TD Bank has no minimum deposit requirement to open a savings account
You can open a TD Bank savings account with $0. TD Bank does not require you to deposit any money upfront to create the account. You walk in, complete the paperwork, and leave with an active account—whether you fund it immediately or later.
What matters more than the opening deposit is what happens after. TD Bank charges a monthly maintenance fee on most savings accounts unless you meet certain conditions. The fee is typically $5 per month, but you can avoid it by maintaining a minimum balance or setting up direct deposit.
Key Takeaways
- TD Bank savings accounts have no minimum opening deposit, so you can open one with zero dollars.
- Most TD Bank savings accounts charge a $5 monthly maintenance fee unless you maintain a minimum balance or receive direct deposits.
- The minimum balance needed to waive the fee varies by account type—typically $500 to $2,500 depending on the specific product.
- You can open an account in person at a TD Bank branch, online, or by phone with just an ID and Social Security number.
- Interest rates on TD Bank savings accounts are generally lower than online-only banks, so compare rates before deciding where to save.
How to avoid the monthly maintenance fee
TD Bank offers three main ways to waive the $5 monthly fee. The most common is maintaining a minimum daily balance—usually $500 to $2,500 depending on which savings product you choose. If your balance drops below that threshold even once during the month, you pay the fee that month.
The second way is setting up direct deposit. If you have your paycheck or another recurring deposit sent directly to your TD Bank account, the monthly fee is waived. This is often the easiest route if you already receive direct deposit at another bank—you simply update your employer or benefit provider with your new TD Bank account number.
The third option is linking your savings account to a TD Bank checking account and maintaining a combined minimum balance across both accounts. This combined balance threshold is usually lower than the savings-only requirement, making it a good choice if you use TD Bank for checking as well.
What you need to bring to open an account
In person, you will need a government-issued photo ID (driver's license, passport, or state ID) and your Social Security number. TD Bank staff will verify your identity and run a check through ChexSystems, which is a banking history database. If you have had accounts closed for unpaid fees or fraud at other banks, this check may flag it.
If you open online or by phone, you will provide the same information digitally. You will also need to verify your identity through a video call or by uploading a photo of your ID. The process usually takes 10 to 15 minutes.
Bring or have ready your current address, phone number, and email. If you want to fund the account immediately, have a debit card or bank account number ready for a transfer.
Opening online versus in person
Opening online is faster and requires no trip to a branch. You can complete the entire process on your phone or computer in under 20 minutes. TD Bank will send you a debit card and checks by mail, which typically arrive within 5 to 10 business days. You can start using the account and making transfers immediately, even before the physical card arrives.
Opening in person at a branch takes longer—usually 30 to 45 minutes—but you leave with a debit card the same day. This matters if you need to withdraw or deposit cash right away. You also have the chance to ask questions face-to-face and confirm the fee waiver conditions before you sign.
TD Bank has branches in the Northeast and Mid-Atlantic, plus some locations in Florida and the Midwest. If you do not live near a branch, opening online is your only option.
Interest rates and how they compare
TD Bank savings accounts earn interest, but the rate is typically much lower than online-only banks. As of recent months, TD Bank's savings rate has ranged from 0.01% to 0.05% annual percentage yield (APY), depending on the account type and current market conditions. That means on a $1,000 balance, you would earn roughly $0.10 to $0.50 per year.
Online banks like Marcus, Ally, or Discover often offer rates between 4% and 5% APY on savings accounts. The difference is significant: on that same $1,000, you would earn $40 to $50 per year instead of pennies. If building savings is your goal, the lower rate at TD Bank is a real cost.
The trade-off is convenience and access. TD Bank offers in-person service, a physical debit card, and the ability to deposit cash at a branch. If you value those features, the lower rate may be worth it. If you are purely focused on earning the most interest, an online bank is the better choice.
What happens if you do not maintain the minimum balance
If your balance falls below the required minimum even once during a calendar month, TD Bank charges the $5 maintenance fee. The fee is deducted automatically from your account on the last day of the month or the first day of the next month, depending on your account type.
If your account balance is very low when the fee hits, you could end up overdrawn. TD Bank charges overdraft fees (typically $35 per transaction) if you spend more than you have. This can create a cycle where fees pile up faster than you can recover.
If you fall behind on fees, contact TD Bank customer service right away. They sometimes reverse one or two fees as a courtesy, especially if you have been a customer for a while or if it is your first time falling short of the minimum. There is no may provide, but asking costs nothing.
Frequently Asked Questions
Can I open a TD Bank savings account online if I do not live near a branch?
Yes. TD Bank allows online account opening for customers anywhere in the United States. You will verify your identity through a video call or by uploading a photo of your ID. Your debit card and any checks will be mailed to your address.
What is the difference between TD Bank's savings accounts?
TD Bank offers several savings products: a basic savings account, a money market account (which usually requires a higher minimum balance but pays slightly more interest), and certificates of deposit (CDs) for fixed terms. The basic savings account is the most common and has the lowest minimum balance requirement.
Do I need a checking account to open a savings account at TD Bank?
No. You can open a savings account alone. However, if you open both, you can combine the balances to meet the minimum balance requirement for fee waiver, which may be easier than maintaining the balance in savings alone.
How long does it take to receive my debit card after opening online?
TD Bank typically mails debit cards within 5 to 10 business days of account opening. You can use your account and transfer money before the card arrives, but you cannot withdraw cash or make in-person purchases until it is in your hands.
What if I close my TD Bank savings account—do I owe anything?
No early closure fees exist at TD Bank. You can close your account at any time. If there is a balance, TD Bank will send you a check or transfer the money to another account you specify. If there are unpaid fees, they will be deducted from your balance before the remainder is returned.