TD Bank Savings Account Interest Rates

TD Bank Savings Account Interest Rates

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. 

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). Otherwise, the rates are below average, so you can likely find an account with a higher APY elsewhere. 

TD Bank Savings Accounts: Key Features

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. 

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)

About TD Bank: Other Savings Options

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. 

Compare Savings Account Rates

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.