Today's TD Bank Savings Rates: Earn up to 4.00% APY (2024)

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TD Bank has two savings accounts: TD Simple Savings and TD Signature Savings. Each one pays a different savings rate.

TD Bank Savings Rates

The TD Simple Savings Account pays 0.02% Annual Percentage Yield (APY) on all balances, which is low compared to the average savings account interest rate. Meanwhile, TD Signature Savings offers standard rates and relationship rates, which means the rate will vary depending on which one you qualify for.

TD Bank makes it pretty easy to qualify for a "relationship rate," or a higher rate as a reward for having another TD Bank product. You'll have relationship rates when you link your TD Signature Savings to a TD Bank personal checking account, small business checking account, credit card, mortgage, or home equity loan.

You'll earn the following savings rates with TD Signature Savings:

Your decision between the two savings accounts could come down to how much money you plan to keep in the account.

Generally, TD Signature Savings pays a better interest rate on higher account balances. However, you'll actually earn a slightly higher rate with the TD Simple Savings Account if you keep under $10,000 in savings.

Also, keep in mind that many of the best online banks still offer higher better rates than either savings account at TD Bank.

Compare savings accounts

TD Bank Savings Pros and Cons

How TD Bank Savings Rates Compare

TD Bank Savings vs. Bank of America Savings

Bank of America Advantage Savings pays 0.01% APY on most balances, but you can earn a little more if you qualify for Preferred Rewards. The Preferred Rewards tiers are as follows:

• Gold: Earn 0.02% APY with a three-month average combined balance of $20,000 to $49,999.99 in all Bank of America bank accounts or Merrill investments
• Platinum: Earn 0.03% APY with a three-month average combined balance of $50,000 to $99,999
• Platinum Honors: Earn 0.04% APY with a three-month average combined balance of $100,000 or more

Overall, Bank of America savings rates are pretty low, regardless of whether you qualify for Preferred Rewards. If you plan to maintain a high balance, you may want to open TD Signature Savings to earn more than Bank of America's maximum rate.

Bank of America Review

TD Bank Savings vs. Wells Fargo Savings

Wells Fargo is another national bank with substantial branches on the East Coast. Wells Fargo savings rates may vary depending on the savings account. You'll earn 0.01% APY with the Wells Fargo Way2Save® Savings Account, and 0.25% to 2.51% APY with the Platinum Savings Account.

You might be better off opening TD Signature Savings if you qualify for a relationship rate and maintain a high account balance. You'll need to get a TD Bank personal checking account, small business checking account, credit card, mortgage, or home equity loan, and keep $100,000 or more in your account.

Wells Fargo Bank Review

Why You Should Trust Us: How We Reviewed TD Bank Savings Accounts

We rate bank accounts on a scale from zero to five stars. For our TD Bank saving rates review, we used our bank account methodology, which looks at interest rates, minimum opening deposits, monthly service fees, customer support availability, mobile app ratings, and the ethics of the company to rate savings accounts.