What you need to open a TD Bank savings account

TD Bank will ask for a government-issued photo ID, your Social Security number, and proof of your current address. You can bring a driver's license or passport for ID, and a recent utility bill, lease, or bank statement for the address. You'll also need an initial deposit — the amount varies by account type, but many TD savings accounts have no minimum opening deposit.

If you're opening an account online, you'll enter this information into their system rather than handing over documents in person. TD will verify your identity electronically, which usually takes a few minutes. If you're opening in a branch, bring the physical documents with you.

You'll also choose whether you want online banking access set up when ready. Most people do, because it lets you move money and check your balance without visiting a branch.

Key Takeaways

  • You need a government photo ID, Social Security number, and proof of address — a utility bill or lease works for the address.
  • TD Bank savings accounts typically have no minimum opening deposit, though some account types may require one.
  • You can open an account online in minutes or in person at a TD branch during business hours.
  • Online banking is set up during the account opening process and lets you transfer money and check balances without visiting a branch.
  • If you're under 18, a parent or guardian must open the account with you or sign off on it.

Opening an account online through TD Bank's website

Go to TD Bank's website and look for the "Open an Account" or "Savings Accounts" section. You'll select the type of savings account you want — TD offers several, including a basic savings account and accounts with higher interest rates for larger balances. Read the details of each one, because the interest rate and any monthly fees differ.

Once you've chosen, you'll enter your personal information: name, date of birth, Social Security number, address, and phone number. TD will ask for your employment status and annual income, though you don't need to be employed to open an account. You'll create a username and password for online banking at this step.

TD will then verify your identity using the information you provided. This usually happens when ready, but can take up to 24 hours. Once you're verified, you'll fund the account — you can transfer money from another bank account or, in some cases, use a debit card. The money typically arrives within one to three business days.

Opening an account in person at a TD Bank branch

Find your nearest TD Bank branch using their branch locator on the website or by calling 1-800-937-8372. Bring your photo ID, Social Security number (or just know it), and proof of your address. Go during business hours — most branches are open Monday through Friday from 9 a.m. to 5 p.m., and some are open Saturday mornings.

Tell the banker you want to open a savings account. They'll walk you through the account options and help you choose one based on how much you plan to keep in savings and how often you'll use it. They'll fill out the paperwork or enter your information into their system while you're there.

You'll fund the account on the spot — you can bring a check, transfer money from another account, or deposit cash. The account is usually active when ready, and you can use online banking right away if you set it up during the appointment.

What happens after you open the account

TD will send you a debit card in the mail within 7 to 10 business days. You'll also receive a welcome packet with your account number and information about online banking. If you set up online banking during the opening process, you can log in and see your account when ready — you don't have to wait for anything to arrive.

Your first statement will come 30 days after you open the account. It will show any deposits you made, any interest you earned, and any monthly fees (if your account type has them). You can view statements online anytime after that, or ask TD to mail them to you.

If you have questions about your account after opening it, you can call TD Bank's customer service at 1-800-937-8372, visit a branch, or use the chat feature in online banking.

Types of TD Bank savings accounts

TD Bank offers several savings account options. The basic TD Savings Account has no monthly fee and no minimum opening deposit. The interest rate is lower than some other options, but it's straightforward — you deposit money, earn interest, and can withdraw anytime.

The TD Money Market Savings Account typically requires a higher opening deposit and offers a higher interest rate. The tradeoff is that you may have limits on how many withdrawals you can make per month. Interest rates change based on the Federal Reserve's decisions, so the rate you see today may not be the rate you earn next month.

TD also offers accounts specifically for children and teens, which work the same way but may have lower or no fees. If you're opening an account for someone under 18, a parent or guardian must be the primary account holder.

Fees and interest rates to know about

Most TD savings accounts have no monthly maintenance fee. Some accounts charge a fee only if your balance drops below a certain amount — for example, if you keep less than $100 in the account for a full month. Check the account details before you open to see whether your chosen account has any fees.

Interest rates vary by account type and change regularly. When you open an account, TD will tell you the current rate, but that rate is not locked in. The bank adjusts rates based on what the Federal Reserve does with interest rates. You can see your current rate anytime in online banking.

If you move money between accounts or close your account within a certain period, some banks charge a penalty. TD's policies on this vary by account type, so ask before you open if you think you might move the money soon.

If you already have a TD Bank account

If you're a current TD customer with a checking account, opening a savings account is faster. You can do it online in minutes, and TD already has your information on file. You may not need to provide ID or proof of address again — the system will recognize you.

You can also link your new savings account to your existing checking account right away. This means you can transfer money between them online without any delay. Many people do this to move money from checking to savings automatically each month.

Frequently Asked Questions

Can I open a TD savings account without 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 banks, not a TD-specific rule. If you have an ITIN, you can use that instead of a Social Security number.

How much money do I need to open a TD savings account?

Most TD savings accounts have no minimum opening deposit, so you can open with $1 or $100. Some higher-yield accounts may require $500 or more. Check the specific account details before you open to see if there's a minimum.

Can I open a TD savings account if I'm under 18?

Yes, but a parent or legal guardian must open it with you or sign off on it. Some TD branches have accounts designed for minors with lower or no fees. Ask about youth accounts when you visit or call.

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

The process usually takes 5 to 10 minutes to complete. Identity verification is when ready in most cases, though it can take up to 24 hours. Once you're verified, you can fund the account and start using it when ready.

What if I don't have proof of address?

TD accepts several forms of proof of address: utility bills, lease agreements, mortgage statements, or bank statements. If you don't have any of these, call a TD branch and ask what other documents they accept. Some branches may allow you to use a government ID with your address on it.