Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure

TD Bank Simple Savings account review

Free ATM access and mobile banking, but unimpressive APY.

finder.com’s rating: 3.4 / 5.0

★★★★★

The TD Bank Simple Savings account is a straightforward savings account that’s best linked to eligible TD Bank checking accounts to bypass its monthly fee. But account availability is limited and weak interest rate leaves a lot to be desired.

0.02%

APY

$5 per month

Fee

$0

Minimum deposit to open

Details

Annual percentage yield (APY)0.02%
Fee$5 per month
To waive the fee• $300 minimum daily balance is maintained
• If you are age 18 or younger, or 62 or older
• Complete a monthly recurring transfer of $25 or more from an
eligible and linked TD Bank Checking account. Only applicable
for the first 12 months from account opening.
• Linked to a TD Student Checking, TD Relationship Checking, or
TD Beyond Checking
• Linked to a TD Convenience Checking account, are the primary
owner and is age 17 through 23 years of age
• Opened as an IRA
Minimum deposit to open$0
New account fee$0
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$9

Review by


Shannon Terrell is an editor 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 because of its residency restrictions. And it’s a good idea to confirm that you live near a TD Bank branch or TD Bank ATM to avoid the $3 fee for out-of-network ATM withdrawals.

But while the account offers mobile banking and has no opening deposit requirement, its monthly fee and measly 0.02% APY make it an unimpressive savings account with no discernible standout features.

How do I open a TD Bank Simple Savings account?

You can apply online by following a few steps. If you’re already a TD Bank customer, you can log in and certain fields of the application will already be populated with the information that you have on file.

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

Eligibility

You can apply for this account if you meet these requirements.

  • 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

You need some key information to fill out your application for this 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’re a full-time student between ages 17 and 23 and link a TD Convenience Checking account
    • You maintain a daily account balance of at least $300
    • You link a TD Student Checking, TD Relationship Checking or
      TD Beyond Checking account
    • You set up a monthly transfer of at least $25 from a linked TD Bank Checking account. Only waives the monthly fee for the first 12 months from account opening.
  • Free automatic transfers. Set up automatic transfers from linked accounts for free.
  • 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:

  • Unclear interest rates. TD states on its website that interest rates for its Simple Savings account vary by state, so you need to contact customer service to find out what you qualify for. As of April 2022, the current APY for New York City residents is 0.02%.
  • 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, keep looking. As always, explore your options when choosing a savings account.

Compare with other savings accounts

Use the table below to see how the TD Simple Savings account stacks up against its competitors.

Name Product Annual Percentage Yield (APY) Fee Minimum deposit to open Interest compounding Offer
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 5.00%
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
$10
Monthly
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
CIT Savings Connect
Finder Rating: 5 / 5: ★★★★★
CIT Savings Connect
2.70%
$0
$100
Daily
Earn an impressive APY on your entire balance. This straightforward online savings account has no monthly service or account opening fees.
Bread Savings™ High-Yield Savings
Finder Rating: 4.3 / 5: ★★★★★
Bread Savings™ High-Yield Savings
2.90%
$0
$100
Daily
Earn competitive interest rates with this high-yield savings account you can open in just minutes. Member FDIC.
UFB Elite Savings
Finder Rating: 5 / 5: ★★★★★
UFB Elite Savings
3.01%
$0
$0
Daily
Earn a 3.01% APY with no minimum deposit or balance amount with this no-monthly-fee savings account.
Quontic Bank High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank High Yield Savings
2.15%
$0
$100
Daily
Interest is compounded daily. No monthly service fees. Competitive rates
Save Market Savings
Bonus
Save Market Savings
Up to 4.46%
0.35% annually (can be waived)
$1,000
Annually
Each time you successfully refer a friend, Save invests an extra $1,000 on both of your behalfs. After a year is up, Save keeps the $1,000 and gives you all the earned interest.
Each time you successfully refer a friend, Save invests an extra $1,000 on both of your behalfs. After a year is up, Save keeps the $1,000 and gives you all the earned interest.
A savings account that invests your interest in the stock market where it can earn an average 4.46% return.
loading

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:

  1. Online deposit. Transfer funds electronically to and from an externally linked account.
  2. Mobile check deposit. With TD’s Mobile Banking app for Android and iOS, deposit a check into your account with your mobile device.
  3. ATM. Deposit funds and withdraw cash using your debit card from any TD ATM.
  4. 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.

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.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
Go to site