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TD Bank Simple Savings account review

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TD Bank Simple Savings
3.4
★★★★★
Finder score
APY
0.02%
Fee
$5 per month
(can be waived)
Minimum deposit to open
$0

Our verdict

Free ATM access and mobile banking, but unimpressive APY.

The TD Bank Simple Savings account is best for those who live in the East Coast because of its residency restrictions. And it's a good idea to confirm that you live near a TD Bank branch or TD Bank ATM to avoid the $3 fee for out-of-network ATM withdrawals.

But while the account offers mobile banking and has no opening deposit requirement, its monthly fee and measly 0.02% APY make it an unimpressive savings account with no discernible standout features.

Pros

  • Waive monthly fees
  • Free automatic transfers
  • No minimum opening deposit

Cons

  • Unclear interest rates
  • Limited availability

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How do I open a TD Bank Simple Savings account?

You can apply online by following a few steps. If you’re already a TD Bank customer, you can log in and certain fields of the application will already be populated with the information that you have on file.

  1. Go to the provider’s site and follow the steps to apply.
  2. Select Open account on TD Bank’s website.
  3. Enter your full name, phone number and email address. Select Next.
  4. Enter your home address. Select Next.
  5. Enter your Social Security number, date of birth and driver’s license number. Select Next.
  6. Tell TD more about your employment status, including your employment industry and annual income.
  7. Review your submitted information and make any necessary changes.

Eligibility

You can apply for this account if you meet these requirements.

  • Be a US citizen
  • Be at least 18 years old
  • Reside in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia or Washington, DC.
  • Have a Social Security number
  • Have a valid bank account

Required information

You need some key information to fill out your application for this account.

  • Primary home address, email and phone number
  • Social Security number
  • Driver’s license or valid state ID
  • Bank account number and routing number of the account you plan to use to fund your savings account

What are the benefits of a savings account with TD Bank?

In addition to surcharge-free TD ATM access and FDIC insurance, this account offers the following perks:

  • Waive monthly fees. The $5 monthly maintenance fee can be waived if:
    • You’re 18 or younger, or 62 or older
    • You’re a full-time student between ages 17 and 23 and link a TD Convenience Checking account
    • You maintain a daily account balance of at least $300
    • You link a TD Student Checking, TD Relationship Checking or
      TD Beyond Checking account
    • You set up a monthly transfer of at least $25 from a linked TD Bank Checking account. Only waives the monthly fee for the first 12 months from account opening.
  • Free automatic transfers. Set up automatic transfers from linked accounts for free.
  • No minimum opening deposit. Open a TD Bank Simple Savings account with any amount.

What should I look out for?

Besides the $5 monthly maintenance fee, there are a few other drawbacks to be wary of:

  • Unclear interest rates. TD states on its website that interest rates for its Simple Savings account vary by state, so you need to contact customer service to find out what you qualify for. As of April 2022, the current APY for New York City residents is 0.02%.
  • Limited availability. The TD Bank Simple Savings account is only available to residents of Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Washington, DC.

If you prefer a high-yield savings account with more branch locations, keep looking. As always, explore your options when choosing a savings account.

Compare with other savings accounts

Use the table below to see how the TD Simple Savings account stacks up against its competitors.

$
Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
SoFi Checking and Savings
Finder Score: 4.6 / 5: ★★★★★
Bonus
SoFi Checking and Savings
Traditional savings,Checking

4.60%

0.50%

1.20%

Up to $250,000
$0
$0
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until June 30, 2024.
$1,046
BrioDirect High-Yield Savings
Finder Score: 4.4 / 5: ★★★★★
BrioDirect High-Yield Savings
Traditional savings

5.35%

Up to $250,000
$25
$5,000
$1,053.50
Barclays Online Savings
Finder Score: 4.3 / 5: ★★★★★
Bonus
Barclays Online Savings
Traditional savings

4.35%

Up to $250,000
$0
$0
Get a $200 bonus when you open a new savings account, deposit $25,000 within 30 days of opening and maintain the balance for 120 days. Terms apply
$1,043.50
Cash App Savings
Finder Score: 4.4 / 5: ★★★★★
Cash App Savings
Savings app

4.50%

1.50%

Up to $250,000
$0
$1
$1,045
Customers Bank High Yield Savings through Raisin
Finder Score: 4.6 / 5: ★★★★★
Customers Bank High Yield Savings through Raisin
Traditional savings

5.16%

Up to $250,000
$0
$1
$1,051.60
UFB Secure Savings
Finder Score: 4.7 / 5: ★★★★★
UFB Secure Savings
Traditional savings,Custodial account

5.25%

Up to $250,000
$0
$0
$1,052.50
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How do I deposit or withdraw my money?

Access the funds in your TD Bank Simple Savings account in one of four ways:

  1. Online deposit. Transfer funds electronically to and from an externally linked account.
  2. Mobile check deposit. With TD’s Mobile Banking app for Android and iOS, deposit a check into your account with your mobile device.
  3. ATM. Deposit funds and withdraw cash using your debit card from any TD ATM.
  4. In person. Visit a TD Bank branch to access your funds in person.

How can I get in touch with customer service?

You can reach TD Bank’s customer service in the following ways:

  • Phone. Call 888-751-9000, 24 hours a day, seven days a week.
  • Social media. Reach out to TD on Facebook or Twitter for a response within one business day.
  • In person. If you prefer chatting face to face, visit your local TD Bank branch during business hours to speak with a customer service representative.

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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