Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
TD Bank has two savings accounts: TD Simple Savings and TD Signature Savings. Each one pays a different savings rate.
TD Simple Savings Account
Fees
$5 monthly service fee
Annual Percentage Yield (APY)
0.02%
Minimum Deposit Amount
$0
- No monthly fee for students, or for adults under age 24 or age 62 or older
- No monthly fee for the first 12 months, with recurring monthly deposits of $25
- Mobile check deposit
- No minimum opening deposit
- Low APY
- $5 monthly service fee
Insider’s Take
TD Bank Signature Savings Account pays a higher interest rate than the TD Simple Savings Account on balances of $10,000 or more. However, to get the most out of this account, you’ll need to qualify for a relationship rate and meet one of the requirements to waive the TD Signature Savings – Fees Display. Ultimately, you can find much better rates with the best online banks.
TD Bank
Product Details
- Earn $200 when you deposit $10,000 or more in new money within 20 days, then maintain that balance for 90 days from the date the deposit requirement is initially met (Offer ends April 30, 2024)
- No monthly service fee for students, adults under age 24 or age 62 or older
- Waive $5 monthly service fee by maintaining $300 minimum daily balance
- No monthly fee for the first 12 months if you make recurring $25 monthly deposits
- Interest compounded daily
- FDIC insured
TD Signature Savings
Fees
$15 monthly service fee
Annual Percentage Yield (APY)
0.01% to 4.00%
Minimum Deposit Amount
None
- Earn a competitive APY when you link to another eligible TD Bank account
- Earn a higher APY with a higher balance
- Mobile check deposit
- No minimum opening deposit
- Free incoming wire transfers
- Free money orders
- Free stop payments
- Free official checks
- $15 monthly service fee
- Low APY if you don’t link to another TD Bank account
Insider’s Take
TD Bank Signature Savings Account pays a higher interest rate than the TD Simple Savings Account on balances of $10,000 or more. However, to get the most out of this account, you’ll need to qualify for a relationship rate and meet one of the requirements to waive the TD Signature Savings – Fees Display. Ultimately, you can find much better rates with the best online banks.
Product Details
- Earn $200 when you deposit $10,000 or more in new money within 20 days, then maintain that balance for 90 days from the date the deposit requirement is initially met (Offer ends April 30, 2024)
- Earn a bump rate APY when you link a TD Bank personal checking account, small business checking account, credit card, mortgage, or home equity loan
- Earn 0.01% APY if you maintain less than $10,000 in your account
- Earn 0.05% APY if you don’t have an eligible TD Bank account and maintain an account balance of $10,000 or more
- Earn 2.00% APY if you link an eligible TD bank account and maintain an account balance between $10,000 and $24,999
- Earn 2.25% APY if you have an eligible TD Bank account and maintain an account balance between $25,000 and $49,999
- Earn 2.50% APY if you have an eligible TD Bank account and maintain an account balance between $50,000 and $99,999
- Earn 4.00% APY if you have an eligible TD Bank account and maintain an account balance over $100,000
- Waive $15 monthly service fee by maintaining a $10,000 minimum balance, linking to a TD Beyond Checking Account, or opening an IRA
- No out-of-network ATM fees and ATM fee refunds if you maintain a $2,500 balance
- FDIC insured
TD Bank Savings Rates
The TD Simple Savings Account pays 0.02% Annual Percentage Yield (APY) on all balances, which is low compared to the average savings account interest rate. Meanwhile, TD Signature Savings offers standard rates and relationship rates, which means the rate will vary depending on which one you qualify for.
TD Bank makes it pretty easy to qualify for a “relationship rate,” or a higher rate as a reward for having another TD Bank product. You’ll have relationship rates when you link your TD Signature Savings to a TD Bank personal checking account, small business checking account, credit card, mortgage, or home equity loan.
You’ll earn the following savings rates with TD Signature Savings:
Your decision between the two savings accounts could come down to how much money you plan to keep in the account.
Generally, TD Signature Savings pays a better interest rate on higher account balances. However, you’ll actually earn a slightly higher rate with the TD Simple Savings Account if you keep under $10,000 in savings.
Also, keep in mind that many of the best online banks still offer higher better rates than either savings account at TD Bank.
Insider’s Featured Savings Accounts
Compare savings accounts
TD Bank Savings Pros and Cons
How TD Bank Savings Rates Compare
TD Bank Savings vs. Bank of America Savings
Bank of America Advantage Savings pays 0.01% APY on most balances, but you can earn a little more if you qualify for Preferred Rewards. The Preferred Rewards tiers are as follows:
- Gold: Earn 0.02% APY with a three-month average combined balance of $20,000 to $49,999.99 in all Bank of America bank accounts or Merrill investments
- Platinum: Earn 0.03% APY with a three-month average combined balance of $50,000 to $99,999
- Platinum Honors: Earn 0.04% APY with a three-month average combined balance of $100,000 or more
Overall, Bank of America savings rates are pretty low, regardless of whether you qualify for Preferred Rewards. If you plan to maintain a high balance, you may want to open TD Signature Savings to earn more than Bank of America’s maximum rate.
Bank of America Review
TD Bank Savings vs. Wells Fargo Savings
Wells Fargo is another national bank with substantial branches on the East Coast. Wells Fargo savings rates may vary depending on the savings account. You’ll earn 0.01% APY with the Wells Fargo Way2Save® Savings Account, and 0.25% to 2.51% APY with the Platinum Savings Account.
You might be better off opening TD Signature Savings if you qualify for a relationship rate and maintain a high account balance. You’ll need to get a TD Bank personal checking account, small business checking account, credit card, mortgage, or home equity loan, and keep $100,000 or more in your account.
Wells Fargo Bank Review
Why You Should Trust Us: How We Reviewed TD Bank Savings Accounts
We rate bank accounts on a scale from zero to five stars. For our TD Bank saving rates review, we used our bank account methodology, which looks at interest rates, minimum opening deposits, monthly service fees, customer support availability, mobile app ratings, and the ethics of the company to rate savings accounts.
Credit: Source link