What you need before you walk in or go online
TD Bank lets you open a savings account in person at a branch or online through their website. Either way, you'll need a government-issued photo ID, your Social Security number, and an initial deposit. The deposit amount varies—some accounts require a minimum opening deposit, while others don't, so check the specific account type you're interested in before you start.
You'll also need a way to fund the account: a debit card, another bank account you can transfer from, or cash if you're opening in person. If you're opening online, you'll need an email address and a phone number where TD can reach you to verify your identity.
Have your address ready, including your zip code. TD will ask for your employment information too, though you don't need to be employed to open an account—they just need to know your status.
Key Takeaways
- You can open a TD Bank savings account online or at any TD branch with a photo ID, Social Security number, and an initial deposit.
- Online accounts typically open within minutes once your identity is verified, while in-person accounts are usually ready to use the same day.
- TD offers several savings account types with different features and minimum deposit requirements, so compare them before you choose.
- After opening, you can set up direct deposit, link external accounts, or add a debit card to start using your account right away.
Opening an account online through TD's website
Go to TD Bank's website and look for the "Open an Account" or "Savings Accounts" section. You'll select the type of savings account you want—TD offers options like their basic savings account and higher-yield savings products, each with different features and rates. Read the details for each one so you understand what you're choosing.
Once you've picked an account type, the site will walk you through entering your personal information: name, address, date of birth, Social Security number, and employment status. You'll create a username and password for online banking. TD will then verify your identity, usually by asking security questions based on your credit history or by sending a code to your phone or email.
After verification, you'll fund the account. You can transfer money from another bank account, use a debit card, or in some cases link an external account. The money may take one to three business days to show up, depending on where it's coming from. Once the deposit clears, your account is active and you can start using it.
Opening an account in person at a TD branch
Find a TD Bank branch near you using their branch locator on the website or by calling 1-800-937-8372. Bring your photo ID, Social Security number, and your initial deposit—cash, a check, or a debit card to transfer from another account. You don't need an appointment, but going early in the day or on a weekday usually means shorter waits.
A TD representative will ask you the same questions the online form does: your address, employment status, and contact information. They'll show you the different savings account options and help you choose one. Once you've decided, they'll set up the account, process your deposit, and give you a temporary debit card or information about ordering one.
Your account is usually ready to use the same day. If you deposited cash or a check, it may take one to two business days to fully clear, but you can start using the account when ready in most cases. The representative will show you how to set up online banking and mobile banking before you leave.
What happens after you open the account
Once your account is open, log into TD's online banking or mobile app to see your balance and transaction history. You can set up direct deposit by giving your employer your account number and routing number—both are on your deposit slip or available in online banking. Direct deposit usually takes one to two pay cycles to start.
If you need a physical debit card, TD will mail one to you, usually within 5 to 10 business days. You can use your account online or through the mobile app before the card arrives. You can also link external accounts to transfer money in and out, though those transfers may take a few business days depending on the other bank.
Set up alerts in your mobile app or online banking if you want notifications when your balance drops below a certain amount or when a large transaction occurs. This helps you catch fraud early and stay on top of your balance.
Account types and what makes them different
TD Bank offers several savings account options. Their basic savings account has low or no minimum deposit requirements and is straightforward—you deposit money, earn interest, and can withdraw anytime. The interest rate is typically lower than other options.
TD also offers high-yield savings accounts that pay more interest but may have higher minimum balances or require you to maintain a certain balance to earn the top rate. Some accounts have monthly fees if your balance falls below a threshold, while others don't charge fees at all.
Compare the current interest rates, minimum deposit amounts, monthly fees, and withdrawal limits before you choose. Rates and fees change, so check TD's website or ask a representative for the most current information. The right account depends on how much you plan to deposit, how often you'll withdraw money, and whether you want to earn more interest.
Fees and things that cost money
Most TD savings accounts don't charge a monthly maintenance fee, but some do if your balance drops below a minimum amount—typically $100 to $500, depending on the account type. Check the fee schedule for the specific account you're opening so you know what to expect.
TD doesn't charge you to open an account, make deposits, or withdraw money. However, if you overdraft your checking account (if you link one), you may face overdraft fees. Some accounts charge fees for things like stopping a payment or requesting a paper statement, but these are uncommon with basic savings accounts.
If you close your account within a certain period—usually 90 days—some accounts charge an early closure fee. Ask about this when you open the account so you're not surprised later.
If you run into problems during setup
If your identity verification fails online, TD will usually tell you why and give you the option to verify in person at a branch instead. Bring the same documents you would have used online, and a representative can open the account for you on the spot.
If your initial deposit doesn't go through, check that you entered your account or debit card information correctly. If it's still not working, call TD at 1-800-937-8372 and a representative can help troubleshoot. They can also process a deposit over the phone using a debit card or by transferring from another account.
If you're having trouble logging into online banking after your account opens, use the "Forgot Password" link on TD's login page or call customer service. They can reset your access and walk you through logging in again.
Frequently Asked Questions
How long does it take to open a TD savings account?
Online accounts usually open within minutes once your identity is verified. In-person accounts are typically ready the same day. Your initial deposit may take one to three business days to clear, depending on where the money is coming from, but you can usually start using the account right away.
Can I open an 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 other options or documentation they might accept.
What's the minimum amount I need to open a savings account at TD?
It varies by account type. Some TD savings accounts have no minimum opening deposit, while others require $25, $100, or more. Check the details for the specific account you're interested in, or ask a representative at a branch.
Can I open a savings account for someone else?
You can open a joint account with another person if you're both present with ID, or you can open an account for a minor with parental consent. Contact TD directly to learn about options for guardianship accounts or accounts for children.
What if I want to close my account later?
You can close your TD savings account anytime by visiting a branch, calling customer service, or using online banking. Withdraw or transfer any remaining balance first. Some accounts charge a fee if closed within 90 days, so check your account terms.