TD Bank offers two main savings account options for customers looking to grow their money. The TD Simple Savings account is a basic option with a low minimum balance requirement. For those with larger balances, the TD Signature Savings account provides higher interest rates.
TD Bank’s Signature Savings account can earn up to 4.00% APY for balances of $100,000 or more. This rate is much higher than many traditional banks offer. The Simple Savings account has a lower rate but fewer requirements to avoid monthly fees.
Both accounts come with online and mobile banking access. Customers can easily check balances, transfer funds, and manage their accounts. TD Bank has branches in many East Coast states for those who prefer in-person banking.
Key Takeaways
- TD Bank offers two savings account options with different features and rates
- Higher balances in the Signature Savings account earn better interest rates
- Customers can bank online, through mobile apps, or at physical branches
Account Types and Features
TD Bank offers several savings account options. These accounts have different features and benefits to suit various financial needs and goals.
TD Simple Savings
TD Simple Savings is a basic account for those starting to save. It has a low minimum deposit of $0. The monthly fee is $5, but it can be waived in certain cases. For example, if you’re 18 or younger, or if you keep a $300 daily balance.
This account earns 0.02% Annual Percentage Yield (APY). While this rate is low, it’s a good option for new savers. The account also comes with online and mobile banking access.
TD Signature Savings
TD Signature Savings is designed for those with higher balances. It offers tiered interest rates. The more you save, the higher your rate can be.
The account has a $0 minimum deposit. There’s a $15 monthly fee, but it’s waived if you keep a $10,000 daily balance. You can earn up to 4.00% APY with this account.
TD Signature Savings also offers free incoming wire transfers and free paper statements.
High-Yield Savings Accounts
TD Bank doesn’t offer a specific high-yield savings account. However, the TD Signature Savings account can function like one for larger balances. Its tiered rates can reach up to 4.00% APY for balances of $250,000 or more.
This rate is competitive with many online high-yield savings accounts. It’s a good option for those who prefer in-person banking but want higher rates.
Money Market Accounts
TD Bank offers a money market account option. These accounts typically offer higher interest rates than regular savings accounts. They also allow you to write checks.
The TD Growth Money Market Account has a $0 minimum deposit. It offers tiered interest rates based on your balance. The monthly fee is $12, but it can be waived with a $2,000 daily balance.
Certificates of Deposit (CDs)
TD Bank offers several CD options. These include standard CDs, No-Penalty CDs, and Step Rate CDs. CDs typically offer higher rates than savings accounts in exchange for leaving your money untouched for a set term.
Standard CDs have terms from 3 months to 5 years. The minimum deposit is $250. No-Penalty CDs let you withdraw your money without a penalty after 7 days. Step Rate CDs increase your rate every year of a 3 or 5-year term.
TD Bank sometimes offers promotional CD rates. These can be higher than their standard rates for certain terms.
Rates, Fees, and Balance Requirements
TD Bank offers several savings account options with different interest rates, fees, and balance requirements. These factors can affect how much you earn and pay for your account.
Interest Rates and APYs
TD Bank’s savings accounts have tiered interest rates. The TD Signature Savings account offers rates up to 4.00% Annual Percentage Yield (APY) for balances of $100,000 or more. Lower balances earn less interest.
TD Simple Savings has lower rates, starting at 0.01% APY. Rates can change based on market conditions.
The bank sometimes offers promotional rates for new accounts. These higher rates usually last for a limited time.
Fees and Monthly Service Charges
TD Bank charges monthly fees for its savings accounts. The TD Simple Savings account has a $5 monthly fee. TD Signature Savings has a higher $15 monthly fee.
Customers can avoid these fees in several ways:
- Keeping a minimum daily balance
- Setting up automatic transfers
- Linking to certain TD checking accounts
Some accounts waive ATM fees with a minimum balance. TD Signature Savings waives non-TD ATM fees with a $2,500 daily balance.
Minimum Balance and Deposit Requirements
TD Bank’s savings accounts have different minimum balance rules:
- TD Simple Savings: $300 minimum daily balance to waive fees
- TD Signature Savings: $10,000 minimum daily balance to waive fees
There is no minimum opening deposit for either account. This makes it easy to start saving with any amount.
Keeping higher balances can help avoid fees and earn better interest rates. The bank encourages customers to save more by offering higher rates for larger balances.
Relationship Rate Bumps
TD Bank rewards customers who have multiple accounts. They offer “relationship rates” for savings accounts linked to eligible TD checking accounts.
The TD Signature Savings account gives a rate bump when linked to a TD checking account. This higher rate applies to all balance tiers.
To get the relationship rate:
- Open a TD Signature Savings account
- Link it to an eligible TD checking account
- Maintain the required minimum balance
This feature helps customers earn more interest on their savings. It’s a way for TD Bank to encourage customers to use more of their banking services.
Frequently Asked Questions
TD Bank offers various savings accounts with different features and requirements. Let’s explore key details about their offerings, interest rates, and account opening criteria.
What are the minimum balance requirements for a TD Bank savings account?
TD Bank’s savings accounts have different balance requirements. The TD Simple Savings account needs a $300 minimum balance to avoid the $5 monthly fee. For the first year, this fee is waived with a $25 recurring transfer from a linked TD checking account.
How do the interest rates for TD Bank savings accounts compare to competitors?
TD Bank’s savings account interest rates start at 0.01% APY and go up to 4.00% APY. These rates vary based on the account type and balance. Compared to other banks, TD’s rates may be lower for basic accounts but competitive for high-yield options.
What are the different types of savings accounts offered by TD Bank?
TD Bank provides several savings account options. These include TD Simple Savings, TD Signature Savings, and TD Beyond Savings. Each account type has unique features and benefits tailored to different saving goals and balance levels.
What criteria must be met to open a TD Bank savings account?
To open a TD Bank savings account, customers typically need to be 18 years or older and have a valid government-issued ID. Some accounts may require an initial deposit. Specific requirements can vary by account type and location.
What features distinguish TD Bank’s High-Yield savings account?
TD Bank’s high-yield savings account offers a more competitive interest rate compared to their basic accounts. It may include features like online and mobile banking access, ATM card availability, and the potential for higher earnings on larger balances.
How does TD Bank’s best savings account compare to those of other major banks?
TD Bank’s top savings account offers competitive rates and features. It provides online and mobile banking tools for easy account management. While rates and terms can be favorable, customers should compare options from multiple banks to find the best fit for their needs.
