TD Bank's High-Interest Savings Account Options

TD Bank does offer high-interest savings accounts, but the term "high-interest" depends on what you compare it to. TD's main savings products are the TD Savings Account and the TD Money Market Account. Neither carries rates that rank at the top of the national market — online banks and credit unions typically offer higher APY — but both pay more than a standard passbook savings account at most brick-and-mortar banks.

The actual rate you receive varies by branch location and account type. TD does not publish a single national rate; instead, rates differ by state and sometimes by individual branch. This means you need to check with your local TD branch or call 1-800-788-7000 to learn what rate applies to your account. Rates also change without notice, so a rate you see today may not be the rate you get when you open the account tomorrow.

TD also offers the TD Investor Savings Account for customers who maintain a TD brokerage account, which sometimes carries a different rate structure. If you already bank with TD, this account may be worth comparing to their standard savings products.

Key Takeaways

  • TD Bank's savings accounts pay more than standard savings but typically less than online banks or credit unions offering the same account type.
  • TD does not post a single national rate; you must contact your local branch or call 1-800-788-7000 to learn the current rate for your state and account type.
  • The TD Money Market Account and TD Savings Account are the two main products, with rates that vary by location and change without advance notice.
  • If you hold a TD brokerage account, the TD Investor Savings Account may offer a different rate and should be compared before opening a standard savings account.

How TD's Rates Compare to Other Banks

TD's savings rates sit in the middle range of the banking market. A typical TD Savings Account might pay between 0.01% and 0.05% APY depending on your state, while online banks like Marcus, Ally, or American Express often advertise rates above 4% APY. Credit unions frequently offer rates competitive with or better than online banks, especially if you meet their membership requirements.

The trade-off is access. TD has physical branches in most states, so you can deposit cash, speak to someone in person, and withdraw funds without waiting for a transfer. Online banks have no branches but charge no monthly fees and pay higher rates because they have lower overhead. If you value in-person banking, TD's lower rate may be worth the convenience. If you prioritize rate, you will earn significantly more elsewhere.

TD does waive monthly maintenance fees on most savings accounts if you maintain a minimum balance — typically $100 to $500 depending on the account. This fee waiver can offset some of the difference in rate, but not all of it.

The TD Money Market Account

TD's Money Market Account is a hybrid product that combines features of a savings account and a checking account. It typically offers a higher rate than the standard TD Savings Account, but it also comes with check-writing privileges and a debit card. The trade-off is that most money market accounts limit the number of withdrawals you can make per month — often six — though this limit is not always enforced.

The money market account makes sense if you want to earn a slightly higher rate while keeping some liquidity for frequent transactions. If you rarely withdraw money and straightforward want the highest rate possible, a standard savings account or an account at an online bank will serve you better.

Minimum Balance and Monthly Fees

TD's savings accounts require a minimum opening deposit, which varies by account type and state. Most TD Savings Accounts require $100 to open, though some branches may require more. The TD Money Market Account typically requires a higher minimum, often $2,500 or more.

Monthly maintenance fees range from $0 to $10 depending on the account and whether you meet the minimum balance requirement. If your balance falls below the minimum, TD will charge a monthly fee until you bring it back up. Some accounts waive the fee if you set up direct deposit or maintain a linked TD checking account, so ask your branch what fee waivers are available.

These fees can erase the benefit of a higher rate if you cannot maintain the minimum balance. Before opening an account, calculate whether the rate you earn will exceed the fees you might pay.

How to Find Your Local TD Rate

TD does not list savings rates on its national website in a way that applies to all customers. Instead, you must contact your local branch or use TD's phone line to learn the rate for your specific state and account type. Call 1-800-788-7000 and have your state ready, or visit a TD branch in person.

When you call or visit, ask for the APY on both the TD Savings Account and the TD Money Market Account, and ask whether any fee waivers explore to your situation. Also ask whether the rate is may provide for a set period or whether it can change at any time. Most savings rates can change without notice, but some accounts may offer a rate lock for a limited period.

If the rate you receive is lower than you expected, you have the option to move your money to an online bank or credit union. There is no penalty for closing a TD savings account, and you can transfer funds electronically within one to two business days.

When a TD Savings Account Makes Sense

A TD savings account is most useful if you already have a TD checking account and want to keep all your banking in one place. The convenience of managing both accounts through the same app or branch may outweigh the lower rate, especially if you only keep a small amount in savings.

TD savings accounts also make sense if you need to deposit cash regularly. Online banks do not accept cash deposits, so if you receive cash as income or prefer to deposit cash in person, TD's branch network is an advantage. You can deposit cash at any TD branch and have it credited to your savings account when ready.

If you do not have a TD checking account and are opening a savings account purely for the rate, you will earn more money at an online bank or credit union. The difference compounds over time, so the longer your money sits in the account, the more the rate difference matters.

Frequently Asked Questions

Can I open a TD savings account online?

You can open some TD savings accounts online through TD's website, but you will need to verify your identity and may need to visit a branch to complete the process. Call 1-800-788-7000 or check TD's website for your state's specific requirements, as the process varies by location.

What happens to my rate if I move to a different state?

Your rate may change if you move to a state where TD operates at a different rate. Contact your new local branch or call 1-800-788-7000 to learn the rate for your new state. Your account will not close, but the rate will adjust according to TD's schedule for that location.

Can I earn interest on a TD checking account?

Most TD checking accounts do not earn interest. TD offers interest-bearing checking accounts in some states, but they typically pay very low rates — often less than 0.01% APY. A separate savings account will earn more interest than an interest-bearing checking account.

Is my money safe in a TD savings account?

Yes. TD Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which insures deposits up to $250,000 per account holder per bank. Your savings account balance is covered by this insurance as long as it does not exceed $250,000.

How long does it take to transfer money from TD savings to another bank?

Electronic transfers from TD to another bank typically take one to two business days. If you need the money faster, you can withdraw cash at a TD branch and deposit it at another bank, though this method carries the risk of loss or theft. For large amounts, electronic transfer is safer.