TD Bank Savings Account Interest Rates: March 2024 – Newsweek Vault (2024)

A savings account provides you with a place to stash and potentially grow your funds without giving up easy access to that cash if and when you need it. TD Bank offers two different savings account options with very different interest rates attached. The TD Bank savings interest rate you can tap into depends on your relationship with the bank, your account balance and the type of account you choose.

Below, we’ll walk you through the ins and outs of the available TD Bank interest rates for savings accounts today, and what each account option entails.

Note: All account details are accurate as of February 2024.

Vault’s Viewpoint on TD Bank Savings Accounts

• The TD Simple Savings account offers a 0.02% annual percentage yield (APY) on all account balances.
• TD Signature Savings accounts have more lucrative APY opportunities (up to 4.00%) if you carry a balance of at least $10,000.
• While it’s possible to earn as much as 4.00% APY through a TD Bank savings account, you can find higher rates offered—with fewer hoops to jump through—at other financial institutions.

Overview of TD Bank Savings Accounts

TD Bank’s Simple Savings is the baseline savings account option and offers 0.02% APY on all balances. While there is a $5 monthly fee, this is waived if you maintain a minimum account balance of at least $300 or set up recurring transfers of at least $25 (for the first year only). There is also no monthly fee charged if you are under 18 or over 62 years old.

The TD Signature Savings account offers an opportunity to earn higher interest rates. While rates start at just 0.01% APY for deposits under $10,000, you can tap into the advertised 4.00% APY if you have an account balance of at least $100,000 and qualify for the relationship bump rate. In order to get the relationship bump, you must link a TD Bank personal or business checking account, mortgage, home equity loan or credit card.

TD Signature Savings accounts come with a $15 monthly fee. This can be waived if you maintain a $10,000 minimum daily balance, link a TD checking account or open the account as an IRA.

While the Signature Savings account offers more potential value than the Simple Savings option, you’ll need a significant amount of savings and a relationship with the bank in order to earn the TD Bank high yield savings rates offered.

Pros and Cons of a TD Bank Savings Account

Pros

There are many advantages to keep in mind when considering TD Bank’s savings accounts.

• Earn up to 4.00% APY, if you qualify
• Large network of physical branches for in-person support on the East Coast
• Monthly maintenance fees can be waived

Cons

Of course, every financial institution also has some drawbacks. Here’s what to note if you’re considering a TD Bank savings account.

• Less competitive rates than similar accounts at other banks
• Must maintain an account balance of at least $10,000 to earn more than 0.02% APY
• Must have another type of account with TD Bank to qualify for top rates
• Not available in all states

How Much Can You Earn With a TD Bank Savings Account?

When you tuck your money into a savings account, you want to put those unused funds to work. A higher APY offers a faster way to grow your cash within the safety of a savings account.

If you are seeking higher rates, the Signature Savings account beats out the Simple Savings account overall. For savers set on locking in the highest possible rate, though—or who don’t plan to save $100,000 or more in the same account—you’ll likely need to look at another financial institution.

Below is a breakdown of how much you could expect to earn on a $10,000 deposit with a TD Bank savings account, assuming rates stayed the same for the next decade and you didn’t make any additional deposits.

How to Open a Savings Account with TD Bank

If you want to move forward with opening a TD Bank savings account, here’s what the new account process looks like.

• Select the account you want to open. You can choose between a TD Simple Savings and a TD Signature Savings account online. Select the orange Open in Minutes button when you are ready. Alternatively, you can open a TD Bank savings account in person at a branch location.
• Provide your personal information. You’ll need to give TD Bank your address, phone number, date of birth and Social Security Number. Also be prepared to provide a government-issued ID.
• Link accounts. If you already have a TD Bank account, you’ll have an option to link that existing account. If you’re a new customer, you can skip this step.
• Create a username and password. In order to have online access, you’ll be asked to set up a username and password to protect your account.
• Fund the account. You’ll need to provide the funding account details for your new account, like a routing and account number for an existing checking or savings account.

According to TD Bank, it should only take a few minutes to open your savings account online.

Alternatives to a Savings Account with TD Bank

If you don’t think that a TD Bank savings account is a good fit for your situation, check out some of these alternatives to find the best savings account options for you.

CIT Bank Platinum Savings

Savers with a balance of at least $5,000 can earn a 5.05% APY through a CIT Bank Platinum Savings account. While the rate drops to 0.25% APY when you have a balance of less than $5,000, that’s still more attractive than TD Bank’s Simple Savings account rates. Plus, you won’t face any monthly maintenance fees with this account.

This online-only bank doesn’t have any physical branches, so be sure you’re comfortable banking entirely online. You’ll also need to make a minimum deposit of $100 to get started.

Capital One 360 Performance Savings

The Capital One 360 Performance Savings account offers a straightforward way to maximize your savings. You can earn 4.35% APY on any balance without dealing with any monthly maintenance fees or minimum balance requirements. While Capital One 360 is the online banking arm of Capital One Bank, you can still visit a brick-and-mortar branch location if you need in-person services or assistance.

Citizens Access Savings

Citizens Access Savings offers savings account customers a return of 4.50% on any balance without any monthly maintenance fees. To start earning 4.50% APY, you’ll need to make a minimum deposit of just $0.01. The downside is that Citizens Bank doesn’t offer any checking accounts, which means you might have to manage your finances on multiple banking platforms.

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