If the recent recession taught Americans anything it is that they should be saving and paying down debt.

The problem is that with interest rates at rock-bottom lows it’s hard to get that boost from a traditional savings account. That’s why TD Bank announced on Thursday a new high-yield savings account, which offers competitive interest rates as well as a rate increase for also having a TD Bank checking account.

The TD High-Yield Savings account is open to both new and existing customers, the firm said. In addition, for customers who open an account with at least $10,000 between January 12th and 31st, TD Bank is offering a special promotional rate on the TD High-Yield Savings account.

“As the economy continues to stabilize, and saving continues to be an important priority for consumers, we want to offer them smart options to maximize their money and earn a higher interest rate,” said Ryan Bailey, Senior Vice President, Head of Deposit Products, TD Bank, in a statement. “Setting up an automatic transfer from a checking account to a high-yield savings account will help grow savings that much faster. It is also a good option for an emergency fund since it is liquid and the funds are insured up to a minimum of $250,000 by the FDIC.”


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