If you’re looking for a bank that has a great savings account and CD rates, then you should definitely check out TD Bank. They have some of the best rates in the industry, and their customer service is top-notch. In this guide, we will take a closer look at TD Bank’s offerings and see why they are such a popular choice among consumers.
Let’s take a look!
Earn The Highest Interest Rates On Savings Today
Fixed annuities are almost identical to Certificates of Deposit (CDs) accounts and provide higher interest rates and penalty-free withdrawals for income. Why settle for less than 1% on your money when you can earn 3% and liquidity?
| Term | Insurance Company | Interest Rate |
|---|---|---|
| 24 Months | Oceanview Annuity | 2.85% |
| 36 Months | Canvas Annuity | 3.80% |
| 48 Months | Oceanview Annuity | 3.35% |
| 60 Months | Athene Annuity | 3.85% |
| 72 Months | Oceanview | 4.30% |
Disclaimer: This is a review. The Annuity Expert is not associated with a bank or credit union. However, fixed annuities are sold at most financial institutions. Our goal is to help you find the highest interest rates for your retirement savings.
About TD
TD Bank is one of the largest banks in the United States, with branches in nearly every state. They offer a wide range of banking products and services, including savings accounts, checking accounts, CDs, loans, and more. TD Bank has been in business for over 150 years and prides itself on providing excellent customer service.
TD Bank’s customer service is excellent. They have 24/seven phone support and online chat support. Their representatives are always friendly and helpful, and they are quick to resolve any issues you may have.
TD Money Market Rates
TD Bank’s money market savings account is a great option for those who are looking to earn interest on their deposits. The account has a tiered interest rate, which means that the more you deposit, the higher your interest rate will be. You can also access your funds at any time without penalty, making this a great option for those who need to save for a short-term goal.
| Minimum Daily Balance | APY |
|---|---|
| $0.01 | 0.01% |
| $5,000.00 | 0.02% |
| $25,000.00+ | 0.03% |
TD Savings Account Rates
TD Bank offers two different savings account options: the TD Simple Savings account and the TD Premier High Yield Savings account. Both accounts offer great interest rates, but the Premier account offers a higher rate for balances over $25,000. Both accounts have no monthly fees and no minimum balance requirements.
| Minimum Daily Balance | Term | APY |
|---|---|---|
| $0.00 | None | 0.02% |
TD Bank CD Rates
TD offers some of the best CD rates in the industry. Their rates are much higher than the national average, and they offer a wide variety of terms to choose from. You can open a TD Bank CD with as little as $500, and there are no monthly fees.
| Term | APY |
|---|---|
| 3 Month | 0.05% |
| 6 Month | 0.05% |
| 12 Month | 0.05% |
Certificates of Deposit vs. Fixed Annuity
The Top Fixed Annuities
Fixed annuities offer a guaranteed return for a set amount of years, similar to a CD. Guaranteed crediting rates for the terms below:
- 2-YEAR TERM: 2.85%
- 3-YEAR TERM: 3.80%
- 4-YEAR TERM: 3.70%
- 5-YEAR TERM: 3.85%
- 6-YEAR TERM: 4.30%
- 7-YEAR TERM: 4.10%
- Grow your money as fast as possible
- Principal protection
- The interest rate is locked for the term you select
- Tax-deferred growth
- Withdraw annually without penalty
- Lump-sum death benefits
- Accepts cash, 401(k), and IRA Funds
What’s The Difference Between a Fixed Annuity and a CD?
| Feature | Fixed Annuity | CD |
|---|---|---|
| Who Offers | Insurance Company | Banks |
| Premium Amounts | $2,500 to $1 Million | $500 – No Maximum |
| Terms | 2 Years to 20 Years | 3 Months to 7 Years |
| Guaranteed Interest Rates | Up to 3.25% | Up to 1.25% |
| Triple Compounding | Yes | No |
| Principal Protection | Yes | Yes |
| Can Lose Money? | No | No |
| Liquid After Term | 100% | 100% |
| How Are Gains Taxed? | Tax-Deferred | Taxed Annually |
| Annual Liquidity | Up to 10% Annually | No Liquidity |
| Who Protects My Money? | Insurance Company/SGA | FDIC |
| Accepts IRA | Yes | No |
| Accepts 401(k) | Yes | No |
| Death Benefit | Lump-Sum | Lump-Sum |
Are Annuities FDIC Insured?
Fixed annuities are not FDIC insured, but they have similar protections for your money. An annuity is an insurance policy guaranteed by the insurance company’s claims-paying ability. The insurance companies are members of the state insurance guarantee associations in each state where they do business. Each state insurance guarantee association protects consumers in the unlikely event that their insurance company fails and defaults on their obligations to their consumers (limits vary per state).
For example, Georgia insures up to $250,000 of the annuity’s cash value per insured life if the insurance company becomes insolvent and can not fulfill its obligations to the insured.
The Best CD Rates Today
3 Month CD Rates
| Best 3-Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Spectrum Federal Credit Union | 0.50% APY | 3 Months | $500.00 |
| Navy Federal Credit Union | 0.40% APY | 3 Months | $1,000.00 |
| Chevron Federal Credit Union | 0.50% APY | 3 Months | $500.00 |
6 Month CD Rates
| Best 6-Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| CommunityWide FCU | 0.80% APY | 6 Months | $500.00 |
| Edward Jones | 0.75% APY | 6 Months | $1,000.00 |
| Charles Schwab | 0.80% APY | 6 Months | $1,000.00 |
1 Year CD Rates
| Best 12 Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| CommunityWide FCU | 0.90% APY | 12 Months | $1,000.00 |
| Edward Jones | 1.20% APY | 12 Months | $1,000.00 |
| Charles Schwab | 1.40% APY | 12 Months | $1,000.00 |
2 Year CD Rates
| Best 2-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Amarillo National Bank | 1.75% APY | 24 Months | $1,000.00 |
| Edward Jones | 2.20% APY | 24 Months | $1,000.00 |
| Oceanview Fixed Annuity | 2.85% APY | 24 Months | $80,000.00 |
3 Year CD Rates
| Best 3-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Edward Jones | 2.55% APY | 36 Months | $1,000.00 |
| Canvas Annuity | 3.80% APY | 36 Months | $2,500.00 |
4 Year CD Rates
| Best 4-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Edward Jones | 2.60% APY | 48 Months | $1,000.00 |
| Guggenheim | 3.05% APY | 48 Months | $5,000.00 |
5 Year CD Rates
| Best 5-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Edward Jones | 2.30% APY | 60 Months | $1,000.00 |
| Canvas Annuity | 3.80% APY | 60 Months | $2,500.00 |
The Best Fixed Annuity Rates Today
| Company | Term | Rate | Withdrawals |
|---|---|---|---|
| Oceanview | 2 Years | 2.85% | 10% Annually |
| Canvas | 3 Years | 3.35% | 10% Annually |
| Oceanview | 4 Years | 3.35% | 10% Annually |
| Canvas | 5 Years | 3.35% | 10% Annually |
| Oceanview | 6 Years | 3.65% | 10% Annually |
| Canvas | 7 Years | 3.35% | 10% Annually |
Key Takeaway – Retirement Income Planning
Consider a deferred annuity with a lifetime income rider if you’re spending the interest from a CD or a fixed annuity to supplement your retirement income. These annuities would offer a guaranteed income for life (even if the annuity ran out of money), removing the concern of making your money last in retirement and running out of money.
Some lifetime income riders offer a retirement income that increases to keep up with inflation, help pay for long-term care expenses, and offer an enhanced death benefit to help your beneficiaries.
Conclusion
Overall, TD Bank is a great choice if you’re looking for a bank with great savings account and CD rates. They offer a wide variety of products and services, and their customer service is excellent. If you’re looking for a new bank, TD Bank is definitely worth considering. Thanks for reading! We hope this guide was helpful.
Learn the differences and benefits between Fixed Annuities and Certificate of Deposits (CD).
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