Yes, you can open a TD Bank savings account online, but the process depends on whether you already bank with TD
If you are a current TD Bank customer with an existing checking or money market account, you can open a savings account entirely online through the TD Bank website or mobile app. The process takes about 10 minutes and requires no branch visit.
If you are not yet a TD Bank customer, you cannot complete a full account opening online. TD requires new customers to visit a branch in person or call their phone banking line to open a savings account. This is a compliance requirement tied to identity verification and anti-money-laundering rules that TD enforces at account creation.
TD operates branches in New York, New Jersey, Pennsylvania, Delaware, Connecticut, Maryland, Virginia, West Virginia, and Washington, D.C. If you live outside these states, you will need to open an account by phone or explore other banks that serve your area.
Key Takeaways
- Existing TD Bank customers can open a savings account online in minutes through the website or app without visiting a branch.
- New customers must visit a TD branch in person or call phone banking to open any account, including savings.
- TD Bank operates only in nine states plus D.C., so location matters if you want to use a physical branch.
- You will need a valid government ID and Social Security number to open an account, whether online or in person.
- The online process for existing customers requires you to choose an account type, set initial deposit method, and confirm terms in real time.
How to open a savings account online as an existing customer
Log into your TD Bank account on the website or open the TD Bank mobile app. Look for the option to "Open an Account" or "Add an Account"—the exact label varies by platform. Select "Savings Account" from the account type menu.
You will be asked to choose which savings product you want: TD Bank offers a standard savings account and a money market account, which pays higher interest but requires a larger minimum balance. Review the current interest rate, minimum balance requirement, and monthly fee structure before selecting. These terms change periodically, so check the product details page for the most current information.
Next, choose how you want to fund the account. You can transfer money from your existing TD checking account, link an external bank account for an ACH transfer, or deposit cash at a TD branch. If you choose an external transfer, TD will ask for your routing number and account number, and the transfer typically clears within one to three business days.
Confirm the account terms and any disclosures, then submit. Your account opens immediately and you can begin using it right away. You will receive a confirmation email with your new account number.
What new customers need to do instead
If you do not have an existing TD Bank account, call TD Bank's phone banking line at 1-800-937-8000 to open a savings account. A representative will walk you through the process, verify your identity using information from your credit report, and confirm your Social Security number. The call typically takes 15 to 20 minutes.
You will need to provide a valid government-issued ID (driver's license, passport, or state ID card) and your Social Security number. Have this information ready before you call. The representative will also ask about your employment status and the source of funds you plan to deposit, as part of standard account opening procedures.
After the call, TD will mail you a debit card and checks (if you opened a checking account) within 7 to 10 business days. You can fund the account immediately by transferring money from another bank, or you can wait until your debit card arrives to deposit cash at a TD ATM.
Alternatively, visit a TD Bank branch in person with your ID and Social Security number. A branch representative can open the account on the spot, and you can make your initial deposit that same day. This is the fastest route if you have a branch nearby.
Minimum balance and fees for TD savings accounts
TD Bank's standard savings account has no minimum balance requirement to open or maintain the account. However, the interest rate you earn may be tiered based on your balance—higher balances earn slightly higher rates. Check the current rate sheet on TD's website, as rates change regularly.
There is no monthly maintenance fee on the standard savings account. However, TD charges a fee if you exceed six withdrawals or transfers per month (a federal rule that applies to most savings accounts). Each excess transaction costs $10. This limit does not apply to withdrawals made at a TD ATM or branch.
The TD Money Market Account requires a higher minimum balance—typically $2,500 to $25,000 depending on the specific product—and pays a higher interest rate in return. It also carries the same six-withdrawal limit and excess transaction fees.
What happens after you open the account online
Your savings account is active immediately after you complete the online process. You can transfer money into it right away using the transfer tools in your online banking dashboard. If you linked an external bank account, that transfer will process within one to three business days.
You can access your account through online banking, the TD mobile app, or by visiting a TD branch. You can withdraw money at any TD ATM without fees, or visit a branch to withdraw cash or make deposits. Transfers between your TD accounts (checking to savings, for example) happen instantly.
Interest accrues daily and is deposited into your account monthly. The rate you earn depends on the account type and your balance. You can view your interest earnings and current balance in your online account dashboard at any time.
If you live outside TD Bank's service area
TD Bank does not operate branches or accept new accounts in most of the United States. If you live in a state where TD does not have branches, you cannot open an account by phone or in person with TD.
Your options are to open an account with a different bank that serves your state, or to open a TD account if you travel to one of TD's nine states and can visit a branch in person. Some online banks (like Ally, Marcus, or Discover) offer savings accounts with no geographic restrictions and allow you to open entirely online as a new customer.
Frequently Asked Questions
Can I open a TD savings account on my phone?
Yes, if you are already a TD customer. Download the TD Bank mobile app, log in, and select "Open an Account." The process is the same as on the website. New customers cannot open accounts through the app and must call or visit a branch.
How much do I need to deposit to open a TD savings account?
There is no minimum deposit required to open a standard TD savings account. You can open it with $0 and deposit money later. However, you must have an initial funding method selected (a linked account or branch deposit) during the opening process.
How long does it take to open a TD savings account online?
For existing customers, the online process takes about 10 minutes and the account opens immediately. For new customers calling phone banking, the call takes 15 to 20 minutes, and the account opens during the call, but your debit card arrives by mail in 7 to 10 business days.
Can I open a TD savings account without a Social Security number?
No. TD requires a valid Social Security number to open any account. If you do not have a Social Security number, you will not be able to open a TD account. Some banks offer accounts for non-citizens with an ITIN (Individual Taxpayer Identification Number), but TD does not.
What if I already have a TD savings account and want to open another one?
You can open multiple savings accounts with TD through online banking. Log in, select "Open an Account," and choose "Savings Account." Each account will have its own number and can be used for different purposes. There is no limit on the number of savings accounts you can hold.