Updated: Mar 20, 2024

TD Business Savings Account 2024 Review

Our review of the TD Business Savings Account looks at interest rates, notable fees, transaction limits, and account accessibility.
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Finding a good business savings account can be frustrating due to an overwhelming number of options. Each business has unique needs which means there isn’t likely a one-size-fits-all answer.

We’ve reviewed the TD Business Savings account below to help you determine if this account fits your business’s needs. Here’s what you should know.

Our Verdict

The TD Business Savings account doesn’t pay a high enough interest rate to make this your first TD Bank account. 

However, customers that already have other accounts at TD Bank and want a simplified banking system may want to consider a TD Business Savings or TD Small Business Premium Money Market account.

TD Business Savings Account Pros & Cons

  • No limits on monthly deposit items
  • Relatively easy to avoid money fee
  • Convenient branch hours on weekends and some holidays
  • FDIC-insured up to the applicable limits
  • Low interest rates

Compare Best Business Bank Accounts Available Now

Find the best business accounts to manage your business funds better and improve your bottom line:

Compared to Other Business Savings Accounts

TD Small Business Premium Money Market

The TD Small Business Premium Money Market account has a tiered interest rate structure that could offer a better rate than the TD Business Savings account. At the higher tiers, the interest rate could be considered reasonable compared to other options. Still, online-based business savings accounts may offer higher interest rates.

Capital One Business Savings Account

The Capital One Business Savings Account charges a $3 monthly maintenance fee that can be waived by maintaining a $300 minimum balance. It does not limit the number of monthly deposits or cash deposits, but offers a lackluster promotional interest rate for the first year and an even lower ongoing rate after that.

Read our full review of the Capital One Business Savings Account.

Live Oak Bank Business Savings Account

The Live Oak Bank Business Savings account has no monthly maintenance fee and offers a very competitive interest rate on all balance tiers. As an online bank, it does not accept cash deposits or provide branch access, which could be drawbacks for some businesses.

Read our full review of the Live Oak Bank Business Savings Account.

Citizens Bank Business Savings Account

The Citizens Bank Business Savings account charges a $4.99 monthly maintenance fee after the first 4 months, though this can be waived with a $500 minimum daily balance. It offers unlimited monthly deposits and cash deposits, but pays a very low interest rate that is uncompetitive compared to top online savings accounts.

Read our full review of the Citizens Bank Business Savings Account.

Monthly Maintenance Fee

The TD Business Savings account charges a $5 monthly maintenance fee each month. This fee can be waived if you maintain a $500 minimum daily balance.

Monthly Deposits Limits

TD Bank does not have a monthly deposit limit or deposit fees based on the number of transactions.

Monthly Cash Deposits Limits

Each month, you can deposit up to $5,000 of cash for free. After that, you must pay a $0.25 fee for each additional $100 of cash you deposit in the account.

Interest Rates

The TD Business Savings account pays a higher interest rate than many national banks, but it’s still extremely close to zero percent. If you’re focused on earning interest on your money, the top online business savings accounts likely provide a much better option.

Other Account Fees

Business bank accounts often come with a long list of fees. Some of these fees have high costs, as well. Here are the particular fees you’ll need to watch out for with the TD Business Savings account.

Other Service Fees - TD Business Savings Account

Type Fee
Excess withdrawal fee $9.00 for each item after 6 each month
Out-of-network ATM fee $3.00 each
Incoming wire transfer $15.00 each
Domestic outgoing wire transfers $30.00 each
International outgoing wire transfers $50.00 each plus exchange rate, taxes, and correspondent fees

Account Access and Management

The TD Business Savings account is a very straightforward account. It is FDIC-insured which protects your money up to insurance limits if the bank fails.

If you have a TD Bank Small Business Checking account, you can link your TD Business Savings account as an overdraft protection account to avoid overdrafts in your checking account.

How to Open

TD Bank allows you to open a TD Business Savings account online as long as you have four or fewer signers on the account. You can also open an account at your local branch.

Online applications support the following business types:

  • Sole proprietorship
  • Limited liability company
  • Partnership
  • Limited partnership
  • Limited liability partnership
  • Corporation
  • Non-profit with a filed 501(c)(3)

When applying for an account online, TD Bank says you should expect to provide the following information:

  • Your name
  • Social Security number
  • Valid U.S. photo identification
  • Fictitious name certificate (if applicable)
  • Partnership banking agreement (for partnership businesses)
  • Meeting minutes or bylaws (for non-profits with a filed 501(c)(3))

How to Choose the Right Business Savings Account

With so many savings accounts to choose from, it’s hard to know you’re picking the right savings account for your business.

Each business is unique and has its own set of priorities and needs. Listing these priorities and needs is a great starting place before you go searching for a business savings account.

Once you have your list, you can compare it to your savings accounts options to eliminate accounts that don’t fit. The remaining options can then be compared to find the best solution.

Interest rate

When shopping for a savings account, the interest rate may be one of your top priorities. This determines how much money you earn on the funds you have set aside.

Look out for introductory interest rates that adjust to a lower rate in the future. Banks may use these to lure in new customers that don’t realize the higher rate won’t last forever.

FDIC or NCUA insurance coverage

Another priority for most businesses is finding a business savings account that offers FDIC or NCUA insurance. This should not be difficult as most institutions are part of one of these organizations.

This insurance protects the funds in your account up to the limits of the insurance. The insurance generally treats business and personal funds separately unless your business is a sole proprietorship.

Companies that plan to save more money than current insurance limits need to carefully examine a bank’s stability before depositing funds.

Monthly maintenance fees

You shouldn’t pay a monthly fee to save money. Look for an account that doesn’t charge a monthly maintenance fee. Alternatively, finding an account that has a waiver for this fee that’s easy to meet could be a good option.

Minimum balance requirements

Banks usually offer to waive monthly maintenance fees if you maintain a minimum balance in the account. The dollar amount and calculation method used varies from bank to bank. Understand these requirements to avoid unexpected fees.

Transaction limits and excess transaction fees

Virtually all savings accounts have withdrawal limits each month and charge fees for excess withdrawals. Most also have deposit item limits, although this isn’t always the case. Look for an account that provides enough free deposit items each month for your needs to avoid this fee.

Cash deposit limits and excess cash deposit fees

Banks may charge you a fee to deposit cash depending on the volume of cash you deposit each month. You typically start with a free cash deposit limit and then must pay a small fee for each additional $100 of cash you deposit in a month.

Physical bank locations and hours

Businesses that want access to a bank branch should look for an institution with convenient locations. Don’t forget to consider the hours of operation, as well.

Other products

A company shopping for all new banking solutions may not prioritize a business savings account’s features. Instead, they may be focused on higher cost banking solutions, such as a checking account or loan.

In these instances, you must decide if accepting a subpar savings account at a bank with superior other accounts is worth the simplicity of having all accounts at one bank.