Yes, you can open a TD savings account online from start to finish
TD Bank allows you to open a savings account entirely online without visiting a branch. You'll need a valid government ID, a Social Security number or ITIN, proof of your current address, and an initial deposit (the amount varies by account type). The process takes about 10 to 15 minutes, and your account is usually ready to use the same day or within one business day.
TD offers several savings account types online, each with different features and minimum balance requirements. The most common options are the TD Savings Account and the TD Money Market Savings Account. Which one makes sense depends on how often you plan to withdraw money and how much you want to keep in the account.
Key Takeaways
- You can complete the entire TD savings account opening process on TD's website or mobile app without stepping into a branch.
- You'll need a valid ID, Social Security number or ITIN, proof of address, and an initial deposit to open an account online.
- TD offers multiple savings account types online, each with different features, so compare them before you start.
- Your account is typically active the same day or within one business day after you finish the online process.
- You can link your new TD savings account to an existing TD checking account or open both at the same time.
What documents and information you'll need before you start
Gather these items before you begin the online process. You'll need a valid government-issued photo ID — a driver's license, passport, or state ID card. TD will also ask for your Social Security number or ITIN (Individual Taxpayer Identification Number) if you don't have a Social Security number.
You'll need proof of your current address. TD accepts recent utility bills, lease agreements, mortgage statements, or bank statements dated within the last 60 days. A copy of your driver's license counts as both ID and address proof if your address is current on it.
Have your initial deposit amount ready. The minimum opening deposit varies — some TD savings accounts require $0, while others require $25 or more. Check the specific account type you're interested in before you start, since this affects which accounts are available to you.
The step-by-step process on TD's website or app
Go to TD's website or open the TD mobile app and look for "Open an Account" or "New Customer." You'll be asked whether you want to open a checking account, savings account, or both. Select savings account and choose the specific type you want — TD Savings Account or TD Money Market Savings Account are the most common online options.
Enter your personal information: full name, date of birth, email address, phone number, and Social Security number or ITIN. Then provide your current address. TD will ask you to create a username and password for online banking access.
Next, you'll verify your identity. TD uses an automated system that checks your information against databases. If you pass this step, you'll see a confirmation. If the system can't verify you automatically, TD will ask you to upload a photo of your ID and proof of address.
Choose your initial deposit method. You can link an external bank account and transfer money, use a debit card, or in some cases arrange a wire transfer. Enter the amount you want to deposit and complete the transaction. Your account is then created, and you can usually start using it right away.
Different TD savings account types available online
The TD Savings Account is the basic option. It has no monthly fee, no minimum balance requirement, and no limit on how many times you can withdraw. Interest rates are low — TD's rates change based on the Federal Reserve's decisions, so check TD's website for the current rate. This account works well if you want a straightforward place to keep money without restrictions.
The TD Money Market Savings Account typically offers a higher interest rate than the basic savings account, but it usually requires a higher minimum balance to open and to maintain. It also limits the number of withdrawals you can make per month — usually six. If you're saving money you don't plan to touch often, this account may earn you more interest.
TD also offers CDs (Certificates of Deposit) online, which lock your money away for a set time period — usually 3 months to 5 years — in exchange for a may provide interest rate. CDs pay more interest than savings accounts, but you pay a penalty if you withdraw before the term ends. Open a CD only if you're certain you won't need the money during that time.
What happens after your account opens
Once your account is created, you'll receive a confirmation email with your account number and details. You can log into online banking when ready and see your account. If you chose to transfer money from another bank, that transfer usually takes one to three business days to arrive, depending on the other bank.
If you ordered a debit card or checks, they'll arrive by mail within 7 to 10 business days. You don't need them to use your account — you can transfer money and manage your account online or through the app right away.
Set up online bill pay and automatic transfers if you want them. Many people set up a recurring transfer from checking to savings to automate their saving. You can do this through TD's online banking portal or app.
If the online process doesn't work for you
If the automated identity verification fails, TD will ask you to upload documents or visit a branch in person. You can upload a photo of your ID and proof of address through the app or website, and TD will review them manually — this usually takes one to two business days.
If you prefer to open an account in person, you can visit any TD Bank branch with your ID, proof of address, and initial deposit. The process takes about 15 minutes, and you walk out with your account active and a debit card if you want one.
If you're having trouble with the online process, call TD's customer service at the number on their website. They can walk you through it or schedule a phone appointment to open the account with an agent.
Frequently Asked Questions
Do I need an existing TD checking account to open a savings account online?
No. You can open a savings account as your first TD account. However, if you already have a TD checking account, you can link the new savings account to it during the online process, which makes transferring money between them easier.
How much money do I have to put in to open the account?
It depends on the account type. Some TD savings accounts have no minimum opening deposit, while others require $25 or more. Check the specific account details before you start the online process.
Can I open a TD savings account if I don't have a Social Security number?
Yes. You can use an ITIN (Individual Taxpayer Identification Number) instead. You'll enter it in the same field where the form asks for a Social Security number.
What if I'm not a U.S. citizen?
TD can open accounts for non-citizens, but you'll need a valid government ID, an ITIN or Social Security number, and proof of address. Some branches may have additional requirements, so call ahead or check TD's website for details specific to your situation.
Can I change my mind and close the account right after opening it?
Yes. You can close a TD savings account anytime through online banking or by calling customer service. If you haven't met any minimum balance requirement or incurred fees, there's no penalty for closing it early.