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TD Bank Simple Savings account review

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.

0.05%

APY

$5

Fee

$0

Minimum deposit to open

Details

Annual percentage yield (APY)0.05%
Fee$5
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
• Maintain a daily account balance of at least $300
Minimum deposit to open$0
New account fee$0
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$9
More info

More Info

Review by


Shannon Terrell is a senior writer for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.

Expert review

The TD Bank Simple Savings account is best for those who live in the East Coast. The account offers mobile banking, ATM access, no minimum opening deposit and several options to waive monthly fees.

But you’ll only earn a 0.05% APY, which is lower than the national average.

How do I open a TD Bank Simple Savings account?

  1. Go to the provider’s site and follow the steps to apply.
  2. From TD Bank’s website, click Open account.
  3. Enter your full name, phone number and email address. Click Next.
  4. Enter your home address. Click Next.
  5. Enter your Social Security number, date of birth and driver’s license number. Click 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.

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.

Eligibility

  • 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

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.

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

Compare with other savings accounts

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00%
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
$10
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
0.61%
0.25%
0.15%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
BlockFi Interest Account
BlockFi Interest Account
Up to 8.25%
$0
$0
Score up to 8.25% APY with this free crypto-interest account. Not available in New York and not FDIC insured.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
0.40%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Gemini Earn
Gemini Earn
Up to 8.05%
$0
$0
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.
Nexo Earn
Nexo Earn
Up to 12.00%
$0
$0
This account accrues up to 12% APY on crypto, and interest gets deposited into your account on a daily basis. Not FDIC insured.
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Compare up to 4 providers

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.

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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