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What is the Minimum Balance for TD Bank Savings Accounts?

John ShahidiVerified
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Summary：Learn about the minimum balance requirements for TD Bank savings accounts. The TD Simple Savings Account has a minimum balance of $5, while the TD Select Savings Account requires a minimum balance of $20,000.

What is the Minimum Balance for TD Bank Savings Accounts?

TD Bank is a popular financial institution that offers a variety of savings accounts to help customers grow their money. One of the most important factors to consider when opening a savings account is the minimum balance requirement. So, what is the minimum balance for TD Bank savings accounts?

TD Simple Savings Account

The TD Simple Savings Account is a great option for those who are just starting to save. The minimum balance requirement for this account is only $5. This means that you can open an account with just $5 and start earning interest on your savings right away. However, it is important to note that if your balance falls below $5 at any time, you will be charged a monthly maintenance fee.

TD Growth Money Market Account

The TD Growth Money Market Account is a high-yield savings account that offers a competitive interest rate. The minimum balance requirement for this account is $2,000. This means that you need to deposit at least $2,000 to open an account and start earning interest. If your balance falls below $2,000, you will be charged a monthly maintenance fee.

TD Select Savings Account

The TD Select Savings Account is designed for customers who want to earn higher interest rates on their savings. The minimum balance requirement for this account is $20,000. This means that you need to deposit at least $20,000 to open an account and start earning interest. If your balance falls below $20,000, you will be charged a monthly maintenance fee.

Investing Your Savings

Once you have opened a TD Bank savings account, it is important to consider the best way to invest your savings. A great option for those who want to grow their money over time is to invest in a mutual fund. Mutual funds are professionally managed investment portfolios that allow you to invest in a diversified range of stocks, bonds, and other securities.

Another option is to invest in a certificate of deposit (CD). CDs are a type of savings account that offers a fixed interest rate for a specific period of time. This means that you can earn a higher interest rate than a traditional savings account, but you will not be able to access your money until the CD matures.

Conclusion

In conclusion, the minimum balance requirement for TD Bank savings accounts varies depending on the type of account you choose. The TD Simple Savings Account has a minimum balance requirement of $5, while the TD Select Savings Account has a minimum balance requirement of $20,000. It is important to consider your savings goals and investment options when choosing a savings account. By investing your savings wisely, you can grow your money over time and achieve your financial goals.

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TD Bank minimum balance savingsTD Simple Savings AccountTD Growth Money Market AccountTD Select Savings Accountinvesting savings
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