TD Bank operates both online and with physical branches. They have over 1,000 branches in 16 states along the east coast. They offer a full suite of banking services, including checking, savings, CDs, credit cards and loans. They also have services for small and corporate businesses as well as investing.
If you live in a state where TD operates and in-person banking is a priority, then TD Bank is worth checking out. In this guide, we’ll dive into TD Bank savings account options, rates, fees and more, providing all the information you need to decide whether TD offers the right savings opportunities for you.
Understanding savings account interest rates
A key feature of any savings account is the interest rate. Many banks, including TD Bank, advertise a high annual percentage yield (APY), but you have to meet a minimum balance or other requirements to qualify for that high rate.
For example, TD advertises 4.00% APY, but you need a balance of at least $100,000 to earn that. And if you have under $10,000 in savings, your APY will be a paltry 0.01%.
Another point of interest when shopping for savings accounts is the monthly fee. If the monthly fee is more than you will be earning in interest, then your balance will decrease every month, not increase.
TD Bank savings account interest rates
| Account Name | Rate |
|---|---|
TD Simple Savings | 0.02% APY |
TD Signature Savings | Up to 4.00% APY |
How TD Bank savings rates compare to top-yielding banks
Based on interest rates alone, TD Bank doesn’t keep up with top competitors, while a 4.00% APY is fairly competitive, you have to have a balance of at least $100,000 to qualify.
If you already bank with TD Bank and have substantial savings, then the convenience of having all your money in one place may make up for the lower rates. However, if you want to maximize your earnings, you may do better with a high-yield savings account from a different bank.
Overview of TD Bank savings accounts and their features
TD Simple Savings
TD Bank’s standard savings option, Simple Savings, has a $5 monthly fee, no minimum balance and earns 0.02% APY.
The monthly fee is waived if you maintain a minimum balance of just $300 or set up a recurring transfer of at least $25 per month. This fee is waived automatically for minors, full-time college students and seniors. Also, if you link the account to a TD Convenience Checking account and are under the age of 24, the monthly fee will be waived.
This account includes mobile deposit, free TD ATMs and free paper statements.
TD Signature Savings
TD Bank customers with a higher account balance can take advantage of an APY of up to 4.00% with Signature Savings, the bank’s premium savings account. It has a $15 monthly fee and no minimum balance.
The monthly fee is waived for accounts if you maintain a minimum balance of $10,000, link the account to an eligible TD Checking account or open the account as an IRA. The exact APY you will earn depends on your balance and if you link the account to an eligible TD account to earn the relationship bonus rate.
If you don’t have any other TD accounts, the APY on the account will be 0.01% APY if your balance is under $10,000 and 0.05% APY if your balance is $10,000 or above.
For the best rates, you’ll want to be eligible for the relationship bump rate. You can qualify by linking your Signature Savings account to an active personal or business checking account, personal mortgage, home equity line of credit or credit card. If you get the relationship rates, your APY will be as follows:
| Balance | APY |
|---|---|
Up to $9,999 | 0.01% |
$10,000 – $24,999 | 2.00% |
$25,000 – $49,999 | 2.25% |
$50,000 – $99,999 | 2.50% |
$100,000 – $249,999 | 4.00% |
$250,000 – $499,999 | 4.00% |
$500,000 – $999,999 | 4.00% |
As you can see, to get the top rate, you need a balance of at least $100,000.
This account includes mobile deposits, incoming wire transfers, money orders, stop payments and official checks. You can also use TD ATMs for free and get reimbursed for non-TD ATM fees if your minimum balance is at least $2,500.
Other savings options available at TD Bank
Certificates of deposit (CDs)
TD Bank offers a limited range of CDs with rates between 1.00% and 5.00% APY, with the highest rates reserved for those who qualify for the relationship bonus. The minimum balance to open a CD is $250.
TD Bank CDs are available with the following terms:
- Six months
- 12 months
- 18 months
If you don’t qualify for the relationship bonus, all terms earn 1.00% APY. If you do qualify, six-month CDs earn 5.00% APY, while 12- and 18-month CDs earn 4.00% APY. You must link your CD to an eligible TD account to qualify for the relationship bonus.
No specialized terms, such as no-penalty or rate bump CDs, are available from TD Bank.
Small business savings accounts
TD Bank also offers savings opportunities for small business owners, including a standard savings account and a money market account.
- TD Business Savings: Offers a low monthly fee of $5, waived with a minimum balance of just $500. There is a $25 opening deposit requirement and interest rates may vary by location and account balance.
- TD Small Business Premium Money Market: There is a $25 minimum opening deposit, and the $15 monthly fee is waived with a minimum balance of $2,500. Pays interest at tiered rates, which vary by location.
Monthly fees and compounding schedule at TD Bank
The interest in a TD Bank savings account compounds monthly. Most monthly fees can be waived by maintaining the minimum balance or meeting other requirements.
Although many TD Bank savings account holders may have their monthly maintenance fees waived, there are additional fees to look out for, including non-TD ATM fees and overdraft fees.
How much you can earn from TD Bank savings accounts
Your interest earnings from a TD Bank savings account will primarily depend on the type of account you open, your average balance and how long you keep the money in the account.
Here are a few examples using the Signature Savings with relationship rates:
| Balance | Earnings after one year | Earnings after three years | Earnings after five years |
|---|---|---|---|
$1,000 | $0.10 | $0.30 | $0.50 |
$3,000 | $0.30 | $0.90 | $1.50 |
$10,000 | $201.84 | $617.84 | $1,050.79 |
Comparing TD Bank savings options to other banks
Overall, TD Bank offers fewer savings account options than other banks and doesn’t quite meet some of the highest savings rates competitors offer.
Here are some other popular banks and their current rates. Note that these banks do not require a minimum balance to receive the highest rate.
| Account | APY |
|---|---|
Capital One 360 Performance Savings | 4.35% |
Marcus Goldman Sachs | 4.50% |
UFB Secure Savings | 5.25% |
Ally Savings Account | 4.35% |
Synchrony Bank High Yield Savings | 4.75% |
Frequently asked questions (FAQs)
The highest rate that TD Bank offers on its savings account is 4.00% APY, and you have to have a balance of at least $100,000 and the relationship bonus to receive it. This rate or higher can be found at other banks with fewer restrictions.
In addition to its Simple Savings and Signature Savings accounts, TD Bank also offers CDs, money market accounts and business options.
TD Bank savings accounts offer rates up to 4.00% APY. While each account carries a monthly fee, these can be waived by meeting minimum balance requirements. They include free access to TD ATMS and free paper statements.
Accounts can be opened both online and in person at a TD Bank branch.
To earn the maximum interest rate from a TD Bank savings account, you’ll need to maintain a minimum balance of at least $100,000 and qualify for the relationship bonus. Additional tiered rates are available to accounts with lower balances.
