TD Bank Savings Account Review: Convenient Features and Options

Choose from three savings options to earn interest at TD Bank.

TD Bank has some quirky ways of appealing to customers, such as welcoming dogs, giving out lollipops and even encouraging you to take their pens. After 150 years in business, the bank has honed its focus on customer service to include benefits such as weekend hours and multiple ways to talk to a real person anytime.

TD Bank offers a wide range of financial products, including three types of savings accounts. Each can be opened online, over the phone or in person at all TD Bank locations.

Read more to find out what you need to know about opening a savings account.

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Review of TD Bank Savings Accounts

Each of the three TD savings account options has its own perks and requirements, which you can review in these summaries.

TD Bank reviews show that all of its savings accounts share these benefits:

  • Online and mobile banking with the TD Bank app
  • Live 24-hour customer service and 1,300 TD Bank locations in the U.S.
  • Free direct deposit
  • Free transfers between TD Bank accounts

Find Locations: TD Bank Near Me  

TD Simple Savings

As its name implies, Simple Savings has easy-to-understand terms. No minimum deposit is required to open this TD Bank account unless you open it as an IRA, which requires a $300 minimum. The account has an interest rate of 0.05% APY.


  • A $5 monthly maintenance fee is charged unless you maintain a minimum daily balance of at least $300. This fee is reduced to $4 if you opt for online statements.
  • Maintenance fees are waived if you’re 18 or younger, or 62 or older.
  • There’s no monthly maintenance fee for the first year if you link an eligible TD Bank checking account and have a recurring transfer of at least $25.
  • Fees are waived if the account is established as an IRA.
  • A $3 fee is charged for each non-TD Bank ATM use.

Read More: Best National Bank of 2017 — TD Bank

TD Growth Money Market

The TD Growth Money Market Account offers an interest-bearing TD savings account with the ability to write checks, along with free Bill Pay. There is no minimum deposit required to open this TD Bank account. The savings account interest rate starts at 0.05% APY and rises to a maximum of 0.35% APY with higher account balances and qualified TD Bank account activity. Even if you don’t have a lot of money to invest, you earn an interest rate bump by making a recurring transfer of at least $50 from another TD Bank account.


  • The $12 monthly maintenance fee — $11 if you opt for online statements — is waived for maintaining an average daily balance of $2,000.
  • Maintenance fees are waived if you’re 62 or older.
  • ATM fees are $3 for each non-TD Bank ATM use.

See Also: Here’s How TD Bank Checking Accounts Will Help You Save Money  

TD Bank Preferred Savings

No minimum deposit is required unless you open the account as an IRA, which requires a $20,000 minimum. The savings account interest rate starts at 0.10% APY and rises to a maximum of 1.25% APY with higher account balances, linked accounts from other TD Bank products such as a mortgage, and/or qualified account activity.


  • The monthly maintenance fee is $15, or $14 if you opt for online statements.
  • If you keep a $20,000 minimum daily balance, the monthly maintenance fee is waived.
  • The fees for using non-TD Bank ATMs are waived for this account. The bank also reimburses you for fees assessed by other banks for using their ATMs, provided you maintain a $2,500 balance in the TD Bank account.

Explore: 3 Steps To Open a TD Bank Account

TD Bank Savings Account Advantages

In addition to 24-hour customer service, the TD Bank app and other overall benefits, you don’t need a minimum amount to open TD Bank savings accounts. The TD Simple Savings starts good habits early by waiving monthly fees for customers age 18 and younger.

TD Bank Savings Account Disadvantages

The tiered interest rates on TD Bank savings accounts mean you won’t earn the highest APY unless you keep a large TD Bank account balance, and you must maintain a minimum balance to avoid monthly maintenance fees.

TD Bank Savings Accounts: Convenience Over Interest

Although you might find better terms elsewhere, the three TD Bank savings accounts have some attractive features that make them well worth a review when you’re shopping for an interest-bearing account.

Up Next: How to Find and Use Your TD Bank Login

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About the Author

Barb Nefer has been writing professionally for nearly 30 years, cutting her teeth as a news writer for the Daily Southtown in Chicago. She’s a doctor of psychology, and her eclectic expertise includes personal finance, psychology, travel and the pet industry. Her work reflects that diversity, with pieces appearing in places like, CBS Local,, WebPsychology, and Animal Wellness magazine.