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Understanding TD Bank’s high-yield savings accounts helps you decide whether one of these savings account options is right for you.
This guide dives into the details of TD Bank savings rates and answers questions such as:
TD savings account interest rates depend on a variety of factors, including the state you establish the account in, the type of account you open and how much your balance is.
TD offers two types of savings accounts: Simple Savings and Signature Savings. The first is a basic low-fee account, while the second can operate as a high-yield savings account, depending on your balance. The Simple Savings account pays 0.02% APY, while the Signature Savings account pays up to 4.00% APY.
This account comes with a $5 monthly fee that’s easy to waive. You won’t pay the fee if you maintain a balance of at least $300 daily. In the first year, you can set up a $25 recurring transfer from a linked TD Bank checking account to get the fee waived. Accounts held by someone under the age of 19 or over the age of 61 also don’t come with a fee.
TD Bank Simple savings account overview
| APY Range | Requirement for highest APY | Monthly fee | Minimum opening deposit |
|---|---|---|---|
| 0.02% | N/A | $5 (with options for waiving it) | $0 |
*The information in this table is based on a Virginia zip code and correct as of September 2024.
This is a tiered account, which means the APY depends on your average daily balance or your ending balance during a monthly period. The tier ranges can vary slightly by location.
This account comes with a $15 monthly fee, but it’s waived if you maintain a balance of $10,000 minimum daily. You can also link an eligible TD Bank checking account to waive the savings account fee.
TD Bank Signature savings account
| APY | Requirement for highest APY | Monthly fee | Minimum opening deposit |
|---|---|---|---|
| 0.01% | $0.01 - $9,999.99 | $15 | $0 |
| 2.00% | $10,000 - $24,999.99 | Waived | $0 |
| 2.25% | $25,000 - $49,999.99 | Waived | $0 |
| 2.50% | $50,000 - $99,999 | Waived | $0 |
| 4.00% | $100,000 | Waived | $0 |
*The information in this table provides the Bump rate APY ranges for Virginia-based accounts as of September 2024.
How much you earn with a TD Bank savings account depends on how much you deposit into the account, how long you leave the funds in savings and which type of account you choose.
With a TD Bank savings account, interest is compounded daily but deposited once a month, so you will see a single interest credit each month on your statement.
To understand how much you might save with these accounts, we’ve demonstrated how much interest you would earn if you deposit $10,000 and leave it for 10 years:
| Savings account | APY | Estimated interest earned after 10 years* |
|---|---|---|
| TD Simple Savings | 0.02% | $36.50 |
| TD Signature Savings | 2.00% | $2,213.93 |
*The calculations shown are just a simple example. Always seek advice from a qualified professional before making important financial decisions or long-term agreements.
If you maintain a minimum balance of $10,000 in your account, the TD Bank savings account interest rate for the Signature Savings account is more than the average savings account interest rate, which is currently 0.46%, according to the FDIC.
You can compare the TD Bank rates to those of other banks in the table below. Note that many of the banks offer multiple types of saving options.
Let’s compare the current interest rates of major banks:
| Bank | APY on savings account |
|---|---|
| Ally Bank | 4.00% |
| American Express | 4.10% |
| Barclays | 4.50%-4.80% |
| Capital One | 4.10% |
| Chase | 0.01% (standard rate) 0.02% (relationship rate) |
| CIT Bank | 4.70% |
| Discover | 4.10% |
| Marcus | 4.25% |
| SoFi Bank | 1.20% (without qualifying monthly deposits) 4.30% (with qualifying monthly deposits) |
| Synchrony | 4.30% |
| TD Bank | 0.02% (Simple Savings rate) 0.01% - 4.00% (Signature Savings rate; depends on balance and relationship status) |
| UFB Direct | 4.77% |
| U.S. Bank | 0.01% |
*APYs are correct as of October 2024. Although this table is updated regularly, the availability of the savings accounts listed through our partner may vary. In this case, check with the respective financial institution for the most up-to-date information.
Whether a TD Bank savings account is worth it for you will depend on where you live and how much you can deposit.
The way TD Bank’s savings interest rates are structured makes these savings accounts best for those who can deposit and maintain at least $10,000 in savings.
Before you can start earning money with TD Bank savings rates, you must open an account.
The process for opening an account with TD Bank is easy:
TD Bank offers online banking options that can be used from any location. The bank also has 1,100 local branches on the East Coast and more than 2,600 ATMs in those areas. Whether you plan to bank online or use a local branch, you can rely on some of the deposit and withdrawal options below.
A review of TD Bank savings rates is not complete without considering some of the other savings opportunities offered by the bank.
TD Bank offers the TD Choice Promotional CD. This certificate of deposit option lets you deposit a specific amount for a select term and earn a guaranteed APY. How much you earn depends on your deposit amount and the length of the term.
As of September 2024, some TD Bank CD rates include:
Earning the best CD rate does require you to leave your funds in the account for the entire term. This may be a good savings opportunity for those who know they won’t need these funds soon or who want to save for something specific and need some extra motivation to leave the funds untouched.
TD Bank offers a few money market accounts, including one designed for small businesses. These accounts typically offer APY that’s higher than you get with a standard checking account while providing features you don’t get with a savings account, such as check-writing capability. Currently, TD doesn’t have specific rates for personal money market accounts published on its website, so you will need to contact the bank if you are interested in these products to learn more.
TD bank rates depend on the type of account you open, what your average daily balance is and what state your account is located in. Currently, the TD Bank savings account rates range from 0.01% to 4.00% APY.
TD Bank savings accounts don’t have a minimum balance requirement to hold an account. However, if you want to earn a decent APY on the Signature Savings account, you need to maintain a balance of at least $10,000 to get the 2.00% APY and at least $100,000 to get the 4% APY. You can earn other tiers between those ranges.
You can also avoid the monthly fee by keeping a certain minimum balance. It’s $300 for the Simple Savings account and $10,000 for the Signature Savings account.
TD Bank is a relatively decent option for savings accounts, especially if you plan to hold at least $10,000 in the account. However, numerous other banks offer higher APY without any minimum balance requirements.
If you aren’t already using TD Bank for checking or want access to local branches, you may want to consider some other online banks before opting for TD Bank.
Yes, TD Bank’s Signature Savings product is technically a high-yield savings account. You can earn up to 4.00% APY depending on your location and minimum balance, and that’s much higher than the national average. Even the 2.00% APY rate on balances over $10,000 is more than four times the national deposit average, according to the FDIC.
Yes, TD Bank is FDIC-insured. This means that your deposits are insured by the federal government’s insurance program in case of a bank collapse. FDIC insurance covers up to $250,000 per account per depositor. That means if you are the only owner of your savings account, you can maintain a balance of up to $250,000 in the account with some additional peace of mind.
Yes, TD Bank savings accounts have fees. The monthly fee for Simple Savings accounts is $5, and the monthly fee for Signature Savings is $15. You can waive the fees by carrying a minimum balance of $300 or $10,000, respectively, or by linking a TD checking account to your savings account and making any required transfers.
Sarah Stasik is well versed in personal finance thanks to her previous role as a Revenue Cycle Manager for a Fortune 500 healthcare company. Using her inside knowledge and expertise, Sarah often covers topics ranging from insurance and the economics of private healthcare to personal finance and small business management.
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