Call TD Bank or visit a branch to close your savings account

TD Bank will close a savings account when you ask them to, either by phone or in person at a branch. You do not need a reason, and there is no penalty for closing. The process takes a few minutes, though the account may not fully close for a few business days after you initiate it.

Before you call or visit, move any money out of the account or decide what you want TD Bank to do with the remaining balance. TD Bank can transfer the money to another account you own (at TD or elsewhere), mail you a check, or hold it for you to pick up. If you leave money in the account and do not claim it, it may eventually be turned over to your state as unclaimed property.

Have your account number ready when you contact them. If you are closing the account in person, bring a photo ID. If you are calling, be prepared to answer security questions to verify you own the account.

Key Takeaways

  • Contact TD Bank by phone at 1-800-937-8372 or visit any TD Bank branch to close your savings account.
  • Decide before closing whether you want remaining funds transferred to another account, mailed as a check, or held for pickup.
  • The account closure request is processed immediately, but the account may take a few business days to fully close in the system.
  • If you have automatic payments or transfers set up on the account, cancel them before closing to avoid failed transactions.

What to do with money still in the account

If your savings account has a balance, you must move that money before or during the closure process. TD Bank will not close an account with a negative balance (overdraft), so you will need to deposit funds to cover any overdraft first.

You have three main options for the remaining balance. You can ask TD Bank to transfer it to another TD Bank account you own, transfer it to an account at a different bank, or have them mail you a check. If you choose a transfer to another bank, provide the routing number and account number for that bank. Transfers between banks typically take one to three business days.

If you do not specify what to do with the money, TD Bank may hold it temporarily, but you will need to contact them to retrieve it. Do not assume the bank will automatically move it somewhere.

Cancel automatic payments and transfers before closing

If you have set up automatic bill payments, recurring transfers, or direct deposits going to this savings account, stop them before you close the account. Once the account is closed, any transaction attempting to hit that account will fail, and you may face late fees on bills or missed paychecks if direct deposit was set to that account.

Log into your TD Bank online account or call 1-800-937-8372 to review what is connected to the savings account. Update any automatic payments to point to a different account, or cancel them entirely if you no longer need them. This step takes just a few minutes and prevents problems after the account closes.

Closing by phone versus in person

Closing by phone is faster if you know your account number and can answer security questions. Call TD Bank's main line at 1-800-937-8372 and tell them you want to close your savings account. They will verify your identity, confirm the balance, and ask what you want done with any remaining money. The call usually takes five to ten minutes.

Closing in person at a TD Bank branch gives you the option to withdraw cash immediately if you want it that way, and you can handle it face-to-face if you have questions. Bring your photo ID and your account number. Branch hours vary by location, so check the TD Bank website or call ahead to confirm when your nearest branch is open.

Either method works equally well. Choose whichever is more convenient for you.

What happens after you request closure

Once you request closure, TD Bank processes it the same day or the next business day. However, the account may remain visible in your online banking for a few days while the system updates. You will not be able to use the account for new transactions, but it takes time for all the backend systems to reflect the closure.

If you requested a check, it will be mailed to the address on file. Checks typically arrive within five to seven business days. If you requested a transfer to another account, confirm that the money arrived in the destination account before assuming the closure is complete.

Keep any confirmation number or reference number TD Bank gives you. If you need to follow up on the closure or the transfer of funds, that number will help them locate your request.

If you have a joint account

If the savings account is held jointly with another person, both account holders usually need to agree to close it. Contact TD Bank to ask about their specific policy, because some banks allow one joint owner to close the account while others require both to sign off. If you are the only one who wants to close it and the other owner does not, you may need to remove yourself from the account instead, which is a different process.

If both owners agree to close, you will need to decide together what to do with the balance. The money can be split between two accounts, sent to one account, or handled another way—but both owners should be clear on the plan before calling TD Bank.

Frequently Asked Questions

Will I lose money if I close my savings account?

No. Closing the account does not cost you anything, and you keep all the money in it. You just need to move the balance out or tell TD Bank where to send it. If there are any pending interest deposits, TD Bank will include those before closing.

What if I have a negative balance or overdraft?

You cannot close the account until the overdraft is paid off. Deposit enough money to bring the balance to zero or positive, then request closure. TD Bank will not process a closure request on an account that is in the red.

Can I reopen the account after I close it?

TD Bank can reopen a recently closed account in some cases, but it is not may provide. If you think you might need the account again soon, consider leaving it open instead. If you do close it and later want it back, contact TD Bank to ask whether they can restore it.

How long does it take for the account to fully disappear from my online banking?

The account usually stops appearing in your active accounts list within a few business days, but it may show in your account history for much longer for record-keeping purposes. This is normal and does not mean the closure did not work.

What if I closed the account but money is still being deposited to it?

Contact TD Bank immediately. If direct deposit or another automatic transfer is still hitting the closed account, the bank needs to know so they can investigate where the money went. Depending on timing, they may be able to redirect it or return it to the sender.