You can close a TD straightforward Savings account by phone, in person, or online, depending on your account type and what TD calls it in your region

TD straightforward Savings accounts close through TD's standard account closure process. The method available to you depends on whether your account is a TD straightforward Savings (the basic savings product) or a TD straightforward Savings Plus (which includes a debit card). Most people close these accounts by calling TD directly, though in-person closure at a branch is also an option if you have one nearby.

Before you close, you need to know your account balance and what to do with any remaining money. TD will not close an account with a negative balance. If you have funds in the account, TD can transfer them to another TD account you own, send you a cheque, or in some cases process a direct transfer to an account at another bank.

The closure itself is quick—usually confirmed the same day you request it—but any pending transactions or automatic payments linked to the account need to be handled first. If you have a debit card attached to a TD straightforward Savings Plus account, that card will stop working once the account closes.

Key Takeaways

  • Call TD at 1-800-895-4463 (or your local branch) to request closure; you can also visit a branch in person with your account information.
  • Your account cannot close if it has a negative balance, so you must bring it to zero or positive before TD will process the closure.
  • TD can transfer remaining funds to another account you hold with them, mail you a cheque, or arrange a transfer to another bank.
  • Any debit card, automatic bill payments, or direct deposits linked to the account must be cancelled or redirected before closure.
  • The account typically closes the same day you request it, but cheques or transfers to other banks may take several business days to arrive.

What you need before you call or visit

Have your TD account number ready. You can find it on your debit card, on statements, or in TD's online banking portal. If you do not have your account number, you can still call or visit a branch with your SIN and photo ID, and a representative will look it up for you.

Know your current balance. You can check this online, by calling, or by visiting a branch. If the balance is negative (you owe TD money), the account will not close until you deposit enough to bring it to zero. If the balance is positive, you need to decide where that money should go.

Have a plan for any linked services. If you have automatic bill payments, direct deposits, or recurring transfers set up on this account, you need to cancel or redirect them before closure. TD will not close an account with active automatic payments. Check your recent statements or log into online banking to see what is connected to this account.

Closing by phone

Call TD Customer Service at 1-800-895-4463. Have your account number and SIN ready. Tell the representative you want to close your TD straightforward Savings account. They will ask you to confirm your identity and verify the account balance.

The representative will then ask where you want your remaining balance to go. Your options are: transfer to another TD account in your name (which happens when ready), receive a cheque by mail (which takes 5 to 10 business days), or arrange a transfer to an account at another bank (which requires your routing number and account number and takes 3 to 5 business days). Choose the option that works for you.

Once you confirm, the account closes. You will receive a confirmation number. Write it down. If you chose a cheque or external transfer, note the timeline so you know when to expect the money. Any debit card attached to the account will stop working within 24 hours.

Closing in person at a TD branch

Visit any TD Canada Trust branch with your photo ID and account number. Tell the teller you want to close your TD straightforward Savings account. They will pull up your account and confirm the balance with you.

If you have cash or a cheque in hand, you can deposit it to bring a negative balance to zero before closure. If your balance is positive, the teller can process a transfer to another TD account when ready, or arrange a cheque or external transfer the same way a phone representative would.

In-person closure is useful if you want to hand over cash or cheques on the spot, or if you prefer to speak face-to-face. The account closes the same day. Ask the teller for a written confirmation of the closure and the reference number.

What happens to automatic payments and direct deposits

Any automatic bill payments or recurring transfers set up on this account must be cancelled before TD will close it. Log into your online banking account and review the "Payments" or "Transfers" section to see what is active. Cancel each one individually, or call TD to have a representative cancel them for you.

If you have direct deposits (such as paycheques or government payments) going to this account, you need to update that with your employer or the paying organization. Provide them with your new account number if you are moving the deposits to another account. If you do not update this, the deposits will fail once the account closes, and you may miss payments.

TD will not close the account until all automatic payments are stopped. If you are unsure whether anything is linked, call before you visit or call to close, and ask the representative to review your account activity for the past three months.

How long closure takes and what to expect next

The account itself closes on the day you request it. However, the movement of your money takes longer depending on the method. If you transfer to another TD account you already own, the money appears in that account within hours or by the next business day. If you request a cheque, it arrives by mail in 5 to 10 business days. If you arrange a transfer to another bank, it takes 3 to 5 business days.

You will not receive a statement for the closed account, but you can request a final statement by calling TD or visiting a branch. Keep any confirmation number or reference you received when you closed the account, in case you need to follow up on a transfer or cheque.

Once the account is closed, you cannot reopen it under the same account number. If you want to open a new TD straightforward Savings account later, you can do so at any time by visiting a branch or calling TD.

Frequently Asked Questions

What if I have a negative balance on my TD straightforward Savings account?

TD will not close the account until the balance is zero or positive. You must deposit enough money to cover the negative amount. You can do this by transferring funds from another account, depositing a cheque, or bringing cash to a branch. Once the balance is zero or higher, you can proceed with closure.

Can I close my account online through TD's website?

TD does not currently offer account closure through its online banking portal. You must close by phone (1-800-895-4463) or in person at a branch. Some account types may have different options, so if you have questions, call TD directly.

What happens to my debit card when I close the account?

Your debit card will stop working within 24 hours of closure. If you have another TD account with a debit card, you can continue using that card. Destroy the old card or return it to a TD branch if you prefer.

How long does it take to receive a cheque after I close my account?

TD mails the cheque within 1 to 2 business days of closure. Delivery by Canada Post typically takes 5 to 10 business days depending on your location. If you do not receive it within two weeks, call TD with your confirmation number and they can investigate.

Can I transfer my balance to a bank account at a different bank?

Yes. When you close, tell the TD representative you want an external transfer. Provide your routing number and account number at the other bank. The transfer takes 3 to 5 business days. Alternatively, you can request a cheque and deposit it yourself at your other bank.