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TD Bank CD rates review

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TD Bank Standard CDs
1.8
★★★★★
Finder score
1-year APY
4.00%
3-year APY
N/A
5-year APY
N/A

Our verdict

Open a CD for as little as $250 — but watch out for middling APYs.

TD Bank offers low minimum deposits and a variety of CDs. However, TD's APYs are considerably low compared to the competition. In comparison, 1-year CDs for a variety of competitors range in the 1% to 2% range - a marked difference.

The minimum deposit to open a CD is somewhat low, but not among the lowest on the market. And while you can receive a bump rate CD if you also have or open a TD checking account, even a modest increase in APY means TD Bank CDs are simply playing catch up to the competition.

If you're looking for a solid CD to grow your investments, there are stronger options available on the market.

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How do I open a TD Bank CD?

  1. Go to the provider’s site and follow the steps to apply.
  2. From the TD Bank website, choose the CD term you want and click Open account.
  3. Select your country of residence. TD Bank will redirect you to the application form for your country.
  4. Complete the application with your personal details.
  5. Fund your CD.

Eligibility

To open a CD with TD Bank, check that you meet the following requirements:

  • At least 18 years old
  • US citizen or permanent resident
  • Social Security number
  • US mailing address

Required information

Have the following information ready when completing your application:

  • Government-issued ID
  • Social Security number and date of birth
  • Contact information such as your street address, email and phone number
  • Account numbers for your funding source

Funding options

You can fund your CD in three ways:

  • Cash, which you can deposit at a branch
  • Check
  • Electronic transfer

4 benefits of a TD Bank CD

You have the option of opening up a TD Bank CD at a branch or online. Other advantages include:

  • Bump rates for TD checking account holders. Receive a bump rate APY if you also have a TD checking account. This bump rate APY is the same as a standard APY, though you can request a one time rate bump should the APY increase.
  • Low minimum deposit. Open a CD for as low as $250.
  • Withdraw interest. You can withdraw interest you’ve earned before your CD’s maturity. But you’ll incur a penalty fee and may reduce your overall earnings.
  • Variety of CDs. Besides TD Choice CDs, you’ll find TD Step Rate, No-Catch and IRA Add-Vantage CDs.

Other types of CDs from TD Bank

  • TD Step Rate CDs. Get guaranteed rate increases every year. You’ll also get a 10-day grace period every year on your account-opening anniversary date, during which you can withdraw funds from your principal without penalty.
  • TD No-Catch CDs. You can withdraw funds from your principal once every term without penalty after seven days of account opening.
  • TD IRA Add-Vantage CDs. Open a 12-month CD with a 0.05% APY. Make deposits of $500 or more during the CD term.

4 potential drawbacks

Like other banks, TD Bank will renew your CD 10 days after the maturity date unless you withdraw your funds. Here are a few other things to watch out for:

  • Promotional rates expire. After your CD matures, you won’t receive the promotional rates from having a TD Bank checking account.
  • You’ll find better rates elsewhere. The bank offers middling rates on all three of its CD terms. It’s especially outclassed in 1-year CDs, where you can often find APYs above 2% elsewhere.
  • No withdrawals prior to maturity. The exception is if you obtain TD Bank’s consent. Even then, you’ll pay a penalty for your withdrawal.
  • Interest compounded monthly. This means your funds will grow slightly slower than if interest were compounded daily.

Use our interest calculator to see how much you could earn on your CD.

Compare with other CDs

1 - 14 of 14
Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
Crescent Bank CDs
Finder Rating: 4.8 / 5: ★★★★★
Crescent Bank CDs
N/A
4.85%
3.90%
$1,000
Earn competitive rates up to 4.85% APY (annual percentage yield) on terms ranging from 1 to 5 years. Pay $0 maintenance fees. Member FDIC.
Alliant Credit Union CDs
Finder Rating: 4.8 / 5: ★★★★★
Alliant Credit Union CDs
5.00%
5.15%
4.00%
$1,000
Lock in rates as high as 5.15% APY with a low $1,000 minimum deposit. Compounded monthly. FDIC insured.
Western Alliance Bank 12 months CDs through Raisin
Finder Rating: 4.7 / 5: ★★★★★
Western Alliance Bank 12 months CDs through Raisin
N/A
5.00%
N/A
$1
Get 5% APY on a 12 month CD, and earn an APY that’s higher than the national average. Pay no fees and just a $1 minimum deposit. FDIC insured.
Valley Direct Online CD
Finder Rating: 5 / 5: ★★★★★
Valley Direct Online CD
N/A
4.50%
N/A
$500
Earn 4.50% APY on a 12 month CD. FDIC insured per depositor, per account ownership category.
Quontic Bank CDs
Finder Rating: 5 / 5: ★★★★★
Quontic Bank CDs
5.05%
4.50%
4.30%
$500
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less. Member FDIC.
Ponce Bank CD through Raisin
Finder Rating: 4.9 / 5: ★★★★★
Ponce Bank CD through Raisin
4.00%
N/A
N/A
$1
Snag the highest APYs on the market for the shortest CD terms via Raisin. FDIC insured.
Sallie Mae CDs through Raisin
Finder Rating: 4.7 / 5: ★★★★★
Sallie Mae CDs through Raisin
N/A
N/A
N/A
$1
Lock in strong CD rates as high as APY on term lengths you'll only find through Raisin. Plus, you only need $1 to open and you have the option of opening a no-penalty CD. Member FDIC.
Discover® CDs
Finder Rating: 3.8 / 5: ★★★★★
Discover® CDs
4.25%
4.70%
3.75%
$2,500
Start saving with $2,500 and enjoy flexible terms from 3 months to 10 years with no account fees. FDIC insured
CIT Bank Term CDs
Finder Rating: 3.5 / 5: ★★★★★
CIT Bank Term CDs
3.00%
0.30%
0.50%
$1,000
Lock up to a 3% APY with a 6-month CD from CIT Bank, a division of First Citizens Bank with 125 years of experience. $1,000 minimum to open. FDIC insured.
State Exchange Bank CD through Raisin
Finder Rating: 1.5 / 5: ★★★★★
State Exchange Bank CD through Raisin
N/A
N/A
1.71%
$1
Locally-owned independent community bank. Member FDIC No fees.
Sallie Mae 10m CD through Raisin
Finder Rating: 3.5 / 5: ★★★★★
Sallie Mae 10m CD through Raisin
N/A
N/A
N/A
$1
Earn a competitive 5% APY on this 10-month CD. Plus, you only need $1 to open it and there are no withdrawal penalty fees. Member FDIC.
CIT Bank No-Penalty CD
CIT Bank No-Penalty CD
N/A
N/A
N/A
$1,000
Enjoy the security of a CD while still having access to your funds. 11 month term with a 3.5% APY and $1,000 minimum deposit. FDIC insured.
Sallie Mae 14m No Penalty CD through Raisin
Sallie Mae 14m No Penalty CD through Raisin
N/A
N/A
N/A
$1
Earn 5.05% APY, which is higher than the national average. Open with as low as $1. Pay $0 fees and no penalty for early withdrawal. Member FDIC.
CIT Bank Jumbo CDs
Finder Rating: 2.4 / 5: ★★★★★
CIT Bank Jumbo CDs
N/A
N/A
0.50%
$100,000
A Jumbo CD for large balances of $100,000 or more with term options from 2 to 5 years earning up to 0.5% APY. FDIC insured.
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If a TD Bank CD isn’t right for you, consider CDs from other banks.

TD Bank CDs reviews and complaints

There are few reviews of TD Bank CDs available on social media. TD Bank has been accredited with the Better Business Bureau since 2002 and currently sports an A- rating from the organization. The bank has a 1.3 out of 5 rating on Trustpilot, with several customer reviews complaining of the bank’s poor customer service.

How do I cash out a TD Bank CD?

After your CD matures, you’ll have a 10-day grace period during which you can decide what to do with your funds. Here are your options:

  1. Withdraw your funds.
  2. Deposit additional funds.
  3. Take no action, after which your CD will renew after the grace period.

What’s the penalty for withdrawing my CD funds early?

The penalty depends on how many days you’ve held your CD:

CD TermPenalty
7 to 89 daysAll interest
90 days to 1 year3 months’ interest
1 year to 2 years6 months’ interest
2 to 3 years9 months’ interest
3 to 4 years12 months’ interest
4 to 5 years18 months’ interest
5 years or more24 months’ interest

CDs ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.

Read the full methodology of how we rate CDs.

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