TD Bank has no account opening fee, but you will need a minimum deposit to activate most accounts

TD Bank does not charge you to open a checking or savings account. However, most accounts require an initial deposit before the account becomes active. The amount varies by account type: some TD checking accounts need $100 to open, while others ask for $25. Savings accounts typically require $100. If you do not meet the minimum deposit requirement at the time you open the account, TD will not activate it.

You can open an account online, by phone, or in person at a TD Bank branch. Online and phone applications are usually faster, but you will still need to fund the account within a set timeframe—usually 10 business days—or the application expires. In-person applications let you deposit money immediately, so the account activates on the spot.

Key Takeaways

  • TD Bank charges no fee to open a checking or savings account, but most accounts require a minimum opening deposit of $25 to $100.
  • If you open online or by phone, you must deposit the minimum amount within 10 business days or your application will be cancelled.
  • Monthly maintenance fees vary by account type and balance; some accounts waive the fee if you keep a certain balance or set up direct deposit.
  • You will need a government-issued ID, Social Security number, and proof of address to open an account.
  • TD Bank offers accounts for people with no credit history or past banking problems through its Second Chance Checking program.

Minimum deposit amounts by account type

TD Bank's most common checking account, TD Convenience Checking, requires a $100 minimum deposit to open. TD Everyday Checking also requires $100. If you want a savings account, TD Savings requires $100 as well. Some specialty accounts, like TD Youth Checking (for ages 13–17), have lower minimums or no minimum at all, but these are not available to all customers.

The minimum deposit is not a fee—it is your own money that stays in the account. You can withdraw it at any time after the account is open. The deposit simply proves you are serious about using the account and gives TD a small float to work with.

Monthly maintenance fees and how to avoid them

After you open the account, TD charges a monthly maintenance fee on most checking accounts. TD Convenience Checking costs $12.99 per month, and TD Everyday Checking costs $6.99 per month. Savings accounts also carry monthly fees, usually $5 or more depending on the account. These fees are separate from the opening deposit.

You can waive or reduce the monthly fee in several ways. Keeping a minimum balance—often $500 to $2,500 depending on the account—eliminates the fee. Setting up direct deposit of your paycheck also waives the fee on many accounts. Some accounts waive the fee if you maintain a TD credit card or brokerage account. Ask the banker opening your account which waivers apply to the specific account you choose.

What you need to bring or provide

To open an account, you will need a government-issued photo ID (driver's license, passport, or state ID card), your Social Security number, and proof of your current address. Proof of address can be a recent utility bill, lease, mortgage statement, or bank statement. If you are opening the account online, you will upload images of these documents. If you are opening in person, bring the originals.

You will also need to choose how you want to fund the account. You can transfer money from another bank account, deposit cash in person, or mail a check. If you open online and transfer from another bank, the transfer usually takes 1–3 business days. Cash deposits in person are immediate.

Opening an account online versus in person

Opening online is faster in terms of paperwork—you can complete the application in 10 minutes from home. However, you then have 10 business days to deposit the minimum amount, or the application closes. If you miss that window, you have to start over. Online accounts also take longer to fully activate; you may not be able to use your debit card for 5–7 business days after funding.

Opening in person at a TD Bank branch takes longer on the day you visit (usually 20–30 minutes), but the account is active immediately. You can deposit cash or a check on the spot, get your debit card ordered, and start using the account that day. If you have questions about which account fits your needs, a banker can walk you through the options in real time.

TD Second Chance Checking if you have banking history issues

If you have been denied a bank account elsewhere, have unpaid overdrafts, or appear on ChexSystems (a banking history report), TD Bank offers Second Chance Checking. This account has a higher monthly fee—usually around $34.99—but it does not require a credit check or a clean banking history. The minimum deposit is typically $100, the same as regular accounts.

Second Chance Checking is designed to help you rebuild your banking relationship. After 12 months of good standing (no overdrafts, no late fees), you can often move to a standard TD account and lower your monthly cost. Ask a TD banker whether you are may be able to access for this program when you visit.

Frequently Asked Questions

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

Yes. You can open most TD accounts online at tdbank.com or by calling 1-800-937-8835. You will need to upload your ID, Social Security number, and proof of address, then deposit the minimum amount within 10 business days. The account will not activate until the deposit clears.

What happens if I do not deposit the minimum amount within 10 days?

Your application will be cancelled automatically. You will have to start a new application and meet the minimum deposit deadline again. If you know you cannot deposit right away, opening in person at a branch is faster because you can fund the account immediately.

Do I have to keep the minimum deposit in the account forever?

No. The minimum deposit is your money. Once the account is open, you can withdraw it whenever you want. The minimum is only required to activate the account initially.

Can I avoid the monthly maintenance fee?

Yes, in most cases. You can waive the fee by keeping a minimum balance (usually $500–$2,500), setting up direct deposit, or maintaining a TD credit card or investment account. Ask which waivers apply to your specific account when you open it.

What if I have a bad banking history or appear on ChexSystems?

TD Bank offers Second Chance Checking, which does not require a credit check or clean banking history. The monthly fee is higher (around $34.99), but after 12 months of good standing, you can move to a standard account with lower fees.