TD Bank savings account interest rate
TD savings account interest rates depend on a variety of factors, including the state you establish the account in, the type of account you open and how much your balance is.
TD offers two types of savings accounts: Simple Savings and Signature Savings. The first is a basic low-fee account, while the second can operate as a high-yield savings account, depending on your balance. The Simple Savings account pays 0.02% APY, while the Signature Savings account pays up to 4.00% APY.
TD Bank Simple savings account
This account comes with a $5 monthly fee that’s easy to waive. You won’t pay the fee if you maintain a balance of at least $300 daily. In the first year, you can set up a $25 recurring transfer from a linked TD Bank checking account to get the fee waived. Accounts held by someone under the age of 19 or over the age of 61 also don’t come with a fee.
APY Range |
Requirement for highest APY |
Monthly fee |
Minimum opening deposit |
0.02% |
N/A |
$5 (with options for waiving it) |
$0 |
*The information in this table is based on a Virginia zip code and correct as of September 2024.
TD Bank Signature savings account
This is a tiered account, which means the APY depends on your average daily balance or your ending balance during a monthly period. The tier ranges can vary slightly by location.
This account comes with a $15 monthly fee, but it’s waived if you maintain a balance of $10,000 minimum daily. You can also link an eligible TD Bank checking account to waive the savings account fee.
APY |
Requirement for highest APY |
Monthly fee |
Minimum opening deposit |
0.01% |
$0.01 - $9,999.99 |
$15 |
$0 |
2.00% |
$10,000 - $24,999.99 |
Waived |
$0 |
2.25% |
$25,000 - $49,999.99 |
Waived |
$0 |
2.50% |
$50,000 - $99,999 |
Waived |
$0 |
4.00% |
$100,000 |
Waived |
$0 |
*The information in this table provides the Bump rate APY ranges for Virginia-based accounts as of September 2024.
How much can I earn with a TD Bank savings account?
How much you earn with a TD Bank savings account depends on how much you deposit into the account, how long you leave the funds in savings and which type of account you choose.
With a TD Bank savings account, interest is compounded daily but deposited once a month, so you will see a single interest credit each month on your statement.
To understand how much you might save with these accounts, we’ve demonstrated how much interest you would earn if you deposit $10,000 and leave it for 10 years:
Savings account |
APY |
Estimated interest earned after 10 years* |
TD Simple Savings |
0.02% |
$36.50 |
TD Signature Savings |
2.00% |
$2,213.93 |
*The calculations shown are just a simple example. Always seek advice from a qualified professional before making important financial decisions or long-term agreements.
How the TD Bank savings account interest rate compares
If you maintain a minimum balance of $10,000 in your account, the TD Bank savings account interest rate for the Signature Savings account is more than the average savings account interest rate, which is currently 0.46%, according to the FDIC.
You can compare the TD Bank rates to those of other banks in the table below. Note that many of the banks offer multiple types of saving options.
Let’s compare the current interest rates of major banks:
*APYs are correct as of October 2024. Although this table is updated regularly, the availability of the savings accounts listed through our partner may vary. In this case, check with the respective financial institution for the most up-to-date information.
**New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms atsofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.20% 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 4.20% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.20% 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 Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Is a TD Bank savings account for me?
Whether a TD Bank savings account is worth it for you will depend on where you live and how much you can deposit.
The way TD Bank’s savings interest rates are structured makes these savings accounts best for those who can deposit and maintain at least $10,000 in savings.
TD Bank savings account pros and cons
How to open a TD Bank savings account
Before you can start earning money with TD Bank savings rates, you must open an account.
The process for opening an account with TD Bank is easy:
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Decide how to apply. You can apply online or in a branch location if there is one near you.
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Choose a TD Bank savings account.?If you can maintain a balance of $10,000 or higher, the Signature Savings account offers higher yield savings. If you plan to carry a lower balance, the regular savings account has lower fees and lower requirements for waiving them.
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Decide if you want to bundle checking.?If you want a comprehensive banking experience with TD Bank, you can complete a single application for a checking and savings account. You can also choose a la carte banking and only open a checking account.
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Gather the required documents and information.?To open your account, you will need some basic information and documents such as a government-issued photo ID. The application will also require your full name, address, contact information and Social Security or Tax ID number.
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Complete the application.?Complete the application online or in a branch location.
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Fund your account. Once your account is open, you can fund it. See the section below regarding deposit options for how to fund your account.
How to add money to and?access money from a TD Bank savings account
TD Bank offers online banking options that can be used from any location. The bank also has 1,100 local branches on the East Coast and more than 2,600 ATMs in those areas. Whether you plan to bank online or use a local branch, you can rely on some of the deposit and withdrawal options below.
Deposit options
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Electronic funds transfer from another bank account.?You can fund your account or make future deposits via secure electronic funds transfers from external bank accounts, including checking or savings.
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Mobile check deposit with the TD Bank app. You can use the TD Bank app to make mobile check deposits by taking pictures of checks with your smartphone.
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Wire transfer. You can make wire transfers from external accounts of all types, but fees may apply.
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Mailing a check. You can mail a check or money order to the TD Bank deposit lock box. You may need to use this option for large checks that can’t be deposited via the mobile app.
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ATM deposit.?In some locations, you can make cash or check deposits at the ATM.
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Branch deposit.?If you have access to a local branch, you can make a deposit at the teller counter.
Withdrawal options
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Electronic bank transfer to another bank account. You can transfer funds from your TD Bank savings account to an external bank account via ACH processes.
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Visit the bank if there is one local to you.?If you have access to a local branch, you can make a withdrawal at the teller counter.
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Calling TD and requesting a check in the mail.?This may be a good option if you bank online, don’t have access to a local branch and need to make a sizable withdrawal without an ACH transfer.
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Outgoing wire transfers. You can wire money from your savings account, but there is a $10 fee for this service if your account balance is less than $25,000.
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ATM withdrawals. You can withdraw cash at the machine, but this method is limited by daily and monthly cash withdrawal limits. Note that with Simple Savings accounts, you won’t pay fees at TD Bank branded?ATMs. With a Signature Saving account, you won’t pay TD Bank fees at any machines, but you may pay a fee to the owner of the machine if it’s not TD Bank.
Other TD Bank savings options
A review of TD Bank savings rates is not complete without considering some of the other savings opportunities offered by the bank.
TD Bank CD
TD Bank offers the TD Choice Promotional CD. This certificate of deposit option lets you deposit a specific amount for a select term and earn a guaranteed APY. How much you earn depends on your deposit amount and the length of the term.
As of September 2024, some TD Bank CD rates include:
- 6-month CD - up to 5.00% APY
- 12-month CD - up to 4.50% APY
- 18-month CD - up to 4.00% APY
Earning the best CD rate does require you to leave your funds in the account for the entire term. This may be a good savings opportunity for those who know they won’t need these funds soon or who want to save for something specific and need some extra motivation to leave the funds untouched.
TD Bank Money Market Account
TD Bank offers a few money market accounts, including one designed for small businesses. These accounts typically offer APY that’s higher than you get with a standard checking account while providing features you don’t get with a savings account, such as check-writing capability. Currently, TD doesn’t have specific rates for personal money market accounts published on its website, so you will need to contact the bank if you are interested in these products to learn more.
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