You can close a TD savings account online through TD's website or mobile app, but only if you meet certain conditions
TD Bank allows you to close a savings account online using their digital banking platform, but the option is not available to all account holders. If you have a TD checking account linked to your savings account, you can usually close the savings account through your online dashboard without calling. If your savings account stands alone, or if you have a balance that needs to be transferred first, you will need to call TD customer service or visit a branch in person.
The online closure process takes a few minutes once you start it. TD will ask you to confirm your identity, choose where any remaining balance should go, and review the closure details before finalizing. After you submit the request, the account closes within one to three business days. You will receive a confirmation email with your closure reference number.
Key Takeaways
- Online closure works best if you have a linked TD checking account and a zero or near-zero balance in your savings account.
- If your savings account has a substantial balance, you must transfer the money to another account before closing, either online or by phone.
- Closing by phone takes 10 to 15 minutes and works for any account type; call the number on the back of your TD debit card or 1-800-788-6686.
- After you close your account, TD will mail you a final statement within 30 days showing all activity through the closure date.
- If you have pending transactions or automatic payments tied to the account, TD may delay closure until those clear.
Steps to close your account online through TD's website
Log into your TD online banking account using your username and password. Navigate to the account settings or account management section—this is usually labeled "Accounts" or "My Accounts" in the main menu. Select the savings account you want to close.
Look for an option that says "Close Account" or "Account Services." Click it and TD will show you a summary of the account, including the current balance and any pending transactions. If the balance is not zero, you will see a prompt to transfer the funds. You can transfer to another TD account you own, or to an external bank account if you have already set up that transfer destination in your online banking profile.
After the balance is handled, TD will ask you to confirm your identity—usually by answering security questions or entering a code sent to your phone. Review the closure summary one more time, then click "Confirm Closure." You will receive a confirmation number immediately and an email within a few hours.
Closing your account through the TD mobile app
The TD mobile app offers the same closure option as the website. Open the app and log in, then tap "Accounts" at the bottom of the screen. Find the savings account you want to close and tap the three-dot menu icon next to it.
Select "Close Account" from the menu. The app will walk you through the same steps as the website: confirming your balance, transferring any money, verifying your identity, and reviewing the closure details. The process is identical in speed and outcome—your account closes within one to three business days.
When you need to call TD instead of closing online
Call TD customer service at 1-800-788-6686 if your savings account has automatic payments or recurring transfers set up. TD's online system may not let you close an account with active automatic transactions, even if you plan to cancel them. A representative can close the account and handle those details over the phone.
You should also call if you have a joint account, a minor's account, or a trust account. These account types require verbal confirmation from all authorized parties or a representative to verify the account structure before closure. Calling also makes sense if you are not comfortable with online banking or if you want to ask questions about where your final balance should go.
The phone call takes 10 to 15 minutes. Have your account number and a form of ID ready. The representative will confirm your identity, ask why you are closing the account (this is optional to answer), transfer any balance, and process the closure. You will receive a confirmation number and an email confirmation within 24 hours.
What happens to your money when you close the account
Any balance remaining in your savings account must go somewhere before closure is final. If you have a TD checking account, you can transfer the balance there instantly through online banking. If you want the money sent to a different bank, you can set up an external transfer, though this may take one to three business days to complete.
If you do not specify where the money should go, TD will not close the account—the system will prompt you to choose a destination. Once you confirm the transfer, the money moves immediately (for internal TD transfers) or within the timeframe of an external transfer. The account closes only after the balance reaches zero.
TD will mail you a final statement 30 days after closure showing all transactions through the closure date, including the final balance transfer. Keep this statement for your records.
How long closure takes and what to expect after
Once you submit your closure request online or by phone, TD processes it within one to three business days. You will see the account disappear from your online banking dashboard once it is closed. You can no longer log in to view it or make transactions.
If you have pending deposits or checks that have not cleared, TD may hold the closure for a few extra days until those transactions post. Automatic payments scheduled to come out of the account after you close it will be rejected, so contact any billers that pull from this account and give them your new payment method before you close.
Your debit card linked to the savings account will stop working once the account closes. If you also have a checking account with TD, your checking card will continue to work normally.
Reasons TD might not let you close your account online
TD will not allow online closure if you have a negative balance or an outstanding fee. You must pay any overdraft or service charges before the account can close. Call customer service if you are unsure whether your account has unpaid fees.
Accounts with pending disputes, fraud claims, or legal holds also cannot be closed online. If TD has flagged your account for any reason, you will need to call to discuss the issue and get clearance before closure can proceed. The representative will explain what is holding up the closure and what you need to do to resolve it.
Frequently Asked Questions
Do I lose my debit card when I close my TD savings account?
If your debit card is linked only to the savings account you are closing, yes—the card will stop working. If the same card is also linked to a TD checking account you are keeping open, the card will continue to work for that checking account. Contact TD if you are unsure which accounts your card is tied to.
Can I reopen a TD savings account after I close it?
Yes, you can open a new TD savings account at any time after closure. You will need to go through the account opening process again, which takes a few minutes online or at a branch. Your old account number will not be reused, so you will have a new account number.
What if I close my account but forget to transfer the money first?
TD will not complete the closure until you specify where the balance should go. The system will stop you before finalizing and ask you to choose a destination account. If you have already submitted the closure request, call TD at 1-800-788-6686 to add a transfer destination and complete the process.
Will closing my TD savings account hurt my credit score?
No. Closing a savings account does not affect your credit score because savings accounts are not reported to credit bureaus. Only credit accounts like credit cards and loans appear on your credit report.
How do I know if my account is actually closed?
Log into your TD online banking account. If the savings account no longer appears in your account list, it is closed. You will also receive an email confirmation with a closure reference number. If you want written proof, your final statement mailed 30 days after closure serves as official documentation.