Best Bank Account at TD Bank: A Savings Account With an Easy-To-Waive Monthly Fee
Written by
Sarah Sharkey
Edited by
Susan Kim
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The right savings account can make all the difference to your financial situation. While some savings accounts involve cumbersome fees and negligible interest rates, other savings accounts make building a nest egg easier. As a saver, selecting the best savings account for your situation matters. At TD Bank, the TD Simple Savings account is worth consideration.
TD Simple Savings Account Overview
GOBankingRates has identified the TD Simple Savings account as the best bank account at TD Bank. Here’s a look at what it has to offer.
Fees: Easily Waived
The TD Simple Savings account comes with a monthly fee of $5. But the good news is that it’s relatively easy to have this fee waived. You just need to meet one of the following criteria to have the fee waived:
- Maintain a minimum daily balance of $300
- Set up a recurring transfer of at least $25 to waive the fee for the first year
- Anyone under the age of 18 enjoys a waived fee
- Anyone age 62 or older enjoys a waived fee
- Full-time students ages 17 to 23 can enjoy a waived fee
While it’s simple to waive the monthly fee, there are a few other fees to keep in mind. Some fees you might encounter include a $3 out-of-network ATM fee, a $35 overdraft-paid fee, a $8 cashier’s check fee, a $30 stop payment fee, and a $5 statement copy fee. But make sure to read through the account disclosures to uncover all of the bank fees you might encounter.
APY
The TD Simple Savings account offers an annual percentage yield of on all deposits. While this interest-bearing feature is helpful to grow your savings a bit, the APY offered is below the current national average of 0.45%.
If tapping into a higher interest rate is a top priority, you might find what you are looking for through the TD Signature Savings account. TD Signature Savings offers an APY of up to on balances of at least $100,000. But if you are looking for a high-yield savings account option with an attractive rate and a much lower minimum balance requirement, then check out the top high-yield savings account options today. With a higher APY at work, you can watch your savings grow faster.
Perks
The perks that come with a savings account can create a smoother experience. TD Bank’s Simple Savings account comes with several perks, including the following:
- Automatic transfers: You can set up automated transfers through this account. Putting your savings goals on autopilot can help you stay on track.
- TD Overdraft Relief: If you link a TD Bank checking account to this savings account and enroll in Savings Overdraft Protection, the bank will automatically transfer cash from your savings to your checking account to cover an overdrawn balance.
If you decide to sign up for this account, don’t hesitate to take advantage of these perks.
Branch and ATM Access
TD Bank is headquartered in New Jersey and operates over 1,110 physical branch locations. The branch locations are found in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington, D.C.
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Even if you don’t live near a physical branch, you can work with TD Bank by taking advantage of the bank’s robust digital money management tools.
The bank also operates over 2,600 ATMs. If you choose an in-network ATM, you won’t encounter an ATM fee.
Mobile Banking
TD Bank makes it easy to manage your money on the go through the financial institution’s mobile apps. And luckily, TD Bank’s apps have relatively high ratings. The app has earned 4.8 out of 5 stars in the App Store, based on over 246,000 user ratings, and 4.2 out of 5 stars in the Google Play Store, where it has received over 83,000 user reviews.
Easy To Open
TD Bank makes it easy to open a Simple Savings account. You can open your account online or in person. Regardless of your opening method, you’ll need to provide some basic information. Be prepared to share your email address, name, Social Security number and a form of government-issued ID.
Other Accounts Offered by TD Bank
The Simple Savings account isn’t the only account offered by TD Bank. Some of the other deposit products available at this financial institution include savings accounts, checking accounts, certificates of deposit and money market accounts. The bank also offers credit cards, home loans, personal loans and more.
Final Take
The TD Simple Savings account offers a place to stash your cash with a minimal monthly maintenance fee, which can be easily waived. The bank’s large physical footprint might be the right fit for savers who prefer managing their banking transactions in person. But if you are disappointed by the below-average APY attached to this account, then consider exploring your other savings account options.
FAQ
Here are the answers to some of the most frequently asked questions regarding TD Bank accounts.- Is my money safe in TD Bank right now?
- Deposits held in TD Bank are insured through the Federal Deposit Insurance Corp. for up to $250,000 per depositor, per account type. With that, the funds you tuck into a TD Bank account are safe, up to the FDIC coverage limits.
- What is the interest rate for TD Bank's Simple Savings account?
- The interest rate attached to the TD Simple Savings account is 0.02%.
- What is the best savings account at TD Bank?
- Based on GOBankingRates' analysis, the best bank account available at TD Bank is the Simple Savings account.
More Bank Accounts
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 10, 2023.
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.
To determine rankings, GOBankingRates looked at the following factors across all accounts (checking and savings) from each bank (excluding relationship accounts): (1) minimum deposit to open an account; (2) monthly checking fee ratio (percent of the minimum to avoid fee compared to the monthly fee itself); (3) minimum needed to earn interest; (4) APY on the account; (5) overdraft fee amount; and (6) any associated perks advertised with the account. All factors were scored and combined, with the lowest score being best. In final calculations, factor (1) was weighted 0.5x, factor (2) was weighted 2x, and factor (6) was weighted 1.5x, with any cash bonus offer counting as a double perk. Search volume for each account was also taken into consideration. Rates, terms and bonus offers can change from the date of publication.
