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 government-issued photo ID, your Social Security number, and an initial deposit. The minimum opening deposit varies by account type — some accounts require $25, while others ask for $100 or more. You can fund the account with a debit card, transfer from another bank, or cash if you open in person.

The entire process takes about 10 to 15 minutes online or on the phone. If you open in a branch, bring your ID and have your Social Security number ready. TD Bank will run a background check through ChexSystems, which is a banking history report — this is standard across the industry and does not affect your credit score.

Key Takeaways

  • You can open a TD Bank savings account online, by phone at 1-800-937-8372, or at any TD Bank branch without an appointment.
  • You will need a government photo ID, your Social Security number, and an opening deposit that ranges from $25 to $100 depending on the account type.
  • TD Bank checks your banking history through ChexSystems but does not run a credit check, so opening an account will not lower your credit score.
  • Online and phone applications take 10 to 15 minutes, and your account is usually active the same day or within one business day.

Opening an account online

Go to tdbank.com and select "Open an Account" from the homepage. You will be asked to choose your account type — TD Bank offers several savings options, including a basic savings account and a money market savings account. The website will walk you through entering your personal information, address, and Social Security number.

Next, you will choose your opening deposit amount and how you want to fund it. TD Bank accepts debit cards, transfers from another bank account, or wire transfers. If you use a debit card, the charge appears when ready and the funds are usually available in your new TD Bank account within one business day. After you submit your information, TD Bank sends a confirmation email with your account number and login details.

Opening an account by phone

Call TD Bank at 1-800-937-8372 and tell the representative you want to open a savings account. Have your ID, Social Security number, and opening deposit method ready. The representative will ask the same questions as the online form — your name, address, date of birth, and employment information. The call typically takes 10 to 15 minutes.

After the call ends, TD Bank mails you a debit card and welcome materials within 7 to 10 business days. Your account is active when ready, and you can start using it online or by phone before your card arrives. If you need to deposit cash right away, you can visit a TD Bank branch in person.

Opening an account in person at a branch

Walk into any TD Bank branch during business hours — no appointment is needed. Bring your government photo ID, your Social Security number written down, and your opening deposit in cash or on a debit card. A banker will complete the paperwork with you, run the background check, and set up your account on the spot.

If you deposit cash in person, the funds are available when ready. You will receive a temporary debit card at the branch or a permanent one in the mail within 7 to 10 business days. This is the fastest way to have a fully funded account you can use the same day.

What happens after you open the account

Your TD Bank savings account is ready to use as soon as it is opened. You can log into your account online or through the TD Bank mobile app to check your balance, set up transfers, and manage your money. TD Bank also lets you link external bank accounts for transfers in and out.

Your debit card arrives in the mail within 7 to 10 business days if you did not receive one in person. You can set up it by calling the number on the back of the card or through the mobile app. Interest on your savings balance is calculated daily and deposited monthly — the rate changes based on market conditions, so check tdbank.com for the current rate on your account type.

Account types and features to compare

TD Bank offers a basic savings account with no monthly fee if you maintain a minimum balance, usually $25 to $100. There is also a money market savings account, which typically pays a higher interest rate but requires a larger opening deposit and minimum balance. Some accounts waive fees if you set up direct deposit or maintain a linked checking account.

Review the account details on tdbank.com or ask a banker in person to understand which account fits your situation. The differences usually come down to interest rates, minimum balance requirements, and monthly fees. If you are not sure which account to choose, the basic savings account is a good starting point and you can switch later.

If you cannot open an account online or by phone

TD Bank may decline to open an account if ChexSystems shows a history of unpaid overdrafts, fraud, or other banking issues. If this happens, you will receive a letter explaining the reason. You have the right to request your ChexSystems report for free at chexsystems.com to see what information is on file.

If there is an error on your ChexSystems report, you can dispute it directly with ChexSystems. If the issue is accurate, some banks offer second-chance checking accounts, though TD Bank does not currently market one. You may need to wait 6 to 12 months and then reapply, or look into credit unions or online banks that have different approval standards.

Frequently Asked Questions

Do I need a minimum balance to keep my TD Bank savings account open?

Yes, most TD Bank savings accounts require a minimum balance to avoid a monthly fee. The amount varies by account type — typically $25 to $100. If your balance drops below the minimum, you will be charged a monthly maintenance fee, usually $5 to $10. Check the account details before opening to confirm the requirement for the specific account you choose.

Can I open a TD Bank savings account if I do not have a Social Security number?

No, TD Bank requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. This is a federal requirement for all banks. If you have an ITIN, you can use that instead of a Social Security number.

How long does it take to access my money after I open an account?

If you open in person and deposit cash, your money is available when ready. If you open online or by phone and fund the account with a debit card or transfer, the funds are usually available within one business day. Wire transfers may be available the same day depending on the time you send them.

What if I want to close my TD Bank savings account later?

You can close your account by visiting a branch, calling 1-800-937-8372, or logging into your online account. TD Bank will send any remaining balance to you by check or transfer it to another account. There is no penalty for closing an account, though some accounts may charge a fee if closed within a certain timeframe — ask about this when you open.

Can I open more than one savings account with TD Bank?

Yes, you can open multiple savings accounts with TD Bank. Some people do this to separate savings goals — one account for emergencies, another for a vacation fund, and so on. Each account has its own number and can be managed separately online.