Toronto-Dominion Bank (NYSE: TD) is yielding 5.1% right now, which is at the high end of the stock's historical yield range. If that's not enough to entice you to invest $1,000, that yield is also around twice the 2.5% yield you'd collect from the average bank, using SPDR S Bank ETF as a benchmark. Before you run out and buy the stock, here's a deeper look at why TD Bank is the best high-yield bank to buy right now.

It is notable that TD Bank's yield is near its historical highs, but there's some more context to offer here. The only times in recent history that the yield has been this high were during the Great Recession and the early days of the coronavirus pandemic. Those were massive economic dislocations, which shows just how unusual the yield situation is today for the bank.

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Source Fool.com