TD Bank Savings Account Interest Rates: October 2024

TD Bank’s savings accounts tend to be best for existing TD Bank customers with substantial savings who can qualify for the higher annual percentage yields (APYs) of up to 4%. Otherwise, the rates are below average, so you can likely find an account with a higher APY elsewhere.

TD Bank's savings account rates may vary by location, and the rates listed below may not be available in all ZIP codes. The APYs listed below use New York City as the region and are up to date as of the date of publication of this article. We review rates every two weeks and update the information below accordingly.

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

Compare TD Bank Savings Accounts

TD Bank’s rates are attractive for some balance ranges, but the best APYs will be out of reach for most people. Compare TD Bank to some other high-yield accounts below to find the right savings option for you.

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

As the name implies, the TD Simple Savings account is a basic, barebones savings account. There’s no minimum deposit to open an account, so it’s useful for those who are new to saving.

There is a monthly maintenance fee, but there are several ways you can have that fee waived:

You’re under 18 or over 62.
For the first year, the fee is waived if you have a recurring transfer of $25 or more from a linked TD Bank checking account.
You maintain a minimum balance of $300.

The account does earn interest, and interest is compounded monthly. However, the APY on the TD Simple Savings account is quite low. In fact, it’s significantly lower than the national average (0.46%, as of October 16, 2023), so you can likely find a bank with a high-yield savings account that offers APYs several times higher.

You should also be aware that you are limited to six pre-authorized withdrawals or transfers per month. If you make additional transfers, TD Bank will charge you $9 per transaction.

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 TD Signature Savings account is a high-yield savings account for those who have a substantial amount of money. Interest on the account is compounded monthly.

The Signature Savings account without a relationship rate has a lower-than-average APY until you have $250,000 or more in the account.

You can qualify for a relationship rate bump if you are a TD Bank customer with a connected checking account or credit card. The relationship rate bump offers a much higher APY on balances of $10,000 or more, but you’ll still need to save $100,000 before you’ll qualify for the best possible APY.

The TD Signature Savings account has a $15 monthly maintenance fee, which can be waived in the following ways:

Maintain a minimum daily balance of $10,000 or more
Link an eligible TD Bank checking account
Open the account as an individual retirement account (IRA)

Pros and Cons of TD Bank Savings Accounts

Pros

Monthly fee waiver option
No minimum deposit requirement to open
Current TD Bank customers can qualify for relationship rate bump

Cons

Interest rates are not very competitive
Large balance required to access highest APY
Fees for going over six withdrawals per month

Pros Explained

Monthly fee waiver option: TD Bank will waive the $5 monthly service fee for the Simple Savings account if you maintain a minimum balance of just $300, if you’re under 18 or over 62, or if you have a recurring transfer of $25 or more from a linked TD Bank checking account.
No minimum deposit requirement to open: Each of TD Bank’s savings accounts, Simple Savings and Signature Savings, have no minimum deposit requirement to open, making them relatively accessible.
Current TD Bank customers can qualify for relationship rate bump: If you link a TD checking account or credit card to your TD Signature Savings account, you could qualify for a higher APY.

Cons Explained

Interest rates are not very competitive: The APY on the TD Simple Savings account is very low, usually much lower than the national savings account average.
Large balance required to access highest APY: To get the highest APY on a TD Signature Savings account, you’ll need a balance of at least $100,000 in your account.
Fees for going over six withdrawals per month: After you’ve hit your limit of six monthly withdrawals, TD Bank charges $3 for each additional withdrawal.

About TD Bank: Other Savings Options

TD Bank allows you to open a new savings account online. And if you are an existing TD Bank customer and link an eligible checking or credit account, you can qualify for a relationship interest rate boost.

Despite only being available in a few states, TD Bank is the 10th largest bank in the country. It offers a variety of financial products, including credit cards, personal loans, mortgages, and savings and checking accounts.

Only residents of certain states can open a TD Bank savings account. TD Bank only operates in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington, D.C.

Besides its savings accounts, TD Bank also offers certificates of deposit (CDs). Existing TD Bank customers can qualify for a CD with a much higher-than-average APY, but the highest APYs are only available on some CD terms. TD Bank has other options in addition to standard CDs, including those that allow for a penalty-free withdrawal.

TD Bank occasionally has special offers for its deposit accounts, including savings accounts and CDs, allowing you to earn a bonus for opening a new account and completing certain activities.

TD Bank only operates brick-and-mortar branches in select states. You can find a branch near you with its store locator tool.

Alternatives to TD Bank Savings Accounts

Other high-yield savings accounts: You can find much higher savings account rates from other institutions. See the best high-yield savings accounts to check your options and see how much you could earn.
Certificates of deposit (CD): You could invest your money in a CD for anywhere from a month to several years to get a guaranteed return on investment. Unlike savings accounts, CDs have a fixed APY for their entire term. Keep in mind, however, that you’ll be charged a penalty if you withdraw your cash before the CD matures. Check the best CD rates available today to see if one might fit better than a savings account.
Money market accounts: Some money market accounts come with competitive interest rates, as well as the ability to write checks and take out cash at an ATM with a debit card. Some of these accounts, however, come with higher fees or minimum balance requirements than a regular savings or checking account, so check the terms carefully.
I Bonds: If you don’t need access to your savings for at least a year, consider investing in U.S. government I bonds to protect your cash from losing value due to inflation. But take the time to check rates against bank deposit accounts, especially CDs, which also require a commitment to keeping your money in one place.

Checking accounts: For easy access to your cash, as well as check-writing abilities and a debit card, consider opening a checking account. Some institutions offer high-yield checking accounts with competitive interest rates. Unlike some savings accounts, checking accounts don’t limit the number of withdrawals you can make per month, and allow you to make ATM withdrawals and deposits.

In the News

The Fed cut rates for the first time since 2020, reducing them by 50 basis points to a range of 4.75%–5.00% at its Sept. 18, 2024, meeting. The federal funds rate had been at a two-decade high after 11 increases from March 2022 through July 2023 in an effort to bring down inflation. Further cuts are expected, which means savings rates will decline after reaching heights not seen in more than 20 years.

Frequently Asked Questions (FAQs)

Is TD Bank Good for Savings Accounts?

If you have a significant amount of money in savings, opening a TD Bank savings account could allow you to earn a higher-than-average APY. But if you have less than $250,000, you can likely find banks with much lower minimum thresholds, higher APYs, and no monthly fees.

Are TD Savings Accounts Free?

No, TD Bank’s savings accounts aren’t “free” because they have monthly fees: $5 for Simple Savings, $15 for Signature Savings. These fees can be waived in several ways, such as by maintaining a certain minimum daily balance or linking an eligible TD Checking account.

What Is the Minimum Balance for a TD Bank Savings Account?

There is no minimum balance to open a TD Bank savings account. However, you may need to deposit quite a lot of money to earn the highest possible APY.

How Do You Open a TD Bank Savings Account?

You can open a TD Bank savings account online, over the phone, or by visiting a branch. You’ll need to provide your Social Security number and address, and link an existing bank to transfer money.

How Do You Avoid TD Bank Savings Account Fees?

TD Bank’s savings accounts have monthly maintenance fees. However, you can waive those fees if you meet minimum balance requirements or other requirements. For example, those under 18 and over 62 can qualify for a free TD Simple Savings account.