The TD Bank Simple Savings Account is designed for people who want to start saving easily, without high requirements, and with convenient digital access.
At the same time, it includes a small monthly fee that can be waived if certain conditions are met, making it an attractive option for organized users who want to avoid unnecessary costs.
Main Features
The Simple Savings account doesn’t require an opening deposit, meaning there’s no minimum balance required in most cases.
It earns interest and offers features like automatic transfers, online deposits, mobile app access, free statements, and other common digital banking services.
The standard monthly fee is $5, but it can be completely waived if the customer meets one of the following conditions:
- Maintain a minimum daily balance of $300, or
- Link the savings to an eligible TD Bank checking account, or
- Set up a recurring transfer of at least $25 per month from a linked TD checking account (for the first 12 months).
Additionally, customers 18 years or younger or 62 years or older automatically qualify for a fee waiver.
Withdrawals and transfers from TD Bank ATMs are free, while transactions at non-TD ATMs may incur a $3 fee per withdrawal or transfer. Except for account holders between 17 and 23 years old, who are exempt.
Key Advantages
One of the biggest advantages is how easy it is to waive the monthly fee. Simply keep a $300 balance or set up a small automatic deposit. This makes the account very accessible for people starting their savings journey.
It also provides full digital convenience, including mobile check deposits, online account management, and easy linking to TD checking accounts for transfers and balance management.
For younger or senior customers, the account becomes even more appealing since the monthly fee is automatically waived, making it ideal for beginners or retirees who want to save without paying maintenance fees.
Another useful feature is overdraft protection. You can link the savings account to your TD checking account to help cover overdrafts and avoid extra fees.
Costs and Conditions
The base monthly fee is $5, which can be avoided by:
- Maintaining a $300 minimum daily balance,
- Linking to an eligible TD checking account, or
- Setting up a $25 monthly automatic transfer for the first year.
- The account earns interest, but the APY is typically lower than that of high-yield savings accounts.
- There are also fees for withdrawals or transfers at non-TD ATMs.
If opened as an IRA Savings Account, the minimum opening deposit is $300. It’s always best to check the bank’s latest rates and terms before applying.
Who It’s Best For
The TD Simple Savings Account is ideal for:
- People who are just starting to save and want a simple, low-cost account.
- Young savers (under 18) or seniors (62 and older) who automatically qualify for a fee waiver.
- Customers who already have or plan to open a TD checking account, since linking the two makes it easier to avoid fees.
How to Open a TD Simple Savings Account
Opening the account is quick and straightforward:
- Visit the TD Bank website or go to a local branch.
- Fill out the online application form with your personal information, Social Security number (or equivalent ID), and address.
- You may link a checking account during setup if desired.
- After opening, deposit any amount and start saving.
To qualify for a fee waiver, make sure you meet at least one of the required conditions (balance, automatic deposit, or age).
Is the TD Simple Savings Account Worth It?
This account is worthwhile if your goal is to have a simple, low-maintenance savings account with easy fee waivers and digital convenience, and you’re comfortable with modest interest rates.
If you fall into the youth or senior category, or already bank with TD, the fee structure becomes even more favorable.
However, if your priority is to maximize returns and you have a larger amount to deposit, a high-yield savings account from an online bank or fintech may offer better earnings. Still, for straightforward saving with easy access and flexibility, the TD Simple Savings Account is a solid choice.
you’ll be redirected to the financial institution’s site
All information in this and other US PIXIN articles is subject to change over time. Please check for updates directly with the institutions and companies mentioned. Approval is subject to the institution’s review.
REFERENCES:
Read more about banking in https://us.pixin.com.br/category/banking/
