Typically, transient electromagnetic (TEM) hydrogeological applications focus on spatial characterization. However, there is scope for utilizing time-lapse TEM to monitor dynamic processes. Changes related to hydrogeological processes are subtle; consequently, measurements must be of exceptional quality, and the presence and influence of noise sources must be well understood. A potentially problematic noise source is radio waves operating in the 3–300 kHz range, as they introduce correlated error into TEM measurements. For instance, it was anticipated that such radio waves could introduce smooth perturbations in the data that could be erroneously interpreted in the TEM inversion results. This work evaluates the presence of correlated noise sources, their temporal dependence and their significance for TEM monitoring. This work combines fully sampled data and normalized covariance matrices of gated data to identify correlated noise sources. Radio signals operating in the low and very low frequency (LF and VLF) bands were found to vary across the investigation period; however, their influence on the TEM inversion results was minimal. Measurement stacking remains an effective way to improve the signal-to-noise ratio of TEM data affected by LF and VLF noise sources as they do not introduce bias, for example smooth perturbation, into the TEM data explored in this work.