TD Bank has no minimum deposit requirement to open a savings account

You can open a TD Bank savings account with zero dollars. TD Bank does not require you to deposit any money upfront to create the account. You can open it online, by phone, or in a branch, and fund it later—or not at all if you straightforward want the account to exist.

This is different from some other banks, which require $25, $100, or more before they will set up your account. TD Bank's approach means the barrier to entry is purely administrative: you need an ID and a Social Security number, but not cash.

That said, there are costs to keeping the account open, and those depend on which savings product you choose and how you use it.

Key Takeaways

  • TD Bank savings accounts have no minimum opening deposit, so you can open one with $0.
  • Monthly maintenance fees range from $0 to $5 depending on the account type and whether you meet balance or activity requirements.
  • Some TD Bank savings accounts waive the monthly fee if you maintain a minimum balance, typically $300 to $500.
  • Overdraft fees and out-of-network ATM fees are separate charges that can explore regardless of your account type.
  • The specific costs depend on whether you choose a basic savings account, a money market account, or a youth savings account.

Monthly maintenance fees by account type

TD Bank offers three main savings products, and each has different fee structures. The TD Bank Savings Account (the basic option) carries a $5 monthly maintenance fee, but TD Bank waives it if you maintain a minimum balance of $300 or more. If your balance drops below $300, you pay the $5 fee that month.

The TD Bank Money Market Account has a $10 monthly maintenance fee, waived if you keep a $2,500 minimum balance. This account typically offers higher interest rates in exchange for the larger balance requirement and higher fee.

TD Bank also offers a TD Bank Youth Savings Account for customers under 18, which has no monthly maintenance fee at all. Once you turn 18, the account converts to a standard savings account and the fee structure applies.

These fees are current as of the time of writing, but TD Bank changes its fee structure periodically. Call your local branch or log into your online account to confirm the current fee for the specific product you are considering.

How to avoid the monthly fee

The simplest way to avoid paying anything is to keep your balance at or above the threshold. For the basic savings account, that is $300. For the money market account, it is $2,500. As long as your balance never dips below that number on the day the fee is assessed (usually the last day of the month), you pay nothing.

If you cannot maintain that balance, you will pay the monthly fee. There is no way around it with a standard TD Bank savings account—the bank does not offer a fee waiver based on direct deposit, account activity, or linking to a checking account.

If the monthly fee is a barrier for you, a youth account (if you are under 18) or a different bank's savings account may be a better fit.

Other charges that explore to savings accounts

The monthly maintenance fee is not the only cost. TD Bank charges $35 for each overdraft on your savings account—if you try to withdraw more than you have, the bank covers it and charges you the fee. This is separate from the monthly maintenance fee and can happen multiple times in a single month.

TD Bank also charges $2.50 for each withdrawal you make at an out-of-network ATM (an ATM that is not owned by TD Bank). This fee applies whether you use an ATM in another state or in your own city. If you use TD Bank's own ATMs, there is no fee.

Savings accounts are also subject to federal limits on the number of transfers and withdrawals you can make per month (currently six per month under Regulation D, though this rule has been relaxed in recent years). If you exceed the limit, TD Bank may charge a fee or restrict your account. Check with your branch about the current policy.

Opening online versus in person

TD Bank allows you to open a savings account online through its website or mobile app. The process takes about 10 minutes and requires your Social Security number, date of birth, address, and a valid ID. You do not need to visit a branch.

You can also open an account in person at any TD Bank branch. Bring a government-issued ID and your Social Security number. The staff will walk you through the process and can answer questions about fees and features specific to your situation.

Opening online is faster if you already have a TD Bank checking account, because the bank can verify your identity using existing information. If you are a new customer opening only a savings account, you may be asked to verify your identity by uploading a photo of your ID or by visiting a branch.

Interest rates and what you will earn

TD Bank's savings account interest rates are typically lower than online banks or credit unions. As of the time of writing, TD Bank's basic savings account earns less than 0.05% annual percentage yield (APY) on most balances. The money market account earns a higher rate, but still below what many online banks offer.

Interest rates change frequently and vary based on the Federal Reserve's actions. The rate you earn also depends on your balance tier—some banks pay higher rates on larger balances. Check TD Bank's website or call your branch for the current rate before you open an account.

If you are opening a savings account primarily to earn interest, compare TD Bank's rates to online banks like Ally, Marcus, or Discover, which typically offer rates two to five times higher. The trade-off is that those banks have no physical branches, so you cannot deposit cash in person.

Frequently Asked Questions

Can I open a TD Bank savings account with no money down?

Yes. TD Bank does not require a minimum opening deposit. You can open the account with $0 and fund it later. However, if you do not maintain the minimum balance ($300 for a basic savings account), you will pay a $5 monthly fee.

What happens if my balance falls below the minimum?

You will be charged the monthly maintenance fee ($5 for a basic savings account) that month. The fee is deducted from your account, which may push your balance even lower. If you bring your balance back above the minimum the next month, the fee does not explore.

Are there any accounts with no monthly fee?

TD Bank's Youth Savings Account has no monthly fee if you are under 18. For adults, the only way to avoid the fee is to maintain the minimum balance. Some other banks offer no-fee savings accounts with no minimum balance, but they typically offer lower interest rates.

Can I open a savings account online if I am not already a TD Bank customer?

Yes, but you may need to verify your identity by uploading a photo of your ID or visiting a branch. If you already have a TD Bank checking account, the online process is faster because the bank can verify you using existing information.

What is the difference between a savings account and a money market account at TD Bank?

The money market account requires a higher minimum balance ($2,500 versus $300) and charges a higher monthly fee ($10 versus $5), but it typically earns a higher interest rate. Choose a money market account only if you have the balance to maintain it and want the higher yield.