TD Bank announced on Monday that it will offer new savings products including an entry-level savings product, money market and high yield savings choices to help consumers maximize their savings.
“We asked our customers what they wanted in savings choices, and they told us – the ability to start saving without a large initial investment, tools to grow current savings, and options to minimize costs,” Lindsay Sacknoff, the senior vice president of retail products for TD Bank, said. “With TD’s new savings options we’re offering more choices to meet the diverse needs of consumers.”
TD Simple Savings is the most basic of the new offerings, allowing customers to increase their savings with no associated monthly maintenance fees for the first year if linked to an eligible checking account and if a monthly transfer of $25 or more from a checking account is set up.
The Growth Money Market product allows consumers to grow savings through tiered interest rates. Customers who link an eligible checking account and make a recurring transfer of $50 or more to their savings can qualify for a rate increase.
TD Relationship Savings offers tiered interest rates with higher rates for customers who link an eligible mortgage, home equity, credit card or active checking account to their savings account. The account must have one deposit, payment, transfer or withdrawal during the previous month to qualify.