Higher Than APY for Most Brick-and-Mortar Banks

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TD Standard savings rates

At the very minimum, you’ll earn the following standard savings rates with TD Signature Savings:

TD Relationship savings rates

TD Bank makes it pretty easy to qualify for a “relationship rate,” or a higher rate as a reward for having another TD Bank product.

You’ll earn the following relationship rates when you link your TD Signature Savings to a TD Bank personal checking account, small business checking account, credit card, mortgage, or home equity loan:

You need a relatively high balance to earn a good interest rate with TD Bank. If you’re open to banking online, though, then you can find online banks that pay higher rates with no minimum balance requirements.

The TD Simple Savings Account pays 0.02% Annual Percentage Yield (APY) on all balances.

Your decision between the two savings accounts could come down to how much money you plan to keep in the account. You’ll earn a higher rate with TD Simple Savings if you a) keep under $10,000 in savings, and b) don’t qualify for relationship rates. However, the difference is minimal.

TD Bank savings rates vs. Bank of America savings rates

Bank of America Advantage Savings pays 0.01% APY on most balances, but you can earn a little more if you qualify for Preferred Rewards. The Preferred Rewards tiers are as follows:

• Gold: Earn 0.02% APY with a three-month average combined balance of $20,000 to $49,999.99 in all Bank of America bank accounts or Merrill investments
• Platinum: Earn 0.03% APY with a three-month average combined balance of $50,000 to $99,999
• Platinum Honors: Earn 0.04% APY with a three-month average combined balance of $100,000 or more

Even Bank of America’s Preferred Rewards rates are pretty low. If you plan to maintain a high balance, you may want to open a TD Signature Savings to earn more than Bank of America’s maximum rate.

TD Bank savings rates vs. Wells Fargo savings rates

Wells Fargo is another national bank with substantial branches on the East Coast. You’ll earn 0.15% APY with the Wells Fargo Way2Save® Savings Account, and 0.25% to 1.01% APY with the Platinum Savings Account.

You might be better off opening the  TD Signature Savings if you qualify for a relationship rate and maintain a high account balance. You’ll need to get a TD Bank personal checking account, small business checking account, credit card, mortgage, or home equity loan, and keep $100,000 or more in your account. 

See Insider’s list of the best savings accounts »