TD Banknorth IRA Rates

TD Banknorth is offering four types of IRA products with rates that are quite competitive in today’s financial market. Below are the IRA rates current as of June 23, 2009 and applies to residents of Connecticut.

1. IRA Add-Vantage CD. Only a 12 month term is offered for this type of product. It requires $250 minimum deposit to open and obtain the APY of 1.50%. There is no monthly maintenance fee and incremental deposits of $500 or more can be added at any time during the term of the IRA account.

2. IRA CD. Two terms are being offered. A 9 month term at 1.40%APY and an 18 month term at 1.75%APY. There is no monthly maintenance fee and only require $250 minimum deposit to open and obtain the APY.

3. Convenience Savings IRA. Current APY is 0.10% with $250 minimum deposit required.

4. Elite Savings IRA. Competitive tiered interest rates that increases as your account balance increases. Monthly maintenance fee is waived but you need at least $10,000 to open. You’ll get an APY of only 0.25% if your balance is $9,999.99 and below. The APY is 0.75% if your balance is between the amounts of $10,000 to $24,999.99. It is 1.00%APY if you are within the threshold of $25,000 to $99,999.99 and 1.30%APY if you have $100,000 and above.

IRA rates may vary by location. Bank deposits at TD Banknorth are FDIC insured.

Update October 15, 2009:

1. 12 months IRA Add-Advantage CD – 0.90%APY

2. 9 months IRA CD – 1.30%APY

3. Convenience Savings IRA – 0.10%APY

4. Elite Savings IRA –

Current APY          Required Minimum Daily Balance

0.25% $0.01 – $999.99
0.25% $1,000 – $9,999.99
0.75% $10,000 – $24,999.99
1.00% $25,000 – $49,999.99
1.00% $50,000 – $99,999.99
1.30% $100,000 – $249,999.99
1.30% $250,000 – $499,999.99
1.30% $500,000 – $999,999.99
1.30% $1,000,000+

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