited Chequing Account, and the type of account cannot have changed, before the $350 is deposited into the New Chequing Account.

We can change, extend, or withdraw the $350 cash offer at any time, and it cannot be used in conjunction with any other offer or discount for the same product, except the New to Canada Banking Package. All amounts are in Canadian dollars unless otherwise noted. Other conditions may apply.

For information about transactions and a complete list of account fees, see  About Our Accounts and Related Services .

Offer 2: TD ePremium Bonus Savings Interest Offer - Earn up to 5.55% Savings Interest Rate Terms and Conditions

 ◊  The Bonus Savings Offer is available to Canadian residents that are the age of majority at the time of the New Savings Account opening in their province or territory. 

To earn 3.70% Bonus Savings Interest + Posted Rate of 1.85%, a New eligible TD Chequing Account customer must:

a) Open a TD All-Inclusive Banking Plan or a TD Unlimited Chequing Account between March 1, 2024, and June 3, 2024.

b) Open a new TD ePremium Savings Account (the New Savings Account) by June 3, 2024, and

c) Starting on the fifteenth business day after the date the New Savings Account is opened, the account will earn an interest of 3.70% per annum (Bonus Savings Interest) on any balances up to $1,000,000.00 for 90 days plus earn the current posted interest on a balance of $10,000 or greater.  The Bonus Savings Interest Rate  is an annualized rate, and the interest is calculated daily and paid monthly. If the New Savings Account is opened on a statutory holiday or Sunday, the Bonus Rate Period will begin 15 days after the first business day the New Savings Account is opened. The posted interest rate will ONLY apply to all balances of $10,000 or greater on the TD ePremium Savings Account and is subject to change without notice. The posted interest is calculated based on the daily closing balance of the New Savings Account and is paid monthly.  Please find the current TD ePremium Savings Account Interest Rates  here.  Only regular posted interest rates will apply after the end of the Offer Period, which is 90 days.  The Bonus Savings Interest  will be calculated separately and will be credited to the New Savings Account monthly for a period of 90 days (3 months).

The following are not eligible to earn the offer:

1. Customers who already had a TD Chequing Account that was closed on or after March 1, 2024

2. Customers who already have a TD ePremium Savings Account as of March 1, 2024,

3. Customers who had a TD ePremium Savings Account that was closed on or after March 1, 2023,

4. Customers who received any TD ePremium Savings Account offer from TD in 2021, 2022, 2023; or

5. TD staff members or any TD customers who have a joint account with a TD staff member.

For any New Savings Account that is a joint account, at least one account holder on the New Savings Account must meet the eligibility requirements. For information about transactions and a complete list of account fees, see  About Our Accounts and Related Services . We can change, extend, or withdraw the offer at any time.

Offer 3: Overdraft Protection Service $50 Cash Terms and Conditions

∞  The $50 cash offer for Monthly Plan Overdraft Protection or Pay As You Go Overdraft Protection (ODP) is available to Canadian residents that are the age of majority in their province or territory at the time of the approval of the ODP.  To earn the $50 cash offer, a New Chequing Account customer must:

(a) Open a TD All-Inclusive Banking Plan or a TD Unlimited Chequing Account between March 1, 2024, and June 3, 2024, in accordance to Offer 1, and

(b) Apply, be approved for, and add ODP  (Pay As You Go Overdraft Protection is not available for Quebec residents)  to the New Chequing Account by June 3, 2024.

(c) Keep the new ODP, active and in good standing for 30 days after approval

The offer is not available to:

1. Customers who already have a TD Chequing Account with ODP in place on March 1, 2024, or

2. TD staff members or any TD customers who have a joint account with a TD staff member.

The $50 will be deposited to the New Chequing Account within 12 weeks after all conditions have been met, provided that the Overdraft Protection is still open, in good standing, with all conditions continuing to be met. Limit of one $50 cash offer per customer per New Chequing Account with ODP. For any New Chequing Account that is a joint account, all account holders on the New Chequing Account must meet the ODP eligibility requirements. Each account holder must be age of majority in their province of residence to apply for ODP and is subject to credit approval.

Monthly Plan Overdraft Protection service fee is $5.00 a month on TD Unlimited Chequing Account and TD All-Inclusive Banking Plan. Pay As You Go Overdraft Protection service fee is $5.00 for each eligible overdraft transaction (maximum of $5.00 a day regardless of number of overdraft transactions). The amount in overdraft is subject to an interest rate of 21% per annum.  ODP fees and interest rate are current as of May 24, 2022, unless otherwise indicated and subject to change. For more information and a complete list of account fees and Overdraft Protection Service Fees, see  About Our Accounts and Related Services.   We can change, extend, or withdraw the $50 cash offer at any time.

1  You pay no monthly fee if you have the minimum monthly balance indicated or more in your account at the end of each day in the month.

2  For more information about transactions and a complete list of account fees,  click here for Account and Other Related Service Fees . For information on our general services, please view our  General List of Services .

3  Subject to credit approval. First-year Annual fee discount applies only to the Primary Cardholder for your choice of a new (to you) TD Credit Card from one of the following – TD® Aeroplan® Visa Infinite* Card, TD® Aeroplan® Visa Platinum* Card, TD First Class Travel Visa Infinite Card, TD Platinum Travel Visa Card or TD Cash Back Visa Infinite Card, provided you maintain a TD Unlimited Chequing Account in good standing for the first year. All other fees and charges applicable to the selected and approved TD Credit Card Account continue to apply.

4  You may pay a fee to the ATM provider, and for foreign currency withdrawals at an ATM outside of Canada you will pay the foreign exchange related fee.

5  You pay no monthly fee if you have the minimum monthly balance indicated or more in your account at the end of each day in the month.

7  Subject to credit approval. Annual Fee rebate applies only for the Primary Cardholder of one of the following new (to you) TD Credit Cards - TD® Aeroplan®Visa Infinite* Card, TD® Aeroplan® Visa Platinum* Card, TD First Class Travel Visa Infinite* Card, TD Platinum Travel Visa* Card or TD Cash Back Visa Infinite* Card, and for one Authorized User Card for the same TD Credit Card Account for as long as the All-Inclusive account remains open and in good standing. All other fees and charges applicable to the selected and approved TD Credit Card Account continue to apply.

8  The TD app and the TD MySpend app are free to download, however standard wireless carrier message and data rates may apply.

9   You are responsible for ensuring the mobile phone number we have on file is accurate and notifying us of any changes. We will send the TD Fraud Alert text message instantly upon detection of suspicious activity; however, receipt of the text message may be delayed or prevented due to a variety of factors such as technology failures, service outages, multiple third party involvement. TD Fraud Alert text messages will only be sent to customers who have a Canadian mobile phone number and a Canadian mailing address in their TD customer profile.

10   Cheques must be drawn on a Canadian financial institution. Cheques payable in Canadian currency must be deposited to an eligible Canadian dollar account and cheques payable in U.S. currency must be deposited to an eligible U.S. dollar account.

11 Link with Starbucks Rewards Offer & Privacy Terms

Link with Starbucks Rewards Offer:

• The terms of this Offer are in addition to the agreements that apply to the eligible TD Credit Card (including the applicable reward program term and condition linked to the eligible TD Credit Card) or the TD Access Card with Visa Debit. Depending on your TD account, your standard rates and fees continue to apply. For TD Access Cards with Visa Debit: for more information about transactions and a complete list of account fees,  Account and Other Related Service Fees  (PDF). For information on our general services, please view our  General List of Services  (PDF).
• The terms of this Offer are also in addition to the terms and conditions of the Starbucks Rewards program, available at www.starbucks.ca/terms (“ Starbucks Rewards Terms of Use ”). These terms do not alter in any way the terms and conditions of any other agreement you may have with Starbucks for other products or services, such as Starbucks Cards.
• The Starbucks Rewards program is established and operated by Starbucks Coffee Canada, Inc. or its respective subsidiaries, licensees, and affiliated companies (collectively, " Starbucks "), and allows customers to earn stars (“ Stars ”) that can be redeemed at Participating Starbucks Stores in Canada for free food and beverage items (each, a “ Reward ” and collectively “ Rewards ”). To understand your rights and obligations under the Starbucks Rewards program, you should carefully read the Starbucks Rewards Terms of Use and any other agreements that apply to the Starbucks Rewards program.

Linking to the Offer:

• You can only access this Offer in My TD Rewards which is available through your TD EasyWeb Account and/or a TD mobile app account.
• There is no fee to participate in the Offer.
• When you link eligible TD Credit Cards and TD Access Cards with Visa Debit to your Starbucks Rewards account in My TD Rewards, you opt-into the Offer.
• If you de-link from this Offer in My TD Rewards, you opt-out of the Offer and you will no longer participate in the Offer. You can opt-out of this Offer at any time. To opt-out of the Offer by de-linking, follow the instructions in My TD Rewards.
• earn bonus Stars with your eligible TD Credit Card or your TD Access Card with Visa Debit ( bonus Stars ),
• for certain eligible TD Credit Cards, you can earn bonus TD points, or Aeroplan points, as applicable for your TD Credit Card ( bonus points ),
• For select TD Credit Cards, you can redeem your TD points for Stars

Eligible TD accounts:

• Only TD Access Cards with Visa Debit can participate the Offer.
• TD Rewards Visa Card, TD Platinum Travel Visa Card, TD First Class Travel Visa Card, TD Business Travel Visa Card
• TD Aeroplan Visa Platinum Card, TD Aeroplan Visa Infinite Card, TD Aeroplan Visa Infinite Privilege Card, TD Aeroplan Visa Business Card
• TD Cash Back Visa card TD Cash Back Visa Infinite Card, TD Business Cash Back Visa Card
• TD Emerald Flex Rate Visa Card, TD Business Select Rate Visa Card
• TD Green Visa Card, TD Venture Visa Card

Participation in the Offer:

• For eligible TD Credit Cards Accounts, both the Primary Cardholder and any Additional Cardholder can participate.
• For TD Access Card with Visa Debit, any account holder on the same account can participate.
• You must be a member of the Starbucks Rewards program.
• You must keep your eligible TD Credit Card or your TD Access Card with Visa Debit open, active and in Good Standing.

Eligible Purchases:

• Any purchase of food, beverage(s), and/or merchandise, excluding purchases of alcoholic beverages and Starbucks Card eGifts and physical Starbucks gift cards (“ Starbucks Cards ”), at Participating Starbucks Stores (as defined below); and
• Adding funds to the Starbucks Card(s) registered to your Starbucks Rewards account (“ Reload ”) using an eligible TD Credit Card, or using a TD Access Card with Visa Debit, as applicable. To learn more about registering your Starbucks Card to your account, visit  Starbucks.ca/rewards .

Participating Starbucks Stores:

• Participating Starbucks Stores  are Starbucks locations in Canada that honor Starbucks Rewards. To locate stores that honor Starbucks Rewards, visit  www.starbucks.ca/store-locator  and look for stores that list “ Redeem Rewards” as one of the store amenities.

Earning bonus Stars:

• First:  You must link your eligible TD Credit Card or your TD Access Card with Visa Debit to your Starbucks Rewards account in My TD Rewards.
• Second:  Add your eligible TD Credit Card or your TD Access Card with Visa Debit as a linked method of payment within the Starbucks app, and then use it to order ahead or pay at the register for an Eligible Purchase at a Participating Starbucks Store. To learn more about adding your TD Credit Card or your TD Access Card with Visa Debit as your payment method to the Starbucks app, visit  Starbucks.ca/rewards
• You can also earn bonus Stars when you Reload your Starbucks Card using your eligible TD Credit Card, or your TD Access Card with Visa Debit linked to this Offer.

• You can check your Star balance and available Rewards, as well as any additional benefits for which you are eligible as a Starbucks Rewards member, on www.starbucks.ca/rewards or by using the Starbucks app.
• If you would like to report an error for your Stars earned under this Offer, you must contact Starbucks using the information stated below under "Additional Terms".

Earning bonus points:

• When you meet the terms set out in this Offer, select eligible TD Credit Cards (set out below) can earn bonus points on Eligible Purchases. TD Access Cards with Visa Debit do not earn bonus points.
• The number of bonus points that you can earn will depend on the type of eligible TD Credit Card you have. The bonus points you earn under this Offer are in addition to regular points you can earn under the rewards program connected to your eligible TD Credit Card.
• You can only earn bonus points on the  net  Eligible Purchases charged and posted to the Account. This means that credits for refunds, returned items and other similar credits for Purchases may reduce or cancel the bonus points earned.

• For TD Aeroplan Credit Cards: We will show you the number of Aeroplan points you have earned with your TD Credit Card in a particular statement period on the Account’s monthly statement. Your bonus points earned under this Offer will be included in your total points balance shown on your Account's monthly statement. Once the Aeroplan points are awarded to the Aeroplan Member Account, you can check your Aeroplan points balance directly with Aeroplan. If you would like to know about the bonus points earned under this Offer, you can contact us using the information provided below.
• For TD Rewards Credit Cards: you can see number of bonus TD points you have earned with this Offer in both TDrewards.com and My TD Rewards in real-time. You can also review your total TD points balance in your Account's monthly statement.

Redeeming TD points for Stars:

• TD Rewards Visa Card, TD Platinum Travel Visa Card, TD First Class Travel Visa Card, TD Business Travel Visa Card.
• Your eligible TD Credit Card linked to this Offer must be open, active and in Good Standing.
• Your Starbucks Rewards account must be open and active.
• You must link your eligible TD Credit Card to your Starbucks Rewards account in My TD Rewards.

• No matter which redemption option you select, we cannot reverse a redemption once the TD points are redeemed. We process your redemption request under this Offer in real-time.
• The Primary Cardholder or any Additional Cardholder can redeem TD points for Stars. We will rely on the first set of instructions we receive either from the Primary Cardholder or an Additional Cardholder to redeem TD points for Stars with this Offer. Our electronic time-keeping methods will be definitive in determining the time and date of receipt by us of any redemption instructions.

Additional Terms:

• My TD Rewards is located online in EasyWeb and in the TD mobile app. We may create new ways for you to access My TD Rewards or we may change where you can access My TD Rewards.
• This Offer may be changed, extended, or withdrawn at any time without notice. If we provide notice, we will provide it using electronic means.
• We reserve the right, in our sole discretion, with or without notice, to suspend, disqualify, limit or revoke this Offer to any person or cardholder we find or believe to be manipulating or otherwise abusing the process, fairness, integrity or operation of the Offer, including any person whose overall client relationship with us is in our opinion not in Good Standing.
• Starbucks may also restrict, cancel, or terminate any person or cardholder’s ability to participate in the Offer and such restriction, cancelation or termination may be with or without notice.
• This Offer will be in addition to any other offers available for the eligible TD Credit Cards and TD Access Cards with Visa Debit.
• We are not responsible for the Starbucks Rewards program, or the terms that govern the Starbucks Rewards program, including the expiry or cancellation of Stars, redemption conditions, benefits, features, or services of the Starbucks Rewards program, and its availability, cancellation or termination. This also includes no responsibility for the services supplied under the Starbucks Rewards program, or for any actions or omissions. We will not accept any responsibility for any loss or damages caused by goods or services supplied or requested in connection with the Starbucks Rewards program.
• Starbucks is not liable or responsible for My TD Rewards, the terms that govern your TD Access Cards with Visa Debit card, or terms that govern the eligible TD Credit Cards (including the applicable reward program term and condition linked to the eligible TD Credit Card) or any of the services and products offered/provided by The Toronto-Dominion Bank.

By choosing to participate and link an eligible TD Visa Card or TD Visa Access Card with Visa Debit, you agree TD may disclose information about your transactions as well as TD and Starbucks Rewards to Starbucks Stars in order to administer the Offer. This includes information about your TD and Starbucks Rewards memberships and balances, the time and amount of a transaction, how a transaction was completed, and any rewards points you transfer. Any information you provide directly to TD or that TD obtains about you as a TD Bank customer or participant in the Offer will be governed by The TD Privacy Policy . Any information you provide directly to Starbucks or that Starbucks obtains about you as a Starbucks customer or participant in the Offer will be governed by Starbucks’  Privacy Notice .

®  The TD logo and other trademarks are the property of The Toronto-Dominion Bank or its subsidiaries.

*  Trademark of Visa International Service Association; Used under license.

®  Aeroplan is a registered trademark of Aeroplan Inc., used under license.

Starbucks, the Starbucks logo, and other Starbucks trademarks, service marks, graphics, and logos used in connection with the Offer are trade names, trademarks or registered trademarks of Starbucks Corporation (collectively “ Starbucks Marks ”) .

TD bank employee accused of helping clients skirt controls in new U.S. money-laundering case

People pass by the TD Bank location in the financial district in downtown Toronto, Ontario on May 15. Abhijit Alka Anil/The Globe and Mail

A Toronto-Dominion Bank branch TD-T employee in Florida is accused of accepting bribes to help move millions of dollars to Colombia, adding to a mounting list of court cases underpinning the lender’s anti-money laundering troubles in the United States.

Canada’s second-largest lender has found itself embroiled in lengthy U.S. probes by three regulators and the Department of Justice into weaknesses in its anti-money laundering practices – investigations that have derailed its most significant deal in the market south of the border.

The investigations are expected to result in large financial penalties, which analysts estimate could hit US$2-billion, as well as non-monetary penalties that could stunt its growth ambitions in the market.

In the latest case, Gerardo Aquino Vargas – a former retail employee in Hollywood, Fla. – allegedly repeatedly accepted bribes to create bank accounts, provide debit cards, and grant online access for individuals to transfer millions of dollars to Colombia, largely through automated teller machines (ATMs), according to court documents filed in the United States District Court for the District of New Jersey.

The court documents do not directly name TD as the bank, instead referring to it as “Financial Institution-A” and “one of the largest retail banks in the United States.”

TD has fired Mr. Aquino Vargas, according to TD spokesperson Lisa Hodgins.

“TD, like all financial institutions, works with law enforcement to identify, stop and support the prosecution of criminals,” Ms. Hodgins said in an e-mailed statement. “When we became aware of these matters, we took action against these employees, coordinated efforts with the DOJ, and have supported their work to bring these criminals to justice.”

This is not the first anti-money laundering case TD has faced in the U.S. A former bank employee at a New Jersey branch has been accused of allegedly accepting bribes and helping to shuttle millions of dollars in drug-trafficking proceeds to Colombia through accounts linked to shell companies.

Another case involved a US$653-million money-laundering and drug-trafficking operation in New York and other areas, which was under investigation by federal prosecutors before TD announced its plan to acquire Tennessee-based First Horizon Corp. The U.S. Department of Justice said that the lead defendant in case, Da Ying Sze, who goes by David, laundered millions in cash through a single financial institution, referred to as “FI-1.” That bank is TD, according to a source.

The Globe and Mail is not identifying the source because they are not authorized to speak publicly about the matter.

In the case against Mr. Aquino Vargas – who was charged with obstructing a grand-jury investigation – federal prosecutors allege that around April, 2022, Mr. Aquino Vargas began working with a Colombian national, referred to as “co-conspirator-1,” and others to open fraudulent bank accounts and issue debit cards using the names of “witting and unwitting foreign nationals.”

When TD froze the debit cards after identifying potentially fraudulent ATM withdrawals in Colombia, Mr. Aquino Vargas allegedly contacted the bank’s hotline and had two of the cards unblocked.

Federal prosecutors also allege that he was paid at least $5,600 by the co-conspirator, and charged about $200 per account opening. He created approximately 28 accounts around May and June of last year, the complaint says.

Mr. Aquino Vargas also said in a text message to his accomplice that he charged clients from Venezuela, Israel, Bolivia and Peru more money for his access to TD products and services. He had worked at the bank since 2012.

In another case, former New York-based branch manager James Gomes pleaded guilty in May to stealing more than US$200,000 from an elderly client, and crafting fraudulent e-mail messages on behalf of the client after the individual had died.

Bloomberg first reported TD’s connection to these two cases on Monday.

TD said Monday that it has fired Mr. Gomes. The bank has also made several changes to its leadership team in anti-money laundering and risk management units.

“More broadly, where our program was ineffective, we have held those leaders accountable and are taking action to drive the changes and meet our obligations,” Ms. Hodgins said.

In its second-quarter earnings results in May, the bank set aside US$450-million in provisions to cover penalties from the probe. Discussions with the regulators are continuing and the bank expects further penalties, but the extent and timing of those are unknown.

TD has also launched an overhaul of its U.S. and global anti-money-laundering program and has invested more than $500-million to improve its platforms.

The bank has also been caught in the crosshairs of Canadian regulators. In May, The Globe reported that Canada’s banking regulator has ordered TD to repair its risk controls . The Office of the Superintendent of Financial Institutions (OSFI) identified deficiencies with TD’s regulatory compliance management program during a recent assessment.

A few weeks prior, Canada’s financial-crimes watchdog, Financial Transactions and Reports Analysis Centre of Canada (FinTRAC), imposed its largest-ever monetary penalty on TD at nearly $9.2-million after a compliance examination found the bank had faulty anti-money-laundering controls.

The issues could cost TD more than just the expense to remediate the gaps. Analysts have said that the potential non-monetary penalties could constrain TD’s expansion in its main growth market.

Regulators could prevent the bank from expanding through acquisition, or cap its asset growth – which limits a bank’s ability to expand its balance sheet, a key factor in how lenders make money.

During a conference call discussing its second-quarter earnings results in May, TD officials said the bank is adjusting its growth strategy in the U.S., slowing its plan to open more than 150 branches by 2027 as the lender assesses the impact of the regulatory penalties.

Leo Salom, the head of TD’s U.S. division, said the bank is “deliberately pacing” its retail expansion in the U.S. as it awaits penalties from regulators there.

“Our first priority is making sure that we address fully and completely the AML and governance and control issues that we’re facing in the U.S., and that is drawing a significant amount of our investment dollars as we address that with the seriousness and the importance that it requires,” Mr. Salom said in response to an analyst question.

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• Best for customer satisfaction
• Best for older adults
• Best for long-term care
• Best for high returns
• Best for agent support
• Best for term life
• Why you should trust us

Best Life Insurance of June 2024

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate insurance products to write unbiased product reviews.

Life insurance is as complicated as the policyholders and beneficiaries who use it. That means there's no single "best" life insurance company. Instead, you can find the best option based on what you want or what you prioritize.

Summary of the Best Life Insurance Companies

• Best for customer satisfaction:   State Farm Life Insurance
• Best for older adults:   Prudential Life Insurance
• Best for agent support:   New York Life Insurance
• Best for long-term care:   Columbus Life
• Best for high returns:   Allianz Life
• Best for term life:   North American Company

Best Life Insurance Companies of 2024

While there is no such thing as the objective best life insurance policy, you will be able to find the best insurance policy for your specific needs. Here are our picks for the best life insurance companies, whether you want to use your life insurance policy to build wealth through cash value or you're just looking for a term life insurance policy .

Best Life Insurance for Customer Satisfaction: State Farm Life Insurance

Bundling is standard, and agents often quote with multiple discounts.

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Best in JD Power customer service ratings
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Company offers a range of different insurance products to meet buyer needs
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Agents are knowledgeable about its products
• con icon Two crossed lines that form an 'X'. Life insurance products are conservative and limited
• con icon Two crossed lines that form an 'X'. Buyers may be subject to multi-year waiting periods before they qualify for full payouts on life insurance policies
• con icon Two crossed lines that form an 'X'. State Farm agents cannot offer alternative options if State Farm is unable to bind a life insurance policy

State Farm is one of the insurance industry's most prominent insurers offering auto, home, and other insurance. Bundling is standard, and agents often quote with multiple discounts. Its term, universal, and whole life insurance products are no exception.

• Life insurance products include term and permanent life
• Ranks highly for customer satisfaction

State Farm Life Insurance gets the best life insurance ranking in J.D Power's Individual Life Insurance Study, with a score of 843/1,000. The company is also ranked A++ with AM Best for its financial stability with term, universal, and whole life insurance options. 

All State Farm policies have to be purchased through a State Farm agent. Your agent can help you bundle and save or buy one policy. State Farm is also among the companies offering "survivorship universal life insurance ," which means the policy covers two people, and it kicks in after the second person dies. Couples looking to maximize their death benefit for beneficiaries with one premium payment each month may enjoy lower overall costs.

State Farm agents can run quotes and compare options to find the right plans for each applicant. The range of options, discounts, and familiar name all contribute to the popularity of State Farm's life insurance.

Read our State Farm Life Insurance review here.

Best Life Insurance for Older Adults: Prudential VUL Protector Life Insurance

Offers aggressive financial plans.

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Available in all 50 states (New York residents may have different plans)
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Buyers can withdraw money to pay for nursing home bills due to severe illness or disability
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Knowledgeable agents who can walk you through your options
• con icon Two crossed lines that form an 'X'. Financial returns are limited
• con icon Two crossed lines that form an 'X'. Limited policy options for seniors and other groups who might struggle to find life insurance

The aggressive financial plans offered by Prudential may appeal to many younger buyers and those with a stable income. However, those with lower income or buyers who aren't sure about the financial system may be more hesitant to engage with Prudential. Like many other industry giants, Prudential is working to change this perception.

Prudential Life Insurance is available in all states except New York. New York residents can buy the Pruco Life of New Jersey VUL Protector plan. This plan allows buyers to pull money out of their plan to pay for nursing home expenses. Cash value policy premiums are fixed, so you won't have to worry about extra costs later on. Internal costs are low, which minimizes risk. Due to age, many older adults want a safe investment option for their money. Prudential VUL Protector invests to avoid loss. That also means you're not as likely to see big increases in your available funds outside of what you deposit.

Read our Prudential Life Insurance review here.

Best Life Insurance for Long-Term Care: Columbus Life Insurance

Offers lien method to makes it easier to calculate the financial impact of pulling money out early.

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Buyers can pull money out for medical and other bills in the event of disease or disability
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Columbus uses lien method to simplify accelerated death payments
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Company offers a wide range of riders to customize policies
• con icon Two crossed lines that form an 'X'. Premiums may be higher than competitors
• con icon Two crossed lines that form an 'X'. Term policies are not guaranteed to be converted to whole

Best for long-term care and accelerated death benefits.

Columbus Life offers a wide range of riders to customize your policy with affordable premiums. The company also allows you to convert term policies to whole life insurance policies until the end of your term (generally around age 70). For this and many other reasons, customer satisfaction is high.

When using living health benefits (otherwise known as accelerated death benefits), buyers are allowed to pull money from policies early to pay for medical bills, living costs, etc. under certain circumstances. Most companies use a discounted death benefit, which reduces your final payout using two models. Columbus uses the lien method, which makes it easier to calculate the financial impact of pulling money out early.

Best Life Insurance for High Returns on Income: Allianz Life Insurance

Offers life insurance policies for foreign nationals with H-1B visas.

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Plans offer high returns on investment
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Great for investment and long-term retirement planning
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. May increase your income by as much as 20%
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Allianz offers plans for foreign nationals including H-1B visas
• con icon Two crossed lines that form an 'X'. Plans are meant specifically for high-income adults, alternatives may not be offered

Best for investing and high returns on income.

Allianz Life plans are geared towards high-income adults looking for more tax-free income. Allianz offers a 40% multiplier bonus with a 1% annual assets charge. In short, the professionals managing your investments take 10%. Overall, your investments would pull in an extra 14%-1% asset charge. This means you end up with 3% more than what you deposit every year your life policy is active. This plan offers strong returns when using a life policy to supplement your retirement savings. Allianz also offers specialized plans to grow your income by as much as 20% according to some estimates.

Of note: Allianz also offers plans for foreign nationals, including those with H-1B visas.

Best Life Insurance for Agent Support: New York Life Insurance

Offers aggressive financial products and extensively trained agents.

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Strong life insurance options for financial planning and wealth building
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Policies available nationwide
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Knowledgeable life insurance agents
• con icon Two crossed lines that form an 'X'. May require a medical exam
• con icon Two crossed lines that form an 'X'. Buyers looking for more modest policies may not find the most competitive pricing

If you're preparing for a comfortable retirement or looking to build generational wealth, New York Life is one of the strongest options. If you have questions or genuinely want to understand your life insurance options, New York Life agents are among the most qualified professionals in the business.

• Life insurance provider with policies available across the US

New York Life Insurance agents go through extensive training before they ever hit the sales floor. What does this get you? Policies vary widely, and New York Life offers both large and small payouts. Some policies have significant penalties for early withdrawal, but taking a loan offers more options. Whatever your questions, New York Life agents are trained to offer comprehensive support giving you accurate information about its policies every time. The company comes in at position eight in J.D. Power's latest life insurance customer satisfaction study.

Read our New York Life Insurance review here.

Best Life Insurance for Term Life: North American Life Insurance

Offers term policies alongside accelerated death benefits for critical, chronic, and terminal illnesses and more.

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Offers accelerated death benefits for critical, chronic, and terminal illnesses
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Offers conversion for life policies up to 70 years old
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Term policies can be renewed up to age 95 for qualifying applicants
• con icon Two crossed lines that form an 'X'. Not all term policies qualify for renewal or conversion

Best Term Policy.

North American Company offers term policies alongside accelerated death benefits for critical, chronic, and terminal illnesses and more. The company allows one conversion on a 20-year policy at 15 years or 70 years old (whichever is earlier). The conversion cannot happen later than the five-year marker regardless of which policy you choose or the length. North American Company also offers a term policy with a lower premium renewable up to the age of 95 for qualifying insureds.

Types of Life Insurance

While there's many different types of life insurance policies , broadly speaking, there are two types of life insurance: temporary and permanent. Let's go over each in detail.

Temporary life insurance

Temporary life insurance is often called term life insurance. This type of policy covers you for a set amount of time before expiring, usually between 10-30 years. If you pass away after your policy expires, your family won't receive any benefits. Additionally, your policy won't accrue cash value like a permanent policy. That said, some term life insurance policies offer a conversion from term to whole life insurance, so you can extend your coverage. 

Because its benefits aren't guaranteed, term life policies are generally cheaper than permanent life insurance. That said, the vast majority of term life insurance policies never pay out. on

Permanent life insurance

Permanent life insurance is an umbrella term for a variety of life insurance policies that will insure you indefinitely and guarantee a payout as long as you maintain your policy. Policy types that fall under permanent life insurance includes:

• Whole life insurance
• Universal life insurance
• Variable life insurance
• Variable universal life insurance
• Simplified life insurance
• Guaranteed issue life insurance

These policies vary widely in purpose and intended buyers, but all guarantee death benefits to your loved ones. Some permanent life insurance policies, like whole, universal, and variable have a cash value component , which you can use as a savings tool or to leave your heirs a larger death benefit.

How to Pick the Best Life Insurance Policy for You

Finding the right fit in life insurance starts with finding a trusted insurance agent. Because there are so many state regulations, shopping for homeowners or auto insurance can be easily done online. Life insurance is not required. So it's a voluntary purchase. Many buyers don't know what they need or when they need it. Before making your selection, consider a few things:

Some companies will sell you a policy for your child as soon as they're born. While this may seem morbid, early sign-up means lower rates for a policy your child could enjoy in the future. Regardless, early sign-up equates to more policy for lower premiums and a higher likelihood of acceptance. At 20, you may be healthier and be able to pay into the policy for a longer period compared to when you're 50 with more age-related conditions.

As a general rule, never agree to more than you can afford. For the average life insurance agent, their job is to sell you a large policy with a large commission. Consider not only how much you make now, but how likely your current income is to continue. If you work on a project basis and your project is scheduled to end in 12 months, you may want to reconsider a policy premium outside your monthly savings.

How much are you prepared to buy? Some people only want a small policy to cover funerals and other end-of-life expenses. Others build a life policy into their retirement plan. Whatever direction you're going, involving a financial planner could help you make the right decisions. Depending on the carrier, customers can also compare set limits with index universal life policies, which set no limit. These policies never expire, and the value builds over the entirety of your life.

Living Benefits

Life happens unexpectedly. You could be healthy one day and in the hospital the next. Many life policies offer living benefits. These allow you to draw a limited amount out of your policy to cover medical and other bills you cannot pay while sick.

Much like a 401(k), many life insurance policies have penalties for early withdrawal. No matter what policy you want, this question is critical to an informed decision. It's a question of how early you can withdraw and how much you'll lose from the total to have the money in 10 years instead of 30 or after death.

Some policies require insured parties to pay premiums for at least one year before any significant payout would be available. Suicide exclusions are common. Even with no medical exam policies, the company may still do a check for known conditions. An insurance company has to mitigate its risk.

Flexibility

Once you've been denied a life insurance policy, a mark goes on your record. No matter the reasons, other insurance companies may deny you coverage based on the first denial. So consider your whole situation and choose your policy carefully before you submit any applications. Some policies have greater flexibility if you lose your job or otherwise can't make payments. Others will lapse if you miss even one payment.

Payment Type

Even within whole life or term life insurance policies, customers have the option to choose guaranteed fixed or variable rates. Some have guaranteed payouts, but you'll need to ask your agent for details.

What is your intended use? Why are you shopping for a life insurance policy in the first place, and what are your goals? Many successful financial planners also have a background in life insurance. So while they may not be able to find you a specific life insurance policy, financial planners can help you set out a blueprint for your purchase.

Why You Should Trust Us: How We Reviewed the Best Life Insurance Companies

In life insurance, it's easy to get "sold a bill of goods." Many life insurance agents pass a state test to be thrown into the deep end. Agents sell the company product, but not all know the products. In this vein, we look at the products each company offers. We also look at agent training.

A good life insurance agent may not volunteer all facts upfront. But a company's agents should answer questions about its products accurately and in a way the average consumer can digest. Agents should be able to inform you about the long-term benefits and limitations. This will help customers find the right policy for their long-term plan.

We consider affordability, policy sizes available, and performance for a comprehensive assessment in our insurance rating methodology . If you can, we recommend also working with a financial advisor to make a plan for your future with life insurance.

Our Expert Panel for The Best Life Insurance Companies

To inform our choices for the best life insurance companies, we spoke with the following experts:

• Paul LaPiana , head of product at MassMutual
• Barbara Pietrangelo , CFP, CLU, and chair of the nonprofit Life Happens
• Wykeeta Peel , Corporate Vice President and Market Manager, African American Market Unit at New York Life

The Experts' Advice on Choosing The Best Life Insurance for You

How much life insurance coverage do you believe the average buyer should have.

Paul LaPiana, Head of Product at MassMutual

"There are different approaches to determining how much life insurance you need. One is the 'human life' approach, which estimates the current value of your future earning potential. Another is securing specific coverage to pay off debts such as a mortgage or provide for the education of children. A comprehensive protection plan should provide the right amount of coverage over the course of your working life and into retirement."

Barbara A. Pietrangelo, Chair of Life Happens

"There is no one-size-fits-all life insurance policy because everyone is different. One way to get a rough estimate is to multiply your income by 10 to 15; another is adding $100,00 to that amount, should you have a child and anticipate college education expenses.

Your best bet is to talk to a financial professional or use the Life Insurance Needs Calculator on LifeHappens.org to analyze what's right for you."

Wykeeta Peel, Corporate Vice President & Market Manager African American Market Unit at New York Life

"As you consider what policy best meets your needs, it can help to answer four key questions: First, how much death benefit do you need? Second, how long will you need that coverage? Third, what is your budget (or how much monthly premium can you afford to pay?), and finally, what is your investment risk tolerance?

To determine how much death benefit makes sense, it's helpful to think beyond using life insurance to cover funeral expenses and consider whether anyone is relying on the policy owner's income to maintain a lifestyle, pay rent or a mortgage, or fund a child's education and for how long.

There are various rules of thumb regarding the right amount of Life insurance coverage. Some tips can be found online, but they only provide an estimate and don't necessarily factor in an individual's specific needs. In my opinion, human guidance, powered by technology, is required. Basically, it comes down to how much money your loved ones would need to remain on firm financial ground if your earnings were no longer in the picture and that is different for everyone."

What is the biggest opportunity you see for improvement in the life insurance industry?

"Increased accessibility through digital and other channels as well as through underwriting enhancements. Increased tailoring of products and features. And an increased emphasis on health and wellness programs."

"Having enough qualified insurance professionals to walk potential buyers through the multiple benefits of life insurance will be pivotal to the growth of the industry. Education is a key factor here, as professional agents also need to be able to explain life insurance and its benefits in an easy, digestible way, especially when there are so many misconceptions about life insurance."

"The need for life insurance is greater than ever. In fact, a recent New York Life Wealth Watch survey found that 37% of adults have been thinking about life insurance more often these days – and half of adults report that financial products that provide protection (50%) and reliability (50%) are more important now compared to last year. This may be especially true for middle-market and Cultural Market families.

Our organizational structure of having Cultural Market agents embedded in the communities where we live and work allows us to understand the needs of diverse communities and develop solutions that resonate with them."

What advice would you give to buyers who are debating whether or not to buy life insurance?

"It is difficult to say with any certainty how healthy you will be years from now. That's why securing life insurance, and insuring your insurability, today, when you are the youngest you'll ever be again, and perhaps your healthiest is a wise decision."

"Do you love someone? If the answer is yes, then life insurance is certainly something you should consider. Many buy gifts and experiences to express their love, but haven't considered that life insurance is just another way to say I love you. Nothing says support like ensuring your family's financial security and peace of mind."

"If you have someone depending on your income, you should consider purchasing life insurance. A death benefit from a life insurance policy can replace income from the loss of a breadwinner, ensure a family can stay in their home, fund educational or retirement expenses, address debt and so much more.

A life insurance policy can also help you grow your family's wealth over time. Once the risk of an unexpected loss has been managed, you can begin to think more broadly about your family's financial future. Life insurance can enable your mindset to shift from death to growth."

What's the most important thing buyers should look for when choosing a life insurance agent/company to buy from?

"With life insurance, you are securing a future commitment that may be decades away. Research the company behind the policy to ensure it has high financial strength ratings, longevity, and an excellent track record of paying claims."

"When looking for an insurance agent or company, be sure to do your research. When comparing companies, be sure to remember that the policy features that fit you and your loved ones best is the most important factor. Don't automatically assume you should buy from the higher-rated company.

If the policy from the other company has more of what you're looking for, it might be the better choice. If you're unsure where to start, try the Life Happens Agent Locator to find an insurance professional in your area."

• "The insurers' track record: At its core, life insurance is protection - a hedge against the unexpected - and you are paying premiums in exchange for the promise that the insurer will be there when you need them, so the financial strength and track record of the company backing your policy is critical.
• Customer service: Are service professionals available by phone and digital channels? Is there is an online dashboard where you can manage your policy? Beyond ensuring assistance is available after you purchase a policy, it's also critical to ensure you have access to trusted advice and guidance before you buy.
• Flexibility in conversion: How easy is it to change? Life can be unpredictable and while term insurance can cover your loved ones through a critical period of time, you may decide that access to cash value is an important piece of your strategy.
• Accelerated online applications : Online applications are convenient but don't replace human guidance. Keep in mind that accelerated online applications may have a maximum coverage amount, meaning that you may not be able to get all the coverage you may need exclusively through an online process.
• A range of payment options: It's important to understand how often you're required to make premium payments and whether and how often you can change the frequency of payments."

Best Life Insurance FAQs

According to JD Power's 2023 life insurance study, State Farm is the highest-rated life insurance company when it comes to overall customer satisfaction. However, you still may want to shop around for quotes from various insurers if you're looking to purchase a new policy.

There isn't one best life insurance company, because the best option for you will depend on the type of policy you're looking for. It's best to work with a qualified insurance agent to help you find the best coverage. If you're deciding between multiple similar options, it's also worth consulting J.D. Power's life insurance customer satisfaction study . The latest study ranks State Farm as the top pick for individual life insurance, outpacing Nationwide by three points.

The best type of life insurance policy for you will differ from someone else's, as your policy should be tailored to your needs. The best policy for you will be affordable and will offer the benefits best suited to your situation. For example, some policies are only meant to cover end-of-life expenses such as burial and funeral arrangements, whereas others include living benefits like a cash value insurance plan , which you can borrow against during your lifetime.

Some life insurance policies are advertised as "no medical exam." This doesn't mean the insurer won't ask you about known conditions or look at medical records. Policies with no medical exam also tend to offer lower benefits with higher premiums. Most companies have a network of medical examiners, some of whom can come to your home. You can find our guide on the best no exam life insurance here.

Each situation is different and requires a knowledgeable life insurance agent to assess your best options. Bring all your questions and the coverage you're looking for to an insurance agent near you to explore your options.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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Best prepaid and debit cards of 2024:

• Netspend® Visa® Prepaid Card
• Self Lender — Credit Builder Account

What is a prepaid card?

Tips on choosing the best prepaid card for you, expert advice on prepaid cards, how we assess the best prepaid cards.

• Frequently asked questions

Best for no activation fee

Netspend® Visa® Prepaid Card

Bankrate score

Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Regular APR

What we love : If you want the convenience of a debit card without opening a traditional bank account, the Netspend Visa Prepaid Card may be worth a look. You can have your paycheck, tax refund or government benefits deposited directly to your Netspend Visa and can use the card anywhere Visa cards are accepted. Alternatives : If you’re a fan of this card’s savings account option, Brink’s Armored™ Account offers a similar benefit and the ability to earn some ongoing cash back rewards.

• There are no application fees and no minimum balance required for this card, so you can start an account with relatively little hassle.
• When you start your card account, you’ll get access to a high-yield savings account that offers 5 percent APY on the first $1,000 you save.
• The card's monthly fee is $9.95 (it lowers to $5 if you receive at least $500 in payroll checks in any one month).
• While it may not have an application fee, this card is associated with several other fees — an ATM withdrawal fee, an inactivity fee and a cash reload fee, just to name a few.
• With Direct Deposit, you can get paid faster than a paper check.
• No late fees or interest charges because this is not a credit card.
• Use the Netspend Mobile App to manage your Card Account on the go and enroll to get text messages or email alerts (Message & data rates may apply).
• Card use is subject to activation and ID verification. Terms and Costs apply.
• Card issued by Pathward N.A., Member FDIC. Card may be used everywhere Visa debit card is accepted.
• See additional NetSpend® Prepaid Visa® details.

Best for no credit check

What we love : This prepaid card could be a good fit for someone who wants a convenient way to spend without having to worry about a credit check. The Netspend Visa Prepaid card also comes with select cash back and personalized offers that can help you save on purchases. Alternatives: Since this prepaid card does not offer overdraft protection, you might consider the Walmart MoneyCenter debit card , which has an overdraft feature (fees may apply). 

• There's no credit check required when opening the card, so your credit score won't be impacted.
• The card does offer some cash back rewards which are personalized based on your spending.
• This card doesn't report to any of the three credit bureaus, so it won't help improve your credit score.
• Like most prepaid cards, this card offers no overdraft protection.

Best for building credit

Self - Credit Builder Account with Secured Visa® Credit Card

What we love : The Self - Credit Builder Secured Visa® serves both as a traditional credit card and a savings account — payments made into this account are reported to the three major credit bureaus, helping you build savings and establish a positive credit history at the same time. The credit limit on this card is also equal to the amount you have saved in your Credit Builder Account. Learn more : Is the Self – Credit Builder Account with Secured Visa Credit Card worth it? Alternative : If you’re seeking access to a physical card immediately, the Netspend® Visa® Prepaid Card is a solid choice that offers potential rewards, albeit one that carries a series of fees.

• This card reports to all three credit bureaus, helping you to achieve any credit-building goals.
• Since no hard credit inquiry is required for application, your credit score won't be impacted.
• If you're looking for a card to use immediately, this isn’t a fit as it takes three months of on-time loan payments totaling at least $100 before you’re eligible for the secured card.
• You’ll pay an annual fee for this card, which is unusual for a secured card.
• Start with a Credit Builder Account* that reports to all 3 credit bureaus. Each on-time monthly payment builds credit history and savings. Choose the plan that works for you.
• Make at least 3 monthly payments on time, have $100 or more in savings progress in your Credit Builder Account, and be in good standing.** Then, you’ll be eligible for the Self Visa® Credit Card, without a hard credit check.
• Your savings progress from your Credit Builder Account acts as your security deposit for your secured Credit Card.
• Get the savings plan that helps build credit today.
• No credit score is needed to get started.
• Your money is secured and protected in a bank account.
• *Credit Builder Account Sample Product: $48 monthly payment, 24 month term with a $9 admin fee at a 15.72% Annual Percentage Rate. Please refer to https://www.self.inc/pricing for the most recent pricing options.
• **Secured Credit Card Disclaimers, Rates and Fees: https://www.self.inc/card-agreement
• Self Visa® Credit Card issued by Lead Bank or SouthState Bank, N.A., each Member FDIC. See self.inc for details.
• Active Credit Builder Account in good standing, 3 on time payments, $100 or more in saving progress. Requirements subject to change.

Compare Bankrate's top prepaid cards

On This Page

Prepaid debit cards are similar to debit cards, except prepaid cards aren’t connected to banking or checking accounts. Instead, funds are loaded onto the card — either online, in person at specific locations, by depositing checks or reloading with cash — then reloaded when those funds run out.

Think of them as a cross between gift cards and debit cards — they have a card number, CVV code and expiration date like debit and credit cards. They also don't usually impact your credit score, as prepaid card issuers typically don’t check your credit when you apply, and they won’t check your banking history (though this isn’t always the case).

However, you should keep in mind that most prepaid cards have fees associated with them, such as:

• Reload fees
• Monthly fees
• ATM withdrawal fees
• Inactivity fees
• Transaction fees

Pros and cons of prepaid cards

While one of the benefits of a prepaid card is its accessibility, make sure to read the fine print before you apply. Some cards have activation fees and monthly maintenance charges, which can eat into your spending.

No credit check needed: People with low or no credit can practice responsible credit habits without taking a hit to their credit scores.

Budgeting tool: Because you’re limited to spending your deposit amount, prepaid cards make it easier to stay within your budget and cut back on monthly spending.

More fees than debit cards: Debit cards typically charge overdraft, monthly and sometimes ATM fees. Unfortunately, prepaid cards charge those fees on top of transaction fees, reload fees, inactivity fees and more.

Can’t build credit: Prepaid card issuers don’t report to credit bureaus, meaning users won’t improve their credit scores over time with this card type. Secured credit cards are a better option for people with no credit or low credit to increase their scores.

Prepaid cards are an excellent option for anyone with difficulty accessing traditional banking services, but features vary among cards. Here are some things you should keep in mind while shopping for a prepaid card.

• Take a look at the fees. One of the reasons many people have a difficult time accessing traditional banking services is because of the costs. If your prepaid card charges a litany of fees, such as ATM fees, monthly service fees or reload fees, you should consider if the card is worth it.
• Know your loading options . How difficult or easy will it be to reload your prepaid card? Are fees attached? Some prepaid cards will allow you to reload your card with ACH transfers, but you’ll often reload manually at an ATM. It’s important that you have access to several ATMs in your area.
• Make sure the card offers mobile access. Mobile banking is becoming increasingly popular, and for good reason. It’s convenient, safe and can give you peace of mind. The best prepaid cards will offer you the option to use the cards online and have access to a mobile app.
• Consider if you’re banked or underbanked .   While prepaid cards function similarly, there are significant  differences between prepaid cards and debit cards , specifically where funds are stored, which can be a significant factor for those who are unbanked or underbanked. Prepaid cards provide several benefits to people who don’t have access to traditional bank accounts (unbanked people) or whose access to banking services is inconvenient or too expensive ( underbanked people). If you’ve struggled to gain access to traditional banking services because of upfront costs (such as deposit minimums or initiation fees), a prepaid card might be the answer.

You can use Bankrate's Compare Credit Cards tool to help shop for the best prepaid card with as few fees as possible.

Rates of unbanked people are particularly high for those in low-income households. While the U.S. average for being unbanked is around 4.5 percent , those who have an income of under $25,000 and are underbanked are 17 percent . The main reasons cited are lack of proper funds and lack of trust . Prepaid cards can be a great alternative for people facing these hurdles.

To make the most of your prepaid card and ensure a seamless financial experience, follow these expert tips.

How to choose a prepaid card

Decide on a payment network.

Payment networks like PayPal, Visa, Mastercard and Netspend all have prepaid debit cards available. Some networks are accepted at more merchants than others so make sure to pick one that’s accepted at stores you regularly shop at.

Check fees and limitations

Prepaid cards come with a multitude of fees. If you don’t factor these into your spending, you might have less than you originally thought.

Review spending habits

Prepaid cards only have what you load onto them, so make sure to load a proper amount to avoid the reload fee that could possibly be attached to the card.

Pick up & load the card

You can receive your prepaid card from many places, both in-person and online, and may even be able to get it the same day. Once you activate and load your card, you should be able to start using it immediately.

How to maximize a prepaid card

When it comes to managing your spending and avoiding debt, a prepaid card can be valuable. With the right features and responsible usage, you can maximize the benefits of a prepaid card while staying in control of your finances.

Prepaid debit cards let you use plastic when shopping online or in stores without a traditional checking account . It’s great for scenarios like a parent or guardian giving a teenager a card to make purchases with a monthly budget or if you need to cut back on spending and want to set hard limits. Understand what you’re using a prepaid card for and how it can ultimately help you reach your financial goals.

Research and compare cards

Each prepaid card may come with its own set of features, fees and limitations. You can find a card that aligns with your specific needs by conducting thorough research. Look for cards with low or no activation fees, reasonable transaction fees and useful benefits tailored to your requirements.

Set a budget

One of the key advantages of using a prepaid card is that it allows you to set a budget and stick to it. By loading only the amount you plan to spend onto the card, you can avoid overspending and accumulating debt, so it's essential to do so with a strategic approach. 

Strategize your reloads

Consider your spending patterns and avoid reloading large sums unnecessarily, as it might tie up your funds or expose you to additional fees. Plan your reloads effectively. Strike a balance between having enough funds and not maintaining an excessive balance on the card.

Be aware of drawbacks

Prepaid cards may not offer the same consumer protections as credit or debit cards in case of fraud or unauthorized transactions. It's crucial to review the terms and conditions the card issuer provides regarding liability protection and dispute resolution processes. As a precaution, make sure to set some money aside for an emergency or rainy day fund .

Have more questions for our credit cards editors? Feel free to send us an  email , find us on  Facebook , or Tweet us  @Bankrate .

When evaluating the best prepaid cards, we take into account several factors, including how cards score in our proprietary card rating system and whether they offer features that fit the priorities of a diverse group of cardholders, from low fees to wide acceptance to earning rewards. 

We analyzed the most popular prepaid card options and scored each card based on its fee structure, rewards rate and earnings, perks and more to determine whether it belonged in this month’s roundup. 

Here are some of the key factors that we considered: 

Reasonable fees

To start, all cards on this list charge either a variable monthly fee, fixed monthly fee or a one-time account fee. As many prepaid cards have monthly fees, we identified those with limited additional costs and hidden fees.

More important to these cards’ scores and their inclusion in our list is how their fees influence their overall value. We consider card fees in two ways — how it ranks relative to the fees you’ll find on other cards in the category and how it impacts a card’s overall value. 

Cards with high fees will always be at a slight disadvantage in our scoring system since fees inherently cut into any rewards value the card may offer. However, if a card offers terrific value in other ways, such as perks or convenience it can earn a spot in our list even if it carries high fees.

Flexibility and perks

Along with cost and rewards value, we consider other factors that could give cards great long-term usefulness. 

We considered how widely a card is accepted, and we sought options that are likely to be accepted anywhere you spend. Our team considered the size of each card’s network, the trustworthiness of each financial institution and the accessibility of reload options.

Due to the nature of prepaid and debit cards, additional perks such credit-building tools can be difficult to come by. If a card offers a path to improving your credit score, we’ve factored that into our scoring.

For rewards-earning cards, we consider any restrictions they impose on earning and redeeming rewards when deciding on a card’s inclusion in our list. 

These restrictions could include only allowing users to earn a high rewards rate on a small amount of spending or requiring users to meet a certain earning threshold before they can redeem rewards. We also examine whether points are worth less when you opt for some redemption options over others and whether a card gives you the flexibility to transfer rewards to airline and hotel partners. 

We also evaluate each card’s perks based on their value and uniqueness. For prepaid cards, flexibility and convenience can play a significant role in a card’s overall usefulness. 

Rewards value

Since many cardholders looking for a prepaid card are eager to earn rewards, a key criteria for a card’s inclusion in our list is its rewards value. Rewards value factors in a card’s average rewards rate, estimated annual rewards earnings, sign-up bonus value and reward redemption value.

To estimate a card’s average annual rewards earnings, we calculate its average rewards rate based on how much it earns in different bonus categories, as well as how closely those categories match the average person’s spending habits. In other words: Does the card earn rewards at a high rate in the most popular spending categories?

We use consumer spending data from the Bureau of Labor Statistics (BLS) to get a reliable third-party measure of people’s spending habits. The most recent BLS data estimates average total spending in 2021 was $66,928 per consumer. We then narrow our focus to which purchases are likely to be put on a credit card and earn rewards, subtracting expenditures like housing, vehicle purchases and education. This gives us a total “chargeable” annual spend of around $22,500.  

This includes the following spending by category:

• Groceries: $5,200
• Dining out: $3,000
• Entertainment: $2,500
• Gas: $2,100
• Apparel and services: $1,700

Using this data, we assign a weighting to each of a card’s bonus categories. For example, a card’s grocery rewards rate receives a 23 percent weighting based on how much of the average person’s budget is spent on groceries. We also estimate the redemption value of points or miles from various issuer, airline and hotel rewards programs.

This weighting and rewards valuation allows us to estimate a card’s average annual rewards earnings — how many points or miles you’d earn with a given card if your spending was about average and you used the card for all of your purchases — as well as what those points are worth. We also use point valuations to determine a card’s sign-up bonus value

With these calculations complete, we assign each card a score based on how its average rewards earnings, sign-up bonus value, rewards rate and redemption value stack up against other cards in its primary category.

The better these values, the higher its score will be, making it more worthy of inclusion in our list and increasing its potential ranking.

Frequently asked questions about prepaid cards

How do i get a prepaid card.

You can get a prepaid card in a number of ways, including: 

• Online : You can go online and purchase a prepaid card using your credit or debit card information, which will be charged at the time of purchase.
• In-store : You can go to any store and purchase a prepaid card with cash.
• At a bank branch : You can go to a bank branch, provide your personal information and purchase a prepaid card with cash or by using your checking account number and routing number (which is typically on checks).

How do you reload a prepaid card?

You can reload a prepaid card much like you would receive money in a checking account linked to a debit card. Here are some ways you could reload a prepaid debit card, depending on the issuer:

• In person at the financial institution that issued the card
• In person at participating retail locations
• Online transfer from a checking or savings account
• Mobile deposit, if available
• Direct deposit, if available

What are alternatives to prepaid cards?

If you'd rather not use a prepaid card, there are other options that may suit your needs better:

• Fintech banking apps: These apps, like SoFi , work like any other bank app, but they don't require a traditional bank account. Some of these apps are free, but some charge monthly fees for certain features.
• Alternative spending accounts: An alternative spending account, like Chime , is typically a checking account without overdraft fees, monthly fees or service fees. They're designed for people who want a simple place to keep their money but don't want all of the features of a traditional checking account.
• Second-chance checking accounts: These second-chance accounts  allow people who have been denied access to traditional checking accounts due to low credit scores or unpaid debts access to basic banking services. 
• Secured credit cards: These allow people who have bad or no credit histories to make a deposit for access to a limited credit line. If you can afford to make a security deposit upfront, you can use a secured credit card for minor expenses and build your credit score at the same time.

Article sources

We use primary sources to support our work. Bankrate’s authors, reporters and editors are subject-matter experts who thoroughly fact-check editorial content to ensure the information you’re reading is accurate, timely and relevant.

Netspend Visa Prepaid Card fees . Netspend. Accessed on May 10, 2024.

Report on the Economic Well-Being of U.S. Households in 2022 - May 2023 . Board of Governors of the Federal Reserve System. Accessed on May 10, 2024.

2021 FDIC National Survey of Unbanked and Underbanked Households . FDIC. Accessed on May 10, 2024.

* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.

Editorial Disclosure: Opinions expressed here are the author’s alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.

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Biden Will Choose a New Leader for Bank Regulator With ‘Toxic’ Culture

Martin Gruenberg, the chairman of the Federal Deposit Insurance Corporation, said he would step down once the Senate confirmed a successor.

By Emily Flitter

President Biden plans to quickly choose a new leader to oversee the Federal Deposit Insurance Corporation, a bank regulator rocked by revelations of senior managers’ widespread harassment and abuse of junior employees, a White House official said on Monday.

The announcement came shortly after the agency’s chair, Martin Gruenberg, said he would resign from his post once a successor is confirmed.

“The president will soon put forward a new nominee for F.D.I.C. chair who is committed to those values and to protecting consumers and ensuring the stability of our financial system, and we expect the Senate to confirm the nominee quickly,” Sam Michel, a White House deputy press secretary, said in a statement emailed to The New York Times.

The rapid-fire developments came hours after the top Democrat on bank regulation, Senator Sherrod Brown of Ohio, called on President Biden to choose a new leader for the agency, saying he no longer had confidence that Mr. Gruenberg could heal its “toxic culture.”

Mr. Brown, the chairman of the Senate Banking Committee, said on Monday that after a committee hearing with Mr. Gruenberg on Thursday, he no longer believed that Mr. Gruenberg could put an end to a culture of sexual harassment and discrimination at the agency, which oversees U.S. banks. He called for Mr. Biden to nominate a successor and for the Senate to quickly confirm that person, who could then take over for Mr. Gruenberg.

“There must be fundamental changes at the F.D.I.C.,” Mr. Brown said. “Those changes begin with new leadership, who must fix the agency’s toxic culture and put the women and men who work there — and their mission — first.”

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