Types of TD Bank deposits
At TD Bank, you can choose from the three types of certificates of deposit (CDs).
- TD Choice Promotional CDs. Its feature is tiered interest rates — the higher your balance, the greater the return. Clients with an eligible TD Checking account can count on a relationship bump rate. The terms range from 3 months to 5 years. To open a CD of this type, you need to deposit at least $250. There is no monthly fee to pay.
- TD No-Catch CDs. The feature is a guaranteed APY of 0.05% for your CD term. You can choose between a 6-month or 12-month term, during which you can make one withdrawal, penalty-free. Opening a TD No-Catch CD requires depositing at least $250.
- TD Step Rate CDs. Its feature is a guaranteed return with the APY increasing each year. For the first year, your APY will be 0.05%, for the second year — 0.10%, and for the third year — 0.15%. You can choose a 3-year or a 5-year term. Deposit as low as $250 to get started and enjoy no monthly maintenance fees. Once a year, you can withdraw the funds penalty-free.
These products are cross-border solutions (US).
Requirements
Opening a TD certificate of deposit requires a minimum deposit of $250.
Pros and cons
Here are the advantages of TD certificates of deposit:
- An option to automatically renew your CD
- An affordable minimum deposit of $25
- A variety of ways to make a deposit
- Insurance coverage by FDIC of up to $250,000 per depositor
The disadvantages include:
- Relatively low APYs compared to offers from other financial institutions
- Terms and conditions apply to insurance coverage of deposits of over $250,000
How to make a deposit?
If you are not sure, which certificate of deposit to choose, use the account selector tool on the Toronto-Dominion website.
Once you make up your mind, you can open a CD of your choice online, through the mobile app, by phone, or by visiting your local TD branch.
There are several ways to deposit funds to your CD. You can make a cash deposit at a branch or through an ATM or transfer funds from your other account to a CD.
Besides, Toronto-Dominion Bank has a mobile deposit feature in place. With the TD Bank app, you can securely deposit checks right from your smartphone by taking a picture of it.