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TD Bank Simple / Student Savings Account Rate and Review

TD Bank Simple account review 2018: fees, APR/APY interest rates, yield, pros and cons. TD Student savings maintenance fee, minimum daily balance.

TD Simple Savings Overview

TD Simple Savings is a great option if the customer is young, doesn’t have a steady income, and just wants to keep their money in one place.

TD Bank has one of the simplest, albeit stagnant, savings accounts out there. Known as “TD Simple Savings” or “TD Student Savings” if registered with a student ID, this savings account is marketed to young people looking to kick-start the monetarily independent part of their lives. The bank’s website even features a video about the value of starting to save up from an early age. The rates and fees associated with this account are fairly typical, yet many of the specific advantages of this account are particularly beneficial to new bankers.

TD Simple Savings Rates

TD Simple Savings APY is 0.05%. This is on the lower end according to, where most APY savings rates range from 0.75% (Capital One) all the way up to 1.15% (Barclays Bank). If you’re really trying to save up for something big, this interest rate won’t help you much.

TD Simple Savings Fees

TD Simple Savings Maintenance fee: $5/month, $4 with online banking. TD offers many incentives for online banking and paperless statements, recommending free online and mobile banking and even charging $1 for paper statements on checking accounts. This sets them apart from other banks. To explain this emphasis, they claim convenience, organization, and “no paper cuts.” TD also waives the monthly maintenance fee if the customer is 18 and younger or 62 and older, as long as a student/simple checking account is linked or if it is open as an IRA. If this doesn’t apply, the fee can still be waived for the first 12 months if a checking account is linked with a recurring monthly deposit of $25.

TD Simple Savings Minimum daily balance: $300, which is fairly typical of these kinds of accounts. In other words, if there is at least $300 in your account everyday, the customer won’t be charged the monthly maintenance fee. TD also doesn’t have a minimum deposit requirement to open the account, unless it is open as an IRA (in which case it will need the $300 daily balance).

TD Simple Savings Pros

This account is perfect for anyone new to banking. It offers convenience and benefits with little to no fees or drawbacks. The maintenance fee waiver options are great for those who may not have the funds available to keep up with the minimum daily balance, such as teens and students. The paperless statements and online/mobile banking options are also a great option for this market, as younger generations tend to gravitate toward the tech lifestyle anyway.

Beyond the benefits of the rates, TD also offers overdraft link protection with this account, which means that the account holder has the option to link their simple savings account to another TD account in order to cover any instance of insufficient funds. Along with that, the customer also gets free automatic transfers between accounts in order to further protect the account holder from overdraft.

Their customer service is impeccable with free 24/7 live customer service over the phone. A real person, ready to help, is always on the line. It’s also very easy to apply online, over the phone, or in person. They have a quick turnaround rate at TD locations for new customers. Customers can have their new account and a shiny new ATM card ready to go in about 10 minutes.

TD Simple Savings Cons

The account accrues little to no interest over time. It is not a great option if you’re looking to supplement your savings. Granted, this also depends on how much money is in the account at any given time. However, if you’re a full-time student with no income, you probably won’t see your savings accumulate any meaningful amount.

Other cons include a fairly steep ATM fee of $3.00 for out of branch machines, and some questionable policies about their overdraft protection. Their Debit Card Advance program is not available for their Simple Savings account, which is misleading because that implies that they do not offer overdraft protection for Simple Savings accounts. However, this is available as long as the customer specifically asks for “overdraft link protection” and has another TD account open with sufficient funds. They do not automatically set up any sort of overdraft protection, which this writer found out the hard way when she was charged $140 in overdraft fees for 4 charges of less than $10 in total. However, to attest to the value of their remarkable customer service, TD did refund me half of those charges as a courtesy.

TD Simple Savings Bottom Line

TD Simple Savings is a great account for anyone who wants an introduction to banking. It offers the basics, it’s very easy to manage, and they have convenient and helpful customer service. As long as the account has overdraft link protection, it’ll be one of the least stressful bank accounts you’ll ever have.

However, it’s not great for actual long-term saving. The balance doesn’t gain much interest unless the customer has a decent income (unlike their target market of young people). The money will just sit there, which is still more convenient than physically carrying it around.

TD actually touts “convenience” as their primary appeal - and that it is. The bank and the accounts they offer are very convenient; nothing more, nothing less. Their locations and hours are great, their rates and services are fairly typical, but their accounts do not offer much appeal when compared to other savings offers and APYs. While the bank itself lives up to its slogan, “America’s most convenient bank,” it may not be the best choice for a high yield savings account.

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