TD Bank Savings Account Interest Rates
When considering TD Bank for a savings account, there are factors to take into account. TD Bank gives you the convenience of opening a savings account online. Existing TD Bank customers who link a suitable checking or credit account are eligible for a relationship interest rate boost.
TD Bank’s savings accounts are ideal for current customers with significant savings, as they may qualify for higher annual percentage yields (APYs) through the relationship interest rate boost. However, if you do not meet those criteria, the rates may be below average, prompting you to explore other options to find higher APYs.
TD Bank’s savings account rates are location-dependent, and the rates mentioned here may not apply universally. The APYs presented, based on New York City rates as of the article’s publication date, are regularly updated to reflect any changes.
| Account Name | Balance for Highest APY | APY Range | Monthly Fee |
|---|---|---|---|
| TD Simple Savings | $0 | 0.02% | $5 |
| TD Signature Savings | $100,000 | 0.01%–4.00% | $15 |
Before choosing the best savings account, it is advisable to review current high-yield savings account rates.
TD Bank Savings Accounts: Key Features
TD Simple Savings Key Features
- APY Range: 0.02%
- Minimum Balance to Earn Highest APY: $0.01
- Minimum Deposit: $0
- Withdrawal Limit: 6 per month ($9 for each additional transaction)
- Monthly Service Fee: $5
The TD Simple Savings account, with its minimal requirements like no minimum deposit to open an account, is suited for beginners in savings. Despite earning monthly interest, the account’s APY remains relatively low compared to the national average.
There is a monthly maintenance fee for this account, but it can be waived for eligible individuals, such as those under 18 or over 62, or by meeting specific balance or transfer criteria.
It is essential to note that the TD Simple Savings account restricts the number of monthly transactions to six, with additional transactions incurring fees.
TD Bank Signature Savings Key Features
- APY Range: 0.01%–4.00%
- Minimum Balance to Earn Highest APY: $100,000
- Minimum Deposit: $0
- Withdrawal Limit: 6 per month
- Monthly Service Fee: $15
The high-yield TD Signature Savings account, targeted at individuals with substantial savings, also offers a relationship rate boost for TD Bank customers with connected accounts. However, to access the best possible APY, a $100,000 balance is required.
To waive the monthly maintenance fee, options include maintaining a minimum balance or linking to an eligible TD Bank checking account.
Pros and Cons of TD Bank Savings Accounts
Pros
- Simple to waive monthly fee for Simple Savings
- No minimum deposit required to open an account
- Customers may qualify for a relationship rate boost
Cons
- Interest rates may not be competitive
- High balance needed to earn highest APY with Signature Savings
- Penalties for exceeding the monthly withdrawal limit
About TD Bank: Other Savings Options
TD Bank is a major financial institution offering various products such as credit cards, loans, mortgages, and savings and checking accounts, albeit limited to certain states. In addition to savings accounts, TD Bank provides certificates of deposit (CDs) with varying terms and APYs.
Depositors should watch for special offers, including account bonuses, and residents of select states can access TD Bank’s branches. For a broader range of savings options, TD Bank also offers alternative CD options.
Learn more about TD Bank and its savings products by exploring its available branches and additional offers.
Alternatives to TD Bank Savings Accounts
Other High-Yield Savings Accounts
Consider exploring high-yield savings account options from different financial institutions for potentially higher APYs compared to TD Bank. Many institutions offer attractive rates, sometimes exceeding 5%, providing enticing alternatives to traditional CDs.
Certificates of Deposit (CD)
CDs offer fixed, guaranteed returns over various terms, contrasting with savings accounts. Evaluate current CD rates to determine if this investment option aligns better with your financial goals.
Money Market Accounts
Money market accounts provide competitive interest rates, along with convenient check-writing and ATM access. Be mindful of any associated fees or balance requirements when considering these accounts.
I Bonds
Investing in U.S. government I bonds can shield savings from inflation, though they require a commitment similar to CDs. Carefully weigh the advantages against other account types to make informed financial decisions.
Checking Accounts
Explore high-yield checking account options for easy access to funds and additional features like check writing and debit cards. Unlike savings accounts, checking accounts typically offer unlimited monthly transactions, making them a versatile choice for daily financial needs.
Compare Savings Account Rates
While TD Bank offers competitive rates for certain balance thresholds, it may not suit everyone’s needs regarding the most lucrative APYs. By comparing TD Bank with other high-yield accounts, individuals get a better understanding of their optimal savings choices.
Stay informed about the latest developments in savings account rates, influenced by the Federal Reserve’s policies to manage inflation and interest rates.
Is TD Bank Good for Savings Accounts?
If you possess substantial savings, TD Bank’s offerings could benefit you with higher APYs. However, for lower balance amounts, exploring options with lower thresholds and higher interest rates may be more advantageous.
Are TD Savings Accounts Free?
TD Bank’s savings accounts come with monthly fees of $5 for Simple Savings and $15 for Signature Savings. There are methods to waive these fees, such as maintaining a certain daily balance or linking to a TD Checking account.
What Is the Minimum Balance for a TD Bank Savings Account?
Opening a TD Bank savings account doesn’t require a minimum balance. However, to earn the highest possible APY, you may need to maintain a considerable balance.
How Do You Open a TD Bank Savings Account?
You have the option to open a TD Bank savings account online, via phone, or in-branch. Necessary details include your Social Security number, address, and a linked bank account for transfers.
How Do You Avoid TD Bank Savings Account Fees?
To prevent monthly maintenance fees associated with TD Bank’s savings accounts, meeting minimum balance requirements or other stipulations is key. Consider age exemptions or specific account types for fee waivers.
Your Guide to Savings Accounts
- What Is a Savings Account and How Does It Work?
- What Is a High-Yield Savings Account?
- How to Open a High-Yield Savings Account
- How to Close a Savings Account
- Besides a Savings Account, Where Is the Safest Place to Keep My Money?
- How Many Savings Accounts Should I Have?
- How Savings Account Interest Rates Are Determined
- How Interest Works on Savings Accounts
- How Is a Savings Account Taxed?
- Money Market Fund vs. MMA vs. Savings Account: What’s the Difference?
- Certificates of Deposit (CDs) vs. Savings Accounts: Which Is Better for You?
- 4 Savings Accounts for Investors
- Best High-Yield Savings Accounts
- Best Free Savings Accounts
- Best Savings Accounts for Kids and Teens