TD Bank Not Honoring Promised Savings Account Rates


By CTWatchdog.com

I have a question that my bank (TD Bank) can’t answer –

How do banks determine the interest rate they pay on savings accounts?

A few months ago, I opened a high yield savings account at TD Bank, where they advertised a 1.3% return on savings. I moved my savings to TD Bank and opened up checking accounts there as well. I was sure to ask if this was a regular rate or an introductory rate that would expire. A regular rate, I was told.

This month, when I looked at my online statement, I noticed that my interest rate is .7%.
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5 Comments to “TD Bank Not Honoring Promised Savings Account Rates”

  1. Chris: When the bank opened your account they should have given you disclosure statements – required under Federal Regulation DD. I have to believe that the rate is “variable”. Some variables are tied to an index, similar to the way variable mortages are tied to indexes. In my experience most savings rates are not, but are simply variable at the whim of the bank.
    They pay based on their need for funds and the competition. All rates move based on economic conditions and right now rates are artificially low because of the Fed and the attempt to stimulate the economy.
    These high yield savings usually have strings attached too. I.e. “you must use your debit card 5 times per month” or the rate will be lowered to the “standard rate” also usually variable and set by the bank. Many banks limit the maximum they will pay the high rate on too. For example only 10,000.00.
    Learn more at http://www.bankrate.com/
    My bank – Naugatuck Savings Bank is paying 1 percent on their high yield, free on-line banking and bill pay, free debit card – must use debit card once a month with signature – higher fee to bank although new federal legislation is on the verge of messing that up.
    Let me know if you have any more questions.

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