TCF Bank CD

TCF Bank CD Review

TCF Bank CD are offered by TCF Bank, a bank founded in 1923 and based in Sioux Falls, SD. TCF Bank CD are available in 8 states across the USA.

Key Takeaways

• Small selection of CD account types. TCF CD only offers jumbo and traditional CDs.
• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 0.20%, which is much higher than the national average for a CD account.
• Small minimum initial deposit. You only need $100 to open an account.
• Wide selection of CD terms. TCF CD allows you to create a CD ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.

Pros & Cons of TCF Bank CD

TCF Bank CD FAQ

Are CD from TCF Bank federally insured?

Yes, your TCF Bank CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What types of CDs does TCF Bank offer?

• Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CDs for another term.
• Jumbo CDs. A jumbo CD requires a higher minimum balance than that required by traditional CDs. In exchange, jumbo CDs pay higher interest rates.

What rates does TCF Bank offer on its CDs?

TCF CD offers an APY starting at 0.03% and ranging up to 0.20%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding.

What is the minimum deposit to open a CD account with TCF Bank?

TCF CD require a minimum deposit of $100 to open an account.

What is the grace period for TCF CD?

TCF CD does not specify what their grace period is. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does TCF Bank charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the term ends.

TCF Bank does not charge an early withdrawal fee.

TCF Bank does charge any of the fees we track.