TD Bank Savings Account Interest Rates: May 2024

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'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

See the best high-yield savings account rates today before choosing the savings account that is best 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)

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.

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

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.

In the News: Savings account rates reached higher in 2023 than we’d seen in more than 20 years, pushed up by the Federal Reserve’s rate-hike campaign that began in March 2022 to tame decades-high inflation. At the Fed's most recent meeting in March, the committee decided to hold rates steady—the fifth meeting in a row it has done so—but said again that it expects to cut rates later this year. The Fed's dot plot shows that Fed members believe there will be three rate cuts later this year. Interest rates closely follow the fed funds rate. Once it appears the Fed is ready to make a rate cut, interest rates are expected to fall.

Because savings account yields closely follow the fed funds rate, the Fed’s current holding pattern has caused savings rates to plateau, and declines should be expected once it appears the Fed is ready to make its first cut.

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.

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.