Image courtesy of Getty Images, Illustration courtesy of Bankrate
TD Bank offers two savings account options: One of the accounts can be linked to another eligible TD Bank account to earn the best interest rate offered, but the tiered standard rate is less impressive.
TD Bank is known for offering quality customer service and robust digital banking tools, but if you're looking for the best savings rates, you'll need to look elsewhere.
TD Bank received a 3.7 out of 5 rating on Bankrate's overall banking rating, with its most accessible savings account receiving a 2.9 out of 5 rating.
TD Bank Savings Account Interest Rates
TD Bank's two savings accounts are TD Simple Savings and TD Signature Savings. TD Simple Savings has a $5 monthly maintenance fee, but this fee can be waived in several ways.
Maintain a minimum daily balance of $300 Link your savings account to a TD Beyond, TD Relationship or TD Student checking account If you are under 24 and you link your savings account to a TD Convenience Checking account If you make regular transfers of $25 or more from your linked TD Bank checking account If you are under 18 or over 62 If you open your savings account as an IRA.
The TD Signature Savings Account has a monthly fee of $15, but the fee is waived if you maintain a minimum daily balance of $10,000 or link an eligible TD checking account.
This account waives non-TD Bank ATM fees and reimburses out-of-network ATM fees if you maintain a minimum daily balance of $2,500.
Here are the interest rates offered by TD Bank's Simple Savings Account:
Account Name APY Minimum Deposit TD Simple Savings 0.02% $0
Like the Simple Savings Account, the Signature Savings Account does not require an opening deposit.
Customers who link an account with another TD Bank to their Signature Savings account are subject to the relationship interest rate increase. After the rate increase, the bank's tiered interest rates are as follows:
Account Name Standard APY Bump Rate APY Balance Required for APY TD Signature Savings 0.01% 0.01% $0.01-$9,999.99 TD Signature Savings 0.05% 2.00% $10,000-$24,999.99 TD Signature Savings 0.05% 2.25% $25,000-$49,999.99 TD Signature Savings 0.05% 2.50% $50,000-$99,999.99 TD Signature Savings 0.05% 4.00% $100,000-$249,999.99 TD Signature Savings 0.05% 4.00% $250,000-$499,999.99 TD Signature Savings 0.05%4.00% $500,000 – $999,999.99 TD Signature Savings 0.05% 4.00% $1,000,000 and up
Note: Annual Percentage Yields (APYs) shown are accurate as of July 3, 2024 and may vary by region for some products.
How do TD Bank's savings rates compare to higher-yield banks?
TD Bank's Simple Savings account offers very little interest, and the bank's Signature Savings account, which requires a linked account and a balance of at least $100,000 to get the highest interest rate, offers a much higher yield, but it's still lower than the highest-yielding banks.
If you want a higher interest rate, consider a competitive online bank. Shop around to find the best interest rate to help you reach your savings goals faster.
Other Savings Options at TD Bank
TD Bank offers competitive yields on relationship rate CDs, but its standard CD yields are much lower than many good online banks.