Advertiser Disclosure
Many or all of the offers on this site are from companies from which Insider receives compensation (for a full list see here). Advertising considerations may impact how and where products appear on this site (including, for example, the order in which they appear) but do not affect any editorial decisions, such as which products we write about and how we evaluate them. Personal Finance Insider researches a wide array of offers when making recommendations; however, we make no warranty that such information represents all available products or offers in the marketplace.
Personal Finance Banking Savings
Written by Laura Grace Tarpley, CEPF and Sophia Acevedo, CEPF; reviewed by Evelyn He
Updated
2024-01-03T22:59:22Z
- TD Bank Savings Rates
- Pros and Cons
- How TD Bank Savings Rates Compare
- Why You Should Trust Us
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
TD Bank, Member FDIC
Insider’s Rating
4/5
Perks
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)
Fees
$5 monthly service fee
Annual Percentage Yield (APY)
0.02%
Minimum Opening Deposit
$0
Bonus
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)
$200
Pros
- 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
Cons
- 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 review External link Arrow An arrow icon, indicating this redirects the user."
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
TD Bank, Member FDIC
Insider’s Rating
3.75/5
Perks
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)
Fees
$15 monthly service fee
Annual Percentage Yield (APY)
0.01% to 4.00%
Minimum Opening Deposit
None
Bonus
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)
$200
Pros
- 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
Cons
- $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:
| 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% |
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
-
Customers Bank High Yield Savings Account
-
CIT Bank Savings Connect Account
-
UFB Secure Savings
Annual Percentage Yield
5.32%
Minimum Deposit
$1
Annual Percentage Yield
4.65%
Minimum Deposit
$100
Annual Percentage Yield
5.25% (as of 11/16/23)
Minimum Deposit
$0
On Raisin's website
On CIT Bank's website
On UFB Direct's website
Compare savings accounts
TD Bank Savings Pros and Cons
| Pros | 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.
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a senior editor at Personal Finance Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF).She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@businessinsider.com.Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
Banking Reporter
Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Business Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
- Are banks open today? Here's a list of US bank holidays for 2023
- Best CD rates
- Best High-yield savings accounts
- Four reasons why your debit card might be denied even when you have money
Compliance Associate
Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
Top Offers From Our Partners
Capital One 360 Performance Savings Annual Percentage Yield (APY): 4.35% Minimum Deposit Amount: $0
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.
NEW LOOK
Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview
Thanks for signing up!
Access your favorite topics in a personalized feed while you're on the go.
