TD Bank CD Rates and Review

February 3, 2013 1 Comment »
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 essentially 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 nationwide.

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.

CD Rates offered by TD Bank in 2013:

(Rates accurate as of February 2013)

91 Days 0.20%
11 Months 0.25%
13 Months 0.35%
20 Months 0.30%
3 Years 0.40%
4 Years 0.60%
5 Years 0.85%
7 Years 1.25%

Additional Deposit Options:

TD Bank offers two different deposit products outside of their popular standard options. The first is what they call a “no-catch” CD. The only real difference here is that you can make one penalty free withdrawal during the life of the deposit. The “no catch” CD is currently being offered on 6 and 12 month CDs only. The rates provided are the same as the 6 and 12 month “basic” CD rates.

The second option is their “step rate CDs.” These CD’s will feature rates that adjust with the current rate environment. Along with an increasing APY, you will also be allowed one deposit on the anniversary of your deposit each year. The current rates of these products are the same are the same as the “basic CDs.” For example if you opt for a 5 year “step rate” CD you will start with the 6 month rate then bumped to the 12 month rate, 24 month rate, etc until you’ve hit year 5 where you’re APY will max out at the current 5 year basic CD APY. It’s a similar strategy to “CD laddering” but without making you purchase multiple deposits.

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

[Looking for a checking account? You may also be interested in TD Bank's Checking Account Bonus.]

Company History:

The company first opened its doors as Portland Savings Bank in Portland, Maine, in 1852, and later grew and inevitably re-branded themselves through a series of mergers. They first became Peoples Heritage Bank in 1983 and then in 2000 through several more acquisitions took the name BankNorth. This acquisition also game them a dominant position in the greater New England area.

In 2004, Banknorth came on TD Bank Financial Group’s radar as a top 10 financial services company in North America. TD Bank Financial Group underwent somewhat of a hostile takeover them of BankNorth by acquiring a majority stake in their company. This lead to another name change – TD Bank North. This merger finalized in 2007.

Today, TD Bank is the 9th largest bank in the United States by asset size. They employ a little over 25,000 people in their roughly 1,300 locations. They control roughly $160 billion in consumer deposits and service nearly $83 billion in loans.


TD Bank branch locations.

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  • Fred

    I’ve been banking with TD for almost 5 years and have always had a pleasant experience with them. I have multiple accounts now and still keep deposits with them. Their rates are low now but in the past they have been competitive.