TCF Bank Adds Promo CDs and Elite Savings Account


Deal Summary: Promotional CDs – 26-month (2.00% APY), 13-month (1.50% APY), $500 minimum deposit, new money, in-branch opening only. Elite Savings, 1.30% APY ($10k-$999,999), $10k minimum deposit, new money, rate guaranteed for one year, in-branch opening only.

Availability: Arizona, Colorado, Illinois, Michigan, and Wisconsin.

Over the weekend, TCF National Bank (TCF Bank) ran an advertisement in the Chicago Tribune for two Promotional CDs and its Elite Savings account, all of which must be opened in-branch.

Promotional CDs

The 26-month (2.00% APY) and 13-month (1.50% APY) CDs require a $500 minimum deposit of new money, which is defined simply as funds “not currently on deposit with TCF Bank.” Of the two, the 26-month is the more competitive.

As stated in the Terms and Conditions brochure, the Early Withdrawal Penalty reads as follows:

The early withdrawal penalty for all automatically renewing Accounts (excludes Jumbo Certificate Accounts) is the greater of:

  • $25; OR
  • The amount calculated as: (1) an annual rate of 1% (0.0833333% monthly) multiplied by (2) the amount withdrawn multiplied by (3) the Term of your Certificate (in months), at the time of withdrawal, not to exceed 36 months.

Elite Savings

The Elite Savings is a tiered-rate account, with balances between $10k and $999,999 earning 1.30% APY, which is guaranteed for one year following account opening. While the Elite Savings can be opened with a minimum of $50, a minimum deposit of $10k of new money is required to earn the 1.30% APY. Balances of $1m+ earn 0.25% APY, with balances below $10k earning 0.05% APY. Like the Promotional CDs, the Elite Savings must be opened in-branch. There is also a limit of one account per person.

Thanks to the DA reader who emailed me about these Promotional CDs.


Headquartered in Sioux Falls, South Dakota, TCF National Bank has a presence in Arizona, Colorado, Illinois, Michigan, Minnesota, South Dakota, and Wisconsin, but, according to the Featured Product Deposit Rate Sheets, the Promotional CDs and Elite Savings are not available in Minnesota or South Dakota.

Opening a Promotional CD and/or an Elite Savings account must be done in person at any of the 233 full-service branches located in Arizona (7), Colorado (34), Illinois (123), Michigan (51), and Wisconsin (18).

Bank Overview

TCF Bank has an overall health grade of "A" at, with a Texas Ratio of 6.76% (excellent) based on March 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $65.62 million, an above average annual growth rate of 0.39%. Please refer to our financial overview of TCF Bank (FDIC Certificate # 28330) for more details.

TCF Bank was originally established in 1923 as the Twin City Federal Savings and Loan Association (S&L) and headquartered in Minneapolis. The S&L’s market area remained concentrated in the Twin Cities area for nearly 60 years. Beginning in 1981, the S&L acquired seven other Minnesota Savings and Loans over a two-year period. Between 1986 and 2009, there were six more acquisitions, four name changes, two organization type changes, and two headquarters relocation. TCF Bank is currently the 65th largest bank in the nation, with assets in excess of $2.18 billion and more than 1.9 customer accounts.

How the Promotional CD Compares

When compared to the similar length-of-term CDs tracked by, which require a similar minimum deposit and are available within the Bank’s stated market area, TCF Bank's 26-month Promotional CD APY currently ranks second.

To look for the best CD rates, both nationwide and in your state, please refer to our CD rates table, or our new Rates Map page.

How the Elite Savings Compares

When compared to the Savings Accounts tracked by that are available within the Bank’s stated market area, TCF Bank’s Elite Savings APY currently ranks third, regardless of minimum deposit. The one-year rate guarantee only enhances its value.

The above rates are accurate as of 8/23/2017.

To review the best Savings Account rates, both nationwide and state specific, please refer to our Savings Account rates table or our new Rates Map page.

Related Pages: savings accounts, 1-year CD rates, 5-year CD rates

  |     |   Comment #1
26-month at 2.00% is tempting for a local institution. I've been holding out for a longer term, higher rate for a few months now, but I don't know how wise it is to keep waiting. Unfortunately, if my understanding of the EWP calculation is correct, I would have to hold this almost the full term no matter what....
  |     |   Comment #2
Not sure where you're getting your information that they're headquartered in SD. According to their website, they are headquartered in Wayzata, MN.
Ken Tumin
  |     |   Comment #5
Sometimes the bank holding company has a different headquarters than the bank(s) under the bank holding company. That's the case with TCF National Bank. The bank holding company (TCF Financial Corporation) has its headquarters in Wayzata, MN. TCF National Bank has its headquarters in Sioux Falls, SD. This information is based on the FDIC records.
  |     |   Comment #7
According to the FDIC, the Bank's headquarters were moved to Sioux Falls in April 2009.
Very Anonymous
  |     |   Comment #3

Did you really mean to say that the maximum deposit on the Elite Savings was "$999,999k"? That's almost one billion dollars. I think you didn't mean to put the "k" at the end.
Ken Tumin
  |     |   Comment #4
Good catch. The "k" should not have included. It's now fixed. Thanks!
  |     |   Comment #8
I'm in Colorado, and it appears the promo rate here is only 1.25 APY (1.24%) I got this off the online rate sheet, but was unable to call the local branch, as the only number posted is an 800 number, and it doesn't appear to have a "talk to rep" option. Or...maybe I'm just not patient enough to go through all those robot phone choices!
deplorable 1
  |     |   Comment #9
Thanks Ken, I wasn't aware of this local deal in Michigan. This looks like a good place to park some cash while waiting for a better rate to come along. Does anyone know if you can just open this CD alone without a regular checking or savings account with them. I have way too many bank accounts open right now as it is.
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