TD Bank pays higher savings rates than most of its competitors, with no minimum opening deposits

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TD Bank (Member FDIC) has two savings accounts: Beyond Savings and Simple Savings. The better account for you depends on how much money you plan to keep there.

Note that while TD Bank pays higher rates than most brick-and-mortar banks, you can find better rates with online banks.

TD Beyond Savings rates

Standard savings rates

At the very minimum, you'll earn the following standard savings rates with a TD Beyond Savings Account:

BalanceStandard APY
$0.01 – $19,999.990.01%
$20,000 – $249,999.990.03%
$250,000 +0.05%

Relationship savings rates

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 earn the following relationship rates when you link your TD Beyond Savings Account to a TD Bank personal checking account, small business checking account, credit card, mortgage, or home equity loan:

BalanceRelationship APY
$0.01 – $19,999.990.05%
$20,000 – $49,999.990.05%
$50,000 – $99,999.990.10%
$100,000 – $249,999.990.15%
$250,000 +0.25%

TD Beyond Savings Account

TD Bank TD Beyond Savings AccountTD Bank TD Simple Savings AccountTD Bank

Bank of America
Wells Fargo

Savings APY

0.01% to 0.25% APY

Savings APY

0.01% to 0.05% APY

Savings APY

0.01% to 0.02% APY

Savings sign-up bonus

$200

Savings sign-up bonus

None

Savings sign-up bonus

None

Minimum deposit

$0

Minimum deposit

$100

Minimum deposit

$25

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TD Bank savings rates vs. Bank of America savings rates

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% with a three-month average combined balance of $50,000 to $99,999
  • Platinum Honors: Earn 0.05% with a three-month average combined balance of $100,000 or more

Even Bank of America's Preferred Rewards rates are pretty low. You may as well open a TD Simple Savings Account and earn 0.05% APY, regardless of your balance. Or if you plan to maintain a high balance, open a TD Beyond Savings Account to earn more than Bank of America's maximum rate.

TD Bank savings rates vs. Wells Fargo savings rates

Wells Fargo pays low rates on savings. You'll earn just 0.01% APY with the Wells Fargo Way2Save® Savings Account, and 0.01% to 0.02% APY with the Platinum Savings Account.

You're better off opening a TD Simple Savings Account and earning 0.05% APY, or a TD Beyond Savings Account if you plan to maintain at least a $20,000 balance. Either way, you'll earn more than you would with Wells Fargo.

This post was reviewed and updated on November 16, 2020.

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