Business Insider's personal finance team compared TD Bank savings accounts to the best high-yield savings accounts and found them to be a standard offering. The TD Signature Savings account offers good interest rates, but you have to meet significant requirements to earn them, and online banks still offer higher rates.
TD Bank has two savings accounts: the TD Simple Savings Account and TD Signature Savings. Each one pays a different savings rate.
Compare TD Bank's Savings Rates
- TD Simple Savings Account: 0.02% APY
- TD Signature Savings: 0.01% to 3.51% APY
| Account Name | APYs (Annual Percentage Yields) are accurate as of 03/28/2025 | Minimum Account Opening Balance |
| Axos ONE Savings and Checking Bundle | up to 4.86%* | $0 |
| LendingClub LevelUp Savings Account | up to 4.40%** | $0 |
| CIT Bank Platinum Savings | 4.10% (with $5,000 minimum balance) and a one-time bonus of up to $300 with use of the code PS2025*** | $100 |
| Forbright Growth Savings | 4.25% | $0 |
Current TD Bank Savings Rates
TD Bank's interest-earning accounts compound interest monthly. Other banks might compound interest daily or quarterly.
Compounding frequency can make a difference in your total earnings if you maintain a lot of money in your account. You can use a compound interest calculator to calculate how much money you can make.
TD Bank Simple 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.
TD Bank Signature Savings Rates
TD Signature Savings, which offers interest rates ranging from 0.01% to 3.51%APY, offers standard rates and relationship rates. This means the rate will vary depending on which one you qualify for.
TD Bank offers several ways 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.
If you have a business or personal checking account, you'll also need to meet additional requirements to qualify for a "relationship rate" — either receive a monthly direct deposit or make at least three deposits, withdrawals, payments, or transactions monthly.
Keep in mind that many of the best online banks still offer higher rates than either savings account at TD Bank.
You'll earn the following savings rates with TD Signature Savings:
| Balance | Standard APY | Relationship APY |
| $0.01 to $9,999.99 | 0.01% | 0.01% |
| $10,000 to $24,999.99 | 0.05% | 1.60% |
| $25,000 to $49,999.99 | 0.05% | 1.85% |
| $50,000 to $99,999.99 | 0.05% | 2.10% |
| $100,000 to $249,999 | 0.05% | 3.51% |
| $250,000 + | 0.05% | 3.51% |
Overview of TD Bank Savings Accounts
How TD Bank Savings Accounts Work
The TD Simple Savings Account is the bank's standard savings account. It has a $0 minimum opening deposit, but it pays a low interest rate.
You'll also need to meet certain requirements to waive the $5 monthly service fee. You can waive the monthly bank maintenance fee for the first year if you have a linked eligible TD Bank checking account and make a recurring monthly transfer of $25 or more.
TD Bank also offers two other ways to waive the account fee. You can either maintain a $300 minimum daily balance or meet certain age requirements. You waive the fee by being 18 years of age or younger, as well as by being 62 years of age or older. TD Bank doesn't offer savings accounts for kids or seniors, but this could be a good way to earn age-based perks anyway.
TD Signature Savings is the bank's premium savings account. This account will be a better fit than the TD Simple Savings Account if you maintain more than $10,000 in your account and have an eligible TD Bank product, such as a TD Bank checking account; this will let you waive the $15 monthly service fee and earn a relationship rate.
This account also comes with free incoming wire transfers, checks, money orders, and stop payments.
TD Bank's savings accounts offer several ways to earn low fees through TD Bank checking accounts. With TD Signature Savings, you won't pay TD Bank ATM fees no matter what, and your out-of-network ATM fees will be reimbursed, as long as you maintain a $2,500 daily minimum balance.
You'll also be able to set up overdraft protection with either TD Bank savings account to avoid overdraft fees. You can set up savings overdraft protection with either account, which lets you connect your TD Bank savings account to your checking account. Once the accounts are connected, if you overdraw your checking account, money will be automatically transferred from your savings to your checking account for no fee.
Just keep in mind that the best banks for overdrafts don't charge overdraft fees at all; TD Bank charges a $35 overdraft fee if you don't set up overdraft protection.
TD Bank Savings User Experience and Accessibility
The TD Bank mobile app includes standard features like mobile check deposits, online bill pay, and Zelle.
TD Bank's mobile banking app has received 4.8 out of 5 stars in the Apple store and 4.0 out of 5 stars in the Google Play store.
You can reach out to TD Bank customer support by phone or live chat 24/7. If you live near a TD Bank branch, hours will vary depending on where you live. Some locations notably stay open seven days per week.
TD Bank Savings Security
TD Bank is a long-running financial institution that is backed by the federal government. As such, it's FDIC-insured; this means that your money will be safe up to $250,000 for a single depositor and $500,000 for a joint bank account in case of a bank failure.
TD Bank's credit ratings are strong; it has generally high rates from Moody's, Fitch, and Bauer Financial.
TD Bank Savings Pros and Cons
TD Bank Savings Pros
- Over 1,100 branches in 15 East Coast U.S. states and Washington, D.C.
- Good rates on TD Signature Savings if you qualify for a relationship rate and can maintain at least $10,000 in your account
- No minimum opening deposit required
TD Bank Savings Cons
- TD Simple Savings Account pays a lower interest rate than the average savings account
- Lower interest rates than online banks
- Monthly service fees
TD Bank Savings Alternatives
TD Bank Savings vs. Bank of America Savings
If you want a bank with a larger footprint than TD Bank , you might like Bank of America.
That said, Bank of America Advantage Savings pays 0.01% to 0.04% APY. No matter what, you'll earn at least 0.01% APY, 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.
TD Bank Savings vs. Wells Fargo Savings
Wells Fargo is another national bank with substantial branches on the East Coast, although Wells Fargo has a significantly larger footprint overall, with branches in 36 states and Washington, D.C.
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 0.01% to 2.51% APY with the Wells Fargo 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.
Opening a TD Bank Savings Account
TD Bank Savings Account Eligibility Requirements
You can open a TD Bank savings account at a branch or online. TD Bank serves residents of Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington, DC.
Step-by-Step Guide to Opening a TD Bank Savings Account
If you are looking to open a bank account for a minor or a joint bank account, you must open an account at a branch. Individual savings accounts can be opened online, though.
The online application requires a Social Security number, a government-issued ID, and banking information (like an external bank account number). If you're applying for the account in person, you also must provide personal documentation to verify your identity.
TD Bank Initial Deposit Requirements
TD Bank savings accounts can be opened with $0 upfront. However, you'll need to have a certain amount in your account each month to waive monthly service fees on either savings account.
TD Bank Savings vs. TD Bank CDs
TD Bank savings accounts offer a variable interest rate, while the bank's CD pays a fixed interest rate. To maximize your savings, you have to consider what matters more — accessibility or earning a set interest rate. If you need to have access to your money, a savings account is more suitable than a CD. If you don't need to access your money, a CD offers guaranteed interest for the term you've chosen (as long as you don't make an early withdrawal).
The best CD rates tend to be a bit higher than traditional bank account savings rates, and TD Bank is no exception. TD Bank Choice Promotional CDs offer interest rates of 1.00% to 4.00%, depending on the term length and whether you can earn a relationship rate.
If you qualify for a relationship rate with a TD Bank CD, you'll probably be able to lock in an interest rate that's similar to or higher than what you'd earn from the TD Signature Savings account. Otherwise, a savings account will probably be a better fit.
Is a TD Bank Savings Right For You?
The TD 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 $15 monthly service fee.
Ultimately, you can find much better rates with the best online banks.
Why You Should Trust Us: How We Reviewed TD Bank Savings Accounts
We rate bank accounts on a scale from one 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, miscellaneous features, mobile app ratings, and the ethics and security of the company to rate savings accounts.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Open a Savings Account
Compare Today's Rates
FAQs
What types of savings accounts does TD Bank offer?
TD Bank has a standard savings account, a premium savings account, standard CDs, step-up CDs, and no-penalty CDs. The bank does not have a personal money market account.
Are there any fees associated with TD Bank savings accounts?
There are several fees associated with TD Bank savings accounts. Potential fees include monthly service fees, out-of-network ATM fees, wire transfer fees, and overdraft fees.
How competitive are TD Bank's interest rates?
TD Simple Savings Account rates are lower than average savings account interest rates. TD Signature Savings rates are low if you qualify for the standard rate but better than average savings interest rates if you qualify for a relationship rate. You still might ultimately be better off with an online bank if your goal is to earn interest, though.
Who is eligible to open a TD Bank savings account?
To open a TD Bank savings account at a branch, you must live in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, or Washington, DC. Individual savings accounts can also be opened online if you provide a Social Security number, license, and additional bank account information.
How can I maximize my savings with a TD Bank account?
You can maximize savings with a TD Bank account by reviewing the differences between savings accounts and CDs and choosing the best fit for your needs.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
*Axos ONE Savings and Checking Bundle: Earn 4.86% APY on your savings account balance and 0.51% APY on yoaur checking account balance by getting at least $1,500 in monthly direct deposits by the 25th of each month and by maintaining an average daily balance of $1,500. If you don't meet those requirements, you'll earn 1.00% APY on savings account balances and no interest on checking account balances.
**LendingClub LevelUp Savings Account: Earn 4.40% APY when you deposit at least $250 per month, earn 3.40% standard APY if minimum isn't met.
***CIT Bank Platinum Savings: Transfer a one-time deposit of $50,000+ for a Bonus of $300 or a one-time deposit of $25,000 -$49,999.99 for a Bonus of $225
****SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
*****Public High-Yield Bonds: All investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. This is not a recommendation or offer to buy/sell securities or engage in any investment strategy. Brokerage services for treasuries in a Treasury Account and US-listed securities, options, and bonds in a self-directed brokerage account are offered by Open to the Public Investing, member FINRA & SIPC. Public Advisors and Public Investing are affiliates. Self-directed Individual Retirement Accounts and Bond Accounts are offered by Public Investing. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The 6.9% yield is the average, annualized yield to worst (YTW) across all ten bonds in the Bond Account, before fees, as of 3/13/2025. A bond's yield is a function of its market price, which can fluctuate; therefore, a bond's YTW is not "locked in" until the bond is purchased, and your yield at time of purchase may be different from the yield shown here. The "locked in" YTW is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. Public Investing charges a markup on each bond trade. See Public's fee schedule for more information. https://public.com/disclosures/fee-schedule. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. See Bond Account Disclosures to learn more. https://public.com/disclosures.
