TD Bank CD Rates: September 2024 (2024)

TD Bank offers eight TD Choice Promotional CD terms, ranging from three months to five years. The bank’s CD rates tend to be very low compared to CDs from the top online banks unless you qualify for a relationship rate. There’s a $250 minimum deposit requirement to open a CD.

Here’s an overview of TD Bank’s rates for its TD Bank Choice Promotional Certificates of Deposit and TD Bank Choice Promotional Relationship CDs. Rates are accurate as of June 3, 2024.

Overview of TD Bank CDs

TD Bank offers three types of CDs: TD Choice Promotional, TD Bank No-Catch CD and TD Bank Step Rate CD. The primary offering, featured here, is the TD Choice Promotional CDs.

The TD Choice Promotional CD doesn’t require customers to have an eligible TD Bank checking account to receive the stated interest rate, or APY. Customers who do have a qualifying TD Bank checking account are eligible for a “bump rate” APY of 5.00% on a six-month CD, 4.50% on a 12-month CD and 4.00% on an 18-month CD as well as slightly higher rates on other terms. The higher relationship rates are available for all balances above $250.

TD Bank requires a minimum opening balance of $250 on all of its CDs.

Notably, TD Bank’s CDs may vary by ZIP Code, although the bank seems to pay the same yield regardless of your location. TD Bank operates in 15 states and Washington, D.C.

TD Bank also offers No-Catch CDs, which offer one no-penalty withdrawal per term. No-Catch CDs are available for either six-month or 12-month terms, both paying 0.05% APY.

Another major CD category at TD Bank is the Step Rate CD, with either a three-year term, paying a composite 0.10% APY, or a five-year term, paying a composite 0.15% APY. The Step Rate CD provides guaranteed interest rate increases each year, plus one optional penalty-free withdrawal each anniversary of the account opening date.

Interest on TD Choice CDs is compounded monthly and is credited to your account on a monthly basis. While it’s possible to withdraw interest prior to maturity, the interest yield on TD Bank’s CDs is negligible. If you’re interested in withdrawing interest earnings, a savings account may better serve your needs.

Early withdrawal penalties at TD Bank are hefty, so keep this in mind before opening a CD. For CDs with terms of 90 days but less than one year, you’ll forfeit three months’ interest. For terms equal to one year but less than two years, you’ll forfeit six months’ interest.

Overview of TD Choice Promotional CDs

How Much Can You Earn With TD Bank’s CD Rates?

Before you invest in a TD Bank CD, be sure to do your research to compare CD rates across several banks and credit unions. If you need help choosing a CD that matches your savings goals, TD Bank has a handy CD Selector tool to help you decide between terms.

To figure out how much you can earn with a TD Bank CD, plug the numbers into our CD calculator:

How TD Bank’s CDs Compare

While the standard yields on TD Bank’s CDs are significantly lower than the best CD rates available on the market, they are in line with interest rates offered by a number of large banks but are lower than the national average CD rates, according to the FDIC. And, with interest rates flat across all CD terms, there’s little incentive to buy a longer-term TD Bank CD.

Consider shopping around at online banks, which tend to offer higher rates on CDs. You may also do well to research money market accounts and online savings accounts from online banks, which provide greater liquidity and may offer higher yields.

About TD Bank

With over 1,100 branches in the Eastern U.S., TD Bank is a full-service bank and ranks as one of the country’s largest banks by assets. It offers a wide array of banking services for consumer and business customers, including CDs, checking, savings, home loans, personal loans, IRAs and credit cards. While it boasts a highly rated mobile app for customers who like to bank on the go, its yields on interest-bearing products like CDs, savings accounts and money market accounts tend to be far below those offered by the best online banks.

How To Get a TD Bank CD

To sign up for a TD Bank CD, you’ll need to create an account by filling out an online application. You must be 18 years old to apply. You will need to provide the following to sign up for an account:

• Name
• Address
• Basic financial information
• Social Security number (or other identification number)
• Government-issued identification

Once you’ve completed an application, you’ll need to link an external financial account to transfer money over and fund your CD account. Once your account is funded, you can create an online account so you can access your CD from TD Bank’s website or mobile app.

Alternatives to TD Bank CDs

TD Bank Savings Accounts

TD Bank offers multiple savings accounts to choose from, giving you a simple way to earn interest without locking up your funds.

TD Simple Savings earns minimal interest and charges a $5 monthly fee that can be waived with a minimum balance of $300.

TD Signature Savings offers a tiered APY, and while rates for lower balance tiers are low, they’re somewhat competitive on balances over $100,000. Just like other “Bump Rate” accounts from TD Bank, you’ll need a qualifying TD Bank account to earn the higher rate. There is a $15 monthly maintenance fee that can be waived when you maintain a minimum $10,000 balance, open the account as an IRA or open a TD Bank checking account with qualifying activities.

TD Bank Checking

TD Bank offers multiple personal and business checking accounts, including an interest-bearing personal checking account. If you want the convenience (and liquidity) of a checking account while earning some interest, a TD Bank checking account may fit the bill. TD Bank’s checking accounts do charge monthly fees, but they’re waivable if you meet certain minimum balance or deposit requirements.

TD Bank Business Savings

If you operate a small business but don’t want to lock your funds away in a CD account, you can open a TD Business Savings account. It has a small minimum deposit requirement of $25, overdraft protection, and earns interest. Savings accounts allow you to access funds at any time.

Banking expert Jacob Wade contributed to this article.

Frequently Asked Questions (FAQs)