What you need to open a TD savings account
TD Bank offers several types of savings accounts, and the one you choose depends on how much you plan to keep in the account and how often you'll withdraw money. The most common option for people new to banking is the TD Savings Account, which has no monthly fee if you keep a minimum balance (the amount varies by state and account type, so ask when you call). You can open one in person at a TD branch, by phone, or online through TD's website.
Before you start, gather these documents: a government-issued photo ID (a driver's license or passport), your Social Security number, and proof of your current address (a utility bill, lease, or bank statement dated within the last 60 days). If you're opening the account online, you'll upload photos of these documents. If you're opening in person or by phone, you'll show or read them to a TD representative.
You'll also need to decide how you want to fund the account — that is, how you'll put money in to start. You can bring cash to a branch, transfer money from another bank account, or in some cases start with a small deposit and add more later.
Key Takeaways
- TD offers savings accounts with no monthly fee if you maintain a minimum balance, though the exact amount depends on your state and the specific account type.
- You will need a photo ID, your Social Security number, and proof of your address to open an account in person, by phone, or online.
- You can open a TD savings account at any TD branch, by calling TD's customer service line, or through TD's website without visiting a branch.
- Once your account is open, you receive a debit card and online access so you can check your balance, transfer money, and set up automatic deposits from your paycheck.
Opening an account in person at a TD branch
Walking into a branch is often the fastest way to open an account if you have a TD location near you. Bring your photo ID, Social Security number, and proof of address. A TD representative will ask you which type of savings account you want, review the account terms with you, and help you complete the paperwork. The whole process usually takes 15 to 30 minutes.
When you're done, the representative will give you a temporary debit card or card number you can use right away, and your permanent card arrives by mail within 7 to 10 business days. You'll also receive login information for online banking so you can check your balance and move money from home.
Opening an account by phone
If you don't have a TD branch nearby or prefer not to visit in person, you can call TD's customer service line to open a savings account. Have your documents ready before you call — the representative will ask you to read information from your ID and address proof over the phone. They'll also ask about your employment and income, which helps TD verify your identity.
After you answer their questions, they'll mail you a welcome packet with your debit card and account details. You can usually start using your account online within one business day, even before your physical card arrives. If you need to deposit cash to fund the account, you can do that at any TD branch once your account is active.
Opening an account online
TD's website lets you open a savings account without calling or visiting a branch. Go to TD's website, select "Open an Account," and choose the savings account type you want. You'll be asked to upload a photo of your ID and proof of address using your phone or computer camera. The process takes about 10 to 15 minutes.
After you submit your information, TD reviews it and usually approves your account within one business day. You'll receive an email with your login information and can start using online banking right away. Your debit card and welcome materials arrive by mail within 7 to 10 business days. If you want to fund the account with cash, you'll need to visit a TD branch or set up a transfer from another bank account.
Understanding TD's savings account options
TD offers different savings accounts for different needs. The TD Savings Account is the standard option with no monthly fee if you keep the minimum balance. The TD Youth Savings Account is designed for people under 18 and has lower minimum balance requirements. The TD Money Market Account pays higher interest if you keep a larger balance, but requires a higher minimum deposit to open.
Interest is money the bank pays you for keeping your money there — the more you have in the account, the more interest you earn. TD's interest rates change over time, so ask what the current rate is when you open your account. You can compare TD's rates to other banks' rates to see which account works best for your situation.
What happens after your account opens
Once your account is active, you can log into TD's website or mobile app to check your balance, transfer money between accounts, and set up automatic deposits. Many employers let you have your paycheck deposited directly into your savings account — this is called direct deposit, and it's the fastest way to get paid. Ask your employer's payroll department for the form you need to set this up, and they'll ask for your account number and routing number (both appear on your welcome materials).
You can also withdraw money from your savings account using your debit card at TD ATMs (machines that dispense cash) or at other banks' ATMs, though some non-TD ATMs charge a small fee. You can also visit a TD branch to withdraw cash or move money to another account.
Keeping your account active and avoiding fees
To avoid monthly fees, keep your account balance above the minimum required for your account type. If your balance drops below the minimum, TD charges a monthly maintenance fee — usually $5 to $15, depending on the account. You can check your balance anytime online or by calling TD's customer service line.
Some TD savings accounts have limits on how many times you can withdraw money per month — this is a federal rule that applies to most savings accounts. If you need to withdraw money more often, ask TD about a checking account instead, which usually has no withdrawal limits. You can also have both a savings account and a checking account at TD.
Frequently Asked Questions
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 TD directly to ask about alternatives — some banks have options for people without a Social Security number, though they vary by location.
How much money do I need to open a TD savings account?
The minimum opening deposit varies by account type and state, but many TD savings accounts require $25 to $100 to open. Some accounts have no opening deposit requirement at all. Call TD or check their website for the specific amount for the account you want.
What if I don't have proof of address?
If you don't have a utility bill or lease, you can use other documents like a bank statement, insurance policy, or government letter with your name and address. Ask TD which documents they accept before you explore — requirements vary slightly by state.
Can I change my savings account type later?
Yes. You can contact TD to switch to a different savings account type, or open a second account. There's no penalty for changing account types, though you may need to close the old account if you don't want to keep both.
What if I lose my debit card?
Call TD's customer service line when ready to report the card lost or stolen. TD will cancel that card and mail you a new one, usually within 7 to 10 business days. In the meantime, you can still access your money through online banking or by visiting a branch.