TD Bank CDs review
Open a CD for as little as $250 — but watch out for middling APYs.
finder.com’s rating: 2.5 / 5.0
TD Bank offers multiple CDs with low minimum deposits of $250. But watch out for low APYs that sink further unless you have a TD checking account.
|Minimum deposit to open||$250|
|Early withdrawal penalty||90 days interest for terms of 3 to 12 months |
180 days interest for terms of 13 to 24 months
270 days interest for terms of 25 to 36 months
360 days interest for terms of 37 to 48 months
Kevin Joey Chen is a credit cards, banking and investments writer whose work and analysis have appeared on CNN, U.S. News & World Report, Business.com, Lifehacker and CreditCards.com. He's passionate about helping you get your finances in order by expertly navigating cutting-edge financial tools — including credit cards, apps and budgeting software.
TD Bank offers low minimum deposits and a variety of CDs. However, you must have a TD Bank checking account to get the highest rates — and even then, the promotional rates expire after the initial term, and you’ll find higher yields elsewhere.
How do I open a TD Bank CD?
- Go to the provider’s site and follow the steps to apply.
- From the TD Bank website, choose the CD term you want and click Open account.
- Select your country of residence. TD Bank will redirect you to the application form for your country.
- Complete the application with your personal details.
- Fund your CD.
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
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
You can fund your CD in three ways:
- Cash, which you can deposit at a branch
- Electronic transfer
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:
- Higher rates for TD checking account holders. Get an APY up to 1.50% for 6-month CDs and up to 1.20% for 9- to 12-month CDs.
- 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.
What to watch out for
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:
- Low rates with no TD checking account. If you don’t have a TD checking account you’ll receive rates as low as to 0.05%.
- 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 6- and 9-month CDs. 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
If a TD Bank CD isn’t right for you, consider CDs from other banks.
How do I cash in a 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:
- Withdraw your funds.
- Deposit additional funds.
- Take no action, after which your CD will renew after the grace period.
What other savings products does TD Bank offer?
In addition to CDs, TD Bank offers these savings products:
- TD Simple Savings. A 0.05% APY savings account with a $5 monthly fee. Avoid the fee by maintaining a $300 minimum daily balance.
- TD Growth Money Market. Write checks and earn 0.05% to 0.35% APY with a linked TD checking account.
- TD Preferred Savings. Earn 0.1% to 0.75% APY depending on your account balance and if you have an eligible TD Bank product, such as a personal mortgage or credit card.
Frequently asked questions
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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.