Image by Getty Images; Illustration by Bankrate
TD Bank offers two savings account options. One of the accounts can be linked to another eligible TD Bank account to earn the highest interest rate offered, but the tiered standard rate is rather unremarkable.
TD Bank is known for offering quality customer service and solid digital banking tools, but if you’re looking for the highest savings rates, you will want to look elsewhere. TD Bank was named the best bank for sign-up bonuses as part of the 2023 Bankrate Awards.
TD Bank earned a 3.7 out of 5 in Bankrate’s overall rating of the bank, while its most accessible savings account earned 2.9 out of 5 stars.
TD Bank savings account interest rates
TD Bank’s two savings account choices are TD Simple Savings and TD Signature Savings. With TD’s Simple Savings, there is a $5 monthly maintenance fee, though the fee can be waived in multiple ways:
- Maintain a $300 minimum daily balance.
- Link your savings account to a TD Beyond, TD Relationship, or TD Student checking account.
- If you are under the age of 24 and link your savings to a TD Convenience Checking account.
- Make recurring transfers of $25 or more from your linked TD bank checking account
- If you are under 18 years of age or older than 62.
- If you open your savings account as an IRA.
The TD Signature Savings account charges a $15 monthly fee, which is waived if you maintain a $10,000 minimum daily balance, open the account as an IRA or link an eligible TD Checking account.
This account waives non-TD Bank ATM fees and reimburses out-of-network ATM fees if you have a minimum daily balance of $2,500.
Here are the interest rates offered on the TD Bank Simple Savings account.
| Account name | APY | Minimum deposit |
|---|---|---|
| TD Simple Savings | 0.02% | $0 |
Like the Simple Savings account, you don’t need an opening deposit for the Signature Savings account.
Customers who link another TD Bank account with a Signature Savings account are eligible for a relationship rate bump. Here are the bank’s tiered interest rates with the rate bump.
| Account name | Standard APY | Bump Rate APY | Balance needed 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+ |
Note: Annual percentage yields (APYs) shown are as of Dec. 15, 2023 and may vary by region for some products.
How TD Bank savings rates compare to top-yielding banks
TD Bank’s Simple Savings account offers almost no interest. The bank’s Signature Savings account, which requires a linked account and at least a $100,000 balance to earn the highest rate, offers a much higher yield but still pays less than top-yielding banks.
For a higher interest rate, consider a competitive online bank. Shop around to find the best rates to meet your savings goals more quickly.
Other savings options at TD Bank
TD Bank has some competitive yields on its bump rate CDs. However, its standard CD yields are much lower than many of the best online banks.
