TD Bank CD rates change weekly, and the rate you get depends on how long you lock your money away

TD Bank publishes its CD rates on its website, but the specific rate you see depends on three things: the CD term (how long you agree to keep the money in), the amount you deposit, and the current week. Rates shift constantly because they follow the Federal Reserve's benchmark rate and what other banks are offering.

To find TD Bank's current rates, go to tdbank.com and look for the rates page, or call a local branch. You will need to ask about the specific term you want — 3-month, 6-month, 1-year, 2-year, 3-year, or 5-year CDs are common options. The bank may also offer longer terms. Rates are usually higher for longer terms, meaning a 5-year CD will pay more than a 3-month CD.

Key Takeaways

  • TD Bank's CD rates vary by term length and change weekly, so you must check the bank's website or call a branch to see the current rate for the term you want.
  • Longer CD terms (like 5 years) typically offer higher rates than shorter ones (like 3 months), but your money is locked in for that full period.
  • If you withdraw money before the CD matures, TD Bank charges an early withdrawal penalty that reduces your earnings or principal.
  • Online banks and credit unions often offer higher CD rates than TD Bank, so comparing before you commit is worth the time.

How TD Bank's CD terms and penalties work

When you open a CD at TD Bank, you choose a maturity date — the day your CD term ends and you can withdraw your money without penalty. Until that date, your money earns interest at the rate you locked in on day one. That rate does not change, even if TD Bank raises or lowers its rates later.

If you need the money before the maturity date, TD Bank charges an early withdrawal penalty. The penalty amount depends on the CD term — shorter CDs have smaller penalties, longer CDs have larger ones. For example, a 3-month CD might have a 1-month interest penalty, while a 5-year CD might have a 6-month or 12-month interest penalty. The bank subtracts the penalty from your interest earnings first; if the penalty is larger than what you have earned, it comes out of your principal.

You can find the exact penalty for each term on TD Bank's website or by asking a banker. Knowing the penalty before you open the CD helps you decide whether the rate is worth the risk of being locked in.

Minimum deposits and account requirements at TD Bank

TD Bank typically requires a minimum deposit to open a CD, though the amount varies by term and may change. Shorter-term CDs often have lower minimums than longer ones. You will need to check the current requirement when you are ready to open an account, because minimums are not always published on the main rates page.

Some TD Bank CDs may require you to have a checking or savings account with the bank, while others do not. If you are a new customer, ask whether opening a CD requires you to open a checking account at the same time. This can affect your total cost if you do not want a checking account.

How TD Bank CDs compare to other banks

TD Bank is a large national bank with physical branches in many states, which is convenient if you want to open an account in person. However, large banks typically offer lower CD rates than online banks or credit unions, because they have higher overhead costs.

If you are shopping for the best rate, compare TD Bank's current offer to rates at online banks like Marcus, Ally, or American Express Personal Savings, and to credit unions in your area. Online banks often pay 0.5% to 1% more on CDs than traditional banks. A credit union may also offer competitive rates if you are a member. The difference adds up: on a $10,000 CD, a 0.5% higher rate earns you $50 more per year.

The trade-off is convenience. TD Bank lets you walk into a branch and speak to someone; online banks require you to manage everything by phone or computer. If you value in-person service, the lower rate may be worth it to you.

When to lock in a CD rate at TD Bank

CD rates move with the Federal Reserve's decisions. When the Fed raises its benchmark rate, banks raise CD rates a few weeks later. When the Fed cuts rates, CD rates fall. If you think rates are about to drop, locking in a CD now protects you. If you think rates will rise, waiting may get you a better rate later.

No one can predict the Fed's moves with certainty. A practical approach is to open a CD when the rate meets your savings goal, rather than waiting for a perfect moment. If TD Bank's current 1-year rate is 4.5% and you are comfortable with that, opening the CD now gives you that may provide return. Waiting for 5% might mean missing out if rates fall instead.

You can also use a CD ladder — opening multiple CDs with different maturity dates — so that some of your money matures each year. This lets you reinvest at new rates without waiting for all your money to be locked up at once.

How to open a CD at TD Bank

You can open a TD Bank CD in person at a branch, by phone, or online through the bank's website. If you open in person, bring a government-issued ID and the amount you want to deposit (by check, transfer, or cash). The banker will show you the current rates for each term and help you choose.

If you open online or by phone, you will need to provide your Social Security number, address, and date of birth for verification. You will also need to fund the CD by transferring money from another bank account or by mailing a check. Online and phone applications usually take a few minutes, but the CD may not be active until the transfer clears, which can take 1 to 3 business days.

Once your CD is open, you will receive a statement showing the rate, maturity date, and penalty terms. Mark the maturity date on your calendar so you know when you can withdraw without penalty.

Frequently Asked Questions

Can I move my money from a TD Bank CD to another bank before it matures?

Yes, but you will pay TD Bank's early withdrawal penalty. The penalty is subtracted from your interest or principal. If you want to move the money to a higher-rate CD elsewhere, calculate whether the new rate will earn back the penalty before you switch. Sometimes it is worth it; sometimes it is not.

What happens to my CD when it matures?

When your CD reaches its maturity date, TD Bank will notify you. You can withdraw the money without penalty, open a new CD at the current rate, or move it to a savings account. If you do nothing, some CDs automatically renew for another term at the new current rate. Check your CD agreement to see if auto-renewal applies to yours.

Does TD Bank offer CDs with rates that go up if the Fed raises rates?

Most traditional CDs at TD Bank lock in a fixed rate for the full term. Some banks offer "bump-up" or "raise-your-rate" CDs that let you move to a higher rate once during the term if rates rise, but you will need to ask TD Bank whether it offers this product and what the terms are.

Is my money safe in a TD Bank CD?

Yes. TD Bank is FDIC-insured, which means the federal government guarantees your deposit up to $250,000 per account type at that bank. Your CD principal and interest are both covered by this insurance.

How often do TD Bank's CD rates change?

TD Bank updates its rates weekly, usually on the same day each week. The exact day varies, so check the website or call your branch to confirm when new rates post. Once you open a CD, your rate is locked in and does not change, even if the bank's published rates move.