TD Bank offers several savings account options, each with different features and minimum balance requirements

TD Bank's savings accounts fall into a few main categories: the regular savings account (sometimes called a passbook savings account), money market savings accounts, and certificates of deposit (CDs). The regular savings account is the most basic option—it earns interest, has no monthly fee if you meet the minimum balance, and lets you withdraw money whenever you need it. Money market accounts typically offer higher interest rates but require a larger opening deposit and may limit how many withdrawals you can make per month. CDs lock your money away for a set period (ranging from a few months to several years) in exchange for a may provide interest rate.

The specific account names and features vary slightly depending on which state you bank in, since TD Bank operates across the Northeast and Mid-Atlantic. Before opening any account, you'll want to check TD Bank's website or visit a branch to confirm current minimum balance requirements, interest rates, and any monthly maintenance fees for your location.

Key Takeaways

  • TD Bank offers regular savings accounts with no monthly fee if you maintain the minimum balance, plus money market accounts and CDs with higher interest rates.
  • Minimum opening deposits and interest rates vary by account type and by state, so you should check current rates before deciding which account fits your needs.
  • Regular savings accounts allow unlimited withdrawals, while money market accounts may limit how many times per month you can withdraw funds.
  • CDs may provide an interest rate for a fixed period, but your money is locked in—you'll pay a penalty if you withdraw early.

Regular Savings Accounts at TD Bank

TD Bank's standard savings account is designed for everyday savers who want a straightforward place to set money aside and earn interest without restrictions on withdrawals. There is no monthly maintenance fee as long as you keep the minimum balance in the account—the exact minimum varies by state but is typically in the range of $100 to $500. You can deposit and withdraw money as often as you want, and interest compounds daily.

The interest rate on these accounts is modest compared to online banks, but you get the advantage of walking into a physical branch if you need to deposit cash or speak with someone in person. TD Bank branches are open on weekends in many locations, which can be convenient if you work a traditional weekday schedule.

Money Market Accounts and Higher Interest Options

If you have a larger amount to save and don't need to withdraw it frequently, TD Bank's money market savings account may offer a better interest rate. These accounts typically require a higher opening deposit—often $2,500 or more—and may limit you to a certain number of withdrawals per month (commonly six). Once you hit that withdrawal limit, you may face a fee for each additional withdrawal that month.

The trade-off is worth considering: you earn more interest, but your money is less liquid. Money market accounts make sense if you're building an emergency fund or saving toward a specific goal and can afford to leave the money untouched for several months at a time.

Certificates of Deposit (CDs) for Fixed-Rate Savings

A CD is a savings product where you agree to leave your money with the bank for a set period—called the term—in exchange for a may provide interest rate. TD Bank offers CDs with terms ranging from a few months to five years or longer. The longer the term, the higher the interest rate is usually (though this depends on overall market conditions). When your CD matures, you can withdraw the money plus all the interest you've earned, or roll it into a new CD.

The catch is that if you need the money before the term ends, you'll pay an early withdrawal penalty. The penalty amount depends on the term length—a shorter-term CD has a smaller penalty, while a longer-term CD has a larger one. Before opening a CD, ask TD Bank what the early withdrawal penalty is, so you know the real cost if plans change.

Comparing TD Bank Savings to Other Options

TD Bank's savings accounts are competitive for customers who value branch access and in-person service, but the interest rates are typically lower than what online banks offer. Online banks like Marcus, Ally, or Discover often have no monthly fees, no minimum balance requirements, and interest rates that are two to three times higher than traditional banks. The trade-off is that you cannot walk into a branch or deposit cash directly.

If you keep most of your money at TD Bank for checking and bill pay, keeping a savings account there too can simplify your banking. But if maximizing interest is your main goal, comparing rates across a few online banks before deciding is worth the time. Interest rates change frequently, so what's true today may shift in a few months.

How to Open a TD Bank Savings Account

You can open a savings account at TD Bank in person at any branch, online through their website, or by phone. You'll need a government-issued ID, a Social Security number, and an initial deposit (the amount depends on the account type). If you already have a checking account with TD Bank, opening a savings account is faster because the bank already has your information on file.

When you open the account, ask about any current promotions—TD Bank occasionally offers bonus interest rates for new savings accounts if you meet certain deposit or balance requirements. Also confirm the current minimum balance requirement and monthly fee structure for your state, since these can change.

Fees and Minimum Balance Requirements

TD Bank's regular savings accounts have no monthly maintenance fee as long as you keep the minimum balance. If your balance drops below the minimum, you'll typically be charged a monthly fee (usually $5 to $10, depending on your state). Money market accounts have higher minimums and may charge a fee if you fall below that threshold or if you exceed your monthly withdrawal limit.

CDs don't have monthly fees, but they do have early withdrawal penalties. The penalty is usually calculated as a certain number of months' worth of interest—for example, a 12-month CD might have a penalty equal to three months of interest. Ask about the specific penalty structure when you're considering a CD term.

Frequently Asked Questions

What's the difference between a TD Bank savings account and a money market account?

A regular savings account has lower minimum balance requirements, no withdrawal limits, and lower interest rates. A money market account requires a larger opening deposit, limits your withdrawals per month, and pays higher interest. Choose a savings account if you need frequent access to your money; choose a money market account if you're saving larger amounts and can leave the money alone.

Can I withdraw money from my TD Bank savings account anytime?

Yes, from a regular savings account—there are no withdrawal limits. Money market accounts may restrict you to six withdrawals per month before charging a fee. CDs lock your money in for the full term; withdrawing early triggers a penalty.

What happens if my savings account balance falls below the minimum?

You'll be charged a monthly maintenance fee, usually $5 to $10 depending on your state. The fee is deducted from your account balance. If you bring the balance back above the minimum before the next month, the fee stops.

Are TD Bank savings accounts FDIC insured?

Yes. Deposits up to $250,000 per account type are protected by FDIC insurance. If you have both a savings account and a money market account at TD Bank, each is insured separately up to $250,000.

How often does TD Bank change its savings account interest rates?

Interest rates change based on what the Federal Reserve does with its benchmark rate. TD Bank can adjust rates at any time, though they typically announce changes on their website. Check your account statements or log in online to see your current rate.