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TD Bank's Elite Savings Account Promotion

POSTED ON BY

TD Bank, National Association
TD Bank is offering a promotion on its Elite Savings Account with a 1.50% APY guaranteed for 3 months. Minimum daily balance of $10,000 must be maintained to qualify for the 3-month guarantee, and new money is required. Also, a TD Bank checking account is required. The offer is scheduled to end on November 30, 2009. Refer to the bottom of the bank's savings account page for the full details. The account has a $12 monthly maintenance fee if you don't meet the $10K balance requirement or if you are under 62.

Why Report on 1.50%?

An APY of 1.50% is nothing to get excited about, but unfortunately, in today's environment, it's fairly competitive. It's higher than the savings account rates offered by ING Direct, HSBC Direct and iGObanking. Also, for those who prefer to bank at a brick-and-mortar branch, this may a decent option for your short-term money. I doubt the rate will remain competitive after the 3 months.

Branches

There's an online application, but you are still required to select a local bank office to service your account. Branches are located in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Vermont and Virginia.

TD Bank is part of the bank holding company Toronto-Dominion Bank which is Canada's second largest lender. It was recently reported by Bloomberg that they are actively looking at FDIC-assisted deals to acquire more banks specifically in Florida, Boston and Washington.

TD Bank's ratings for safety and soundness are fair: 3 stars (performing) at Bankrate.com and 4 stars (excellent) at BauerFinancial. Both ratings are based on 6/30/09 financial data. TD Bank has been a FDIC member since 1961 (FDIC Certificate # 18409).

Thanks to the reader who emailed me info on this promotion.

Other Competitive Money Market Accounts

  Tags: New York, TD Bank, National Association, Vermont, Maine, savings account, Massachusetts, Virginia, New Hampshire, Pennsylvania, Delaware, New Jersey, Connecticut, Florida

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Comments
2 Comments.
Comment #1 by Anonymous posted on
Anonymous
BofA has a better deal

http://www.bankofamerica.com/promos/jump/promomms/?cm_sp=DEP-Savings-_-Growth%20MoneyMarketSavings-_-DC16LT001J_Marketing%20Strip_dep-113_mks_ca_ar94400.gif

1
Comment #2 by Anonymous posted on
Anonymous
Another brick-and-mortar bank, in New York City, "Apple Bank", is offering 2% on regular savings account. They advertized this in Metro newspaper. The 2% rate is on balances between $10k and $500k. They claim they have a 5 star Bauer rating.

1