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.
Minimum deposit to open
|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|
|Monthly transaction limit||6|
|Fee per transaction over the limit||$9|
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.
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?
- Go to the provider’s site and follow the steps to apply.
- From TD Bank’s website, click Open account.
- Enter your full name, phone number and email address. Click Next.
- Enter your home address. Click Next.
- Enter your Social Security number, date of birth and driver’s license number. Click Next.
- Tell TD more about your employment status, including your employment industry and annual income.
- 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
- 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
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.