What you need to open a TD Bank savings account
TD Bank lets you open a savings account online, by phone, or in person at a branch. You will need a valid government-issued photo ID, your Social Security number, and an initial deposit. The deposit amount depends on the account type — some TD savings accounts have no minimum, while others require $25 or more to start. You can fund the account with a debit card, transfer from another bank, or cash at a branch.
The entire process takes about 10 to 15 minutes online or in person. If you open online, you can start using the account the same day. In-person and phone openings may take one business day to fully activate.
Key Takeaways
- You need a valid photo ID, Social Security number, and an opening deposit to create a TD Bank savings account.
- TD Bank offers multiple ways to open: online through their website, by phone at 1-800-937-8372, or at any TD Bank branch.
- Online accounts activate the same day; in-person and phone accounts typically activate within one business day.
- Different TD savings products have different minimum opening deposits, ranging from zero to $25, so confirm the amount before you start.
Opening an account online
Go to tdbank.com and select "Open an Account" from the main menu. Choose the savings product you want — TD Bank offers several, including a basic savings account and higher-yield options. Enter your personal information: full name, date of birth, address, phone number, email, and Social Security number. TD Bank will ask for your driver's license or passport number and state of issue.
Next, choose how you want to fund the account. You can link a debit card from another bank, transfer money from an existing TD Bank account, or arrange a wire transfer. Enter the amount you want to deposit — this must meet the minimum for your chosen account type. Review the account terms and disclosures, then sign electronically. Your account opens immediately, and you can log in to online banking right away.
Opening an account by phone
Call TD Bank at 1-800-937-8372 during business hours. A representative will walk you through the same information you would enter online: name, date of birth, address, Social Security number, and ID details. Have your ID ready so you can provide the number and state of issue without delay.
Tell the representative how you want to fund the account and how much you are depositing. They will explain the account terms and any fees. Once you confirm everything, the account is created. You will receive a confirmation number and instructions for setting up online banking. The account typically activates within one business day, and you can start using it once you receive your debit card or set up transfers.
Opening an account in person at a TD Bank branch
Bring your photo ID and Social Security number to any TD Bank branch. A banker will help you choose the right savings account and explain the features and fees. They will collect your personal information, verify your ID, and ask how you want to fund the account.
You can deposit cash, a check, or arrange a transfer from another bank on the spot. The banker will give you a temporary debit card or account number so you can start using the account right away. Your official debit card will arrive by mail within 7 to 10 business days. The account is fully active within one business day.
What happens after you open the account
Once your account is open, you can deposit money, set up automatic transfers, and manage your account through TD Bank's mobile app or website. You will receive statements monthly (or can choose paperless statements). TD Bank offers online bill pay, which lets you send money to other people or businesses directly from your savings account.
Your account earns interest based on the product you chose and the current rate. Interest is calculated daily and deposited monthly. If you fall below any required minimum balance, TD Bank may charge a monthly fee — check your account terms to see what applies to your specific account.
Choosing between TD Bank savings products
TD Bank offers several savings options, and the right one depends on how much you plan to keep in savings and how often you need to withdraw. A basic savings account has no minimum balance requirement and no monthly fee, but earns minimal interest. A money market account typically requires a higher opening deposit and minimum balance but pays more interest. A certificate of deposit (CD) locks your money for a set time — three months, six months, one year, or longer — and pays a fixed interest rate that is usually higher than savings accounts.
Compare the current rates and fees on TD Bank's website before you open. Rates change frequently, and the product that makes sense today may not be the best choice next month. If you are unsure which account fits your situation, a banker at any branch can walk you through the options.
Frequently Asked Questions
Can I open a TD Bank savings account if I do not have a Social Security number?
TD Bank requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you have an ITIN, you can open an account using that instead. Contact a branch or call 1-800-937-8372 to confirm what documents you will need.
What is the minimum opening deposit for a TD Bank savings account?
The minimum opening deposit varies by account type. Some TD savings accounts have no minimum, while others require $25 or more. Check the specific product details on tdbank.com or ask a banker before you start the process.
How long does it take to receive my debit card after opening an account?
If you open in person, you may receive a temporary card immediately. Your permanent debit card arrives by mail within 7 to 10 business days. If you open online or by phone, your card will be mailed to you within the same timeframe.
Can I open a TD Bank savings account for someone else?
No, the person whose name is on the account must open it themselves or be present in person. If you want to open an account for a minor, a parent or legal guardian must be present and co-sign. Contact a branch for details on minor accounts.
What fees does a TD Bank savings account have?
Most TD Bank savings accounts have no monthly maintenance fee if you meet the minimum balance requirement. If you fall below the minimum, a monthly fee applies — typically $5 to $10 depending on the account type. Check your account agreement for the exact fee structure.