Yes, you can open a TD savings account entirely online

TD Bank allows you to open a savings account through their website or mobile app without visiting a branch. The process takes about 10 to 15 minutes and requires a valid government ID, Social Security number, and an initial deposit method. You'll receive your account number immediately after approval, though it can take one to two business days for the account to be fully active for transfers and withdrawals.

TD offers several savings account types online: the TD Savings Account (their basic option), TD Money Market Savings Account (higher interest rates for larger balances), and TD Youth Savings Account (for customers under 18). Each has different minimum balance requirements and interest rates, which you can compare before you start.

Key Takeaways

  • You need a valid government-issued ID, Social Security number, and an initial deposit method to open a TD savings account online.
  • The online application takes 10 to 15 minutes and you receive your account number the same day, though full activation takes one to two business days.
  • TD offers three main savings account types online, each with different minimum balances and interest rates you should compare before opening.
  • If you already have a TD checking account, opening a linked savings account online is faster because TD already has your information on file.
  • You can fund your new account immediately using a debit card, bank transfer, or external bank account linked during signup.

What you need to have ready before you start

Gather these items before you begin the online application: a valid government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and a funding method. The funding method can be a debit card, a bank account at another institution, or an existing TD account if you're already a customer.

If you're opening an account for someone under 18, you'll need to be the parent or legal guardian and have your own ID and Social Security number as well. TD will ask for the minor's name, date of birth, and Social Security number during the application.

Have your employment information available if you have it, though it's not required. TD may ask for your employer name and address, but you can skip this section if you're unemployed, retired, or prefer not to provide it.

Step-by-step process for opening online

Start at TD Bank's website or open the TD Bank mobile app. Look for the "Open an Account" button, usually on the homepage or in the main menu. Select "Savings Account" and choose which type of savings account you want — the basic TD Savings Account, Money Market Savings Account, or Youth Savings Account if applicable.

Enter your personal information: full name, date of birth, Social Security number, address, phone number, and email. TD will verify your identity using this information. Next, choose how you want to fund the account and enter those details — either a debit card number, routing and account number from another bank, or an existing TD account.

Review the account terms and disclosures, then electronically sign the application. TD will show you your new account number on the confirmation screen. You can take a screenshot or write it down, and TD will also email it to you. Your account is now open, though transfers and withdrawals may not be available for one to two business days while TD processes the funding.

How long it takes and when you can use the account

Your account number appears on screen immediately after you complete the application, usually within 10 to 15 minutes total. However, the account itself takes one to two business days to become fully active. During this time, TD is verifying your identity and processing your initial deposit.

Once the account is active, you can deposit money, transfer funds between your TD accounts, and set up automatic transfers. Withdrawals and transfers to external banks may have a one to two business day delay depending on the receiving bank.

If you fund your account with a debit card, that money typically appears within one business day. If you link an external bank account, the initial transfer may take two to three business days, and TD may place a temporary hold while verifying the account connection.

Minimum balance requirements and fees

TD's basic Savings Account has no minimum opening deposit and no monthly maintenance fee. However, interest rates are typically lower than their Money Market Savings Account. The Money Market Savings Account requires a higher minimum balance — this varies and you should check TD's current rates — and offers higher interest rates in exchange.

TD charges no monthly fee on either account as long as you maintain the minimum balance. If your balance falls below the minimum on a Money Market account, TD may reduce your interest rate or charge a monthly fee. Check the specific terms for the account type you choose before opening.

Overdraft fees, ATM fees, and other charges depend on your account type and TD's current fee schedule. Review the fee disclosure document TD provides during signup to understand all possible charges.

If you already have a TD checking account

Opening a linked savings account is faster if you're already a TD customer. TD already has your identity verified and your information on file, so the application may take only five to ten minutes. You can open the account through online banking by logging into your existing account and selecting "Open a New Account" or "Add a Savings Account."

Your new savings account will be linked to your existing checking account automatically, making transfers between them instant. You can move money back and forth without waiting for processing time, which is useful if you need to cover an overdraft or move savings temporarily.

What to do if your application is denied or delayed

TD may deny your application if there's a problem with identity verification, a negative banking history, or a ChexSystems report (a banking record system similar to credit reports). If this happens, TD will send you a notice explaining the reason. You have the right to request a copy of your ChexSystems report and dispute any errors.

If your application is delayed beyond two business days, contact TD customer service through their website chat, phone, or by visiting a branch. Delays usually happen when TD needs to verify your identity further or when your initial deposit is taking longer to process than expected.

If you were denied, you can reapply after addressing the issue — for example, by resolving a ChexSystems dispute or waiting if the denial was due to recent banking problems. Some people open accounts at other banks while resolving TD issues, then transfer money to TD later.

Frequently Asked Questions

Do I need to be a TD customer already to open a savings account online?

No. You can open a TD savings account online even if you've never banked with TD before. You'll need a valid ID, Social Security number, and a funding method, but no existing TD account is required. If you do have a TD checking account, the process is slightly faster.

Can I open a TD savings account on my phone?

Yes. The TD Bank mobile app has the same account opening feature as the website. The process is identical — it takes 10 to 15 minutes and you receive your account number immediately. Some people find the app easier to use because it's designed for smaller screens.

What 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 have an ITIN, you can use that instead. If you have neither, you'll need to visit a branch in person and speak with a banker about alternative options.

How much money do I have to put in when I open the account?

The basic TD Savings Account has no minimum opening deposit — you can open it with $0 and add money later. The Money Market Savings Account requires a higher minimum balance, which varies. Check TD's current requirements before you start, as they may change.

Can I change my mind and close the account right after opening it?

Yes. You can close a TD savings account anytime without penalty. If you opened it online and want to close it, you can do so through online banking, the mobile app, or by calling TD customer service. Any money in the account will be returned to the funding source or mailed to you.