TD Bank does not charge an upfront fee to open a checking or savings account
You can open a TD Bank checking account, savings account, or both without paying an opening fee. There is no deposit requirement to start the account either — you can open it with zero dollars and fund it later, or deposit whatever amount you choose on day one.
What matters instead is what happens after you open it. TD Bank makes money from monthly maintenance fees if your account falls below certain thresholds, from overdraft charges if you spend more than you have, and from interest on the money you keep there. Understanding these ongoing costs is more useful than focusing on the opening itself.
Key Takeaways
- TD Bank charges no fee to open a checking or savings account, and no minimum deposit is required to start one.
- Monthly maintenance fees range from $6.95 to $15 depending on the account type, but can be waived if you meet balance or deposit requirements.
- Overdraft fees are $35 per transaction if you spend more than your balance, and TD Bank allows multiple overdrafts per day.
- You can open an account online, by phone, or in person at a TD Bank branch without needing to visit in person first.
- Savings accounts earn interest, but the rate varies and is typically lower than what online banks offer.
Monthly maintenance fees and how to avoid them
TD Bank's checking accounts carry a monthly maintenance fee of $6.95 to $15, depending on which checking product you choose. The most common account, TD Bank Checking, costs $6.95 per month. Premium checking accounts cost more but offer additional features like higher interest rates or fee waivers.
You can waive the monthly fee in several ways. The easiest is to keep a minimum balance — usually $500 to $1,500 depending on the account type. Another way is to set up direct deposit of your paycheck into the account. Some accounts waive the fee if you maintain a combined balance across multiple TD Bank accounts. Read the specific terms for the account you are considering, because the waiver method varies.
Savings accounts at TD Bank also carry monthly maintenance fees, typically $5 to $6.95, and can be waived the same way — through minimum balance or direct deposit.
Overdraft fees and spending beyond your balance
If you spend more money than you have in your account, TD Bank charges $35 per overdraft transaction. This is separate from the monthly maintenance fee. TD Bank allows multiple overdrafts per day, so if you overdraw your account three times in one day, you could face three $35 charges.
You can opt out of overdraft protection, which means transactions that would overdraw your account will straightforward be declined instead. This prevents the fee but also means your debit card or check will not go through. Some people prefer this to avoid surprise charges; others prefer the protection because they need the transaction to complete.
How to open an account without visiting a branch
You can open a TD Bank account online through their website, by phone at 1-800-937-8835, or in person at any TD Bank branch. Online opening takes about 10 minutes and requires a valid government ID, your Social Security number, and an initial deposit method (a bank account to transfer from, or a debit card).
If you open online or by phone, you do not need to visit a branch. Your account opens when ready and you can use it the same day. If you want to deposit cash or get a debit card faster, visiting a branch can speed that up, but it is not required to open the account itself.
What documents and information you will need
To open any TD Bank account, have these items ready: a valid government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and your current address. If you are opening online, you will also need a way to fund the account — either a bank account at another institution or a debit card.
If you are opening a joint account with another person, both account holders need to provide ID and their Social Security number. TD Bank will verify your identity and check your banking history through ChexSystems, a database that tracks account closures and overdrafts at other banks. A negative history there can result in denial, though TD Bank sometimes offers second-chance accounts.
Interest rates on savings accounts
TD Bank savings accounts earn interest, but the rate is set by TD Bank and changes over time. As of recent months, rates have been well below 1% annually on standard savings accounts. Online banks often offer rates three to five times higher on the same type of account, so if interest earnings matter to you, compare before opening.
TD Bank does offer money market accounts with slightly higher rates, but these also come with monthly maintenance fees and minimum balance requirements. The interest you earn may not offset the fees unless you maintain a large balance.
Account types and what each one costs
| Account Type | Monthly Fee | Minimum Balance to Waive | Opening Fee |
|---|---|---|---|
| TD Bank Checking | $6.95 | $500 or direct deposit | None |
| TD Premium Checking | $15 | $2,500 or direct deposit | None |
| TD Savings | $5 | $500 or direct deposit | None |
| TD Money Market | $12 | $2,500 or direct deposit | None |
The account you choose depends on how much money you plan to keep there and what features matter to you. If you receive direct deposit, the monthly fee disappears regardless of balance, which makes the choice simpler. If you do not receive direct deposit, you need to keep the minimum balance or pay the fee each month.
Frequently Asked Questions
Can I open a TD Bank account if I have been denied before?
TD Bank checks ChexSystems, which records overdrafts and account closures at other banks. A negative history can result in denial, but TD Bank sometimes offers second-chance checking accounts for people with banking problems. Call 1-800-937-8835 to ask about options if you have been denied elsewhere.
Do I need to deposit money on the day I open the account?
No. You can open the account with zero dollars and fund it later. However, if you do not fund it within a certain period, TD Bank may close it. Ask when you open whether there is a important date to make your first deposit.
What happens if I cannot maintain the minimum balance?
You will be charged the monthly maintenance fee. If you have direct deposit set up, the fee is waived even if your balance drops below the minimum. If you do not have direct deposit, you pay the fee each month until your balance reaches the threshold again.
Can I open multiple accounts at TD Bank?
Yes. You can open a checking account and a savings account, or multiple accounts of the same type. Some account types waive fees if your combined balance across all TD Bank accounts meets the minimum, so this can be a way to avoid fees on individual accounts.
Is there a fee to close a TD Bank account?
TD Bank does not charge a fee to close an account. You can close it online, by phone, or in person. Make sure you have moved any remaining balance to another account first, or ask TD Bank to send you a check.