Image by Getty Images; Illustration by Bankrate
TD Bank offers two savings account options. One of the accounts can be linked to another eligible TD Bank account to earn the highest interest rate offered, tiered to the account’s balance amount, but the rate is unremarkable.
TD Bank is known for offering good customer service and solid digital banking tools, but if you’re looking for the highest savings rates, you will want to look elsewhere.
TD Bank earned a 3.6 out of 5 in Bankrate’s overall rating of the bank, while its most accessible savings account earned 2.7 out of 5 stars.
TD Bank savings rates
TD Bank’s two savings account choices are the TD Simple Savings and TD Beyond Savings. With TD’s Simple Savings, there is a $5 monthly maintenance fee, though the fee is waived with a $300 minimum daily balance or if the account owner is either under age 24 or over 62.
The Beyond Savings account charges a $15 monthly fee, which is waived with a $20,000 minimum daily balance. This account also waives non-TD Bank ATM fees.
Here are the interest rates offered on TD Bank’s savings accounts.
| Account name | APY | Minimum deposit |
|---|---|---|
| TD Simple Savings | 0.02% | $0 |
| TD Beyond Savings | 0.01% | $0 |
Customers who link another TD Bank account with a Signature Savings account are eligible for a relationship rate bump. Here are the bank’s tiered interest rates with the rate bump.
| Account name | Standard APY | Bump Rate APY | Balance needed for APY |
|---|---|---|---|
| TD Signature Savings | 0.01% | 0.01% | $0.01-$9,999.99 |
| TD Signature Savings | 0.05% | 1.50% | $10,000-$24,999.99 |
| TD Signature Savings | 0.10% | 1.75% | $25,000-$49,999.99 |
| TD Signature Savings | 0.15% | 2.00% | $50,000-$99,999.99 |
| TD Signature Savings | 0.25% | 2.50% | $100,000-$249,999.99 |
| TD Signature Savings | 0.50% | 3.00% | $250,000-$499,999.99 |
| TD Signature Savings | 0.50% | 3.00% | $500,000-$999,999.99 |
| TD Signature Savings | 0.50% | 3.00% | $1,000,000+ |
Note: Annual percentage yields (APYs) shown are as of Dec. 16, 2022 and may vary by region for some products.
How TD Bank savings rates compare to top-yielding banks
TD Bank’s Simple Savings account offers almost no interest. The bank’s Beyond Savings account, which requires a linked account and a $250,000 balance to earn the highest rate, pays less than the national average. You can find savings accounts that pay more, especially at an online bank.
For a higher interest rate, consider a competitive online bank.
Shop around to find the best rates to meet your savings goals more quickly.
Other savings options at TD Bank
TD Bank has some competitive yields on its bump rate CDs. But its standard CD yields are lower than many online banks.
Those looking for an alternative to TD’s low standard savings rates may want to look at Federal Deposit Insurance Corp. (FDIC) online banks.
