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TD Bank Savings Account Interest Rates for 2024

  • The TD Bank savings account interest rate ranges from 0.01% to 4% APY depending on your balance and location.
  • The bank offers two savings account options with $5 and $15 fees and easy options for waiving the fees.
  • The TD Bank Signature Savings account is tiered. This means you’ll need to hit certain minimum balances to achieve the highest APY.
  • TD Bank has branch locations in many East Coast states.
  • TD Bank also offers a variety of high-yield certificate of deposit accounts.

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:

  • How much can you earn with a TD Bank savings account?
  • How can you open a TD Bank savings account?
  • How does TD Bank stack up against other banks when it comes to savings rates?

Our top picks for the best savings accounts

TD Bank savings account interest rate

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.

TD Bank Simple savings account

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.

TD Bank Signature savings account

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 can I earn with a TD Bank savings account?

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.

How the TD Bank savings account interest rate compares

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.

Is a TD Bank savings account for me?

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.

TD Bank savings account pros and cons

Pros
  • Easy access to online savings account features and mobile deposits
  • High-yield savings opportunities
  • Most people can meet the minimum requirements for waiving the monthly maintenance fees on the Simple Savings account
Cons
  • APY is calculated on a tiered rate, and the highest rates are reserved for balances of $100,000 or more
  • Rates depend on a variety of factors, including banking location

How to open a TD Bank savings account

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:

  1. Decide how to apply. You can apply online or in a branch location if there is one near you.
  2. Choose a TD Bank savings account. If you can maintain a balance of $10,000 or higher, the Signature Savings account offers higher yield savings. If you plan to carry a lower balance, the regular savings account has lower fees and lower requirements for waiving them.
  3. Decide if you want to bundle checking. If you want a comprehensive banking experience with TD Bank, you can complete a single application for a checking and savings account. You can also choose a la carte banking and only open a checking account.
  4. Gather the required documents and information. To open your account, you will need some basic information and documents such as a government-issued photo ID. The application will also require your full name, address, contact information and Social Security or Tax ID number.
  5. Complete the application. Complete the application online or in a branch location.
  6. Fund your account. Once your account is open, you can fund it. See the section below regarding deposit options for how to fund your account.

How to add money to and access money from a TD Bank savings account

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.

Deposit options

Withdrawal options

Other TD Bank savings options

A review of TD Bank savings rates is not complete without considering some of the other savings opportunities offered by the bank.

TD Bank CD

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 Money Market Account

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.

Our top picks for the best savings accounts

FAQ: TD Bank savings account interest rate

What is TD Bank's savings account interest rate?

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.

What is the minimum balance for a TD Bank savings account?

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.

Is TD Bank good for savings accounts?

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.

Does TD Bank have a high-yield savings account?

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.

Is TD Bank FDIC-insured?

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.

Do TD Bank savings accounts have fees?

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.

About the Author

Sarah Stasik
Sarah Stasik Personal Finance

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.

With more than a dozen years of writing experience, Sarah has tackled niches that range from technical advances in fintech to personal budgeting challenges. She has covered topics such as insurance and the economics of private healthcare, small business management and accounting, and credit and savings. Her writing focuses on making complex or seemingly daunting financial topics more accessible and providing helpful and relevant resources for readers.

About the Reviewer

Blake Esken
Blake Esken Los Angeles Times

Blake Esken has over 15 years of experience in product management and has been a member of the Los Angeles Times staff for over five years.

As part of his role at the Los Angeles Times Commerce Team, Blake acts as the in-house reviewer and fact checker for LA Times Compare. He supervises all content for compliance and accuracy and puts to use skills he has honed through years of experience managing high-stakes projects for a range of industry-leading companies.

He has a strong background in data analysis, compliance, and communication, which allows him to support LA Times Compare through fact-checking in an effort to provide up-to-date and factual information across our content.

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