Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.
TD Bank offers two savings account options to help grow your money. Savers can choose TD Simple Savings, the basic option, or TD Signature Savings, which comes with more perks and the potential to earn higher interest.
Rates on TD Bank savings accounts start at 0.01% APY, or annual percentage yield, and they range up to 4.00% APY.
With different options to choose from, it’s helpful to know how TD Bank’s savings account rates work.
TD Bank’s annual percentage yields (APYs) vary by ZIP code, and listed rates may differ from rates in your area. The below details are accurate for the New York ZIP code 10001 as of May 1, 2024.
TD Bank Savings Account Interest Rates (US)
The maximum TD Bank savings account interest rate you can earn will depend on:
- The account you choose
- Your savings balance
- Whether you qualify for a relationship rate bump
The TD Bank Simple Savings account earns a flat rate of 0.02% across all balances. That’s below the 0.47% national average savings account rate reported by the FDIC.
You’ll earn the highest rates with Signature Savings, particularly the bump rates that are available when you link an eligible TD Bank checking, credit card, mortgage or home-equity loan account. Here’s how the Signature rate tiers compare, with and without the rate bump.
TD Bank Signature Savings Account Interest Rates by Balance Tier
Overview of TD Bank Savings Accounts
TD Bank operates more than 1,100 branches in the U.S., so you may be able to open a savings account in person if you prefer branch banking. But the yields on the accounts fall short of the rates offered by online banks.
If you’re considering a TD savings option, it’s helpful to know the basic requirements.
Minimum Deposit
TD Bank does not have a minimum deposit requirement for either of its savings accounts. That could make TD attractive if you’re just getting started with saving.
Minimum Daily Balance
You will need to keep a minimum daily balance to avoid the monthly service fees on TD Bank savings accounts.
The daily balance required to sidestep the $5 fee for Simple Savings is $300 The fee also is waived if you’re age 18 or younger, or 62 or older.
You can avoid the $15 fee for Signature Savings by maintaining a $10,000 minimum daily balance, linking an eligible TD checking account or opening your savings account as an IRA.
APYs
With Simple Savings, you’ll earn 0.02% APY, regardless of how much money you keep in the account.
Rates on Signature Savings start at a mere 0.01% APY, but you’ll earn higher rates when you maintain a larger balance and/or qualify for a relationship rate bump if you have another account at TD.
Monthly Fees
The monthly cost of a TD Bank savings account depends on the account you choose. The fee is $5 for Simple Savings and $15 for Signature Savings. The bank is willing to waive the fees if you maintain a minimum balance or meet other requirements.
Compounding Schedule
TD Bank compounds and pays savings account interest on a monthly basis.
How Much Can You Earn?
If you’re earning the flat APY of 0.02% with a TD Simple Savings account, the interest won’t add up to much. You could do somewhat better with a Signature Savings account.
Use the below savings calculator to see how money much you could earn with a higher balance and higher rate on Signature Savings account. Just plug in your initial deposit, monthly contribution and the account’s corresponding APY to see how much you could earn over a specific number of months or years.
TD Bank vs. Other Banks
TD Bank savings account interest rates are similar to what you’d get from other big traditional banks—meaning the APYs are relatively low, even if you qualify for a relationship rate bump.
In general, conventional brick-and-mortar banks like TD tend to offer meager rates on interest-bearing accounts. The best online banks offer savings rates that are much more competitive.
Other TD Bank Savings Options
In addition to savings accounts, TD Bank offers certificate of deposit (CD) accounts as a savings alternative. TD’s options include standard promotional CDs, no-penalty CDs and step-rate CDs. The shortest CD term is three months, while the longest CD term is five years.
The rates on TD Bank CDs vary but can be competitive with the best rates you’ll find at online banks.
Bottom Line
TD Bank gives you multiple ways to save and earn interest, with no minimum opening deposit required. While TD Bank savings account interest rates are on par with what you’ll find at other large traditional banks, you could get a better rate on savings deposits at an online bank.
You may consider a TD Bank savings account if you like branch banking. But you’ll want to make certain you can avoid the monthly maintenance fees.
Frequently Asked Questions (FAQs)
What is TD Bank’s savings account interest rate?
Interest on TD Bank savings accounts ranges from 0.01% to 4.00% APY. You earn the higher rates with a Signature Savings account—which also charges a higher monthly maintenance fee than the other option, Simple Savings.
Which bank has the best savings account rates?
Online banks typically offer the highest APYs on savings accounts, thanks largely to their lower costs of doing business. Digital banks also tend to pay higher rates on CDs and money market accounts than traditional banks.
Should I open a CD account or a savings account?
CDs can help you to grow your savings for mid- to long-term goals. With a CD, you agree to leave your money in the account for a set time period, or term. Once the CD “matures” at the end of the term, you can withdraw your savings and the interest earned. Savings accounts offer more flexibility since you can withdraw money at least six times per month.
