TD Bank has only one money market account, but they have a variety of different savings accounts available, including accounts for vacations, children, high-yield and health savings accounts.

Different Savings Accounts

The savings accounts at TD Bank have different purposes, but each account offers free online statements and no initial minimum deposit to open the account.  Each account has a monthly maintenance fee, which can be waived by keeping a daily balance set for the account.  One other unique way to waive the monthly fee, is dependent on your age.  If you are older than 62, the fee is automatically waived, and for the savings account for children, there is no fee if you are under 18 years of age.

If you are saving for a big purchase or for holiday expenses, TD Bank offers two accounts to fit those needs.  These accounts don’t have a monthly fee, a minimum opening deposit or a monthly balance.  The other three types of accounts have a minimum daily balance you must keep to have the monthly fees waived.  The high-yield account has a daily balance of $10,000, while the convenient savings and the young saver account have a minimum balance of $250.

APY of Accounts

TD Bank offers one flat APY for the convenient, young saver, club and holiday saver of 0.10 percent.  The high-yield account offers better APY, and even higher interest rates if you have a checking account with TD Bank.  For example, if you don’t have a checking account, the APY on $25,000 is 0.45 percent.  But, if you have a checking account, the APY on $25,000 jumps up to 0.70 percent.  That is worth having a checking account with TD Bank.  The high-yield account offers tiered interest rates, which means the more money in the accounts, the higher the APY.

If you are interested in an HSA (health savings account), the current APY at TD Bank is between 0.25 and 0.60 percent depending on how much money you have in the account.  This account requires $25 for the initial deposit and has a one-time set-up fee of $20, but has no monthly maintenance fees.

If you are interested in applying, you can visit a branch or apply over the phone.  If you are interested in opening a checking account to get better interest rates on your high-yield account, learn more about them on our bank reviews page.