TD Bank does not charge an opening fee for most checking accounts

You do not pay TD Bank money to open a checking account. The bank offers several checking products, and none of them have an account opening fee. What you do need is an initial deposit, which varies by account type — typically between $0 and $100 — and a valid form of identification.

The real cost of a TD Bank checking account comes later, in the form of monthly maintenance fees. Most accounts charge $15 per month, though some accounts waive this fee if you meet certain conditions like maintaining a minimum balance or setting up direct deposit.

Key Takeaways

  • TD Bank does not charge a fee to open a checking account, but you will need to make an initial deposit ranging from $0 to $100 depending on the account type.
  • Monthly maintenance fees typically run $15, but can be waived if you maintain a minimum balance or receive direct deposits into the account.
  • You will need a valid government-issued ID and a Social Security number or ITIN to open an account in person or online.
  • TD Bank offers accounts with different features and fee structures, so comparing them before opening can save you money over time.

Initial deposit requirements by account type

TD Bank's checking accounts fall into a few main categories, each with different opening deposit minimums. The TD Bank Checking account typically requires a $0 opening deposit, making it the lowest barrier to entry. The TD Bank Premium Checking account usually requires $100 to open.

These minimums can change, and they may vary depending on whether you open the account online or in a branch. When you open online, TD Bank sometimes waives the opening deposit requirement entirely. Call your local TD Bank branch or visit their website to confirm the current minimums before you start the process.

Monthly maintenance fees and how to avoid them

TD Bank charges $15 per month for most checking accounts. This fee is not automatic — you can waive it by meeting one of several conditions. The most common way is to maintain a minimum daily balance, which for many TD accounts is $500 to $1,500 depending on the specific product.

You can also waive the monthly fee by setting up direct deposit of your paycheck or other regular income. Some accounts waive the fee if you maintain a combined balance across multiple TD accounts, or if you are over a certain age (some banks offer fee waivers for seniors or students). Ask the bank which waiver option works best for your situation.

What you need to bring or provide

To open a checking account at TD Bank, you will need a valid government-issued photo ID — a driver's license, passport, or state ID card. You will also need your Social Security number or Individual Taxpayer Identification Number (ITIN). If you do not have a Social Security number, TD Bank can still open an account for you using an ITIN.

If you open the account in person at a branch, bring your ID and have your Social Security number or ITIN ready. If you open online, you will enter this information into the application form. TD Bank may ask for your current address and phone number as well.

Opening an account online versus in a branch

TD Bank lets you open a checking account either online through their website or in person at a branch. Opening online is faster — you can complete the application in 10 to 15 minutes and often receive your account number immediately. The bank will mail you a debit card and checks within 7 to 10 business days.

Opening in a branch takes longer but gives you a chance to ask questions and get help from a banker. You may receive a temporary debit card on the spot, and you can start using your account right away. Some branches can issue a card immediately; others mail it to you. Ask when you arrive.

Overdraft fees and other costs to watch for

Opening the account is free, but other fees can add up quickly. TD Bank charges an overdraft fee if you spend more money than you have in your account — typically $35 per overdraft transaction. If you overdraw your account multiple times in one day, you may be charged multiple fees.

You may also pay fees for ATM withdrawals outside the TD network, wire transfers, or stopping payment on a check. Some of these fees are avoidable — for example, TD Bank has a large ATM network, so you can usually find a free withdrawal location. Others depend on how you use the account. Review the fee schedule on TD Bank's website or ask a banker about fees that might apply to your situation.

Frequently Asked Questions

Do I need a minimum balance to open a TD Bank checking account?

No minimum balance is required to open most TD Bank checking accounts, though you do need to make an initial deposit of $0 to $100 depending on the account type. Once the account is open, you can maintain a low balance without penalty, though keeping a higher balance can waive your monthly maintenance fee.

Can I open a TD Bank checking account online without going to a branch?

Yes, TD Bank allows you to open a checking account entirely online. You will need a valid ID, your Social Security number or ITIN, and a way to make your initial deposit. Your account opens immediately, though your debit card and checks arrive by mail in 7 to 10 business days.

What happens if I cannot maintain the minimum balance to waive the monthly fee?

If you cannot maintain the minimum balance, you will be charged the monthly maintenance fee — typically $15. You can avoid this fee by setting up direct deposit instead, or by switching to an account with a lower minimum balance requirement. Ask TD Bank which accounts have the lowest balance requirements.

Can I open a TD Bank checking account without a Social Security number?

Yes, you can open an account using an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number. Bring your ITIN and a valid government-issued ID to a branch, or provide the ITIN when opening online. The process is the same as for accounts opened with a Social Security number.