What you need before you start
TD Bank lets you open a savings account in person at a branch, online through their website, or by phone. The fastest route is usually online if you already have a TD checking account — the process takes about 10 minutes and you can fund it when ready. If you don't have an existing TD account, you'll need to bring documents to a branch or complete a longer online process that includes identity verification.
Before you begin, gather a government-issued photo ID (driver's license, passport, or state ID card), your Social Security number, and proof of your current address. The address proof can be a recent utility bill, lease agreement, or bank statement — anything dated within the last 60 days with your name and address on it. If you're opening the account online, you'll photograph or upload these documents. If you're going to a branch, bring the originals.
You'll also need to decide how much money you want to deposit to open the account. TD doesn't require a minimum opening deposit for most savings accounts, but some accounts have minimum balance requirements to avoid monthly fees. Check which TD savings product you want before you arrive — they offer several types, from basic savings to money market accounts.
Key Takeaways
- You can open a TD savings account online in about 10 minutes if you already have a TD checking account, or at a branch with your ID and proof of address.
- TD does not require a minimum opening deposit for most savings accounts, but some accounts charge a monthly fee if your balance drops below a certain amount.
- Online opening requires uploading a photo ID and proof of address; branch opening requires bringing originals.
- If you open online, your account is usually ready to use within one business day, and you can transfer money from another TD account when ready.
Opening online if you already bank with TD
Log into your TD online banking account or the TD mobile app and look for "Open an Account" or "Add an Account" in the menu. Select the savings account type you want — TD offers a basic savings account, a money market savings account, and a youth savings account, each with different interest rates and balance requirements. The app will walk you through the account setup, which takes about five minutes.
You won't need to re-verify your identity because TD already has your information on file. The system will ask you to confirm your Social Security number and current address, then show you the account terms and monthly fees. Review the fee schedule carefully — some accounts waive the monthly fee if you keep a minimum balance or set up direct deposit. Once you confirm, the account opens when ready and you can transfer money into it from your existing TD account right away.
Opening online without an existing TD account
Go to TD's website and select "Open an Account." Choose the savings account type, then enter your personal information: full name, date of birth, Social Security number, current address, phone number, and email. The system will ask for your employment status and annual income — this is standard for all banks and helps them comply with federal banking regulations.
Next, you'll upload photos of your government-issued ID and proof of address. Take clear photos of both sides of your ID and make sure the document is fully visible and readable. For proof of address, upload a photo of a utility bill, lease, or recent bank statement. The system usually processes these documents within a few minutes, but if the photos are unclear, TD may ask you to resubmit them.
After your identity is verified, you'll set up a username and password for online banking, choose a PIN for the ATM card, and review the account terms. You can fund the account by linking an external bank account (which takes one to two business days to verify) or by providing a debit card number for an when ready transfer. Your TD savings account will be ready to use within one business day.
Opening in person at a TD branch
Find your nearest TD branch using their branch locator on the website or in the app. Walk in during business hours with your government-issued photo ID, proof of address, and your Social Security number. Tell the banker you want to open a savings account and they'll ask which type you prefer.
The banker will enter your information into their system, verify your identity by checking your documents, and explain the account terms and fees. This conversation usually takes 10 to 15 minutes. You can fund the account on the spot by transferring money from another bank account (if you have one set up), depositing cash, or depositing a check. Your account opens when ready and your debit card will arrive by mail within 7 to 10 business days.
What happens after you open the account
Your TD savings account number appears in your online banking portal or app as soon as the account opens. You can set up automatic transfers from your checking account, arrange direct deposit from your employer, or transfer money from another bank. If you opened online, your debit card ships within 5 to 7 business days. If you opened in person, it takes 7 to 10 business days.
Check your account settings to confirm the monthly fee structure. Some TD savings accounts charge a monthly maintenance fee ($5 to $10, depending on the account type) unless you maintain a minimum balance or set up direct deposit. You can change these settings anytime in your online banking account. If you don't want to pay a monthly fee, make sure your balance stays above the minimum or set up a recurring transfer from your checking account.
Choosing between TD's savings account options
TD offers three main savings products for individual customers. The TD Savings Account is the basic option with no minimum opening deposit and a monthly fee that's waived if you keep $100 or more in the account. The TD Money Market Savings Account offers a higher interest rate but requires a $2,500 minimum balance to avoid a monthly fee. The TD Youth Savings Account is for customers under 18 and has no monthly fee.
Interest rates vary based on the account type and change regularly, so check TD's website for current rates before you open. The money market account typically pays more interest than the basic savings account, but only if you keep the higher balance. If you're starting with a small amount and want to avoid fees, the basic savings account is usually the better choice. You can always switch to a money market account later once your balance grows.
Frequently Asked Questions
Do I need a minimum deposit to open a TD savings account?
No. Most TD savings accounts have no minimum opening deposit. However, some accounts charge a monthly fee unless you maintain a certain balance — usually $100 for the basic savings account and $2,500 for the money market account. You can avoid the fee by keeping that balance or setting up direct deposit.
How long does it take to open a TD savings account online?
If you already have a TD checking account, the process takes about 10 minutes and your account opens when ready. If you're opening without an existing TD account, the initial setup takes 15 to 20 minutes, but your account won't be fully active until TD verifies your identity, which usually happens within one business day.
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, you'll need to contact TD directly to discuss your options, as policies vary by state and individual circumstances.
What's the difference between opening online and at a branch?
Online opening is faster (10 minutes if you're an existing customer) and you can fund the account when ready. Branch opening takes longer but lets you ask questions in person and deposit cash or checks on the spot. Both routes result in the same account with the same fees and interest rates.
When can I start using my TD savings account?
If you open online, your account is ready to use within one business day and you can transfer money when ready. If you open in person, your account is active right away. Your debit card arrives by mail within 5 to 10 business days, but you can access your account online or at an ATM as soon as it opens.