TD Signature Savings Review: Big Fees, Few Noteworthy Perks

The TD Signature Savings account is a premium savings account designed for current TD clients who can maintain at least $100,000 in savings, want a decent APY, and need the kind of quick cash that many online banks can't offer. For everyone else, the TD Signature Savings will offer a rock-bottom APY and high account fees that might not make it worth your time. If you fall into the former camp, let's take a closer look at the TD Signature Savings and see if it's right for your money.

If you've got at least $100,000 to keep in the account and have another existing TD Bank account, you can earn a solid APY (still below what's available from other banks, though). Unfortunately, with a balance any lower, your APY could be quite low indeed.

The TD Signature Savings has a few noteworthy perks, including waived fees and flexible access to savings. With that in mind, let's take a closer look at its strengths and measure them against its weaknesses.

Top perks

Decent APYs for accounts above $100,000: If you can maintain a balance of $100,000 (and link your TD Signature Savings to another TD account), your money will grow with a solid APY 4.00% (for accounts over $100,000).

Flexible access to money: With over 1,100 brick-and-mortar branches and 2,600 ATMs, you can have quick access to your savings.

ATM fee reimbursement: If you maintain a minimum daily balance of $2,500, TD will reimburse any non-TD ATM surcharges. You also won't pay fees to use TD ATMs, regardless of your account's balance.

Free money orders, checks, and wire transfers: You can get official bank checks and money orders without having to pay any fees, which is rare for many savings accounts. Incoming wire transfers are also fee-free.

What could be improved

TD Signature Savings not worth it on its own: To get the full benefit out of this savings account, you need to link an existing TD account, which could be a mortgage, credit card, home equity line of credit, checking account. Only then can you get the account fees waived and possibly qualify for a decent APY. Unfortunately, this excludes most people who don't bank at TD.

APY might not be worth the hassle: Even if you did qualify for the relationship bump, the highest APY is still far below what you could earn on other high-yield savings accounts.

High account fees: For savers who can't maintain at least a minimum daily balance of $10,000, the account fees are $15 per month. You can also waive the fee by linking an eligible TD account or by opening an IRA.

Not available in every state: TD Bank offers services to residents in only 15 states, plus Washington D.C. States where services are available are: Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Virginia, and Vermont.

Given that TD has well over 1,100 brick and mortar banks in the U.S., you can do all of your banking in person, including deposits and withdrawals. Beyond that, let's look at some other ways you can access money in a TD Signature Savings account.

Deposit options

TD offers numerous ways to deposit money into your account, including:

• Electronic transfers
• Mailed checks
• Mobile-deposited checks
• Wire transfers

You can also deposit cash and checks at any TD bank or ATM. Checks typically show up in your account one business day after you make the deposit, so long as you deposit them before the cut-off time (8 p.m. ET for electronic deposits and ATMs). Cash deposits, on the other hand, should show up on the same day you deposit them.

Withdrawal options

TD Signature Savings also offers plenty of ways to withdraw your money, such as the following:

• Electronic transfer
• Wire transfer
• ATM withdrawal
• Check withdrawal

Bear in mind that you can withdraw cash electronically six times monthly before you start paying fees. That said, you can also make withdrawals in person at TD banks without restrictions.

• You already have an active TD account, including a personal mortgage, home equity loan, credit card, or active personal or small business checking account.
• You have more than $100,000 in savings and want the flexibility of a brick-and-mortar bank.
• You can keep at least $10,000 in your account to waive fees.
• You value having greater access to your money (in the form of bank and fee-free ATM withdrawals) than earning greater APY on your savings.

Keep reading about TD Bank

• TD Bank
• TD Bank Beyond Checking
• TD Simple Savings
• TD Bank CD Rates

Our savings account methodology

At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

• APY: 50%
• Brand and reputation: 20%
• Fees and minimums: 15%
• Other perks: 15%

Learn more about how The Motley Fool Ascent rates bank accounts.