Is your money working for you while it’s sitting in your bank account? If you’re in the market for a new savings account that can offer better interest rates than brick-and-mortar banks, you may want to check out a TD Bank Savings Account to help your money grow a bit faster than it would normally parked at a traditional banking establishment.
What is TD Bank?
Headquartered in New Jersey, TD Bank is a subsidiary of Canadian-owned Toronto-Dominion Bank, which currently operates 1,301 locations within 15 states along the east coast of the United States.
TD Bank operates in:
- New Hampshire
- New Jersey
- North Carolina
- Rhode Island
- South Carolina
- Washington, D.C.
As of 2018, TD Bank has become the 7th largest U.S. bank in terms of deposits. In 2019, it was estimated that TD Bank had approximately $355 billion in assets and their market capitalization was estimated at $108 billion.
TD Bank Savings Account Details
The bank currently offers the following savings account options:
TD Simple Savings
- With TD Simple Savings, all balances earn 0.05% APY (which is higher than the 0.01% that most brick-and-mortar banks offer to their customers)
- $5/month fee for account, which can be decreased to $4 if you opt for paperless statements – but fee is waivable if you:
- Connect your savings account with a TD checking account.
- Make a recurring transfer of $25 or more from your linked checking account (good for the first 12 months after opening your account).
- Maintain a minimum daily balance of $300.
- If you are 18 or younger, the monthly fee is waived entirely.
- The monthly fee is also waived for seniors age 62 and older.
- Further features of the TD Simple Savings include: waived ATM fees for TD Bank ATMs in the U.S. and Canada, and $3 for use of non-TD Bank ATMs – in addition to any surcharges the ATM owner may include.
TD Beyond Savings
- TD Beyond Savings accounts are meant for customers who can maintain a higher balance (of $20,000 or more) in their account.
- You can earn up to 0.75% APY if you maintain a daily minimum balance of $250,000.
- You can also earn a “relationship bump rate” of 0.10% to 0.75% APY if you link your Beyond Savings account to another qualifying TD Bank account, such as checking, mortgage, home equity or credit card accounts.
- $15/month fee for account, which can be decreased to $14 if you opt for paperless statements – but it is waivable if you:
- Connect your savings account with a TD checking account
- Make a recurring transfer of $25 or more from your linked checking account (good for the first 12 months after opening your account)
- Maintain a minimum daily balance of $20,000.
- With this account type, you can gain access to FREE services such as ATMs, wire transfers, bank checks, money orders and waived stop payment fees.
- When you use a non-TD Bank ATM, you can be reimbursed for any surcharges if you maintain a daily balance of $2,500.
TD Bank Savings Account Interest Rates
As of July 2020, here are the current APYs for TD Bank Savings Accounts:
|Account name||Interest rate||APY||Minimum deposit|
|TD Simple Savings||0.05%||0.05%||$0|
TD Bank Beyond Savings
|Account name||APY||Minimum daily deposit to earn APY|
|TD Beyond Savings||0.01%||$0.01-$19,999.99|
|TD Beyond Savings||0.05%||$20,000-$49,999.99|
|TD Beyond Savings||0.05%||$50,000-$99,9999.99|
|TD Beyond Savings||0.05%||$100,000-$249, 999.99|
|TD Beyond Savings||0.10%||$250,000-$9,999,999.99|
|TD Beyond Savings||0.10%||$10,000,000+|
TD Bank Beyond Savings With Bump Rate
|Account name||APY||Minimum daily deposit to earn APY|
|TD Beyond Savings||0.10%||$0,01-$19,999.99|
|TD Beyond Savings||0.35%||$20,000-$49,999.99|
|TD Beyond Savings||0.50%||$50,000-$99,999.99|
|TD Beyond Savings||0.60%||$100,000-$249,999.99|
|TD Beyond Savings||0.75%||$250,000+|
How Can I Deposit and Withdraw Money from a TD Bank Savings Account?
Here are the ways TD Bank says you can deposit or obtain money from your account:
- Direct deposits
- Online transfers/deposits
- Mobile check deposit
- Wire transfers
- In-person at a branch location
- Use an ATM
- Online transfers
- Wire transfers
- In-person at a branch location
What are TD Bank’s Savings Account Fees?
Here’s a common list of fees associated with TD Bank Savings Accounts.
|Monthly Fee||$5 for Simple Savings ($4 if you select paperless statements)|
$15 for Beyond Savings ($14 if you select paperless statements)
*Both monthly fees can be waived if you meet any of the other requirements explained in this article.
|Minimum Deposit to Open Account||$0|
|Stop Payment||$30 |
*Waivable with Beyond Savings Account
|Incoming Domestic / International Wires||$15|
|Outgoing International Wire||$50|
|Outgoing Domestic Wire||$30|
|Overdraft Protection Transfer Fee||$3/daily transfer|
|Overdraft Return/ Paid Non-Sufficient Funds||$35/item|
|Fund Transfers (to/from other institutions)||$0|
|ATM||$0 if TD Bank ATM|
$3 for Non-TD Bank ATM (plus any additional surcharges the ATM owner may collect)
|Account Research Fee||$25/hour|
|Paper Statement||$1 per statement cycle|
|Rush Bill Payments||$2/each|
You can view the full TD Bank fee schedule here.
What Are The Benefits of a Savings Account at TD Bank?
- The offered APY is higher than a majority of traditional brick-and mortar banks
- FDIC insured up the the maximum allowed by law
- No minimum opening deposit required
- Access to your money via online, mobile and physical branch locations
- Helpful customer service
- Free automatic transfers
- Ability to have monthly maintenance fees waived or discounted
- Savings Accounts will decline any ATM transaction that overdraws your account funds. And, TD Bank Savings Accounts can be used as overdraft protection for a linked TD Checking Account
What Are The Disadvantages of Opening a Savings Account with TD Bank?
- New customers must apply at a branch location
- Monthly account fees (although they are waivable)
- Monthly transaction limit = 6
- For each transaction over the monthly limit, you will be charged $9/transaction
- Non-TD Bank ATMs incur an additional $3 fee
- Physical branches are only in operation in 15 states
Additionally, while TD bank seems to be a fairly good option for consumers wanting a traditional banking experience with better interest rates, we’d also suggest that you check out online-only banking experiences if you are wanting to earn an even higher than average return on your investment and are comfortable with banking over computer or mobile device…
As of August 2020, here are some rates from competitors that you may want to check out:
- First Foundation Bank Online Savings – 1.20% APY
- Vio Bank – 1.11% APY
- Citi Accelerate – 1.10% APY
- CIBC Bank – 1.05% APY
- Goldman Sachs – Marcus Account – 1.05% APY
- Ally Bank – 1.00% APY
- American Express Personal Savings – 1.00% APY
- Aspiration Bank – 1.00% APY
- Capital One 360 Performance Savings – 1.00% APY
- Citizens Access – 1.00% APY
- CIT Bank Savings Builder – 0.95% APY
- Discover – 0.95% APY
- TAB Bank – 0.90 % APY
- Barclays Bank – 0.80% APY
- Synchrony Bank – 0.75% APY
- HSBC Direct – 0.70% APY
- MySavingsDirect – 0.65% APY
- TIAA Bank – 0.65% APY
Is TD Bank FDIC-Insured?
Yes. TD Bank is a FDIC member, which means that funds deposited into their accounts are insured up to the maximum allowed by law.
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions. The FDIC insures deposits according to ownership category (such as individual, joint or accounts with beneficiaries). The current maximum amount is $250,000 per depositor, per insured bank, for each account ownership category.
How Do You Open A Savings Account with TD Bank?
Opening a savings account with TD Bank is a simple and straightforward process. You just need to:
- Be a US citizen living in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, NH, New Jersey, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, NY, or Washington, DC.
- Be Over the Age of 18
- Have a Social Security Number
- A Driver’s License or Government Issued-ID
- A Bank Account to link to your TD Savings Account
If you are not a current TD Bank member, you will need to bring two pieces of government-issued photo ID to a local branch and complete the application in person.
If you are a current TD Bank member, you can proceed with completing your application through TD EasyWeb.
- The first step is to open your web browser to TD Bank
- Next, click “Open Account”
- Then, enter your name, phone number and email address
- Proceed to the application where you will need to enter your Home Address, Social Security Number, Date of Birth, Driver’s License Number, Employment History and Income information.
- Fund your account with your initial deposit.
- And finally — you’re all set to start using your TD Bank Account!
How To Access Your TD Bank Savings Account:
Online: Access your account by logging in with your username and password on their website: TDBank.com
Mobile Device: Bank on your phone/tablet through their mobile app.
Contact TD Bank About Your Account:
- Call 1-888-751-9000
- Live customer service is available 24/7!
- In Person:
- Visit a local branch during their hours of operation.
If you don’t want to leave the traditional banking world entirely, but want better rates, you should check out TD Bank Savings to see if it could be a good fit for you and your money. The APY offered is currently 1-2 times what a typical bank like Wells Fargo, Chase or Bank of America would give you in a savings account. TD Bank is said to have helpful and responsive customer service, and many of their physical location are even open for business on Saturdays and Sundays.
The downsides of TD Bank Savings Accounts are the associated monthly fees and that you have to live or maintain residence in one of their states of operation in order to have an account with them. You’ll certainly get better returns on your investments if you opt for a bank geared more toward online banking, but in the ranks of traditional-style banks, TD Bank offers a healthier than average option for your money to grow in.
Banking Health Score
There are many banks and financial institutions to choose from and it is important to be able to distinguish the good from the bad. Our team reviews each bank on a monthly basis to ensure that the information we share is as up to date as possible. Not only is the financial strength of a company important, but also how well their customer service is rated by actual customers like you.
We also believe that in order to determine how well a bank is functioning, that several sources should be utilized to compare one bank to another.
That said, here is a list of scores from trusted sources that you should consider before making your banking decisions.
TD Bank Health Scores
Bank Professor’s Bank Score = ⭐⭐⭐⭐ 4 stars out of 5 stars
- Bankrate’s Safe and Sound Rating: 2.7 out of 5 stars
- BauerFinancial Star Rating: 4 out of 5 stars
- BankTracker Troubled Asset Ratio: 4.28
- FDIC: Actively insured
More about the rating system:
- BankProfessor rates banks monthly on a one-to-five scale based on revenue, net income, total assets, total equity, capital ratio, customer reviews, rating agency scores, profitability, and troubled asset ratio.
- Bankrate.com ranks banks and credit unions quarterly on a one- to five-star system, with one being the lowest rating and five the highest. The rating is given based on regulatory filings about the financial institution’s capital adequacy, asset quality, profitability and level of cash available. It compares those levels with peer and industry norms.
- BauerFinancial offers a similar star rating system as Bankrate (a one- to five-star system, with one being the lowest rating and five the highest).
- BankTracker was created by the Investigative Reporting Workshop of American University and MSNBC.com. They determine a bank’s troubled asset ratio. According to the site, the ratio is “a strong indicator of severe stress inside a bank because it shows the bank’s ability to withstand loan losses”. In other words, the higher the ratio, the more “trouble” they are in.