TD Bank CD rates review
TD Bank Standard CDs isn't available on Finder right now.
- 1-year APY
- 1.00%
- 36-month APY
- 1.00%
- 5-year APY
- 1.00%
Our verdict
Open a CD for as little as $250 — but watch out for middling APYs.
TD Bank has a variety of CDs and low minimum deposit requirements starting at $250. Existing TD Bank personal checking account owners get access to the relationship APYs, which top out at 5% APY on the promotional CDs, but exact rates can vary by location. Without the relationship rate, you’re likely looking at an APY of around 1% for the promotional CDs. TD also offers its no-penalty option called No-Catch CDs and its Step Rate CD that offers one penalty-free withdrawal each anniversary and a guaranteed rate increase each year. But both the Step Rate and No-Catch CDs have poor rates. Overall, TD Bank has its pluses, but the only CDs really worth checking out are the promotional ones if you’re a TD customer.
Best for: Existing TD Bank checking owners who want a short-term CD.
Pros
-
Up to 5% APY in relationship rates
-
Low $250 opening deposit
-
No-Catch and Step Rate CD options
Cons
-
Poor rates for non-customers
-
Limited state availability
-
Few term options
-
Steep early withdrawal penalties
Overview of TD Bank CD rates
A TD Bank CD makes sense if you’re already a customer. The bank’s best CD options are the Choice Promotional CDs, offering up to 5% APY if you have a personal TD checking account in good standing. Rates can also vary by location.
TD Bank’s CDs compound monthly, so you won’t earn as much as a CD that compounds daily. However, you only need $250 to open a CD, which is low compared to other banks that require $1,000 or more.
| TD Choice Promotional CDs | Standard APY | Relationship APY | Minimum deposit |
|---|---|---|---|
| 3 months | 1% | 3% | $250 |
| 6 months | 1% | 5% | $250 |
| 9 months | 1% | 4% | $250 |
| 12 months | 1% | 4.5% | $250 |
| 18 months | 1% | 4% | $250 |
| 24 months | 1% | 4% | $250 |
| 3 years | 1% | 3.51% | $250 |
| 5 years | 1% | 2.5% |
TD Bank’s availability is also limited. You must be in one of these locations to get a CD, and rates vary by state.
- Maine
- Connecticut
- Delaware
- Florida
- Maine
- Maryland
- Massachusetts
- New Hampshire
- New Jersey
- New York
- North Carolina
- Pennsylvania
- Rhode Island
- South Carolina
- Vermont
- Virginia
- Washington, D.C.
Other types of CDs
Aside from the promotional CDs, TD Bank also offers No-Catch and Step Rate CD options.
- No-Catch. These are no-penalty CDs with a $250 minimum deposit requirement. You can make one principal withdrawal with no penalties once per term. There are only two terms of six or 12 months, both with a low APY of just 0.05%, but rates vary by location.
- Step Rate. Also requiring a low deposit of just $250, the Step Rate CDs offer a rate increase each year and the option to make a partial or full penalty-free withdrawal within 10 days of the term’s anniversary. Terms are either three or five years, with rates around 0.05% to 0.25% APY, and rates vary by location.
More about TD Bank CD: Deposits, fees and details
| What it is | Details | How it compares |
|---|---|---|
| Minimum deposit | $250 | Low requirement; most banks require $1,000 or more. |
| Term range | 6 months to 5 years | Standard term options, though some banks offer terms as long as up to 10 years. |
| Early withdrawal penalties | Penalties depend on term:
| Stricter than most other banks, as most tend to cap their early withdrawal penalties at 180 days of earned interest. |
| Grace period | 10-day grace period | Typical among competitors. |
Cashout and rollover details
TD Bank has a 10-day grace period during which the bank will notify you that your CD is approaching maturity, and you can choose to withdraw your funds or renew the CD. The Step Rate CDs will renew at a one-year term automatically at maturity if you don’t close the account.
Like most banks, TD Bank doesn’t allow you to make withdrawals within the first seven days of the CD term. TD Bank’s withdrawal penalties are rather steep and can be anywhere from seven to 730 days of earned interest, depending on your term. The Step Rate and No-Catch CDs allow for withdrawals at certain times with no penalties. But with the promotional CDs, you’ll have to be confident you won’t need to withdraw early, or you can lose a ton of interest.
How TD Bank’s CDs and rates compare
For current TD customers in need of a short-term CD, the rates might be worth it. You can get a 5% APY on a six-month term with just a $250 opening deposit. For comparison, the national average rate on a six-month CD is just 1.68%, making TD’s rate over three times the average. But if you don’t have a TD checking account, all CD term options drop to 1% APY.(1)
Compare TD Bank to competitor rates
Narrow down top CDs by APY and minimum deposits to find the best one for your financial goals. Select Compare for up to four products to see their benefits side by side.
What is the Finder Score?
The Finder Score analyzes hundreds of CDs from more than 100 institutions. It takes into account the product's interest rate for available terms and opening deposit requirements - this gives you a simple score out of 10.
Different banks and credit unions offer CDs for various lengths of time, ranging from as short as seven days to as long as 20 years. For our ratings, we consider the term lengths that the FDIC uses in its monthly updates on national rates.
If a bank or credit union doesn’t offer a CD for a specific term used by the FDIC, we don’t penalize it: Instead, we simply don’t rate it. Each of the standard term lengths has its own APY rating based on the FDIC’s average rates.
CDs ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.
Read the full methodology of how we rate CDs.
TD Bank Standard CDs is not currently available on Finder
Have you considered Western Alliance Bank 12 months CDs through Raisin?
Get 4.25% APY on a 12 month CD, and earn an APY that’s higher than the national average. Pay no fees and just a $1 minimum deposit. FDIC insured.
- 4.25% APY for 12 months
- $1 minimum deposit
- $0 fees
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