TD Bank Review

TD Bank Savings

0.02% APY

Overview

As a big bank with a wide array of products and over 1,000 physical locations, TD Bank has a lot to offer to a lot of customers. However, this also means that it can’t offer every customer the highest-earning interest rates for each account they own.

At the most basic level, your TD Bank savings accounts can’t earn you huge amounts. To earn at the maximum rate, you’ll often need to have high account balances and linked accounts to snag a rate bump.

The bank does provide a number of opportunities for customers to earn rate bumps or cash bonuses. Furthermore, you’ll have a number of bank accounts to choose from, ranging from a simple savings account to an interest-earning checking account to a five-year CD, allowing you to keep your banking and investing in one place. 

Read on below to explore TD Bank's many offerings.

TD Bank Interest Rate Comparison

TD Bank Overview

Since its beginnings as Portland Savings Bank in Portland, Maine, TD Bank has undergone a number of changes. In 2007, TD Bank Group purchased the bank, becoming TD Banknorth. Through a number of acquisitions and mergers, the bank has been able to expand all along the East Coast.

Not only has the bank expanded physically, but it has grown its financial product offerings, as well. You can open accounts from a simple savings account to IRAs to credit cards, mortgages and more. This wide range of products offers customers a chance to keep their assets and money all in one place. Plus, the bank provides extensive access and customer service, earning its self-proclaimed title as America's Most Convenient Bank®. 

Save more with these rates that beat the National Average

• Savings & MMAs
• CDs

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TD Bank Account Features

TD Bank offers a number of savings accounts including IRAs, CDs, interest-earning checking accounts and more. This allows you to keep all your accounts at one institution if you so choose. All TD Bank savings accounts include access to online and mobile banking and 24/7 live customer service. Mobile banking also includes the ability to deposit checks with your smartphone.  

TD Bank Savings Account: TD Simple Savings and TD Signature Savings 

The TD Simple Savings account offers just that - simple savings. You can start with any deposit amount, and begin earning at an APY higher than what other big banks offer. The account’s monthly fee lands at $5. This fee is waived for the first 12 months if you have a linked TD Bank checking account and a recurring transfer of at least $25 from a TD Bank Account. You may waive this monthly fee after that by maintaining a minimum daily balance of $300 or if you’re not between the ages of 18 and 62. 

The TD Signature Savings account offers account balance tiers for more nuanced savings. This allows TD Bank customers to earn at higher interest rates with higher account balances. Even at the lowest tier, though, you’ll still be earning at a higher rate than you would with many other big banks. Further, you can snag a rate bump when you link an eligible TD Bank mortgage, home equity, credit card account or active personal or small business checking account. 

The TD Signature Savings account also waives TD Bank fees when you use non-TD Bank ATMs. You may still run into an ATM fee, but TD Bank can reimburse you as long as you have a $2,500 minimum daily balance. You will also have free incoming wire transfers, official bank checks, money orders and stop payments.

These TD Signature Savings perks come at a monthly fee of $15. You can waive this fee entirely if you maintain an account balance of at least $10,000. It would be beneficial for you to link a TD Bank checking account with a TD Bank savings account. That way, you can waive certain fees and set up overdraft protection. 

TD Bank Certificates of Deposit (CDs): TD Choice CDs

The TD Choice CD account offers competitive interest rates and a wide variety of term lengths to choose from. These CDs also work on an account balance-based tier, where a higher balance will snag a higher APY. You can raise your rates even higher when you also own an eligible TD Bank checking account. When your chosen CD term length reaches maturity, it will be automatically renewed for the same term unless you take action to withdraw from or alter the CD. 

TD Bank Certificates of Deposit (CDs): TD No-Catch CDs

An essential aspect of a certificate of deposit is that you cannot touch the account before its maturity date. Otherwise, you have to pay a penalty for an early withdrawal. The TD No-Catch CD changes this essential aspect, allowing you to make one penalty-free withdrawal per term. Outside of that one withdrawal though, you will face some heavy penalty fees. Often, these fees deduct the interest earned on the amount withdrawn, making an early withdrawal hardly worth it. 

TD Bank Certificates of Deposit (CDs): TD Step Rate CDs

The TD Step Rate CD allows you to snag higher rates on each anniversary of your account opening, at no extra cost to you. The interest rate will simply increase each year as listed. Plus, you can choose to make a full or partial withdrawal within 10 days of each anniversary.

TD Bank Checking Accounts: TD Complete Checking, TD Beyond Checking, TD Essential Banking

TD Bank currently offers three personal checking options: TD Complete Checking, TD Beyond Checking and TD Essential Banking. All three have no minimum opening deposit and include access to TD Bank’s online and mobile banking tools, debit cards and TD ATMs. However, they differ considerably when it comes to monthly fees, overdraft features, interest and other benefits.

TD Complete Checking is designed as an everyday checking account and charges a $15 monthly maintenance fee. You can waive the fee by receiving at least $500 in direct deposits during a statement cycle, maintaining a $500 minimum daily balance or keeping a $5,000 minimum daily combined balance across personal deposit accounts you ask TD to link. Customers ages 17 to 23 can also have the monthly fee waived without a minimum balance requirement and receive reimbursement of non-TD ATM fees. Customers age 60 and older receive free standard checks and paper statements. The account also includes TD Overdraft Relief, which can give you until 11 p.m. ET on the next business day to correct an eligible overdraft.

TD Beyond Checking is the bank’s premium checking option and is the only one of the three that earns interest, currently at a 0.01% APY. Its $25 monthly maintenance fee can be waived by receiving at least $5,000 in direct deposits during a statement cycle, maintaining a $2,500 minimum daily balance or keeping a $25,000 minimum daily combined balance across eligible linked TD accounts. Benefits include reimbursement of non-TD ATM fees when you maintain a $2,500 minimum daily balance, free standard checks or discounts on select check styles, reimbursement of one outgoing wire transfer fee per statement cycle and two overdraft-fee reversals per year through Overdraft Payback.

TD Essential Banking is the simplest and lowest-cost option. It charges a $4.95 monthly maintenance fee, although that fee is waived when the primary account holder is between ages 13 and 17. Unlike the other accounts, TD Essential Banking does not offer personal checks or overdraft services, meaning transactions that would overdraw the account are generally declined rather than triggering an overdraft fee. Customers still get online and mobile banking, a TD Bank debit card, free access to TD ATMs and features such as TD Early Pay, which can make eligible direct deposits available up to two business days early.

TD Bank IRAs: TD Simple Savings IRA, TD Signature Savings IRA, TD Choice IRA CDs, TD IRA Add-Vantage CDs and TD Step Rate IRA CDs

Five of TD Bank’s IRA offerings mirror five regular savings offerings, two saving accounts and three CD accounts. Unlike the regular accounts, however, these IRAs do have minimum balance requirements. Luckily these amounts are relatively low, with the exception of the TD Signature Savings IRA. 

There is a fourth IRA option as well, the TD IRA Add-Vantage CD. This CD is a little different, offering the option of additional deposits. At any time during the 12-month term, you can make incremental deposits of $500 or more. You can deposit up to an additional $250,000 in one term.

Where Can I Find TD Bank?

TD Bank has about 1,300 physical locations in 15 East Coast states and Washington, D.C. These states are Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont and Virginia. The bank also has branches in Canada. To find the closest branch to you, you can use the bank’s location finder tool on its website, shown in the accompanying image. 

TD Bank also prides itself on having long hours, opening early and closing late. It’s open on weekends and most holidays, as well.

If you don’t live near a branch, you can bank with TD Bank online, over the phone or on mobile. You can call the bank at 1-888-751-9000 at any time of the day. 

What Can You Do Online With TD Bank?

You can do almost anything with TD Bank online. The Online Banking homepage, shown here, can help you learn how to make money transfers, pay bills, check your statements and more. You can also open a number of banking accounts online, except for IRAs which you have to open at a branch. Once you have an account or two, you can easily access them online with your online banking login information. There, you’ll have all the tools and information to make deposits, withdrawals and transfers.

Even if you’re not a customer, TD Bank offers financial education materials to help you manage your money, debt, credit cards and more. 

How Do I Access My Money?

You can access your money easily with TD Bank. You have the option of visiting a physical branch to Bank Human™, going online, using the bank’s mobile app or calling the bank’s 24/7 Customer Service line.

When you bank online, you can transfer funds, send money, pay your bills, find your statements, set up banking alerts and more. You can perform much of the same functions on the bank mobile app, as well as depositing checks on the go.

How Can I Save More Money With a TD Bank Account?

When it comes to savings interest rates, TD Bank offers decent rates. Many of its accounts offer tiered rates based on account balances. This allows customers with higher account balances to earn at rates above the national average, while lower balances earn below the average. 

You can save when banking with TD Bank due to its low or often nonexistent minimum balance requirements and fees. Many of the accounts listed above don’t require a minimum balance to open or maintain the account. When an account has a monthly fee, the fee is often waivable by maintaining a certain balance and/or meeting other qualifications. These features allow your money to grow at a solid rate without being disturbed or threatened by fees or strict requirements. 

What’s the Process for Opening an Account With TD Bank?

Opening an account with TD Bank can generally be done online in a matter of minutes, although customers can also visit a TD Bank branch if they prefer to apply in person. For most accounts, applicants need to be at least 18 years old in most states and provide a Social Security number, at least one form of government-issued identification and a phone number for identity verification. TD may request additional information depending on the account or applicant.

If you’re opening an account online, you’ll select the account you want, enter your personal and identifying information and complete the required disclosures. You should also have a way to fund the account, such as a debit card or the account and routing numbers for another bank account. After the account is approved, you can enroll in TD Online Banking or download the TD Bank app to manage the account digitally.

Some accounts have additional requirements for younger customers. For example, applicants under age 18 who want to open TD Essential Banking must visit a TD Bank branch with a parent or legal guardian rather than opening the account entirely online.

What’s the Catch? 

If you’re looking for the highest savings rates that banks can offer, you’ll want to look elsewhere. TD Bank offers savings rates that are much higher than other big banks’ rates, but there are many online banks who can offer rates that double TD Bank’s. Its lower rates are understandable, however, with its wide product offering and the costs of maintaining physical locations.

Bottom Line

TD Bank offers a wide variety of banking accounts, making banking much more accessible and convenient for its customers. This is amplified by the bank’s low fees and low minimum balance requirements. This means that even if you have $20 to save, you can open a savings account with TD Bank to watch your money grow.