What you need to open a TD savings account

TD Bank lets you open a savings account in person at a branch, online through their website, or by phone. The fastest route is usually online if you already have a TD checking account — you can add a savings account in minutes without leaving home. If you're starting from scratch, you'll need a government-issued ID, your Social Security number, and an initial deposit (the amount varies by account type, but many TD savings accounts have no minimum).

You can open an account as an individual, as a joint account with another person, or as a minor with a parent or guardian. TD also offers savings accounts for businesses, trusts, and other account types, each with slightly different requirements. The process is the same whether you're depositing $25 or $2,500 to start.

If you're opening online, have your ID ready to photograph or scan, and know your Social Security number. If you're going to a branch, bring your ID and the cash or check you want to deposit. Phone applications take about 15 minutes and require the same information.

Key Takeaways

  • You can open a TD savings account online in minutes if you already bank with TD, or in person at any branch with just an ID and Social Security number.
  • Most TD savings accounts have no minimum opening deposit, though some specialty accounts may require $25 or more.
  • Online applications are fastest if you have a government ID you can photograph; branch visits work if you prefer to speak with someone in person.
  • After opening, you can fund your account by transferring money from another bank, depositing cash or checks at a branch, or setting up direct deposit from your employer.

Opening online through TD's website

Go to TD Bank's website and look for the "Open an Account" or "Savings Accounts" section. You'll be asked to choose which type of savings account you want — TD offers several, including a basic savings account and higher-yield options. Read the details of each to see which fits your needs, then click to start the application.

The online form asks for your name, address, date of birth, Social Security number, employment information, and how much you plan to deposit initially. You'll also need to photograph or upload a clear image of both sides of your government ID. TD uses this to verify your identity before the account opens. The whole process usually takes 5 to 10 minutes.

After you submit, TD reviews your information — this can take anywhere from a few minutes to a few hours. You'll receive an email or text confirming whether your account opened. If it did, you can log into TD's online banking right away and start using your account number to transfer money in or set up direct deposit.

Opening in person at a TD branch

Find your nearest TD Bank branch using their branch locator on the website or by calling 1-800-937-8372. Walk in during business hours with your government ID and Social Security number. Tell the representative you want to open a savings account.

The representative will ask the same questions as the online form — name, address, Social Security number, employment, and how much you want to deposit to start. They'll verify your ID on the spot and can answer questions about which account type makes sense for you. If you're depositing cash or a check, bring it with you; the representative will process the deposit and give you a receipt.

You'll walk out with your account open and a debit card application in hand (if you want one). Your account number will be on a receipt or confirmation sheet. You can start using the account immediately for transfers or direct deposit, though it may take one business day for the account to appear in TD's online banking system.

Opening by phone

Call TD Bank at 1-800-937-8372 and ask to open a savings account. A representative will walk you through the same application questions. This method works well if you prefer to talk through your options before deciding which account type to open, or if you have questions the online form doesn't answer clearly.

Phone applications take about 15 minutes. You'll need your ID information and Social Security number ready. The representative will confirm your identity verbally and may ask follow-up questions about your banking history or the purpose of the account. After approval, they'll give you your account number over the phone and send a confirmation by mail within a few days.

Funding your new account

Once your account is open, you have several ways to put money in. The simplest is to transfer funds from another bank account you own — you can do this through TD's online banking by entering the other bank's routing number and your account number there. Transfers usually take one to three business days.

If you want money in your account immediately, visit a TD branch and deposit cash or a check in person. Cash deposits show up right away; checks typically clear within one business day. You can also mail a check to TD, though this takes longer.

If your employer offers direct deposit, you can set that up through TD's online banking or by asking your HR department for TD's routing number and your new account number. Direct deposit usually starts within one or two pay periods after you submit the information to your employer.

What happens after your account opens

TD will send you a welcome packet by mail with your account number, routing number, and information about your account's interest rate and fees. You can log into TD's online banking or mobile app using your Social Security number or username to check your balance, set up transfers, and manage your account.

If you opened online or by phone, your debit card will arrive by mail within 7 to 10 business days. You can use your account for transfers and direct deposit before the card arrives. If you opened in person, ask the representative whether you can get a debit card on the spot or if it will be mailed to you.

Review your account's terms to understand any monthly fees, minimum balance requirements, or interest rates. TD's savings accounts vary — some have no fees and no minimum balance, while others may charge a monthly fee if you don't maintain a certain balance. Knowing this upfront helps you avoid surprises later.

Frequently Asked Questions

Do I need an existing TD account to open a savings account?

No. You can open a TD savings account even if you've never banked with TD before. Online applications are faster if you already have a TD checking account, but opening in person or by phone works just as well for new customers. You'll just need your ID and Social Security number.

What's the minimum deposit to open a TD savings account?

Most TD savings accounts have no minimum opening deposit — you can open with $1 if you want. Some specialty accounts may require $25 or more, but TD will tell you this before you finish the application. Check the account details before you start.

How long does it take to open an account online?

Online applications usually take 5 to 10 minutes to complete. TD reviews your information and typically approves you within a few hours. You can start using your account the same day in most cases, though it may take until the next business day to appear in online banking.

Can I open a joint savings account at TD?

Yes. Both account holders will need to provide their ID and Social Security number. You can open a joint account online if both people are present, or in person at a branch. Joint accounts let both people access the money and make decisions about the account.

What if I need to close my account later?

You can close a TD savings account by visiting a branch, calling 1-800-937-8372, or using online banking if that option is available. TD will ask what you want to do with any remaining balance — they can transfer it to another account, mail you a check, or deposit it into a different TD account you own.