Yes, TD Bank offers several savings account types for different goals

TD Bank has three main savings account products: a basic savings account, a money market account, and certificates of deposit (CDs). The basic savings account is the most straightforward option—you deposit money, earn interest, and can withdraw whenever you need to. Money market accounts typically pay higher interest rates but may require a larger opening deposit and 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.

Interest rates and minimum balance requirements change regularly, so the specific terms available to you depend on when you open the account and which TD Bank location or online channel you use. You can check current rates on TD Bank's website or by visiting a branch in person.

Key Takeaways

  • TD Bank offers basic savings accounts, money market accounts, and CDs, each with different interest rates and withdrawal rules.
  • Minimum opening deposits and interest rates vary by account type and change over time, so you should confirm current terms before opening.
  • Basic savings accounts have no withdrawal limits, while money market accounts typically restrict you to six withdrawals per month.
  • CDs pay a fixed interest rate for a locked period, ranging from a few months to five years or longer, and charge a penalty if you withdraw early.

Basic savings accounts: how they work

A TD Bank basic savings account is a deposit account where you can add or remove money at any time without penalty. Interest accrues daily and is usually credited monthly. You can make unlimited deposits and withdrawals, which makes this account useful if you need regular access to your money—for an emergency fund, for example, or money you are saving for a near-term goal.

TD Bank may require a minimum opening deposit to start the account, though this amount varies. Once the account is open, you can maintain it with whatever balance you choose. The interest rate paid on basic savings accounts is typically lower than what you would earn in a money market account or CD, but the trade-off is flexibility and immediate access to your funds.

Money market accounts: higher rates with withdrawal limits

A money market account is a hybrid between a savings account and a checking account. It usually pays a higher interest rate than a basic savings account, but federal regulations limit you to six withdrawals or transfers per month (including online transfers, checks written against the account, and debit card use). Once you exceed six, the bank may charge a fee or convert the account to a different type.

Money market accounts typically require a higher minimum opening deposit than basic savings accounts—often $2,500 or more, though this varies by location and changes over time. If you have a larger sum to deposit and do not need frequent access, a money market account can be a way to earn more interest while still maintaining some liquidity.

Certificates of deposit: locked rates for a set term

A certificate of deposit (CD) is an account where you agree to leave your money untouched for a specific period—called the term. In exchange, TD Bank guarantees you a fixed interest rate for that entire period. CD terms at TD Bank typically range from a few months to five years, though longer terms may be available. The interest rate you receive is higher than what you would earn in a savings or money market account, because you are giving up access to your money.

If you withdraw money from a CD before the term ends, you will pay an early withdrawal penalty. This penalty is usually a certain number of months' worth of interest, and the exact amount depends on the term length. For example, a one-year CD might have a penalty equal to three months of interest. You should read the CD terms carefully before opening to understand what the penalty would cost you.

When a CD reaches maturity (the end of its term), you have a window of time—usually seven to ten days—to decide what to do with the money. You can withdraw it, open a new CD, or move it to another account. If you do nothing, many CDs automatically renew for another term at the current interest rate.

How to open a TD Bank savings account

You can open a TD Bank savings account online, by phone, or in person at a branch. Online opening is usually the fastest route and requires a valid government ID, Social Security number, and an initial deposit. You will need to provide your name, address, date of birth, and employment information. The account is typically active within one business day.

If you open in person at a branch, bring your ID and Social Security card, and be ready to make your opening deposit. A TD Bank employee can walk you through the account options and help you choose which type fits your needs. Phone opening is also available but requires you to verify your identity through security questions.

Interest rates and fees to know about

TD Bank savings accounts earn interest, but the rate is set by the bank and changes based on market conditions and the Federal Reserve's actions. Rates are typically higher for money market accounts and CDs than for basic savings accounts. You can see current rates on TD Bank's website, but the rate you receive may differ slightly depending on your location or whether you bank online versus in person.

Fees vary by account type. Basic savings accounts may charge a monthly maintenance fee if your balance falls below a certain threshold, though this fee is sometimes waived if you set up direct deposit or maintain a linked checking account. Money market accounts may charge a fee if you exceed the six-withdrawal limit. CDs do not charge monthly fees, but they do charge an early withdrawal penalty if you close the account before maturity.

Frequently Asked Questions

Can I have multiple savings accounts at TD Bank?

Yes, you can open more than one savings account at TD Bank. Some people use multiple accounts to separate savings goals—one for emergencies, one for a vacation, one for a down payment, for example. Each account earns interest independently, and you can manage them all through online banking or a mobile app.

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

If your account has a minimum balance requirement and your balance falls below it, TD Bank may charge a monthly maintenance fee. The fee amount and the minimum balance threshold vary by account type. You can avoid the fee by bringing your balance back above the minimum or by meeting other requirements, such as setting up direct deposit.

Can I withdraw money from a CD early?

Yes, but you will pay an early withdrawal penalty. The penalty is usually calculated as a certain number of months of interest and is deducted from your CD balance. For example, if your CD earns $50 in interest and the penalty is three months of interest, you would lose $37.50. It is worth calculating whether the penalty makes early withdrawal worthwhile before you do it.

How often is interest credited to my savings account?

Interest on TD Bank savings accounts is typically calculated daily but credited monthly. This means the bank computes how much interest you have earned each day, and at the end of the month, that total is added to your account balance. The more frequently interest is compounded, the more you earn, so monthly compounding is standard for savings accounts.

Is my money safe in a TD Bank savings account?

TD Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means deposits are insured up to $250,000 per account type per depositor. This means if the bank fails, your money is protected by the federal government. Money market accounts and CDs are also FDIC-insured up to the same limit.