TD Bank CD Rates and Review

TD Bank offers a unique set of CD (certificate of deposit) products for both consumers and businesses. What sets their deposit product offerings apart from other credit unions and banks is that they offer “Step Up” CD’s which basically come with incrementally increasing interest rates as your deposit gets closer to maturity. Below are the going rates for these CD’s. As a side note their personal CD’s are currently yielding slightly lower rates than the national average for CD rates.

About TD Bank:

TD Bank claims to be America’s most convenient bank (so much so that they’ve actually trademarked the term “America’s most convenient bank”). They are one of the 15 largest banks in the United States with $160 billion in assets, and provides customers with a full range of financial products and services at more than 1,100 retail stores throughout the Northeast, Mid-Atlantic, Metro D.C. and Florida.

Company History:

The company first opened its doors as Portland Savings Bank in Portland, Maine, in 1852, and later grew through a series of mergers and became Peoples Heritage Bank in 1983. At the turn of the millennium, the opportunity for growth presented itself again as Peoples Heritage Bank, through several acquisitions, expanded deeper into New England and took the name Banknorth.

Meanwhile, Cherry Hill, New Jersey-based Commerce Bank was turning Customers into Fans as America’s Most Convenient Bank. Founded in 1973, Commerce Bank expanded rapidly over the next 30 years into metro New York and Philadelphia, Washington D.C., and South Florida, winning new Customers with WOW! service and convenience.

In 2004, Banknorth caught the eye of TD Bank Financial Group of Toronto, Canada, a top 10 financial services company in North America. TD Bank Financial Group soon became Banknorth’s majority shareholder and the company became known as TD Banknorth. TD Bank Financial Group completed its purchase of TD Banknorth in 2007.

Looking to expand further in the U.S., TD Bank Financial Group acquired Commerce Bank on March 31, 2008, and the company rebranded as TD Bank, America’s Most Convenient Bank. TD Banknorth locations followed suit in September 2009, completing the merger of the two companies and uniting them under the TD Bank brand name.

Today, TD Bank, America’s Most Convenient Bank, remains focused on delivering award-winning Customer service and hassle-free products to Customers from Maine to Florida.

Current CD Rates offered by TD Bank:

Basic CD’s

- 9 month CD yielding 0.65% APY with a minimum deposit of $250 required. The current national average for 6 month CDs sits at roughly 0.78% APY (to put this offer in perspective).

- Other terms available, contact a local rep for current rates.

No Catch CD’s

- 6 month CD yielding 0.45% APY with a minimum deposit of $250 required and one penalty-free withdrawal allowed.

- 12 month CD yielding 0.40% APY with a minimum deposit of $250 required and one penalty-free withdrawal allowed.

Step Rate CD’s

- 3 year CD yielding 1.47% APY. Year 1 yields 0.90% APY, year 2 yeilds 1.24% APY and year 3 yields 2.24% APY.

- 5 year CD yielding 1.80% APY. Year 1 yields 0.75% APY, year 2 yeilds 1.00% APY, year 3 yields 1.74% APY, year 4 yields 2.23% APY and year 5 yields 3.20% APY.

* For the Step Rate CD the annual percentage yield is a Composite APY. The APY assumes each stated interest rate will be in effect for the length of time identified (one (1) year period).

TD Bank has locations in Connecticut, Washington D.C., New Jersey, New York, New Hampshire, Florida, Massachussetts, Maryland, Maine, Pennsylvania, Vermont and Virginia.

Also check out: TD Bank’s Checking Account Bonus

Best CD Rates in Greenwich, CT: Top 3

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Greenwich, Connecticut. The institutions we will cover all include the following cities in Connecticut: Bristol, Enfield, Rocky Hill, Fairfield, Milford, East Hartford, Newtown, Wallingford, and Meriden. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of Greenwich as well as Connecticut, we found that for the most part, you will be able to receive slightly better rates with national institutions than with local ones.

Keep in mind interest rates are time-sensitive in nature, so you will want to refer to the date of this article for accuracy. To get the most CD current rates from national banks, compare CD rates nationwide. 

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Best 6 month CD rates in Greenwich, CT:

• Signature Bank has a 6 month CD yielding 1.90% APY with a minimum deposit of $5,000 required.
• USAlliance Federal Credit Union has a 6 month CD yielding 1.61% APY with a minimum deposit of $500 required.
• Apple Bank for Savings has a promotional 7 month CD yielding 1.50% APY with a minimum deposit of $500 required.

Best 12 month CD rates in Greenwich, CT:

• Quorum Federal Credit Union has a 12 month CD and a 15 month CD yielding 2.15% APY with a minimum deposit of $1,000 required. 
• USA Bank has a 12 month CD yielding 2.10% APY with a minimum deposit of $500 required.
• iGoBanking.com has a 12 month CD yielding 2.0% APY with a minimum deposit of $1,000 required. They are an online bank and can accept deposits from any state.

Best 24 month CD rates in Greenwich, CT:

• Signature Bank has a 24 month CD yielding 2.65% APY with a minimum deposit of $5,000 required. 
• Hudson City Savings Bank (Cos Cob, CT) has a 24 month CD yielding 2.50% APY with a minimum deposit of $500 required. 
• Capital One Bank National Association has a 24 month CD yielding 2.25% APY with a minimum deposit of $500 required. They are a national institution and can accept deposits from any state.

Certificate of Deposit Rates in Connecticut

Below are the top 3 institutions offering the highest rates for certificate of deposits in Connecticut. After researching the top savings rates for this state, I have found only a few rates worth mentioning. In fact, most of the better interest rate options for Connecticut residents come from the large national banks rather than local credit unions and thrifts. Connecticut is one of the US’s most wealthy states (as far as annual salary per person goes) which makes it even more baffling that local banks and credit unions haven’t stepped in to offer these potential customers more enticing rates. If you happen to reside in the state and know of some better deals than the ones listed below please share by leaving a comment.

The rates below come in the form of a 6 month certificates of deposit, 15 month CD, and a 3 year certificate of deposit. All of the bank accounts and rates listed below are available to residents of the state of Connecticut. Keep in mind the fact that these rates are time-sensitive, please refer to date posted at the top.

Top CD rates for Connecticut

(clicking on the institution name below will take you to their rates page)

Hudson City Savings Bank: Serves Connecticut and much of the northeast. Usually this institution has rates that handily beat the national average, however, many of their rates have been drastically slashed recently. Their 6 month CD is your best bet with a current yield of 2.00% APY.

New Alliance Bank: Serves the states of Connecticut and Massachusetts. New Alliance Bank had a peculiar array of certificate of deposit products. They offer odd maturities of 5 month, 10 month and 15 month, rather than conforming to half yearly measures as most institutions do. Their 15 month CD is most likely your best bet, yielding an APY of 2.25%.

Apple Valley Bank and Trust: Serves the state of Connecticut and is based out of Cheshire CT. Apple Valley Bank and Trust offers traditional CD’s as well as IRA CD’s. Your best bet with this institution is with their 3 year CD, currently yielding an APY of 3.00%.

All of the institutions listed above are FDIC insured up to $250,000.