TD Bank Savings Rates
The main feature you'll find in most of the best savings accounts is the interest rate, which is usually displayed as an Annual Percentage Yield (APY). This takes into account both the interest rate and the compounding frequency — how often interest accrues on top of the interest you've already earned. Banks compete to offer the best interest rates along with other useful features.
With a TD Simple Savings account, you receive the same standard interest rate on all account balances.
TD Bank AccountsStandard APY*Minimum Opening DepositTD Simple Savings0.02%$0*APY as of June 25, 2024. Rates may vary by location.
However, the TD Signature Savings Account offers a tiered interest rate, meaning you can potentially earn a higher APY as your balance grows.
You may also be eligible for a “bump rate,” which is a relationship rate. If you link your savings account to another TD Bank account, such as a checking account, you can earn a relationship bump rate.
TD Bank compounds and deposits interest on a monthly basis, which is not as generous as banks that compound daily, so your interest won't add up as quickly.
TD Signature Savings Account BalanceStandard APY*Bump Rate APY*Minimum Opening Deposit$0.01 to $9,999.990.01%0.01%$0$10,000 to $24,999.990.05%2.00%$0$25,000 to $49,999.990.05%2.25%$0$50,000 to $99,999.990.05%2.50%$0$100,000 to $249,999.990.05%4.00%$0$250,000 to $499,999.990.05%4.00%$0$500,000 to $999,999.990.05%4.00%$0$1 million or 0.05%4.00%$0*APY as of June 25, 2024. Rates may vary by location.
How TD Bank Savings Rates Compare to Major Competitors
Let’s compare TD Bank to the banks with the best interest rates.
Bank APY*TD Simple Savings0.02%First Community Bank6.00%MyBankingDirect.com5.55%Sovereign Bank5.40%EagleBank5.38%*APYs as of June 25, 2024. Rates may vary by location.
How to open a TD Bank savings account
You can open one of TD Bank's savings accounts online.
1. Go to the TD Bank Savings Account page
From the homepage, hover your mouse over “Products” at the top of the page and click “Savings” to go to the bank's savings account page. You'll then see application buttons for both accounts. Click the “Open in Minutes” button for the account you're interested in.
2. Respond to pre-application prompts
You will then be taken to a page asking if you want to apply for another account. If so, check the box. This will save you time by allowing you to apply only once. Next,[アカウントを開く]Click.
If you are already a TD Bank customer, please log in now to move through the application process faster. If you are not currently a customer, please click “Not Yet.”
3. Complete and submit the application
Next, you'll need to enter some personal information, such as your name, citizenship status, and Social Security number (optional). You'll also need to have your government-issued ID, phone number (for verification), and banking information (such as a debit card or account number).
Neither account requires a minimum deposit, but you must pay a monthly fee or meet criteria to waive the monthly fee. For TD Bank's Simple Savings account, the monthly maintenance fee is $5. For the Signature Savings account, the monthly maintenance fee is $15.
To waive the monthly fee on your TD Simple Savings account, you must complete one of the following:
Be under 18 or over 62 If you're under 24, link your savings account to an eligible TD checking account Maintain a minimum daily balance of $300 Set up a recurring transfer of at least $25 per month from your linked eligible TD checking account for the first year
For TD Signature savings accounts, you must complete one of the following to waive the monthly fee:
Open your account as an Individual Retirement Account (IRA) and save for retirement with pre-tax funds if you choose a traditional IRA, or with tax-free withdrawals at age 59 1/2 if you choose a Roth IRA. Maintain a minimum daily balance of $10,000. Link to an eligible TD checking account.
Once you have entered the required bank information, follow the instructions to submit your application.
TD Bank CD
In addition to savings accounts, TD Bank offers several certificates of deposit (CDs) with a variety of terms and APYs. However, the bank only offers money market accounts to its business banking customers.
TD Choice Promotional CD
Similar to interest rates on TD Bank savings accounts, CDs also offer tiered interest rates, and if you have an eligible TD Bank checking account, you also have the opportunity to earn relationship interest rates.
TD Choice Promotional CD Standard APY* Relationship APY* Minimum Opening Deposit 3 Months 1.00% 3.00% $250 6 Months 1.00% 5.00% $250 9 Months 1.00% 4.00% $250 1 Year 1.00% 4.50% $250 18 Months 0.00% 4.00% $250 2 Years 1.00% 4.00% $250 3 Years 1.00% 3.51% $250 5 Years 1.00% 2.50% $250 *APYs are accurate as of June 25, 2024. Rates may vary by location.
TD No Catch CD
TD Bank's no-catch CDs guarantee a fixed interest rate each period, but allow you to make one penalty-free withdrawal per period.
TD Bank No Catch CDCurrent APY*Minimum opening deposit6 months0.05%$2501 year0.05%$250*APY as of June 25, 2024. Rates may vary by location.
TD Step Rate CD
TD's stepped rate CDs don't offer a single fixed interest rate for the entire term, but instead increase the interest rate each year.
3 Year TermTermAPYMinimum Opening DepositCompound APY0.10%$250Year10.05%$250Year20.10%$250Year30.15%$250Year*APYs as of June 25, 2024. Rates may vary by location. 5 Year Term5 Year CD RateMinimum Opening DepositCompound APY0.15%$250Year10.05%$250Year20.10%$250Year30.15%$250Year40.20%$250Year50.25%$250Year*APYs as of June 25, 2024. Rates may vary by location.
How TD Bank savings rates compare to other major banks
TD Bank savings rates are typically lower than those of competitors. Depending on your account type, balance and other factors, it may be hard to get a higher rate.
However, like its competitors, TD Bank does not have a minimum deposit requirement to open an account. Here's a closer look at how TD Bank compares to other major banks.
Bank APY*Minimum opening depositAlly4.20%$0American Express4.25%$0Capital One4.25%$0Chase0.01%-0.02%$0Discover4.25%$0Marcus4.40%$0TD Bank0.02%$0*APY is for a $5,000 deposit as of 6/25/2024. Rates may vary by location. TD Bank APY is for Cherry Hill, NJ and Chase APY is for the 10001 zip code in New York City.
Conclusion: Is a TD Bank savings account right for you?
TD Bank's Simple Savings account is a no-frills, low-fee account that's a good choice for savers with smaller balances, but the Signature Savings account offers much better interest rates for larger balances and allows you to take advantage of relationship bump rates.
FAQ: TD Bank Savings Account Interest Rates
What types of savings accounts does TD Bank offer?
TD Bank offers two savings accounts: TD Simple Savings and TD Signature Savings. The Simple Savings account is a good choice for younger or older savers with smaller balances, while the Signature Savings account is a good choice for those with larger balances who qualify for relationship rates.
What is the minimum balance for a TD Bank savings account?
For TD Simple Savings accounts, you must maintain a minimum balance of $300 per day to waive the monthly maintenance fee. For TD Signature Savings accounts, you must maintain a minimum balance of $10,000 per day. However, it's worth noting that both accounts offer additional ways to waive the monthly maintenance fee.
Which bank has the highest interest rate?
While online banks tend to offer higher interest rates, many of the major U.S. banks currently offer rates between 4.00% and 5.00% APR.
*Data accurate at time of publication