TD Bank is a large US bank with physical branches across the East Coast that boasts an attractive offer: in-person service seven days a week.
If you already bank at TD or live near a branch, its savings account can be convenient, but you won’t earn much in interest. If you’re looking to grow your savings, you can find far better savings rates at online banks and credit unions.
TD Bank’s savings account rates
TD Bank offers two savings accounts: TD Simple and TD Signature Savings. Neither requires a minimum initial deposit, but you won’t earn much interest.
The TD Simple Savings account earns an unimpressive 0.02% annual percentage yield. You’ll also pay a $5 monthly maintenance fee, unless you can waive it by meeting one of the bank’s four requirements, such as maintaining a $300 daily balance requirement.
The TD Signature Savings account has a tiered APY structure ranging from 0.01% to 0.05% depending on your balance. If you have an existing TD account that qualifies you for a relationship bump rate, you can earn from 0.01% to 4.00%, depending on your balance.
You’ll need a fairly high balance to qualify for more competitive APYs. The balance tier of $10,000 to $24,999 earns a 2.00% APY. Balances over $100,000 earn the highest APY available, which is currently 4.00%.
This savings account has a larger monthly maintenance fee of $15, which can be waived by meeting specific requirements.
TD Bank: At a glance
| Account name | APY | Relationship bump rate APY | Minimum deposit | Minimum daily balance | Fees |
| TD Simple Savings | 0.02% | N/A | $0 | $300 | $5 ($0 with fee waiver) |
| TD Signature Savings | 0.01% to 0.05% | 0.01% to 4.00% | $0 | $10,000 | $15 ($0 with fee waiver) |
How do TD Bank’s savings accounts compare with other high-yielding banks?
TD’s savings accounts require jumping through hoops to waive their monthly fees. And both accounts’ standard APYs are well below the FDIC national average rate of 0.46%.
Even with the relationship bump rate, TD’s Signature Savings account “enhanced” APY, starting at 2.00%, doesn’t apply to balances under $10,000. If you’re chasing yield on your savings, TD doesn’t offer a compelling reason to hold your savings there.
Here are a few banks that offer higher savings account rates right now.
| Bank or credit union | APY |
| Newtek Personal High Yield Savings | 5.25% |
| Everbank Yield Pledge Online Savings | 5.15% |
| SoFi High-Yield Savings | 4.60% |
| Capital One 360 Performance Savings | 4.35% |
One advantage TD Bank has over some other savings accounts is its current sign up bonus. If you’re not worried about earning a low interest rate and decide to open a TD Bank savings account, you can earn a $200 bonus when you open a new account and deposit $10,000 within the first 20 days (valid until April 30, 2024).
Additional savings options at TD Bank
Aside from a traditional and high-yield savings account, TD Bank also offers certificates of deposit options. The minimum deposit required to open a CD is $250. APYs vary by location, but some CDs can go up to 5% APY depending on the term and where you live.
- Standard CDs: TD offers certificates of deposit with terms from three months to five years. There’s a relationship bump rate program that’s available if you link a qualified TD Bank checking account.
- Step Rate CD: This CD can be purchased in a three- or five-year term. It allows one penalty-free withdrawal per term and applies automatic APY increases each year.
- No-Catch CD: This CD allows customers to withdraw the entire balance before it matures, penalty-free. It can be purchased in six- or 12-month terms.
How to open a TD Bank savings account
Opening a savings account with TD Bank is easy. Here’s how to get started:
- Gather your personal information. To apply for a TD Bank savings account, you’ll need your Social Security number, physical address, photo ID and any other documents the bank may require.
- Choose your savings account. TD Bank has two savings account options to choose from: TD Simple Savings and TD Signature Savings. If you want to earn interest on a balance of at least $10,000, the Signature Savings account may be right for you. Otherwise, as long as you have a balance of at least $300, the Simple Savings account may be a better fit.
- Apply. You can apply for an account at a local TD Bank branch or online. Keep in mind that the banking services and account options may vary based on your location.
- Deposit your funds. You can transfer funds from an external bank account or deposit a check or cash to your TD account. You may also set up direct deposit and automatic transfers for regular contributions. Keep in mind that TD Bank’s savings accounts have minimum daily balance requirements.
The bottom line
TD Bank has two savings account options, but you’ll need to follow a few extra steps to maintain and grow your savings. This bank’s monthly fees will detract from your savings goals unless you maintain significant minimum balance levels -- $300 on the low end and $10,000 for the TD Signature Savings account.
There are other ways you can waive the monthly maintenance fee, such as making recurring deposits of $25 or more. But even with the relationship bump rate, the APYs paid pale in comparison to other banks that make it easy to earn interest at a competitive rate.
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