You can close a TD Bank savings account online through your account settings, but TD requires you to move your money out first

TD Bank does not let you close a savings account directly through their online banking platform. Instead, you transfer your remaining balance to another account (at TD or elsewhere), then contact TD to formally close the account. The transfer takes a few minutes online; the closure itself usually happens within one business day once you request it.

The reason for this two-step process is straightforward: the bank wants to make sure you have moved your money somewhere safe before they shut the account down. This protects you from accidentally losing access to funds.

Key Takeaways

  • Transfer all money out of your TD savings account through online banking before requesting closure.
  • You can move funds to another TD account, a different bank, or keep cash by withdrawing at a branch.
  • After the transfer clears, call TD customer service or visit a branch to request the account closure.
  • The account closes within one business day, though you may receive a confirmation letter in the mail.
  • If you have pending transactions or automatic deposits set to that account, pause or redirect them before closing.

Transfer your money before you close

Log into TD Bank online banking and navigate to your savings account. Look for a "Transfer" or "Move Money" option in the account menu. You can transfer to another TD account you own (checking, money market, or another savings account) when ready, or to an external bank account if you have already set one up in your profile.

If you have not yet added an external account, you can do that during the transfer process. TD will ask for the receiving bank's routing number and your account number there. External transfers typically take one to three business days to complete, so plan accordingly if you are moving money to a different bank.

If you prefer to withdraw the money as cash instead, you can visit any TD Bank branch and ask the teller to withdraw the full balance. Bring your ID and your debit card or account number. This gives you the cash when ready and leaves the account empty and ready to close.

Stop automatic deposits and payments tied to this account

Before you close the account, check whether any automatic deposits (like paychecks or government payments) or automatic payments (like bill payments or transfers) are connected to this savings account. If they are, you need to redirect them or cancel them.

Log into your online banking and look for "Transfers" or "Scheduled Transactions" to see what is set up. For deposits, contact your employer or the organization sending the money and give them your new account number. For payments, log into each service (utility company, subscription service, etc.) and update the account information there. This prevents money from bouncing or payments from failing after you close the account.

Request the account closure by phone or in person

Once your balance is zero and automatic transactions are redirected, call TD Bank customer service at the number on the back of your debit card or visit a branch in person. Have your account number ready. Tell them you want to close your savings account.

If you call, the representative will confirm your identity, verify the account is empty, and process the closure. If you go to a branch, bring your ID and debit card. Either way, the account will close within one business day. You may receive a confirmation letter in the mail within a week or two, but the account is closed when ready once you request it.

What happens after closure

Once the account is closed, you cannot deposit money into it or access it online. If money is accidentally sent to the closed account (a misdirected paycheck, for example), TD will typically return it to the sender or hold it briefly. Contact TD if this happens so they can help you retrieve the funds.

Your account history remains available for a period of time if you need to reference old statements or transactions. You can request copies of statements from TD customer service even after the account is closed.

If you cannot close the account online

TD does not offer a "close account" button in their online banking system by design. This is not a technical limitation — it is intentional, to prevent accidental closures. The phone and in-person routes are the only official ways to close a savings account with TD.

If you have tried to transfer money out and are having trouble, or if you are unsure whether all automatic transactions have been stopped, call TD customer service before requesting closure. They can walk you through the process and make sure everything is set up correctly.

Frequently Asked Questions

Can I close my TD savings account the same day I transfer the money?

If you transfer to another TD account, the money moves when ready and you can request closure the same day. If you transfer to a different bank, wait one to three business days for the transfer to complete before calling to close the account. This ensures the money has arrived safely.

What if I have a negative balance or owe TD money?

TD will not close an account with a negative balance. You must bring the account to zero or positive before closure. If you owe fees or have an overdraft, pay that amount first, then transfer any remaining balance out.

Will closing my savings account affect my credit score?

No. Closing a savings account does not appear on your credit report and does not affect your credit score. Credit reports track credit accounts (credit cards, loans, lines of credit), not deposit accounts.

Do I need to close the account in person, or can I do it entirely by phone?

You can close the account by phone. Call the number on the back of your debit card, confirm your identity, and request closure. You do not need to visit a branch unless you prefer to, or if you are withdrawing the balance as cash.

What if I change my mind after the account closes?

You can open a new TD savings account at any time by visiting a branch or explore online. There is no waiting period. The old closed account cannot be reopened, but opening a new one is straightforward.