What You Need Before You Start

TD Bank lets you open a savings account online, by phone, or in person at a branch. You'll need a government-issued photo ID, your Social Security number, and an initial deposit. The deposit amount varies by account type — some TD savings accounts require a minimum opening deposit of $25, while others may require $100 or more. Check the specific account you're interested in to confirm the minimum.

Have your current address ready, and if you're opening the account online, you'll need an email address and phone number. If you already have a TD checking account, the process moves faster because TD already has your information on file.

TD offers several savings account types — basic savings, money market accounts, and certificates of deposit (CDs) — each with different features and minimum balance requirements. Decide which type fits your goal before you start, since the opening steps are slightly different for each.

Key Takeaways

  • You can open a TD savings account online, by phone, or in a branch, and the process takes 10 to 15 minutes if you have your ID and Social Security number ready.
  • TD requires a government-issued photo ID, your Social Security number, and an initial deposit that ranges from $25 to $100 depending on the account type.
  • Online opening is the fastest route and you can start using the account the same day, though funds may take one to two business days to appear in your account.
  • If you already bank with TD, opening a savings account takes less time because the bank already has your identity information verified.

Opening Your Account Online

Go to TD Bank's website and look for the "Open an Account" button, usually on the homepage. Select "Savings Account" and choose the specific account type you want. You'll answer questions about your personal information — name, date of birth, address, Social Security number, and employment status. This takes about 5 to 10 minutes.

TD will ask you to verify your identity by answering security questions based on your credit history. This is automatic and happens in real time. Once you pass verification, you'll set up your online login credentials and choose a username and password.

At the end, you'll confirm your initial deposit amount and choose how to fund the account. You can link an external bank account and transfer money, or if you have a TD checking account already, move money between your TD accounts. The account opens immediately, though the deposit itself may take one to two business days to show up in your new savings account.

Opening Your Account at a TD Branch

Bring your photo ID, Social Security number, and your initial deposit to any TD Bank branch. You can bring a check, cash, or a debit card to fund the account. Tell the teller you want to open a savings account and which type interests you.

The teller will walk you through a short form with your personal information and verify your identity on the spot. This usually takes 10 to 15 minutes. You'll set up your online banking access before you leave, so you can check your balance and make transfers right away.

If you bring cash or a check, the deposit posts to your account immediately. If you use a debit card, the transfer may take one business day. Ask the teller for your account number and routing number before you leave — you'll need these if you want to set up automatic transfers or direct deposit later.

Opening Your Account by Phone

Call TD Bank's customer service line at 1-800-788-6000 to open a savings account over the phone. Have your photo ID, Social Security number, and initial deposit method ready. A representative will walk you through the account setup, ask security questions to verify your identity, and confirm your personal information.

You'll need to provide a funding method — either a linked external bank account or an existing TD account. The representative will set up your online banking access and give you a temporary password. The account opens the same day, though the deposit transfer takes one to two business days.

After you hang up, you'll receive a confirmation email with your account number and details. Log into your online account within a few days to make sure everything is correct and to change your temporary password to something you'll remember.

What Happens After Your Account Opens

Your new savings account is active immediately, but your initial deposit may not show up for one to two business days. You can log into your TD online account or mobile app to watch for the deposit. Once it arrives, you can start making additional deposits or transfers whenever you want.

TD will mail you a debit card for your savings account within 7 to 10 business days if you requested one. You can also make withdrawals at any TD ATM or branch without a card — just ask a teller. Some savings account types limit how many withdrawals you can make per month, so check your account agreement to understand any restrictions.

Set up online banking right away if you haven't already. This lets you transfer money between your TD accounts, set up automatic transfers, and monitor your balance. You can also enable alerts so TD notifies you when your balance drops below a certain amount or when a large deposit arrives.

Minimum Balance Requirements and Fees

TD's minimum opening deposit ranges from $25 to $100 depending on which savings account you choose. Some accounts also have a minimum balance requirement to keep the account open — if your balance drops below this amount, TD may charge a monthly fee. Check your specific account's terms before opening to understand what balance you need to maintain.

TD charges a monthly maintenance fee on most savings accounts, usually $5 to $10, though some accounts waive the fee if you maintain a certain balance or set up direct deposit. Money market accounts and CDs may have different fee structures. Read the fee schedule for your account type so you know what to expect.

If you're opening a CD, you'll lock your money in for a set period — typically 3 months to 5 years. TD pays interest on CDs, and the longer the term, the higher the rate. You can't withdraw the money early without paying a penalty, so only put money in a CD if you won't need it before the term ends.

If You Already Have a TD Account

If you're already a TD customer with a checking account, opening a savings account is faster. TD already has your identity verified, so you skip the security questions and verification step. You can open a savings account online in 5 minutes, or ask a teller at your branch to add one to your existing account.

You can transfer money between your TD checking and savings accounts instantly through online banking or at an ATM. This makes it easy to move money into savings when you have extra cash, or pull it back out if you need it. Set up a recurring transfer if you want to move a fixed amount to savings every week or month.

Existing TD customers can also link their new savings account to their online banking login, so you see all your accounts in one place. You won't need a separate username or password — just add the savings account to your existing profile.

Frequently Asked Questions

How long does it take to open a TD savings account?

The account opens the same day you apply, whether online, by phone, or in person. The process itself takes 5 to 15 minutes. Your initial deposit may take one to two business days to show up in the account, but you can start using the account immediately.

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

Yes. You can open an account entirely online or by phone without visiting a branch. Both methods are just as fast as opening in person, and you'll have access to your account the same day.

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 don't have either, contact TD directly to ask about alternative options, though availability varies by location.

Can I open a TD savings account if I'm not a U.S. citizen?

Yes, but you'll need a valid government-issued photo ID and either a Social Security number or ITIN. Some TD branches may have additional requirements, so call ahead or ask in person if you have questions about your specific situation.

What's the difference between a TD savings account and a money market account?

A money market account typically offers a higher interest rate than a regular savings account, but usually requires a larger minimum balance and may limit how many withdrawals you can make per month. A regular savings account is simpler and more flexible. Compare the rates and terms for both before deciding which fits your needs.