TD Bank does not charge a fee to open a checking account

You can open a TD Bank checking account without paying an opening fee. TD Bank's basic checking products — like TD Bank Checking and TD Bank Advantage Checking — have no upfront cost to start.

What matters more than the opening fee is the monthly maintenance fee, which is what TD Bank charges to keep the account open each month. Some TD Bank checking accounts have no monthly fee at all, while others charge a fee that you can waive by meeting certain conditions, like keeping a minimum balance or setting up direct deposit.

Key Takeaways

  • TD Bank checking accounts have no opening fee, but monthly maintenance fees vary by account type.
  • TD Bank Checking has no monthly fee if you maintain a $100 minimum balance or set up direct deposit.
  • TD Bank Advantage Checking charges a monthly fee that is waived if you keep $2,500 in the account or have a may have access to direct deposit.
  • You can open an account online, by phone, or in person at a TD Bank branch.
  • You will need a government-issued ID, Social Security number, and initial deposit to complete the opening process.

Monthly fees depend on which checking account you choose

TD Bank offers several checking account options, and the monthly cost depends on which one you pick. TD Bank Checking is designed for everyday use and has no monthly maintenance fee if you either keep a $100 minimum balance or set up direct deposit of your paycheck. If you do neither, there is no monthly fee — this account straightforward has no fee structure.

TD Bank Advantage Checking is a premium option with more features. It charges a monthly maintenance fee, but that fee is waived if you maintain a $2,500 minimum balance or have a may have access to direct deposit. The specific fee amount varies, so ask a TD Bank representative for the current charge when you are ready to open.

TD Bank also offers accounts designed for students and young adults, which may have different fee structures. The best way to know which account fits your situation is to visit a TD Bank branch or call their customer service line to compare the current options and their conditions.

What you need to bring to open an account

To open a checking account at TD Bank, you will need to provide a government-issued photo ID — a driver's license, passport, or state ID card. You will also need your Social Security number, which TD Bank uses to verify your identity and check your banking history.

TD Bank will ask for an initial deposit to fund your new account. The minimum deposit amount varies by account type, so confirm this before you go in. You can usually deposit cash, a check, or a transfer from another bank account.

If you are opening an account online instead of in person, you may be able to complete the process without visiting a branch. TD Bank's online process will guide you through the steps and may allow you to verify your identity using your phone or computer.

Opening an account in person versus online

You can open a TD Bank checking account three ways: in person at a branch, over the phone, or through TD Bank's website. Each route takes roughly the same amount of time to complete the initial paperwork, but they differ in what happens next.

Opening in person at a branch means you can ask questions face-to-face and walk out with a debit card the same day in many cases. A TD Bank employee can also help you understand the monthly fee structure and which account makes sense for your situation. If you are new to banking or prefer to talk through your options, this is often the easiest route.

Opening online is faster if you already know which account you want. You complete the process on TD Bank's website, verify your identity, and submit your initial deposit information. Your account usually opens within one to two business days, though your debit card may take five to seven business days to arrive by mail.

Avoiding monthly fees once your account is open

The easiest way to avoid a monthly maintenance fee is to set up direct deposit — having your employer send your paycheck directly into your TD Bank account. Most employers offer this at no cost, and it usually takes just a few minutes to set up through your payroll department. Once direct deposit is active, your monthly fee is waived automatically.

If direct deposit is not an option for you, the alternative is to keep the required minimum balance in your account. For TD Bank Checking, that minimum is $100. For Advantage Checking, it is $2,500. The balance is checked at the end of each month, so as long as you have at least that amount on the last day of the month, you avoid the fee.

Some people use both methods — they set up direct deposit and also keep a small cushion in the account. This gives you protection if your paycheck is delayed or if you need to withdraw money for an emergency.

What happens after you open your account

Once your account is open, TD Bank will issue you a debit card, which you can use to withdraw cash from ATMs and make purchases at stores. If you opened in person, you may receive the card when ready. If you opened online, it will arrive by mail within five to seven business days.

You will also receive checks if you request them, though there may be a small fee for an initial order. Many people today use their debit card or online bill pay instead of checks, so you do not need to order them right away.

TD Bank provides online banking through its website and mobile app, where you can check your balance, transfer money between accounts, pay bills, and deposit checks by taking a photo. These tools are free to use and available 24/7.

Frequently Asked Questions

Do I need to keep money in the account after I open it?

You need to make an initial deposit to open the account, but the amount varies by account type. After that, you only need to maintain the minimum balance if you want to avoid the monthly fee. If you do not meet the minimum balance or have direct deposit, you may be charged a monthly maintenance fee.

Can I open a TD Bank account if I have had banking problems before?

TD Bank checks your banking history using a system called ChexSystems. If you have unpaid overdrafts or closed accounts in bad standing, TD Bank may decline to open an account for you. You can contact ChexSystems to see what is on your report and dispute any errors before you explore.

What is the difference between TD Bank Checking and TD Bank Advantage Checking?

TD Bank Advantage Checking offers more features, like higher interest on your balance and better overdraft protection, but it requires a higher minimum balance ($2,500 versus $100) to avoid the monthly fee. Choose based on how much money you typically keep in the account and which features matter to you.

How long does it take to open an account?

In person, the process usually takes 15 to 30 minutes. Online, you can complete the process in 10 to 15 minutes, though your account may not be fully active until the next business day. Your debit card arrives by mail within five to seven business days in either case.

Can I open an account if I do not have a Social Security number?

TD Bank requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you do not have either, you will need to contact TD Bank directly to discuss your options, as policies vary by location.