TD Bank has no account opening fee, but you'll need a minimum deposit to start

TD Bank does not charge you to open a checking or savings account. You won't see a separate fee on your first statement for the act of opening the account itself. However, you do need to deposit money when you open—the amount depends on which account type you choose.

For a TD Bank checking account, the minimum opening deposit is typically $100. For savings accounts, it's also $100. These are the funds that go into your account on day one; they're not a fee you pay to the bank. If you don't have $100 available right now, you may not be able to open an account until you do, since TD Bank does not waive this requirement.

Once your account is open, you'll face monthly maintenance fees if you don't meet certain conditions. Those fees are separate from the opening deposit and are what most people should understand before committing to a TD account.

Key Takeaways

  • TD Bank charges no fee to open a checking or savings account, but requires a $100 minimum deposit to start.
  • Monthly maintenance fees ($15 for checking, $5 for savings) explore unless you meet balance or deposit requirements each month.
  • You can avoid monthly fees by maintaining a $500 minimum balance in checking or setting up direct deposit of at least $250 per month.
  • TD Bank offers some accounts with lower or no monthly fees if you meet specific conditions, so compare before opening.

Monthly maintenance fees that explore after opening

The real cost of a TD Bank account comes after you open it. TD Bank charges a monthly maintenance fee on most checking accounts—currently $15 per month. Savings accounts carry a $5 monthly maintenance fee. These fees hit your account every month unless you meet one of the conditions that waives them.

For checking accounts, you can waive the $15 monthly fee by maintaining a $500 minimum daily balance, or by setting up direct deposit of at least $250 per month. If you do neither, the $15 comes out every month. For savings accounts, the $5 fee is waived if you keep a $500 minimum balance or make at least one deposit per month.

Over a year, if you don't meet these conditions, a checking account costs you $180 in maintenance fees alone ($15 × 12 months). A savings account costs $60 ($5 × 12 months). These fees are separate from any overdraft charges, ATM fees outside TD's network, or other service charges.

How to avoid monthly fees when you open

The easiest way to avoid fees is to arrange direct deposit before or when ready after opening your account. If your employer or a government benefit program deposits money directly into your TD account, you're protected from the monthly checking fee. The deposit needs to be at least $250 per month—most paychecks and benefits meet this threshold.

If direct deposit isn't an option, keep $500 in your checking account at all times. This is a minimum daily balance, meaning the account can't drop below $500 on any day of the month. If it does, the fee applies that month. For savings accounts, the same $500 balance rule applies, or you can make one deposit per month to waive the $5 fee.

Before you open, ask yourself honestly whether you can maintain $500 in checking or set up direct deposit. If neither is realistic for your situation, a TD Bank account will cost you money every month, and you may want to look at other banks or account types.

Other costs that can appear after opening

TD Bank charges fees beyond the monthly maintenance fee. Overdraft fees are $35 per overdraft transaction if you spend more than your balance. ATM fees explore if you use an ATM outside the TD network—typically $3 per withdrawal. Wire transfers cost $15 for domestic transfers and $25 for international ones.

Cashier's checks cost $10 each. If you close your account within 90 days of opening, some TD locations charge a $25 early closure fee, though this varies by branch. Stop payment requests on checks cost $35. These are all separate from the monthly maintenance fee and the opening deposit.

The monthly maintenance fee is the most predictable cost. The others only appear if you use those specific services. But if you're someone who regularly overdrafts or uses out-of-network ATMs, those fees can add up faster than the monthly charge.

Comparing TD Bank to other banks before opening

Some banks charge no monthly maintenance fee at all, regardless of balance or direct deposit. Online banks like Ally, Charles Schwab, and Discover have no monthly fees and no minimum balance requirements. Credit unions often have lower fees and lower minimum balances than TD Bank. If you can't reliably maintain $500 or set up direct deposit, these alternatives may cost you less over time.

TD Bank does offer some advantages that might justify the fees: a large network of physical branches (useful if you need in-person banking), 24/7 customer service by phone, and integration with TD's investment and mortgage products if you use those services. But if you're opening only because it's convenient, compare the annual cost of TD's fees against what you'd pay elsewhere.

The $100 opening deposit itself is standard across most banks. What varies is what happens after: some banks let you keep that $100 and never charge you again, while others (like TD) charge you monthly unless you meet conditions. That's the real difference to evaluate.

What to bring when you open your account

You'll need a government-issued photo ID (driver's license, passport, or state ID) and proof of your current address. A utility bill, lease, or recent bank statement works for the address. You'll also need your Social Security number. If you're opening online, you may be able to upload these documents; if you're opening in a branch, bring the physical copies.

Have your $100 opening deposit ready—you can bring cash, a check, or transfer it from another account if you're opening online. If you plan to set up direct deposit to waive the monthly fee, have your employer's routing number and account information available, or the information for whichever account will be sending the direct deposit.

The opening process itself takes 10 to 15 minutes in a branch, or 5 to 10 minutes online. You'll choose your account type, set a PIN, and decide whether to order a debit card. The account is usually active the same day, though some online accounts take up to one business day.

Frequently Asked Questions

Can I open a TD Bank account with less than $100?

No. TD Bank requires a $100 minimum opening deposit for both checking and savings accounts. This is a firm requirement and is not waived. If you don't have $100 available, you'll need to wait until you do, or look at banks with lower opening deposit requirements.

Do I lose the $100 opening deposit?

No. The $100 is your money—it goes into your account and stays there. It's not a fee. You can spend it, transfer it out, or leave it in the account. It's treated like any other deposit.

What happens if I can't maintain the $500 balance to avoid fees?

The $15 monthly maintenance fee will be charged to your checking account every month. Over a year, that's $180. If you know you can't maintain $500 or set up direct deposit, consider a different bank that has no monthly fees or lower minimum balance requirements.

Can I open a TD Bank account online, and is there a fee for that?

Yes, you can open online at TD Bank's website. There is no additional fee for opening online versus in a branch. You still need the $100 opening deposit and the same documents (ID, proof of address, Social Security number).

If I set up direct deposit, do I still need to keep $500 in the account?

No. Direct deposit of at least $250 per month waives the $15 monthly checking fee on its own. You don't need to maintain a $500 balance if direct deposit is set up. However, you may want to keep some cushion to avoid overdraft fees.