What you need to open a TD Bank savings account

TD Bank will ask for a government-issued photo ID, your Social Security number, and your current address. You'll also need an initial deposit — the amount varies by account type, but many TD savings accounts have no minimum. If you're opening the account online, you can fund it when ready from another bank account you own. If you're opening it in a branch, you can deposit cash or a check on the spot.

TD offers several savings account types, each with different features and interest rates. The most common are the TD Savings Account (a basic option with no monthly fee if you maintain a minimum balance or set up direct deposit) and the TD Youth Savings Account (for customers under 18). Some accounts require a minimum balance to avoid fees; others waive fees if you link them to a TD checking account. The interest rate you earn also depends on which account you choose and current market conditions.

You can open an account online, on the TD mobile app, or in person at a TD Bank branch. The online and app routes are fastest — you can complete the process in about 10 minutes and start using the account the same day. In-branch openings take longer but let you ask questions and deposit cash when ready.

Key Takeaways

  • You need a photo ID, Social Security number, and current address; the initial deposit amount depends on the account type you choose.
  • TD offers multiple savings account types with different fee structures and interest rates, so compare them before you decide.
  • Online and app openings take about 10 minutes and let you fund the account the same day; in-branch openings let you deposit cash but take longer.
  • Some accounts waive monthly fees if you maintain a minimum balance or set up direct deposit, so check the fee schedule for the account you want.

Opening an account online or through the TD app

Start at tdbank.com or open the TD Bank mobile app. Select "Open an Account" and choose the savings account type you want. You'll enter your personal information: full name, date of birth, Social Security number, current address, phone number, and email. TD will verify your identity using the information you provide.

Next, you'll set up login credentials and choose how to fund the account. If you have another bank account in your name, you can link it and transfer money when ready. TD will send two small deposits to that account (usually within one to two business days) and ask you to confirm the amounts — this is how they verify you own the account. Once confirmed, your TD account is fully active.

If you don't have another bank account to link, you can mail a check or wait until you visit a branch to deposit cash. Your account opens as soon as you complete the online process, but you won't be able to use it until you fund it.

Opening an account in a TD Bank branch

Find your nearest TD Bank branch using the branch locator on tdbank.com. Bring your photo ID, Social Security number, and proof of your current address (a utility bill, lease, or recent bank statement works). You can also bring a check or cash for your initial deposit.

A TD employee will walk you through the account setup process. They'll verify your identity, explain the account features and fees, and help you choose which savings account fits your needs. If you have questions about interest rates, minimum balances, or how the account works, this is the time to ask. Once you've signed the paperwork, your account is open and funded if you brought a deposit.

In-branch openings typically take 20 to 30 minutes. You'll receive a debit card on the spot or by mail within 7 to 10 business days, depending on the branch and account type.

Understanding TD savings account types and fees

The TD Savings Account is the standard option. It has no monthly fee if you maintain a $100 minimum balance or set up direct deposit. If your balance drops below $100 and you don't have direct deposit, TD charges $5 per month. The interest rate is modest but compounds daily.

The TD Youth Savings Account is for customers under 18. It has no monthly fee, no minimum balance requirement, and comes with a debit card. Parents or guardians can monitor the account online. Interest rates are typically higher than the standard savings account to encourage young savers.

TD also offers Money Market Accounts, which usually have higher interest rates but require a larger minimum balance (often $2,500 or more). These accounts let you write checks and make transfers, but limit the number of withdrawals per month.

Check the current fee schedule and interest rates on tdbank.com before you open an account, because both change periodically. The rates TD advertises online are the most current.

What happens after you open your account

Once your account is open and funded, you can start using it when ready. If you opened online, you can log in to your account and set up bill pay, transfers, or automatic savings. You'll receive a debit card by mail within 7 to 10 business days if you didn't get one in a branch.

TD will send you a welcome packet with your account number, routing number, and instructions for online banking. You can also view all of this information in the TD app or on tdbank.com by logging in. Your routing number is what you need if you want to set up direct deposit from an employer or transfer money from another bank.

If you want to link your TD savings account to a TD checking account, you can do that online or in a branch. Linking accounts makes transfers between them when ready and often waives monthly fees on both accounts.

Funding your account after it opens

You can add money to your TD savings account in several ways. Direct deposit from your employer is the fastest and most reliable — set it up through your employer's payroll system using your TD account and routing number. Transfers from another bank take one to three business days and can be set up online or through the TD app. In-branch deposits of cash or checks are when ready if you visit a TD location during business hours.

You can also use the TD mobile app to deposit checks by taking a photo of the front and back. Mobile check deposits usually clear within one to two business days. ATM deposits are available at TD ATMs if you have a TD debit card.

Frequently Asked Questions

Do I need to be a TD Bank customer already to open a savings account?

No. You can open a TD savings account even if you've never banked with TD before. You'll need a photo ID, Social Security number, and proof of address, but no existing TD account is required.

Can I open a TD savings account if I don't have a Social Security number?

TD requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you don't have either, contact a TD branch to ask about alternatives, though options are limited.

How long does it take for my debit card to arrive?

If you open an account in a branch, you may receive a debit card on the spot. If you open online, your card arrives by mail within 7 to 10 business days. You can use your account online or through the app before the card arrives.

What's the difference between a savings account and a money market account at TD?

A money market account typically offers a higher interest rate but requires a larger minimum balance (often $2,500 or more) and limits the number of withdrawals per month. A savings account has lower minimums and fewer restrictions but earns less interest. Choose based on how much you plan to keep in the account and how often you'll withdraw.

Can I open a joint savings account at TD Bank?

Yes. Both account holders will need to provide photo ID, Social Security number, and proof of address. You can open a joint account online, through the app, or in a branch. Both owners have equal access to the account and can withdraw funds.