CD Accounts

TD Bank has CDs which they claim offer competitive interest rates.  The terms of the CDs vary from 91 days to 7 years, with enough variety that you can decide which one will work best for your money.  The minimum opening deposit for each of the CDs is $250.  None of the CDs offered through TD Bank have monthly maintenance fees, but penalty fees may apply if you withdraw the money before the allotted time.  The current APY on the basic CD account is at 0.50 percent for an 11 month term.  The specific CDs offered through TD Bank are:

• Basic CDs
• No Catch CDs
• Step Rate CDs
• IRA Add-Vantage CDs

The APY on most of the accounts is around 0.40 percent, but the Step Rate CD offers an APY of 1.05 percent for a three year CD, or 1.28 percent on a 5 year CD.  When compared with other CD accounts from the best banks, this APY is rather low.  Other rates for three and five year terms are between 1.50 and 2.0 percent.  Unless you live close to this bank, I do believe there are better interest rates offered through other banks to help you make as much money on your own money as you can.  TD Bank’s CDs offers a low minimum deposit to open the account and have no monthly maintenance fees, which might appeal to you, but you can find better interest rates.  The bank reviews at BankTruth.org can help you see which banks offer better rates for CDs and other banking accounts.