Savings accounts at TD Bank are the best choice for current TD Bank customers with substantial savings that are eligible for higher annual percentage returns (APYs) that can reach 3 percent. If not, the rates are lower than average, and you’ll likely locate an account that has an APY that is higher elsewhere.
TD Bank Savings Account Comparison
The rates offered by TD Bank are appealing in certain balance ranges. However, the highest rates for APYs are out of many people’s reach. You can compare TD Bank to some other high-yielding options below to find the most suitable savings solution for you.
Key Features of TD Bank Savings Accounts
Like the name suggests, it’s a simple savings account. The TD Simple Savings account is an entry-level, basic savings account. There’s no minimum investment required to start an account, and it’s ideal for those who aren’t familiar with saving.
There is a maintenance fee that you pay each month; however, there are a variety of options to have this fee waived.
- You’re not yet 18 or older than the age of 62.
- In the initial year, the fee will be reduced if you are able to make regular transfers of 25 or more to an account linked to a TD Bank checking account.
- You must maintain a minimum balance of 300.
TD Bank. “TD Simple Savings.”
The account is able to earn an interest rate, and it is compounded each month. However, the APY for the TD Simple Savings account is very low. It’s even less than the average national rate (0.41 percent, at the time of April 24th, 2025). Therefore, you’ll probably locate a bank that has a high-yield savings account with APYs a few times greater.
Be aware that you’re only allowed six pre-authorized transfers or withdrawals each month. If you transfer more funds, TD Bank will charge you $9 per transaction.
The TD Signature Savings account is an account that offers high yields, which is ideal for people who have significant amounts of funds. The interest earned in the savings account compounds every month.
It is the Signature Savings account that does not have an affiliation rate and has an APY that is lower than average until you reach at least $250,000 in the balance.
You may be eligible to receive a relationship rate bump when you’re a TD Bank customer with a connected checking account or credit card. The relationship rate boost offers an APY that is much higher on balances of more than $10,000. However, you’ll still need to keep a minimum balance of $100,000 before being eligible to receive the highest APR.
The TD Signature Savings account has an annual maintenance charge of $15 that can be reduced by following these methods:
- Maintain a daily balance of at least $10,000
- Link to a suitable TD Bank checking account
- Create the account in the form of a personal retirement account (IRA)
Advantages Described
- Option to waive monthly fees: TD Bank will waive the monthly $5 cost on this Simple Savings account when you keep the minimum balance of $300, provided you’re 18 or older than 62, or you regularly transfer at least $25 from an affiliated TD Bank checking account.
- There is no minimum deposit requirement to open: the two savings accounts at TD Bank. Simple Savings and Signature Savings are free of a minimum deposit requirement for opening and are therefore relatively easy to access.
- Present TD Bank customers can qualify for a relationship rate bump: If you connect a TD Bank account with a checking or credit card to account TD Signature Savings account, you could be eligible for more APY.
TD Bank. “TD Signature Savings.”
Cons Described
- Rates of interest aren’t highly competitive: The APY for the TD Simple Savings account is extremely low, and usually less than the savings account’s average.
- A large balance is required to get the most APY: to earn the highest rate of interest on the TD Signature Savings account. You’ll need to have a minimum balance of 100,000 in the account.
- Charges for exceeding 6 withdrawals per month: After you’ve exceeded the limit of monthly withdrawals for six months, TD Bank charges $3 for every subsequent cash withdrawal.
About TD Bank: Additional Options for Savings
TD Bank allows you to create a savings account on the internet. If you’re already a TD Bank customer and link to a credit or checking account, you may be eligible for an increase in interest rates for relationships.
While it’s only accessible in a handful of states, TD Bank is the 10th-largest bank in the United States. It provides a range of financial services, such as personal loans, credit cards, mortgages, checking, and savings accounts.
Only residents of specific states are eligible to 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, as well as Washington, D.C.
Apart from its savings accounts, TD Bank also offers certificates of deposit (CDs). Customers who are already TD Bank customers can qualify to receive the CD that has a higher-than-average APY; however, the highest rates are only available under certain CD conditions. TD Bank has other options apart from regular CDs, such as ones that permit an unrestricted withdrawal.
TD Bank occasionally has special offers on deposits, which include CDs and savings accounts. that allow customers to earn bonuses when they open a new account and perform certain tasks.
TD Bank Savings Account Substitutes
- Other high-yielding savings accounts. There are the highest rates on savings accounts at other banks. Check out the top high-yield savings plans to explore your options and find out the amount you can earn.
- Certificates of Deposit (CDs): You can invest your money in CDs for anything from a few days to years to earn a guaranteed yield on your investment. In contrast to savings accounts, CDs offer an APY that is fixed for the entire duration of their term. Be aware that you’ll incur penalties if you cash out your money before the maturity date of the CD. Look up the lowest rates for CDs available today to determine if they could be more suitable than an account for savings.
- Market accounts. Some account types in the money market offer attractive interest rates, and also the capability to make checks and cash out cash at ATMs using debit cards. Certain accounts, however, are subject to more fees or higher minimum required balances than a standard checking or savings account; therefore, you should carefully read the terms.
- I Bonds. If you do not require access to your money for at least one year, think about purchasing U.S. government I-bonds to safeguard your money from devaluation because of inflation. Make sure to compare rates with deposits at banks, particularly CDs, which require you to keep your funds in one location.
- Banking accounts for easy access to your money, along with check-writing capabilities, as well as a debit card. Think about opening a checking account. Some banks provide high-yielding checking accounts with attractive rates of interest. In contrast to savings accounts, these accounts do not restrict the number of withdrawals you are able to make in a month and let you make ATM withdrawals as well as deposits.
Questions and Answers (FAQs)
Are TD Bank Savings Accounts a Good Option?
If you’ve got a large amount of savings, opening an account with a TD Bank savings account could provide you with more than the average APY. If you’re able to save less than $250,000 in savings, you’ll most likely find banks with fewer requirements for thresholds of minimum, greater APYs, and no monthly charges.
Are Savings Accounts at TD Free?
The saving accounts don’t come “free” because they charge monthly charges of Five dollars per month for Simple Savings and $15 for Signature Savings, and $15 Signature Savings. These fees are able to be eliminated by a variety of methods, for example, by maintaining the minimum balance per day or by linking an eligible TD Checking account.
What Is the TD Bank Savings Account Minimum Balance?
It is not necessary to have a minimum amount of money to create an account with a TD Bank savings account. But you might need to make deposits of a significant amount of cash to get the best APR.
How Can a TD Bank Savings Account Be Opened?
You can create a TD Bank savings account on the internet, by phone, or at the branch. You’ll need to supply your Social Security number and address, and connect an existing bank account to transfer funds.
How Can TD Bank Savings Account Fees Be Avoided?
Savings accounts at TD Bank have monthly maintenance charges. However, you are able to waive these charges if you meet the minimum amounts or meet other criteria. For instance, those under 18 and over 62 are able to get a free TD Simple Savings account.
