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TD Bank Simple Savings account review

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Free ATM access and mobile banking, but watch for excessive transaction fees

finder.com’s rating: 3.4 / 5.0


The straightforward TD Bank Simple Savings account offers plenty of perks, but account availability and monthly transfers are both limited.



$5 per month



Minimum deposit to open


Fee$5 per month
To waive the fee• Link a TD Student Checking account
• Be age 18 or younger, or age 62 or older
• Open as an IRA
• For each of the first 12 months, have a linked, eligible TD Bank personal checking account and complete a recurring transfer of $25 or more from a TD Bank account
Minimum deposit to open$0
New account fee$0
Interest compoundingDaily
Fee per transaction over the limit$9
More Info

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 set up a monthly transfer of at least $25
    • You link a TD Student Checking account
    • You maintain a daily account balance of at least $300
  • Free automatic transfers. Set up automatic transfers between linked accounts for free.
  • Discounted fees. By opting for online-only statements, the monthly maintenance fee drops from $5 to $4.
  • 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:

  • In-person application. New customers must apply at a bank branch. Only existing TD customers can open this account online.
  • ATM fees. A $3 ATM fee applies to all transactions on non-TD ATMs.
  • Unclear interest rates. TD states on its website that interest rates for its Simple Savings account vary by state, so you’ll need to contact customer service to find out what you qualify for.
  • Limited transfers. The TD Bank Simple Savings account is limited to six transactions monthly. Exceeding this limit will result in a $9 excessive transfer fee per additional transaction.
  • 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.

Compare with other savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
Earn 20x the national savings account average with no fees or minimums.
Enjoy no monthly fees and a competitive APY with this online-only savings account.
$15 per month
(can be waived)
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
$5 per month
(can be waived)
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days.
Earn a competitive rate with a balance higher than $10,000.

Compare up to 4 providers

How do I open an account?

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

If you’re already a TD Bank customer and are registered for TD EasyWeb, complete your application online by funding your new account with an external checking account.

New TD Bank customers need to bring two pieces of government-issued photo ID to a local branch and complete the application in person.

Once your account is activated, access your funds online, at an ATM or by using the TD Mobile Banking app.


  • 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

  • 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

How do I deposit or withdraw my money?

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

  • Online deposit. Transfer funds electronically to and from an externally linked account.
  • Mobile check deposit. With TD’s Mobile Banking app for Android and iOS, deposit a check into your account with your mobile device.
  • ATM. Deposit funds and withdraw cash using your debit card from any TD ATM.
  • 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.

Bottom line

The TD Bank Simple Savings account offers mobile banking, ATM access, no minimum opening deposit and several options to waive monthly fees. But account availability and transactions are limited, and interest rates aren’t clear.

Explore your savings options with other providers before you apply to get the account that best fits your needs.

Frequently asked questions

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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