TD Bank Savings Account Interest Rates (March 2024) (2024)

TD Bank Savings Account Interest Rates

The main feature of most of the best savings accounts is the interest rate, which is generally presented as an annual percentage yield (APY). This takes into account both interest rate and compounding frequency, or how often you earn additional interest on interest you’ve already earned. Banks compete over offering the highest rates, along with other helpful features.

For the TD Simple Savings account, you earn the same standard rate for all account balances:

*APY accurate as of March 1, 2024. Rates may vary by location.

The TD Signature Savings account, however, provides tiered interest rates. This means that you may earn a higher APY as your balance grows.

You can also qualify for a “bump rate,” which is its term for a relationship rate. You can earn a relationship bump rate when you link your savings account to another TD Bank account – like a checking account.

TD Bank compounds and credits interest on a monthly basis. This is not as generous as banks that compound interest daily, so your interest will not grow quite as fast.

*APY accurate as of March 1, 2024. Rates may vary by location.

Additional Ways To Save With TD Bank

In addition to its savings account offerings, TD Bank offers several certificates of deposit (CDs) with varying terms and APYs. However, it only offers money market accounts for its business banking customers.

TD Choice Promotional CDs

Like TD Bank’s savings account rates, its CDs have tiered interest rates, along with the chance to earn a relationship rate if you have an eligible TD Bank checking account.

*APY accurate as of March 1, 2024. Rates may vary by location.

TD No-Catch CDs

TD Bank’s No-Catch CDs have guaranteed fixed rates for each term, but allow you to make one penalty-free withdrawal per term.

*APY accurate as of March 1, 2024. Rates may vary by location.

TD Step Rate CDs

TD’s Step Rate CDs have interest rates that increase each year, rather than a single fixed rate for the entire term.

Three-Year Term

*APY accurate as of March 1, 2024. Rates may vary by location.

Five-Year Term

*APY accurate as of March 1, 2024. Rates may vary by location.

How To Open a TD Bank Savings Account

You can open either one of TD Bank’s savings accounts online.

1. Go to TD Bank’s Savings Account Page

From the homepage, navigate to the bank’s savings account page by hovering over “Products” at the top of the page and then clicking “Savings.” You’ll then see apply buttons for both accounts. Click on the “Open in minutes” button for the account that you’re interested in.

2. Respond to the Pre-Application Prompts

This will take you to a page that will ask you if you’re interested in applying for another account. If so, check the box. That way, you can save time with a single application. Then, click “Open account.”

If you’re already a TD Bank customer, you can now log in and get through the application process faster. If you’re not a current customer, click “Not yet.”

3. Fill Out and Submit the Application

Now, fill out your personal information. You’ll need to enter information including your name, citizenship status and Social Security number (optional). You should also have your government-issued ID, phone (for verification) and banking information (such as a debit card or account number) ready.

A minimum deposit is not required for either account, but be ready to pay the monthly fee or meet the requirements to waive the monthly fee. For TD Bank’s Simple Savings account, the monthly maintenance fee is $5. For the Signature Savings account, the monthly maintenance fee is $15.

To waive the monthly fee for the TD Simple Savings account, you must complete one of the following:

• Be under 18 or older than 62
• If you’re under 24, link the savings account to an eligible TD checking account
• Maintain a $300 minimum daily balance
• Set up a monthly recurring transfer of $25 or more from a linked, eligible TD checking account for the first year

As for the TD Signature Savings account, you must complete one of the following to waive the monthly fee:

• Open the account as an individual retirement account (IRA), which allows you to save for retirement with pre-tax money if you choose a traditional IRA or with tax-free withdrawals at age 59½ if you choose a Roth IRA
• Maintain a $10,000 minimum daily balance
• Link an eligible TD checking account

After providing any necessary banking information, follow the prompts and submit your application.

TD Bank Savings Rates vs. Other Top Banks

TD Bank’s savings rates are typically lower than its competitors’ offerings. Depending on the type of account you have, your balance and other factors, it may be hard to earn a higher rate.

However, like its competitors, TD Bank has no minimum deposit requirement to open an account. Here’s a full look at how TD Bank stacks up against other large banks:

*APY is for a $5,000 deposit and is accurate as of March 1, 2024. Rates may vary by location. TD Bank’s APYs are for Cherry Hill, N.J. and Chase’s APYs are for New York City’s 10001 zip code.

The Bottom Line: Is a TD Bank Savings Account Right for You?

TD Bank’s Simple Savings account is a no-frills, low-fee account that’s decent for low-balance savers. Its Signature Savings account, however, offers much better rates if you carry a higher balance and can get a relationship bump rate.

*Data accurate at time of publication