TD Bank CD Rates for October 2024
Written by
Karen Doyle
Edited by
Susan Kim
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
TD Bank has more than 1,100 branch locations along the East Coast. It bills itself as “America’s Most Convenient Bank” because it offers online, mobile and phone banking; plenty of branches; and longer hours than many banks. It says customers can visit a branch early, late or on weekends.
In addition to checking and savings accounts, TD Bank offers certificate of deposit accounts. CDs are a safe investment and provide a guaranteed rate of return, making them a popular choice for people who don’t want a lot of risk.
What Are the Current CD Rates at TD Bank?
If you open a TD Bank certificate of deposit account online, you’ll find a traditional financial institution with more competitive rates than the typical brick-and-mortar bank. What you’ll earn through TD Bank’s TD Choice Promotional CDs varies depending on the length of the term you choose, the amount of money deposited to your account, and whether you have an eligible TD checking account that qualifies you for a relationship rate.
Here’s a look at the terms for TD Choice CDs, each of which has a minimum opening deposit of $250, along with the annual percentage yields for each option.
| Term | Relationship APY | Standard APY |
|---|---|---|
| 3 months | ||
| 6 months | ||
| 9 months | ||
| 12 months | ||
| 18 months | ||
| 2 years | ||
| 3 years | ||
| 5 years |
How TD Bank CD Rates Compare
Here’s a look at how TD Bank’s rates for three-month and one-year CDs stack up against other options you might consider.
| Bank | 3-Month CD APY | 1-Year CD APY |
|---|---|---|
| TD Bank | – standard APY – relationship APY |
– standard APY – relationship APY |
| Ally Bank | ||
| Discover® Bank, Member FDIC |
Are TD Bank CDs Right for You?
TD Bank CDs are best for customers who want more than an FDIC-insured CD account. Customers with a qualifying checking account earn the best rates on CD products.
Pros:
- Penalty-free withdrawal options
- Convenient branch hours
- Automatic renewal
- Low minimum deposit required
Cons:
- Higher interest rates available from many online banks
- Interest compounded monthly, not daily
- CD rates can vary by region
- Best rates reserved for customers with an eligible TD checking account
Who Might Want To Open a TD Bank CD?
Customers who either have an existing checking account with TD Bank or are interested in opening one might find its CDs appealing. You can get a higher rate — referred to by TD Bank as a relationship rate — if you have an eligible TD Bank checking account.
The low minimum opening deposit of $250 is also an attractive feature. Similar banks sometimes require $500, $1,000 or more to open a CD. An affordable opening deposit makes it possible for more people to take advantage of the CDs.
Thanks!
Who Might Want To Pass on TD Bank’s CD Options?
If you’re only in the market for a CD, TD Bank might not be the best choice. TD Bank offers better CD rates for its own customers, so you won’t qualify for the best rates without a TD Bank checking account.
When choosing to open an account, the decision doesn’t only come down to which bank currently has the CD with the highest APY. Customers who want to maximize the return on their CD account should look elsewhere as well. The interest on TD Bank CDs compounds monthly instead of daily. You’ll probably see your money grow faster in another bank that offers daily compounding interest.
Additionally, a CD might not be the right choice for savers without an easily accessible emergency fund. Once you commit your funds to a TD Choice CD, you cannot touch the money until the end of the CD term. If you access the funds early, you’ll face an early withdrawal penalty. The size of the penalty varies based on the CD term. But you could forfeit months’ or years’ worth of interest if you tap into the funds before the maturity date.
If you aren’t sure that a CD through TD Bank is the right fit, take some time to explore top CD rates offered through other financial institutions.
How To Open a TD Bank CD
If you’re ready to open a TD Bank CD, you can complete the application to open your account online. Be prepared to provide your contact information, Social Security number and government-issued ID for all account holders. To make the initial deposit, you’ll need the account and routing numbers for the account you’re transferring money out of. TD Bank gives you the option of adding a checking account at the same time.
FAQ
- Who has the highest-paying CD right now?
- The financial institution with the highest-paying CDs varies because rates seem to be constantly changing. Some of the top-paying CDs are available through LendingClub, Bread Savings and Sallie Mae.
- What is the rate for a 12-month CD at TD Bank?
- The 12-month TD Choice CD has a relationship APY of 3.75% and a standard APY of 1.00%.
Caitlyn Moorhead, Sarah Sharkey and Jami Farkas contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 11, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
This article has been updated with additional reporting since its original publication.
