TD Bank certificates of deposit (CDs) yields depend on the term length, account balance and your relationship with the bank. While many of their CDs offer attractive rates, you can find higher rates available through other financial institutions.
Account details and annual percentage yields (APYs) are accurate as of December 6, 2023.
Overview of TD Bank CDs
TD Bank offers CDs with a variety of lengths and rates, however to get the best rates you’ll need to also have a personal checking account with TD Bank. This gives you access to the bump rate APY for TD Choice Promotional CDs. On a nine-month TD Choice Promotional CD, the bump rate is 4.00% APY whereas the standard rate is only 1.00% APY.
You can get CDs ranging from three months to five years and they only require a $250 minimum deposit.
How much can you earn with TD Bank CDs
TD Bank offers three different kinds of CDs: TD Choice Promotional CDs, TD No-Catch CDs and TD Step Rate CDs.
The TD Choice Promotional CDs offer bump rates to customers with an eligible TD Bank Checking account. Below is a breakdown of the TD Choice Promotional CD Rates:
The TD No-Catch CDs offer lower APYs than the Choice Promotional CDs. Unlike most other CDs, you’ll have the option to make one penalty-free withdrawal during your CD term.
Here’s a look at the rates for TD No-Catch CDs:
The final type of CD offered through TD Bank are the TD Step Rate CDs. These CDs offer a guaranteed interest rate increase every single year. On your account anniversary each year, you’ll have an opportunity to withdraw funds without a penalty.
Here’s a look at the rates for the TD Step Rate CDs, which come with 3-year or 5-year CD term options.
How TD Bank CD rates compare
TD Bank’s Choice Promotional CDs are the most competitive. However, these CDs are only attractive if you are able to tap into the bump rate APY, which requires opening an eligible TD Bank checking account.
As of November 20, 2023, the national average rate on a 12-month CD is 1.85% APY. Some of TD Bank’s CDs offer much higher interest rate opportunities. But when you compare TD Bank’s CD rates to other financial institutions, it’s possible to find higher rates available elsewhere. For example, Forbright Bank offers a 12-month CD with a 5.65% APY.
Here’s a look at CD rates across multiple financial institutions:
If you want to find the best CD rates, the best strategy is to shop around. That’s especially true if you have a specific type of CD in mind, like a jumbo CD or a 10-year CD. As you explore your options, consider using a CD calculator to see how your funds will grow.
How to get a TD Bank CD
You can open a TD Bank CD on the financial institution’s website. As a part of the application, you’ll need to provide your Social Security Number, government-issued ID, and other personal information. You’ll also need to fund the CD with at least a $250 minimum opening deposit, so you’ll need to have a funding source ready.
According to TD Bank, it should only take between 5 and 10 minutes to open a CD. If possible, come to the application prepared with all of your information to streamline the process.
About TD Bank
In terms of assets, TD Bank is the tenth largest bank in the United States. But the financial institution can trace its lineage back to the Bank of Toronto, which was founded in 1855. A merger in the 1950s created the current iteration of TD Bank. The bank operates over 1,100 branches and 2,600 ATMs along the east coast, spread out from Florida to Maine.
Alternatives to TD Bank CDs
If you aren’t ready to open a CD yet, TD Bank also offers checking and savings accounts.
All personal checking accounts are eligible TD Bank checking accounts for purposes of getting the bump rate APY on TD Choice Promotional CDs. Many of the checking accounts earn interest but it is typically a very small amount. Both the TD Convenience Checking and the TD Simple Checking accounts will give you a 0.25% discount on the APR of home equity loans and personal loans.
TD Bank has two savings accounts. The TD Simple Savings account earns a flat 0.02% APY on all balances. It has a $5 monthly maintenance fee that can be waived by maintaining a $300 minimum daily balance, having a recurring $25 transfer from a linked TD Bank checking account, or being under age 18 or over age 62.
The TD Signature Savings account offers bump rate APYs and can earn up to a bump rate of 4.00% APY. There is a $15 monthly maintenance fee but that can be waived if you maintain a minimum daily balance of $10,000, link it to an eligible TD checking account, or open an IRA.
Frequently asked questions (FAQs)
CD rates at TD Bank range from 0.05% APY to 5.00% APY. The rate you unlock varies based on the type of CD you choose, the term length and your relationship with the bank.
Yes. TD Bank offers online banking options. But you’ll also be able to conduct banking business at one of the many physical branches.
The highest CD rate at TD Bank is 5.00% APY. This rate is available through the 12-month TD Choice Promotional CD for customers who qualify for a Bump Rate APY. To qualify, you must have an eligible TD Bank checking account.
A CD ladder is a strategy in which you open multiple CDs with various term lengths. The goal is to take advantage of the higher rates attached to longer-term CDs without giving up more regular access to a portion of your cash.
