TD Bank has no account opening fee for most checking and savings accounts
TD Bank does not charge you to open a checking account, savings account, or money market account. You pay nothing upfront to create the account. However, you may face monthly maintenance fees depending on which account type you choose and whether you meet the bank's balance or deposit requirements.
The cost of having the account is what matters. Some TD accounts waive their monthly fee if you keep a minimum balance or set up direct deposit. Others charge a fee every month regardless. Before you open, you need to know which account fits your situation and what the ongoing costs will be.
Key Takeaways
- Opening a TD Bank account costs nothing, but monthly maintenance fees range from $0 to $15 depending on the account type and your balance.
- TD's Checking Plus and Savings Plus accounts waive their monthly fee if you maintain a minimum balance, typically $500 to $2,500.
- Direct deposit or setting up automatic transfers can eliminate monthly fees on many TD accounts even if your balance falls short.
- You can open an account online, by phone, or in person at a TD Bank branch without paying an opening fee.
Monthly fees vary by account type
TD Bank offers several checking and savings products, and each one has different fee rules. Checking Plus typically charges $15 per month but waives the fee if you keep $500 in the account or set up direct deposit. Checking Plus with Interest charges the same $15 monthly fee with the same waiver options.
Savings Plus has a $5 monthly maintenance fee that disappears if your balance stays at $500 or higher. Money Market accounts charge $25 per month but waive the fee if you maintain $2,500 or more. If you do not meet the balance requirement and do not have direct deposit, you pay the full monthly fee.
TD also offers a basic checking account with lower or no fees in some markets, though availability varies by location. Call your local branch or check TD's website to see what accounts are available where you live.
How to waive or avoid monthly fees
The easiest way to avoid fees is to keep your balance above the minimum. For Checking Plus, that is $500. For Savings Plus, also $500. For Money Market, $2,500. If your balance dips below that threshold, you owe the monthly fee unless you have another waiver in place.
Direct deposit is the second path. If you set up a recurring direct deposit—your paycheck, Social Security, or any regular transfer from another bank—TD waives the monthly maintenance fee on most checking accounts. You do not need to keep a high balance. The direct deposit alone removes the fee.
Some accounts also waive fees if you maintain a certain number of debit card transactions per month or link multiple accounts together. Ask your TD banker which waivers apply to the specific account you are considering.
What you need to bring to open an account
You will need a government-issued photo ID, such as a driver's license or passport. You will also need proof of your Social Security number—your Social Security card, tax return, or W-2 works. Bring a current address, which can be a utility bill, lease, or bank statement.
If you open online or by phone, you upload photos of these documents or answer security questions to verify your identity. If you open in person at a branch, bring the originals. The process takes about 10 to 15 minutes either way.
You do not need an opening deposit. TD does not require you to put money in the account on day one. However, if you want to waive the monthly fee through a minimum balance, you will need to deposit that amount before the fee hits.
Overdraft and out-of-network fees still apply
The monthly maintenance fee is separate from overdraft fees. If you spend more than you have in your account, TD charges an overdraft fee—typically $35 per transaction. This is not part of the account opening cost, but it is a fee you can incur after the account is open.
Using an ATM outside the TD network also costs money. TD charges $3 per out-of-network withdrawal at most ATMs. If you use another bank's ATM frequently, those fees add up. TD has thousands of branches and ATMs, so you may not hit this fee often, but it is worth knowing.
Opening online versus in person
Opening online is faster and costs the same as opening in a branch—nothing. You can complete the entire process on TD's website or mobile app in about 10 minutes. You upload your ID and proof of address, answer security questions, and choose your account type. Your account is usually ready to use the same day or within one business day.
Opening in person at a branch takes longer but gives you a chance to ask questions and understand the account details face-to-face. Some people prefer this, especially if they are new to banking or unsure which account to choose. Either way, there is no fee for opening.
Frequently Asked Questions
Do I have to keep money in my TD account after I open it?
No. You can open the account with zero dollars. However, if your account type has a monthly maintenance fee and you do not have direct deposit, you will owe that fee each month unless your balance meets the minimum. An empty account will still be charged.
Can I waive the monthly fee with direct deposit from a side job or gig work?
Yes. Direct deposit is direct deposit. It does not matter if it comes from your employer, a gig platform, or a government program. As long as the money is deposited electronically on a recurring basis, most TD checking accounts waive their monthly fee.
What happens if my balance drops below the minimum after I open?
You will be charged the monthly maintenance fee starting the next billing cycle. If you do not have direct deposit set up, the fee hits every month until your balance goes back above the minimum or you add direct deposit.
Is there a fee to close a TD Bank account?
TD does not charge a fee to close an account. You can close it anytime by calling customer service, visiting a branch, or using the mobile app. Make sure you withdraw any remaining balance first.
Can I open multiple TD accounts without paying multiple fees?
Yes, but each account has its own fee structure. If you open a checking account and a savings account, each one has its own monthly fee unless you meet the waiver requirements for both. Some people link accounts to may have access to for fee waivers across multiple products.