TD Bank's account opening fees and minimum balances

TD Bank does not charge a fee to open a checking or savings account. You can walk into a branch or open an account online without paying an upfront cost. However, some accounts have a minimum opening deposit — the amount you must put in when you create the account — and many have a monthly maintenance fee if you do not meet certain conditions.

The specific requirements depend on which account type you choose. TD Bank offers several checking and savings products, each with different rules about deposits, fees, and how to avoid charges. Understanding what each account requires before you open it helps you pick one that fits your situation.

Key Takeaways

  • TD Bank does not charge to open an account, but most checking accounts require a minimum opening deposit that ranges from $0 to $100 depending on the product.
  • Monthly maintenance fees typically run $5 to $15 but can be waived if you maintain a minimum balance, set up direct deposit, or meet other conditions specific to each account.
  • TD Bank's online accounts often have lower or no minimum deposits and no monthly fees, making them cheaper to open than in-branch products.
  • You will need a government-issued ID, Social Security number, and initial funding source (cash, transfer, or debit card) to complete the opening process.

Minimum opening deposits by account type

TD Bank's checking accounts fall into a few main categories. The TD Bank Checking account (sometimes called the basic or standard checking account) typically requires a $0 minimum opening deposit but charges a $6 monthly maintenance fee unless you meet a waiver condition — usually maintaining a $500 minimum balance or setting up direct deposit.

The TD Premier Checking account requires a higher opening deposit, often $2,500, and charges a higher monthly fee (around $15) unless you maintain that balance or meet other requirements. This account is designed for customers who want premium features like higher interest rates or fee reductions on other products.

TD Bank's online-only checking accounts (such as TD Bank Online Checking) often have $0 minimum opening deposits and no monthly maintenance fees at all. These accounts have fewer in-branch services but cost nothing to maintain. If you are comfortable banking primarily online or by phone, this is the cheapest option.

Savings accounts follow a similar pattern. Basic savings accounts may have $0 opening deposits but charge monthly fees unless you maintain a balance, while premium savings products require higher deposits upfront.

Monthly maintenance fees and how to avoid them

Most TD Bank checking accounts charge a monthly maintenance fee between $5 and $15. The exact amount depends on the account tier and your location, as some branches apply different fee structures. However, TD Bank offers several ways to waive this fee entirely.

The most common waiver is maintaining a minimum daily balance — usually $500 to $2,500 depending on the account. If your balance never drops below that threshold during the month, the fee is waived. Another option is setting up direct deposit of your paycheck or other regular income; many accounts waive the fee if you receive at least one direct deposit per month.

Some accounts also waive fees if you maintain a combined balance across multiple TD Bank products (checking, savings, money market accounts, or CDs) or if you have a TD Bank credit card or loan. Ask your branch which waivers apply to the specific account you are opening, since the rules vary by product and location.

What you need to open an account in person or online

To open a TD Bank account, you will need a government-issued photo ID (driver's license, passport, or state ID card), your Social Security number, and a current address. If you open in a branch, bring these documents with you. If you open online, you will upload photos of your ID or answer verification questions.

You will also need to fund the account with an initial deposit. If you are opening in a branch, you can deposit cash or a check. If you are opening online, you can transfer money from another bank account using your routing and account numbers, or link a debit card to fund the account. Some online openings allow you to start with $0 and deposit later, but in-branch openings typically require you to deposit at least something on the day you open.

The entire process takes about 15 to 30 minutes in a branch and 10 to 20 minutes online. You will receive your debit card in the mail within 7 to 10 business days, though you can usually start using your account immediately for transfers and bill pay.

Comparing TD Bank accounts to other options

TD Bank's in-branch checking accounts are more expensive than many online banks. An account that charges $6 per month costs $72 per year if you do not meet the waiver conditions. Online-only banks like Ally, Charles Schwab, or Discover often have $0 opening deposits, $0 monthly fees, and higher interest rates on savings.

However, TD Bank has a large branch network (over 1,200 locations across the Northeast and Mid-Atlantic), which matters if you deposit cash regularly, need to speak to someone in person, or want access to a physical location. The trade-off is that convenience costs money in the form of monthly fees or minimum balance requirements.

If you value in-person banking, TD Bank's online checking account is a middle ground — it costs nothing to open or maintain but offers fewer in-branch services. If you rarely visit a branch, an online bank will save you money over time.

Special offers and promotions

TD Bank occasionally runs promotions that waive opening deposits or offer cash bonuses for opening a new account and meeting certain conditions (such as setting up direct deposit or maintaining a balance for a set period). These offers change throughout the year and vary by location and account type.

Check TD Bank's website or ask at your local branch whether any current promotions apply to the account you want to open. Some offers are available only online or only in certain states. If a promotion waives the opening deposit or monthly fee for a limited time, that can reduce your cost significantly in the first few months.

Frequently Asked Questions

Do I have to keep a minimum balance after I open the account?

Not unless you want to avoid the monthly maintenance fee. If you are willing to pay the fee (usually $5 to $15 per month), you can keep any balance you want. If you want to waive the fee, you will need to maintain the required minimum balance or meet another waiver condition like direct deposit.

Can I open a TD Bank account online without going to a branch?

Yes. TD Bank's online checking accounts can be opened entirely through their website. You will need your ID, Social Security number, and a way to fund the account (another bank account or debit card). The process takes about 10 to 20 minutes, and you can start using the account right away.

What happens if my balance drops below the minimum?

If you drop below the required minimum balance and do not have another waiver in place (like direct deposit), you will be charged the monthly maintenance fee that month. The fee is deducted from your account, which may push your balance even lower. You can avoid future fees by bringing the balance back up or setting up direct deposit.

Are there any hidden fees I should know about?

TD Bank's main fees are the monthly maintenance charge and overdraft fees (charged if you spend more than your balance). There are also fees for things like wire transfers, stop payments, and ATM use outside the TD network. Ask about the full fee schedule when you open your account so you understand all the costs.

Can I open multiple TD Bank accounts?

Yes. You can open a checking account and a savings account, or multiple accounts of the same type. Some fee waivers apply to combined balances across all your TD Bank accounts, so opening multiple accounts might actually help you avoid fees if you spread your money across them strategically.