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TD Bank has two savings accounts: TD Simple Savings and TD Signature Savings. Each one pays a different savings rate.
The best high-yield savings accounts pay up to 6.17% APY — see how TD Bank savings accounts compare.
Overview of TD Bank Savings Accounts
TD Bank Simple Savings Account
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 monthly service fee. Online banks will be better fit if you want a free savings account.
TD Bank Signature Savings
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.
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.
TD Signature Savings offers standard rates and relationship rates, which 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 personal or business 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.
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% | 2.00% |
| $25,000 to $49,999.99 | 0.05% | 2.25% |
| $50,000 to $99,999.99 | 0.05% | 2.50% |
| $100,000 to $249,999 | 0.05% | 4.00% |
| $250,000 + | 0.05% | 4.00% |
TD Bank Key Features and Benefits
Current TD Bank Savings Rate and How It Compares
The TD Simple Savings Account pays 0.02% APY on all balances. TD Signature Savings offers 0.01% to 4.00% APY — the rate will vary depending on whether you qualify for the "relationship rate" and how much money you 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.
Keep in mind that many of the best online banks still offer higher better rates than either savings account at TD Bank.
TD Bank Savings Account Monthly Service Fees
The TD Simple Savings Account has a $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 three other ways to waive the account — maintaining a $300 minimum daily balance, meeting certain age requirements (you either must be 18 years or younger OR age 62 or older), or having a linked TD Bank Beyond Checking Account or TD Bank Complete Checking, or open an IRA.
TD Signature Savings has a $15 monthly service fee. You can waive the fee if you maintain $10,000 or more in an account or have a linked eligible TD Bank checking account.
TD Bank Online and Mobile Banking Access
The TD Bank mobile app includes standard features like mobile check deposits, online bill pay, and Zelle.
TD Bank has received 4.8 out of 5 stars in the Apple store based on over 247,000 reviews and 4.1 out of 5 stars in the Google Play store based on over 84,000 reviews.
TD Bank Customer Service and Support
You can reach out to TD 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.
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.
Managing Your TD Bank Savings Account
Tips for Maximizing Savings at TD Bank
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 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).
Understanding TD Bank Fees and Charges
Similar to other brick-and-mortar banks, TD Bank has several bank fees to watch out for. Be mindful of monthly service fees, out-of-network ATM fees, overdraft fees, and wire transfer fees.
TD Bank Savings Pros and Cons
TD Bank Savings Pros
- Over 1,100 branches in 15 East Coast US States, and Washington DC
- 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
Is a TD Bank Savings Right For You?
The 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 $15 monthly service fee.
Ultimately, you can find much better rates with the best online banks.
TD Bank Savings Account Alternatives
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 0.05% 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.
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.
TD Bank Savings Account 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 Bank Simple Savings rates are lower than average savings account interest rates. TD Bank 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 you're 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.
Sophia Acevedo
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.
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