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APY GUY: Maximize Your Savings & Earnings

APY GUY: Maximize Your Savings & Earnings

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editorial staff

Columbia Bank CD Rates – Now up to 4.80% APY!

Written by: editorial staff
Fact Checked : Dan Nelson
Updated September 1, 2023

Columbia Bank, based out of Fair Lawn, New Jersey is a regional bank with 60 branches and 3 lending offices throughout the state of New Jersey. They were founded in 1927 and hold roughly $9.8 billion in assets.

Despite operating mostly in New Jersey, Columbia Bank has a handful of CDs (certificates of deposit) with slightly above average yields that can be opened by anyone online throughout the country.

They have 9 standard CDs and 1 promotional “Bump Up” CD. You can open these CDs as stand alone accounts or within an IRA (individual retirement account). The interest rates provided on Columbia Bank’s IRA CDs are the same as their standard CDs.

To see if Columbia Banks’ CD rates are right for you, continue reading our review.

Columbia Bank CD Rates + Account Details

image credit: columbiabankonline.com

All of Columbia Bank’s CDs come with a minimum deposit requirement of $500. Columbia Bank is member FDIC and all deposit accounts are federally insured up to the applicable limits.

CD rates surveyed on September 1, 2023.

CD Rates

CD TermAPY
4 months4.20%
9 months4.70%
12 months2.25%
18 months4.80%
20 month Bump CD3.00%
24 month3.30%
36 month3.30%
60 month3.30%
72 month3.30%
APY = Annual Percentage Yield

The 20 month Bump Up CD allows you to make a one-time rate increase during the life of this CD. You can increase it anytime Columbia Bank increases the yield for this account.

📌 Please Note: The 60 month and 72 month CD options can not be opened online. All the remaining terms can.

To put these yields into perspective, the national average for 12 month CDs and 60 month CDs sits at just 1.76% and 1.41% APY, respectively, according to FDIC data.

That said, top yields from online banks and nationally available credit unions are now inching above the 5.50% APY and 4.50% APY mark for the same respective terms.

How Do Columbia Bank CD Rates Compare?

The table below shows the best CD rate offered at Columbia Bank compared to the best CD rates offered by other FDIC-insured banks.

BankBest CD Rate (APY)
HomeStreet Bank4.65%
Morgan Stanley5.37%
PNC Bank5.00%
Santander Bank5.50%
Columbia Bank4.80%
CD rates surveyed on September 1, 2023.

How Much Can You Make with a Columbia Bank CD?

The amount of money you can earn with a CD from Columbia Bank is going to depend on your deposit size, the term you choose and its going APY. Take a look at the table below. It shows potential earnings on a handful of Columbia Bank’s CDs assuming a deposit size of $25,000.

CD TermAPYEarnings
4 months4.20%$345.21
9 months4.70%$876.17
18 months4.80%$1,821.43
60 months3.30%$4,406.38
Earnings = Sum of all interest payments through maturity.

IRA CD Rates

Columbia Bank’s IRA CDs also come with a minimum deposit requirement of $500 and cannot be opened online. Visit a local branch or give them a call at 1(800) 522-4167 to get started with an IRA CD.

CD TermAPY
4 months4.20%
9 months4.70%
12 month2.25%
18 month4.80%
24 month3.30%
36 month3.30%
60 month3.30%
72 month3.30%
APY = Annual Percentage Yield

The yields on the IRA CDs are the exact same as their standard CDs, however, we should note that Columbia Bank’s IRA CDs have provided better rates in the past than their standalone counterparts.

Compounding and Crediting Interest

Interest on all of Columbia Bank’s CDs are compounded monthly and credited to your account monthly.

Grace Period and Early Withdrawal Fees

When your Columbia Bank CD matures you will have a 7 calendar-day grace period in which you may close out the CD or change the terms and/or deposit amount. If nothing is done during this 7 day window, your CD will automatically renew into a new CD with the same term and the going rate at that time.

If you need your CD’s funds prior to its maturity you will incur an early withdrawal fee. The fee is based on your CD’s term. See fee structure below:

CD TermFee
5 months or less45 days of simple interest
6 – 11 months90 days of simple interest
12 – 23 months180 days of simple interest
24 – 59 months270 days of simple interest
60 months +365 days of simple interest

How to Open and Fund a Columbia Bank CD?

Most of Columbia Bank’s CDs can be opened online other than the 5 year CD, 6 year CD and their IRA CDs. Regardless of whether you’re opening a CD online or stopping by a local branch, you’re going to need the following pieces of personal information to complete the application process.

These are:

  • Full Legal Name
  • Home Address
  • Verifiable Email and Phone Number
  • Driver’s License or State Issued ID

To fund the CD from an external source, you’ll need the following:

  • Routing number of current bank or credit union.
  • Account number where funds will be withdrawn from to fund the Columbia Bank CD.

Filed Under: CD Rates Tagged With: Columbia Bank

Ameriprise Financial CD Rates – Now up to 5.45% APY!

Written by: editorial staff
Fact Checked : Dan Nelson
Updated August 31, 2023

Ameriprise Financial, headquartered in Minneapolis, Minnesota is a diversified financial services company that is publicly traded on the NYSE (New York Stock Exchange) and sits on roughly $176 billion in assets.

They offer consumers a wide range of investment products including IRA (Individual Retirement Accounts), retirement plans, college savings, advisory services, mutual funds, etc. They also offer a variety of banking solutions such as CDs (certificates of deposit), cash management accounts, home loans and even credit cards.

For the purpose of this review we will focus on Ameriprise Financial’s CD rates as they have been on the rise – along with the interest rate environment in general.

Ameriprise Financial CD Rates + Account Details

image credit: ameriprise.com

First, we should note that unlike nearly all the other CDs we cover on APYGUY, Ameriprise Financial is not federally insured by the FDIC. This means these products carry risk including the potential for loss of principal.

Rather than the FDIC, your deposits are backed by the Ameriprise Certificate Company which is made up of cash reserves and “qualified assets” with “varying ratings.” To learn more go here and scroll to the bottom.

CD Rates

Ameriprise offers 9 CDs with terms ranging from 3 months to 3 years with a minimum deposit requirement of $1,000. They also have a special 13 month CD that comes with an APY (annual percentage yield) of 5.35% but requires a minimum deposit of $1,000,000.

CD TermAPY
3 months5.15%
6 months5.21%
7 monthsNA
9 months5.21%
12 months5.25%
18 months5.35%
24 months5.05%
30 months4.95%
36 months4.80%
APY = Annual Percentage Yield

For deposits $100,000 or more you’ll get an additional 0.10% APY added to any CD term which would put the 18 month term at 5.45% APY making it Ameriprise Financial’s most competitive offer.

To put these yields into perspective, the current national average for a 12 month CD and a 36 month CD sit at just 1.76% and 1.40% APY, respectively, according to FDIC data.

That said, there are a number of FDIC-insured online banks and NCUA-insured credit unions with nationwide acceptance offering yields above 5.50% APY and 5.00% APY for the same respective terms.

13 Month CD

The 13 month CD requires a minimum deposit of $1,000,000 million. If depositing over $2m then you will first need approval from the Ameriprise Certificate Company.

CD TermAPY
13 month5.35%
$1 million minimum

This CD will automatically renew into a standard 12 month CD if nothing is done during the grace period.

How do Ameriprise Financial CD Rates Compare?

Take a look at the table below to see how Ameriprise Financial’s best CD rate compares to the best CD rates offered at FDIC-insured banks.

InstitutionBest CD Rate (APY)
Banesco5.25%
Columbia Bank4.80%
Flagstar Bank4.50%
Ameriprise Financial5.45%
CD rates surveyed on August 31, 2023.

How Much Can You Make with an Ameriprise Financial CD?

The amount of money you can earn on a CD with Ameriprise Financial is going to depend on your deposit size, the CD term you select and its going APY. Take a look at the table below to see potential earnings on a handful of Ameriprise Financial CDs assuming a deposit size of $100,000.

CD TermAPYEarnings
6 months5.31%$2,620.66
9 months5.31%$3,956.63
18 months5.45%$8,285.39
36 months4.90%$15,432.06
Earnings = Sum of all interest payments through maturity.

Grace Period and Early Withdrawal Fees

Ameriprise allows for a longer than average grace period of 15 days upon the maturity of your CD in which you may modify your deposit (either by term or by deposit size) or close it out without incurring any fee. If nothing is done during this 15 day period then the CD will automatically into a new one with the same term and the going APY at that time.

Please note – If you open the 7 month CD, this will automatically renew into a 6 month CD if nothing is done during the grace period.

If you need access to your CD’s funds prior to its maturity due to an emergency, Ameriprise allows for you to withdraw all or part of your interest earnings plus up to 10% of your principal without penalty. If you need access to more than that, a 2% withdrawal charge will be assessed on the amount greater than 10% of your principal.

Filed Under: CD Rates

State Farm CD Rates – Now up to 4.95% APY!

Written by: editorial staff
Fact Checked : Dan Nelson
Updated August 29, 2023

You’ve surely heard of State Farm, the insurance company, but did you know that you can purchase CDs (certificates of deposit) via US Bank through State Farm?

In late 2020, US Bank purchased State Farm’s deposit account product suite and began offering the CDs themselves.

That said, the Special CDs you purchase from US Bank via State Farm’s portal sometimes come with higher APYs (annual percentage yields) than US Bank’s stand alone CDs purchased from them directly.

To see if these deposit accounts are right for you, continue reading our review below.

State Farm CD Rates via US Bank Alliance

image credit: statefarm.com

The State Farm alliance with US bank allows consumers to purchase a number of standard CDs and Special CDs through US Bank. These CDs are federally insured by the FDIC. If you already have funds in a deposit account with US Bank and are looking to open another one via the State Farm portal both account balances will count towards your overall $250,000 of FDIC coverage.

Special CD Rates

Special CDs offered through the State Farm and US Bank alliance come with 4 terms to choose from and a minimum deposit requirement of $1,000. See terms and rates below.

TermAPY
7 months4.80%
11 months4.95%
15 months4.95%
19 months4.95%
APY = Annual Percentage Yield

How Much Can You Earn with a State Farm CD?

The amount of money you can make with a CD from State Farm and U.S. Bank is going to depend on your deposit size, the CD term you choose and its APY (annual percentage yield). The table below shows potential earnings based on a $100,000 deposit for each of State Farm’s Special CDs.

CD TermAPYEarnings
7 months4.80%$2,772.62
11 months4.95%$4,528.30
15 months4.95%$6,225.32
19 months4.95%$7,949.89
Earnings = Sum of all interest payments through maturity.

How Do State Farm’s CD Rates Compare?

Take a look at the table below to see how State Farm’s CD rates compare to competitive CD rates offered by other FDIC-insured institutions.

InstitutionBest CD Rate (APY)
Ameriprise Financial5.25%
Sallie Mae5.55%
USAA Bank5.00%
State Farm4.95%
CD rates surveyed on August 29, 2023.

Standard CD Rates

Standard CDs offered through the State Farm portal are much less competitive than the Special CDs. They come with terms ranging from 3 months to 5 years. The minimum deposit requirement for a standard CD is $500. Jumbo CDs are also available with minimum deposit requirements of $250,000 however they currently come with the exact same yield for each term as the standard CDs.

TermAPY
3 months0.05%
6 months0.05%
9 months0.05%
12 months0.05%
18 months0.05%
24 months0.05%
36 months0.10%
48 months0.15%
60 months0.25%
APY = Annual Percentage Yield

To put these low yields into perspective, the current national average for a 12 month CD and a 60 month CD sit at 1.76% and 1.41% APY, respectively, according to FDIC data.

Step Up CD Rates

A Step Up CD offered through the State Farm portal comes with a 28 month term and 4 interest rate increases during this period. Each coming at 7 month intervals. APYs associated with each rate bump are shown below. The minimum deposit requirement is $1,000.

IntervalAPY
First 7 months0.05%
Second 7 months0.25%
Third 7 months0.45%
Final 7 months0.65%
APY = Annual Percentage Yield

The total blended APY for the 28 month duration is 0.35%. To put this in perspective, the national average for a 24 month CD is 1.50% APY.

Trade Up CD Rates

Trade Up CDs offered through the State Farm portal come with two terms to choose from – 30 months and 60 months. During the life of this CD, consumers can lock in a higher rate one time. The minimum deposit requirement for this account is $1,000.

TermAPY
30 months0.10%
60 months0.40%
APY = Annual Percentage Yield

To activate your one-time rate increase, you’ll need to call 800.890.2233 before the maturity date.

The rate that you’ll switch to is based on the going APY for the closest standard term CD that is equal or less than the remaining time on your original CD.

So for example, if you choose the 30 month CD and would like a rate increase 15 months through the term, you would then get the going APY for a standard 12 month CD.

Crediting Interest

Interest payments on all CDs offered through the State Farm and US Bank alliance come either annually or upon the CD’s maturity, whichever comes first.

Grace Period and Early Withdrawal Fees

US Bank allows for a 10 calendar day grace period upon your CD’s maturity in which you may change terms, withdraw/add funds or close the CD account without incurring a penalty fee.

If you need your funds prior to your CD’s maturity, you will incur an early withdrawal fee. All early withdrawals come with an automatic flat fee of $25 plus the following:

For CDs with terms of 6 months or less the penalty is the greater sum of A or B.

  • A = All interest that would have been earned on your funds if held to maturity.
  • B = 1% of the amount withdrawn.

For CDs with terms of >6 – 12 months, the penalty is the greater sum of A or B.

  • A = 1/2 interest that would have been earned on your funds if held to maturity.
  • B = 1% of the amount withdrawn.

For CDs with terms longer than 1 year, the penalty is the greater sum of A or B.

  • A = 1/2 interest that would have been earned on your funds if held to maturity.
  • B = 3% of the amount withdrawn.

Filed Under: CD Rates

HomeStreet Bank CD Rates – Now up to 4.65% APY!

Written by: editorial staff
Fact Checked : Dan Nelson
Updated August 28, 2023

image credit: homestreet.com

HomeStreet Bank is a regional bank headquartered in Seattle, Washington serving residents in just 5 states. These are: Washington, Idaho, Oregon, California and Hawaii.

If you’re in the market for a CD (certificate of deposit) you have several options to choose from with HomeStreet, but only a small handful come with competitive yields.

Their CD suite consists of Custom CDs, IRA CDs, Jumbo CDs ($90k minimum required) and Featured CDs. They also have a “Home Purchase CD” and a “Set Your Own Goal CD” but they come with negligible yields per the time of this writing. The featured CDs are HomeStreet’s only competitive offers and they’re still ~1% less than what you can find with the top online banks.

To see if HomeStreet’s CD rates are right for you, continue reading below.

HomeStreet Bank CD Rates + Account Details

There are two variables that may affect the APY (annual percentage yield) that you receive on your CD with HomeStreet Bank. These are 1. Location, and 2. Deposit amount.

Before displaying the rates of their CDs, HomeStreet Bank requires you to select your region (you can do that here).

They have regions broken up into four groups – 1. California, 2. Eastern Washington, 3. Hawaii, and 4. Western Washington/Oregon. We should note that we’ve downloaded rate cards from each region and found the interest rates and APYs to be the same throughout.

📌 Please Note: HomeStreet Bank is member FDIC and all deposit accounts are federally insured up to $250,000 per depositor, however, HomeStreet also imposes a maximum deposit allowance of $240,000 on all CD accounts.

Featured CD Rates

HomeStreet Bank’s Featured CDs require a minimum deposit of $500 and come with the most competitive interest rates. Interest rates are tiered based on deposit size but all tiers provide the same yields currently.

CD TermAPY
4 months3.50%
7 months4.65%
11 months4.65%
18 months3.50%
APY = Annual Percentage Yield

To put these yields into perspective, the current national average for a 12 month and 24 month CD sit at just 1.76% and 1.50%, respectively, according to FDIC data, however top yields from online banks are hovering around 5.50% APY for both terms.

Custom and IRA CD Rates

As with their Featured CDs, HomeStreet’s custom CDs and IRA CD’s both require a $500 minimum deposit and come with tiered rates based on deposit size, however, all tiers currently pay the same yield.

CD TermAPY
31 days0.10%
3 months0.15%
6 months0.20%
9 months0.20%
1 year0.20%
18 months0.20%
2 years0.20%
3 years0.20%
5 years0.20%
APY = Annual Percentage Yield

HomeStreet Bank’s custom CD rates and IRA CD rates have yet to rise since the Fed began lifting rates in earnest last year.

Jumbo Certificate Rates

HomeStreet Bank’s Jumbo CDs come with a minimum deposit requirement of $90,000.

Jumbo CD TermAPY
30 days0.15%
60 days0.15%
90 days0.15%
120 days0.15%
180 days0.30%
270 days0.30%
365 days0.30%
APY = Annual Percentage Yield

HomeStreet Bank only offers Jumbo CDs with short terms and low rates at this time.

How Do HomeStreet’s CD Rates Compare

To get a better idea of how HomeStreet Bank’s CD rates stack up against some of their competitors, take a look at the table below. It compares HomeStreet’s best CD rate with some of the best CD rates offered by other well known banks.

BankBest CD Rate (APY)
HomeStreet4.65%
Bank of the West5.10%
Banner Bank4.34%
Umpqua Bank4.50%
Washington Federal5.00%
CD rates surveyed August 28, 2023.

How Much Can you Earn with a HomeStreet Bank CD?

How much you earn with a HomeStreet Bank CD is going to depend on your deposit size, the CD’s term and its APY (annual percentage yield). Take a look at the table below to see how much you’d make with each of HomeStreet Bank’s Featured CDs assuming a deposit size of $50,000.

CD TermAPYEarnings
4 months3.50%$576.66
7 months4.65%$1,343.39
11 months4.65%$2,127.19
18 months3.50%$2,647.84
Earnings = Sum of all interest payments made through maturity.

Compounding and Crediting Interest

Interest is both compounded monthly and credited back to the CD account monthly. You may elect to have interest payments disbursed to another account by contacting HomeStreet Bank.

Grace Period and Early Withdrawal Fees

All HomeStreet Bank CDs automatically renew into new CDs with the same term and going APY (annual percentage yield) at that time if nothing is done during the grace period. HomeStreet provides a standard 10 day grace period in which you modify your CD in any way or close it out entirely without incurring a penalty.

If you need funds from your CD prior to its maturity date, HomeStreet Bank may impose a simple interest penalty fee on the amount withdrawn based on the current interest rate paid on the account.

How to Open and Fund the CD

You can open and fund a HomeStreet Bank CD either online or by visiting a local branch. Doing it online is the fastest way and can be done in 4 steps.

To get started, go here and click “Open a CD Account Online.” This will take you to the new application form. From here you’ll select whether or not you have an existing HomeStreet bank account and whether or not the CD you’re applying for will be a joint ownership CD or individual. Continuing from there, you’ll want to be prepared with the following personal information to expedite the process.

Personal Information:

  • Home Address
  • Social Security Number
  • Driver’s License or State ID (must be: Washington, Oregon, California, Idaho or Hawaii)

When you get to Step 3, you’ll be funding the CD. For this step you’ll need:

  • Current bank or credit union routing number.
  • Current bank account number where funds will be withdrawn from.

Filed Under: CD Rates Tagged With: HomeStreet Bank

Needham Bank CD Rates – Now up to 5.40% APY!

Written by: editorial staff
Published August 25, 2023

Needham Bank is a small regional Bank based out of Massachusetts with 12 branches in the greater Boston and MetroWest area. They are a community-focused bank and have been since their inception in 1892 working out of the Needham Public Library.

That said, as of 2023 they now offer a suite of CDs (certificates of deposit) available to consumers throughout the country which can all be opened and managed online.

They have 4 promotional CDs with competitive yields and 7 standard term CDs with less attractive yields.

To see if Needham Bank and their CDs are right for you, continue reading our review below.

Needham Bank CD Rates + Account Details

image credit: needhambank.com

Needham Bank is member FDIC and all deposits are federally insured up to $250,000 per depositor.

Neeham offers both standard CDs and IRA CDs. Standard CDs come with a minimum deposit requirement of $1,000 and IRA CDs come with a minimum deposit requirement of just $250.

Both IRA CDs and Needham’s standard CD currently come with the same rates and terms. Terms range from 6 months to 5 years.

CD Rates

CD TermAPY
3 month Special4.50%
6 months1.00%
7 month Special5.15%
9 month Special5.25%
11 month Special5.40%
12 months3.00%
18 months1.75%
24 months2.00%
36 months2.10%
48 months2.20%
50 months2.25%
APY = Annual Percentage Yield

To give these yields some context, the current national average for a 12 month CD and a 60 month CD sit at just 1.76% and 1.41% APY, respectively, according to FDIC data.

That said, some of the top yields offered by online banks and nationally available credit unions are now inching over 5.50% and 4.50% APY on the same respective terms.

How Do Needham’s CD Rates Compare?

To get a better idea of how Needham Bank’s CD rates stack up against the competition, take a look at the table below. It compares Needham Bank’s most competitive CD rate with other competitive CD rates offered by various FDIC-insured institutions around the country.

BankBest CD Rate (APY)
Cambridge Savings Bank4.50%
Huntington Bank5.39%
Key Bank5.00%
TD Bank5.50%
Needham Bank5.40%
CD rates surveyed August 25, 2023.

How Much Can You Earn with an Needham Bank CD?

How much money you can earn with a CD from Needham Bank is going to depend on the CD term you choose, the going APY (annual percentage yield) and your deposit size. Below is a table showing an example of how much money you’d earn with some of Needham Bank’s CDs assuming a one-time deposit of $10,000.

CD TermAPYEarnings
3 months4.50%$110.65
7 months5.15%$297.27
11 months5.40%$493.91
50 months2.25%$971.44
Earnings = Total amount of interest payments through maturity.

Grace Period and Early Withdrawal Fees

Upon the maturity of your CD, Needham Bank provides you with a 10 calendar-day grace period in which you may modify your CD (either by deposit size or term) or close it out entirely. If nothing is done during this period, your CD will automatically renew with the same term and the going APY at that time.

If you need access to your funds prior to maturity, an early withdrawal penalty will be applied. They don’t outline the penalty on their website nor do they offer a “Truth in Savings” disclosure form.

Opening and Managing Your CD

All of Needham Bank’s CDs can be opened online and managed either online through their website or their consumer banking app for IOS and Android.

📌 Please note: Be sure to download the personal banking app and not their business banking app.

To open the CD, you’ll need the following:

  • phone number
  • email address
  • physical address
  • social security number
  • drivers license (you will scan this in the application process)

To fund the CD, you’ll need the following:

  • Current bank or credit union routing number
  • Account number where the funds will be withdrawn from

Other Deposit Accounts Offered by Needham Bank

Needham Bank offers other deposit accounts besides fixed rate CDs. They also offer:

  • a personal checking account
  • a “Statement” savings account
  • money market accounts (both standard and for IRAs)

The personal checking account can be opened with just $10 and comes with complimentary checks. It also comes with zero fees, has cash back rewards and provides a variable interest rate of just 0.05% APY.

The Statement Savings account can also be opened with just $10 and provides the same APY of 0.05%.

The money market accounts have no minimum deposit requirements but interest rates are tiered based on your balance amount. See the table below for tiers and rates.

BalanceAPY
$0 – $24,999.990.10%
$25k – $49,999.990.15%
$50k – $99,999.990.25%
$100k +0.30%
APY = Annual Percentage Yield

To put the yields above into perspective, the current national average for a money market account sits at just 0.44% APY, however, the best yields from online banks are topping 4.00% APY.

All of the deposit accounts offered by Needham Bank (other than their CDs) come with variable rates that may change at any time.

Needham Bank’s CDs, checking account, savings account and money market accounts can all be opened online by consumers in all 50 states or in a branch for local customers (locate branches here).

Filed Under: CD Rates

TD Bank CD Rates – Now up to 5.50% APY!

Written by: editorial staff
Fact Checked : Dan Nelson
Updated August 25, 2023

TD Bank is the 8th largest bank in the country by assets despite mostly operating on the east coast. They have over 1,100 locations in 15 U.S. states plus Washington D.C. and are headquartered in Cherry Hill, New Jersey.

For savers interested in fixed-rate CDs (certificates of deposit), TD Bank offers some competitive yields, however, to earn their best APYs (annual percentage yields) you’ll also need to also have a qualifying checking account with them.

TD Bank has 3 different types to choose from. They are:

  1. TD Choice Promotional CDs
  2. TD No-Catch CDs
  3. TD Step Rate CDs

All of TD Bank deposits are federally insured by the FDIC up to $250,000 per depositor. We will breakdown the APYs, terms, conditions and details of all of TD Bank’s CDs in our review below.

TD Choice Promotional CDs

image credit: td.com

Like all of TD Bank CDs, the TD Choice Promotional CDs feature a tiered interest rate and APY (annual percentage yield) based on your deposit amount, however, as of the time of this writing, all tiers pay the same rate. Earlier this year TD Bank was providing slightly higher yields for higher deposit sizes.

To get the best APY (their “Bump Rate”) you’ll need to also have a TD Bank checking account.

CD terms range from 3 months to 5 years and come with a minimum deposit requirement of $250.

Promotional CD Rates

CD TermStandard APYBump Rate APY
3 months0.05%0.05%
6 months0.05%0.05%
9 months1.00%5.00%
12 months1.00%5.50%
18 months0.05%0.05%
24 months1.00%4.50%
To earn the Bump Rate APY you must have a TD bank checking account.

TD Bank’s CD rates were surveyed on August 25, 2023.

To give these offers above some context, the current national average for a 12 month CD sits at 1.76% APY and the average yield on a 2 year CD sits at 1.50% APY according to FDIC data. However, top yields from online banks and credit unions with nationwide acceptance are now hovering around the 5.50% APY mark for both terms.

How do TD Bank’s CD Rates Compare?

To get a better idea of how TD Bank’s CD rates stack up against some of their competitors, take a look at the table below. It compares TD Bank’s best CD rate with some of the best CD rates offered by other well known banks.

BankBest CD Rate (APY)
TD Bank5.50%
BMO Bank5.10%
Huntington Bank5.39%
Santander Bank5.50%
Wells Fargo5.16%
CD rates surveyed August 25, 2023.

How Much Can you Earn with a TD Bank CD?

How much you earn with a TD Bank CD is going to depend on your deposit size, the CD’s term, its APY (annual percentage yield) and whether or not you have an existing checking account with them. Take a look at the table below to see how much you’d make with each of TD Bank’s Choice Promotional CDs assuming a deposit size of $25,000 and a qualifying checking account.

CD TermAPYEarnings
9 months5.00%$931.76
12 months5.50%$1,375.00
Earnings = Sum of all interest payments made through maturity.

If you do decide to open one of these, remember your money will be locked up for the duration of the deposit’s term. If you need access to your funds prior to maturity, an early withdrawal penalty will apply. If you foresee a chance that you will need these funds prior to maturity, you may want to open a No-Catch CD which allows for one penalty-free withdrawal per term.

Early Withdrawal Penalties

Withdrawing funds from your TD Choice Promotional CD prior to maturity will cost you some or all of your interest earned. Below is a breakdown of TD Bank’s early withdrawal penalties.

  • For CDs with terms of 7 to 89 days, TD Bank will deduct all accrued interest.
  • For CDs with terms of 90 days to one year, TD will deduct three months’ interest.
  • For CDs with terms between 1 and 2 years, TD will deduct six months’ interest.
  • For CDs with terms between 2 and 3 years, TD will deduct nine months’ interest.
  • For CDs with terms between 3 and 4 years, TD will deduct twelve months’ interest.
  • For CDs with terms between 4 and 5 years, TD will deduct eighteen months’ interest.

Compounding Interest

TD Bank does not state the compounding schedule on their website, however according to their CD rate calculator interest appears to be compounded monthly. Many banks, both online and brick and mortar, compound interest daily resulting in a higher annual percentage yield.

Grace Period

As with most banks and credit unions, TD Bank has a 10 calendar day grace period in which you can withdraw or add money to your CD penalty free. TD Bank will send you a notification prior to your deposit’s maturity, but you may want to have your own reminders set as well. If nothing is done during this grace period, your funds will roll into another CD of the same term and current APY.

TD Bank No-Catch CDs

TD Bank’s No Catch CDs currently come with only two deposit terms to choose from: 6 months and 12 months. Although these products have featured tiered APYs in the past based on deposit amount, they all feature the same lackluster yield currently.

The major difference with these accounts is that they allow for one penalty-free withdrawal per term.

No-Catch CD Rates

CD TermAPY
6 month0.05%
12 month0.05%
APY = Annual Percentage Yield

The minimum deposit requirement is $250.

Interest is compounded presumably monthly on these CDs as well and the same grace period applies. All of these CDs will automatically renew if nothing is done during the grace period.

TD Step Rate CDs

TD Bank’s Step Rate CDs function exactly as their name implies in that your interest rate takes a ‘step up’ on your anniversary each year. You have just two terms to choose from with these products: a 3 year term or a 5 year term.

As an added bonus, the Step Rate CD also comes with a similar feature as the “No-Catch CD.” Upon each yearly anniversary of your CD, you will be given a 10 calendar day window in which you can add or withdraw funds penalty-free. You may withdraw any amount at this time whether it be all of your funds or just a partial amount.

3 Year Step Rates

YearAPY
Composite APY0.10%
Year 10.05%
Year 20.10%
Year 30.15%
APY = Annual Percentage Yield

The composite APY is simply the blended APY you will have received at the maturity of your deposit term.

5 Year Step Rates

CD TermAPY
Composite APY0.15%
Year 10.05%
Year 20.10%
Year 30.15%
Year 40.20%
Year 50.25%
APY = Annual Percentage Yield

While the 5 year TD Step Rate CD features the highest yield of any TD Bank CD, it still lags the national average and considerably higher 5 year CD rates can be found with other banks and credit unions.

How to Open and Fund a TD Bank CD

Opening a new TD Bank CD is fairly straightforward and can be completed online in 5-10 minutes. You can also visit a branch or speak to a representative at 1-888-751-9000 to open a CD.

If proceeding with a TD Bank CD online, start here and select the CD you’d like to purchase.

In the very beginning of the application process you’ll be able to select a checking account to open along with the CD to earn the higher yield.

If you already have a checking account, you can log in to your online banking and fund your CD by transferring money from your TD checking account.

If you’re a new TD Bank customer, please be prepared with the following information to complete the CD application:

Personal Information:

  • Full Name
  • Verifiable Email
  • Home Address
  • Phone Number
  • Social Security Number
  • Driver’s License, State or Gov Issued ID
  • Employment Status

When funding your CD, you’ll need the following information:

  • Current bank or credit union routing number.
  • Current bank account number where funds will be withdrawn from.

TD Bank CD FAQs

Still have questions about TD Bank’s CD rates? Take a look at what other consumers are asking around the web along with our responses below.

Are TD Bank CDs FDIC Insured?

Yes. TD Bank is member FDIC (certificate #33947) and all consumer deposits held at the institution are federally insured up to $250,000 per depositor.

What is the Minimum Deposit Required to Open a CD with TD Bank?

TD Bank’s minimum deposit requirement for CDs is $250. This applies to all of their CD accounts.

Does TD Bank Offer a Money Market Account?

No. At this time TD Bank does not offer personal money market accounts.

Does TD Bank Have a Savings Account?

Yes. TD Bank offers two types of variable-rate, personal savings accounts. These are:

  • TD Simple Savings and
  • TD Signature Savings.

TD Simple Savings provides a yield of just 0.02% APY on all balances and you must meet one of their monthly requirements to avoid a $5.00 monthly service fee.

TD Signature Savings provides a yield of anywhere between 0.01% and 4.00% APY depending on your average daily balance in the account and whether or not you also have a TD checking account. Sums of $100,000 or more are eligible to receive the 4.00% APY. You’ll also need to meet their monthly requirements to avoid a $15 monthly service fee.

What is TD Bank’s Routing Number?

TD Bank’s routing varies by region. See the table below to find the appropriate routing number for your location.

LocationTD Bank Routing Number
Connecticut011103093
Florida067014822
Maine211274450
Massachusetts / Rhode Island211370545
D.C. / Maryland / Virginia054001725
New Hampshire011400071
New Jersey / Delaware031201360
NYC Metro026013673
Upstate New York021302567
North and South Carolina053902197
Pennsylvania036001808
Vermont011600033

Filed Under: CD Rates Tagged With: TD Bank

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