TD Bank does not charge an upfront fee to open a checking or savings account

You can open a TD Bank checking or savings account with no opening fee. The bank does not require a minimum deposit to start the account, though you will need to fund it with at least some money to make the account active and usable.

What you pay depends on which account type you choose and whether you meet the terms to avoid monthly maintenance fees. A TD Bank checking account typically costs $0 per month if you maintain a minimum balance (usually $100 to $500, depending on the account) or set up direct deposit. If you do not meet those conditions, you may see a monthly service charge of $6 to $15.

Key Takeaways

  • Opening a TD Bank account costs nothing upfront, and there is no minimum deposit required to create the account.
  • Monthly maintenance fees range from $0 to $15 depending on account type and whether you keep a minimum balance or receive direct deposit.
  • Different account types have different fee structures—checking accounts, savings accounts, and money market accounts each have their own terms.
  • You can open an account online, by phone, or in person at a TD Bank branch, and the process takes about 10 to 15 minutes.
  • Fees can change, so confirm the current terms for your specific account type before opening.

Monthly fees vary by account type and how you use it

TD Bank offers several account types, and each has its own fee schedule. A TD Bank Checking account typically has a $0 monthly fee if you maintain a $100 minimum balance or set up direct deposit. If you do not meet either condition, expect a $6 monthly maintenance fee.

A TD Bank Savings account usually carries no monthly fee regardless of balance, though the interest rate may be low. TD Bank Money Market accounts may have higher minimum balance requirements and different fee structures.

Beyond monthly maintenance, you may encounter other charges: overdraft fees (usually $35 per transaction), out-of-network ATM fees (typically $3), and wire transfer fees ($15 to $25 depending on direction). These are not automatic—they only appear if you use those services.

How to open an account and what you will need

You can open a TD Bank account online, by phone, or in person at a branch. Online and phone openings take about 10 to 15 minutes. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit method (debit card, bank account, or cash if opening in person).

If you open online or by phone, TD Bank will verify your identity and run a ChexSystems check—a banking history report that flags accounts closed for fraud or unpaid overdrafts. This check does not affect your credit score. Once approved, your account opens when ready, though it may take one to two business days for your initial deposit to clear.

If you open in person, bring your ID and Social Security number, and a teller will walk you through the process. You can fund the account right there with cash or a debit card.

Minimum balance requirements and how to avoid fees

The easiest way to avoid a monthly fee is to set up direct deposit—having your paycheck or government benefits deposited directly into your TD Bank account. This counts as meeting the fee waiver condition on most checking accounts, regardless of your balance.

If direct deposit is not an option, maintain the minimum balance for your account type. For most TD Bank checking accounts, that minimum is $100. Some accounts require $500 or more. Check your account agreement or ask a teller which minimum applies to your specific account.

If your balance drops below the minimum and you do not have direct deposit set up, the monthly maintenance fee will post. You can reverse one fee per year by calling customer service and asking, but this is not may provide and should not be relied on as a regular strategy.

Comparing TD Bank accounts to understand the real cost

The total cost of your account depends on which type you choose and how you use it. A checking account with direct deposit costs $0 per month. The same account without direct deposit and without maintaining a $100 balance costs $6 per month, or $72 per year. If you overdraft once per month, add $35 × 12 = $420 annually.

A savings account costs $0 per month but typically earns very low interest—often 0.01% APY or less. A money market account may earn slightly more interest but requires a higher minimum balance and may charge a fee if you fall below it.

If you use out-of-network ATMs frequently, that adds up quickly: $3 per transaction × 4 times per month = $144 per year. TD Bank has over 9,000 ATMs in its network, so using in-network machines is usually free and keeps costs down.

What happens after you open the account

Once your account is open, you will receive a debit card in the mail within 7 to 10 business days. You can use your account online or through the TD Bank mobile app when ready, even before the card arrives. You can also visit a branch to withdraw cash or deposit checks.

Your first statement will arrive 30 days after opening. Review it to confirm all fees and deposits posted correctly. If you see unexpected charges, contact TD Bank customer service within 60 days to dispute them.

If you want to close the account later, you can do so in person, by phone, or online. Make sure your balance is $0 before closing, or any remaining funds will be mailed to you. There is no fee to close an account.

Frequently Asked Questions

Do I need a minimum deposit to open a TD Bank account?

No. TD Bank does not require a minimum deposit to open an account. However, you do need to fund the account with some amount to make it active. You can deposit as little as $1 to get your free guide.

Can I open a TD Bank account online without visiting a branch?

Yes. You can open most TD Bank checking and savings accounts entirely online. You will need a valid ID, Social Security number, and a way to fund the account (debit card or linked bank account). The process takes about 10 to 15 minutes.

What if I cannot maintain the minimum balance?

If you cannot maintain the minimum balance and do not have direct deposit, you will pay a monthly maintenance fee—usually $6 for checking accounts. Some people choose to keep only a savings account instead, which typically has no monthly fee and no minimum balance requirement.

Are there any hidden fees I should know about?

The main fees are monthly maintenance (if you do not meet conditions), overdraft ($35 per transaction), out-of-network ATM ($3), and wire transfers ($15 to $25). There are no hidden fees, but confirm the current fee schedule with TD Bank before opening, as fees can change.

How long does it take to open an account and start using it?

Online and phone openings take 10 to 15 minutes, and your account is active when ready. Your debit card arrives in 7 to 10 business days. In-person openings at a branch also take 10 to 15 minutes and are active right away.