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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.

0.05%

APY

$5

Fee

$0

Minimum deposit to open

Details

APY0.05%
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

Expert review

Shannon Terrell

Review by


Shannon Terrell is a writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.

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

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
0.60%
$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.
Axos Bank High Yield Savings
0.61%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $7 per month for Aspiration Plus ($5.75 per month if you pay annually)
$10
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
CIT Bank Money Market
0.50%
$0
$100
A savings account with a higher-than-average rate and minimal fees.
SoFi Money
0.25%
$0
$0
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
Chase Savings
0.01%
$5 per month
(can be waived)
$0
A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
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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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