OnJuno Logo

Home

Immigrants

Company

Learn

Resources

OnJuno Logo
TD Bank Savings Account Interest Rates

Find out how much interest you earn with a TD Bank Savings Account. Make the most of your money with OnJuno’s High Yield Checking.

TD Bank Savings Account Interest Rates

Updated: 20th May 2021

TD Bank Simple Savings Interest Rate

0.02%

OnJuno Bonus Rate

1.20%

Earn 1.20% with OnJuno Metal

Create a free FDIC-Insured checking account
in less than 5 mins and start saving today

1.20% Bonus Rate Checking Account

Get 5% Cashback on brands of your choice

Send money internationally

rewards
interest-image
What Is an Interest Rate?
Interest is the fee charged when money is lent out to a borrower. Interest rate is the percentage of the total borrowed amount at which the fee is determined.
When you deposit your money in an account, you are lending funds to the bank to finance its operations. Hence, they must pay you interest on the deposited balance.
Simple vs Compound Interest
The interest you earn on your checking or savings account deposit can either be simple or compounded.
Simple Interest
Simple interest is calculated only on the original deposit. You earn interest only on the principal.
Compound Interest
Compound interest is calculated on the initial deposit, plus all accumulated interest. Think of it as earning interest on interest.
interest-image
interest-image
The Power of Compounding
Interest is a powerful tool in the world of personal finance. Once you master sound financial habits like budgeting, frequent contributions into a high yield account can create tremendous long-term wealth.
The snowball effect of compounding means that the more interest that is added to your balance, the faster your savings grows, even if the amount is too small to seem important.
APY vs Interest Rate Explained
APY, or Annual Percentage Yield, is the effective rate of return on a deposit after you account for compounding. Interest Rates do not account for daily, weekly, or monthly compounding and so the real yield you earn on a deposit, or APY, maybe slightly higher than the advertised Interest Rate.
interest-image
interest-image
Is Interest Income Taxed?
Yes, interest earned on a checking or savings account deposit is considered as income and is taxable under the regular brackets.
rewards rewards

Get 5% Cashback on 5 Brands of Your Choice

OnJuno Debit Card rewards you like a credit card without the high fees and debt

Apple Store Google Store
FDIC

Banking Services Provided By
Evolve Bank & Trust; Member FDIC

The OnJuno Checking Account and Debit Card are part of an offering of CAPITALJ Inc ("OnJuno") and Evolve Bank and Trust, Member FDIC. Your deposits at each Bank are eligible for insurance by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, subject to FDIC rules on aggregation of deposits held in the same insurable capacity. Please visit the FDIC website. Neither OnJuno by CAPITALJ Inc. nor any of its subsidiaries is a Bank.

© Copyright 2021 OnJuno by CapitalJ, Inc