TD Bank CD rates June 2024

TD Bank certificates of deposit (CDs) yields depend on the term length, account balance and your relationship with the bank. While many of their CDs offer attractive rates, you can find higher rates available through other financial institutions. 

Account details and annual percentage yields (APYs) are accurate as of May 31, 2024. 

Overview of TD Bank CDs

TD Bank offers CDs with a variety of lengths and rates, however to get the best rates you’ll need to also have a personal checking account with TD Bank. This gives you access to the bump rate APY for TD Choice Promotional certificates of deposit. On a nine-month TD Choice Promotional CD, the rate ranges from 1.00% to 4.00%, the first is the standard rate and the higher rate is the bump rate.

You can get CDs ranging from three months to five years and they only require a $250 minimum deposit.

OVERVIEW
Minimum opening deposit	$250
Term lengths	3, 6, 9, 12, 18, 24, 36 and 60 months
Compounding schedule	Accrues daily, deposited monthly
Early withdrawal penalty	CDs with terms less than 90 days will forfeit all interest; Terms between 90 days and 1-year will be charged 3 months’ interest; Terms between 1 and 2 years will be charged 6 months’ interest; Terms between 2 and 3 years will be charged 9 months’ interest; Terms between 3 and 4 years will be charged 12 months’ interest; Terms between 4 and 5 years will be charged 18 months’ interest; Terms over 5 years will be charged 24 months’ interest. TD’s No-catch CD’s allow for one penalty-free withdrawal per term
Grace period for penalty-free withdrawals after maturity	10 calendar days beginning on the maturity date. TD’s No-catch CD’s allow for one penalty-free withdrawal per term

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How much can you earn with TD Bank CDs

TD Bank offers three different kinds of CDs: TD Choice Promotional certificates of deposit,TD No-Catch CDs and TD Step Rate CDs.

The TD Choice Promotional CDs offer bump rates to customers with an eligible TD Bank Checking account. Below is a breakdown of the TD Choice Promotional CD Rates:

TD CHOICE PROMOTIONAL CD TERM	STANDARD TO BUMP RATE APY
3 months	1.00% to 3.00% APY
6 months	1.00% to 5.00% APY
9 months	1.00% to 4.00% APY
12 months	1.00% to 4.50% APY
18 months	1.00% to 4.00% APY
24 months	1.00% to 4.00% APY
3 years	1.00% to 3.51% APY
5 years	1.00% to 2.50% APY

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The TD No-Catch CDs offer lower APYs than the Choice Promotional CDs. Unlike most other CDs, you’ll have the option to make one penalty-free withdrawal during your CD term. 

Here’s a look at the rates for TD No-Catch CDs:

TD NO-CATCH CD TERMS	APY
6 months	0.05% APY
12 months	0.05% APY

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The final type of CD offered through TD Bank are the TD Step Rate CDs. These CDs offer a guaranteed interest rate increase every single year. On your account anniversary each year, you’ll have an opportunity to withdraw funds without a penalty. 

Here’s a look at the rates for the TD Step Rate CDs, which come with 3-year or 5-year CD term options. 

	TD STEP RATE 3-YEAR CD APYS	TD STEP RATE 5-YEAR CD APYS
Composite APY	0.10% APY	0.15% APY
Year 1	0.05% APY	0.05% APY
Year 2	0.10% APY	0.10% APY
Year 3	0.15% APY	0.15% APY
Year 4	N/A	0.20% APY
Year 5	N/A	0.25% APY

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How TD Bank CD rates compare

TD Bank’s Choice Promotional CDs are the most competitive. However, these CDs are only attractive if you are able to tap into the bump rate APY, which requires opening an eligible TD Bank checking account. 

As of May 20, 2024, the national average rate on a 12-month CD is 1.80% APY. Some of TD Bank’s CDs offer much higher interest rate opportunities. But when you compare TD Bank’s CD rates to other financial institutions, it’s possible to find higher rates available elsewhere. For example, the Sallie Mae certificates of deposit and Capital One 360 certificates of deposit both offer a 12-month CD with a 5.05% and 5.00% APY, respectively.

Here’s a look at CD rates across multiple financial institutions:

CD TERM	NATIONAL DEPOSIT CD RATES	TD BANK CHOICE PROMOTIONAL CD STANDARD TO BUMP RATE	SALLIE MAE CD RATES	CAPITAL ONE 360 CD RATES
9 months	Data Not Available	1.00% to 4.00% APY	4.85% APY	4.25% APY
12 months	1.80% APY	1.00% to 4.50% APY	5.05% APY	5.00% APY
24 months	1.54% APY	1.00% to 4.00% APY	4.50% APY	4.00% APY

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If you want to find the best CD rates, the best strategy is to shop around. That’s especially true if you have a specific type of CD in mind, like a jumbo CD or a 10-year CD. As you explore your options, consider using a CD calculator to see how your funds will grow. 

How to get a TD Bank CD

You can open a TD Bank CD on the financial institution’s website. As a part of the application, you’ll need to provide your Social Security Number, government-issued ID, and other personal information. You’ll also need to fund the CD with at least a $250 minimum opening deposit, so you’ll need to have a funding source ready.

According to TD Bank, it should only take between 5 and 10 minutes to open a CD. If possible, come to the application prepared with all of your information to streamline the process. 

About TD Bank

In terms of assets, TD Bank is the tenth largest bank in the United States. But the financial institution can trace its lineage back to the Bank of Toronto, which was founded in 1855. A merger in the 1950s created the current iteration of TD Bank. The bank operates over 1,100 branches and 2,600 ATMs along the east coast, spread out from Florida to Maine. 

Alternatives to TD Bank CDs

If you aren’t ready to open a CD yet, TD Bank also offers checking and savings accounts.

All personal checking accounts are eligible TD Bank checking accounts for purposes of getting the bump rate APY on TD Choice Promotional CDs. Many of the checking accounts earn interest but it is typically a very small amount. Both the TD Complete Checking and the TD Simple Checking℠ accounts will give you a 0.25% discount on the APR of home equity loans and personal loans. 

TD Bank has two savings accounts. The TD Simple Savings account earns a flat 0.02% APY on all balances. It has a $5. 

The TD Signature Savings account offers bump rate APYs and can earn from 0.01% to 4.00% APY, depending on the balance and relationship (the higher APY is the bump rate). There is a $15 monthly maintenance fee which can be waived with one of the following: maintaining a $10,000 minimum daily balance; linking the account to an eligible TD Beyond Checking or TD Relationship Checking account; opening the account as an IRA.   

Frequently asked questions (FAQs)