What you need before you start

TD Bank lets you open a savings account online, by phone, or in person at a branch. You'll need a government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and a way to fund the account—either a debit card, another bank account, or cash if you go to a branch. If you're opening an account for someone under 18, a parent or legal guardian must be present or complete the process with you.

TD offers several savings account types, each with different features and minimum balance requirements. The most common option for everyday savers is the TD Savings Account, which has no monthly maintenance fee if you maintain a $100 minimum balance. If you don't meet that minimum, you'll pay $5 per month. Other options include the TD Money Market Savings Account (higher interest rates but higher minimums) and the TD Youth Savings Account (for minors, with parental oversight).

Key Takeaways

  • You can open a TD savings account online, by phone, or in a branch, and the process takes 10 to 15 minutes if you have your ID and Social Security number ready.
  • The standard TD Savings Account has no monthly fee if you keep at least $100 in the account; otherwise you pay $5 per month.
  • You can fund your new account when ready with a debit card, transfer from another bank, or cash at a branch.
  • If you open online or by phone, your account opens the same day, but you may need to visit a branch to deposit cash or get a debit card.

Opening online through TD's website

Go to TD Bank's website and select "Open an Account" from the savings options. You'll enter your personal information (name, address, date of birth, Social Security number), choose which savings account type you want, and set up online banking login credentials. The system will ask for your phone number and email address so TD can verify your identity and send you account details.

Once you've completed the process, TD will confirm your identity using information from your credit file—this is when ready in most cases. Your account opens when ready, and you'll receive a confirmation email with your account number and routing number. You can then fund the account right away using a debit card or by transferring money from another bank account. If you need to deposit cash or want a physical debit card mailed to you, you'll have to visit a branch or wait for the card to arrive by mail (typically 7 to 10 business days).

Opening by phone or in person at a branch

Call TD Bank's customer service line at 1-800-937-8372 to open an account over the phone. A representative will walk you through the same questions as the online process and can answer questions about which account type fits your needs. The call takes about 10 to 15 minutes. You'll need your ID and Social Security number available, and you can fund the account with a debit card or bank transfer during the call.

If you prefer to open an account in person, visit any TD Bank branch with your government-issued photo ID and Social Security number. A banker will help you choose an account, complete the process, and fund it on the spot. You can deposit cash when ready and receive a debit card at the branch (or have one mailed to you). In-person opening is useful if you want to ask detailed questions about account features or if you need to deposit a large amount of cash right away.

Funding your account and getting your debit card

You can fund your TD savings account in three ways: with a debit card (Visa or Mastercard), by transferring money from another bank account using the routing and account numbers, or with cash at a branch. Debit card and bank transfers process when ready or within one business day. Cash deposits at a branch are available when ready.

Your physical debit card will arrive by mail in 7 to 10 business days if you opened online or by phone. If you opened in person at a branch, you can request a card at that time and it will be mailed to you, or some branches can issue a temporary card on the spot. You can use your account for online transfers and bill pay before your card arrives—you just won't be able to withdraw cash or make purchases in stores until the card is in your hand.

What happens after your account opens

Once your account is open, you can log into TD's online banking portal or mobile app using the login credentials you created during signup. From there, you can check your balance, set up automatic transfers, pay bills, and manage your account settings. TD will send you a welcome packet by mail with your account agreement and other documents within a few days.

Your savings account will earn interest, though the rate varies based on market conditions and the account type you chose. TD publishes current rates on its website. Interest is typically compounded daily and posted to your account monthly. If you fall below the $100 minimum balance on your TD Savings Account, the $5 monthly fee will be charged on your statement date.

Common reasons accounts are delayed or declined

TD may delay opening your account if the identity verification system flags something unusual—for example, if your address doesn't match records or if there's a mismatch between your name and Social Security number. If this happens, TD will contact you by phone or email and may ask you to visit a branch in person with your ID to complete verification. This usually resolves within one business day.

TD may decline to open an account if you have a history with ChexSystems (a banking history report system) showing unpaid overdrafts, fraud, or repeated account closures. You can request your ChexSystems report before explore to see if there are issues. If you're declined, ask TD which specific reason caused the decline—some can be resolved by paying old overdraft fees or waiting a set period of time before reapplying.

Frequently Asked Questions

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

No. TD requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you have an ITIN, you can use that instead. If you don't have either, you'll need to obtain one before opening an account.

What's the difference between TD Savings Account and TD Money Market Savings Account?

The Money Market account typically offers a higher interest rate but requires a higher minimum balance (often $2,500 or more) and charges a higher monthly fee if you fall below the minimum. The standard Savings Account has a lower minimum ($100) and lower fee ($5). Choose based on how much you plan to keep in the account and how much interest you want to earn.

How long does it take to transfer money from another bank into my new TD account?

Transfers from another bank usually take one to two business days. If you transfer on a Friday evening, the money may not arrive until Tuesday. Transfers within TD's own system (if you already have a TD checking account) are usually when ready or same-day.

Do I have to keep a minimum balance, or will I be charged a fee?

The TD Savings Account requires a $100 minimum balance to avoid the $5 monthly maintenance fee. If your balance drops below $100 at any point during the month, the fee is charged on your statement date. You can avoid the fee by keeping at least $100 in the account at all times.

Can I open a TD savings account for my child?

Yes. TD offers the TD Youth Savings Account for minors. A parent or legal guardian must open the account and be listed as the custodian. The child can use a debit card and access online banking, but the parent controls the account until the child reaches the age of majority (usually 18 or 21, depending on your state).