The steps to close a TD savings account

You can close a TD savings account in person at a branch, by phone, or by mail. The fastest route is visiting a TD branch with your account number and a government-issued ID — a teller can process the closure on the spot and arrange how you want your remaining balance paid out. If you cannot visit a branch, call TD Customer Service at 1-800-895-4463 (for TD Bank in the US) or 1-866-222-3456 (for TD Canada Trust in Canada) and ask to close the account; they will mail you a cheque or transfer the funds to another account you specify.

Before you close, check your account for any pending transactions, automatic bill payments, or direct deposits linked to that account number. If you have direct deposit set up through an employer or government program, you will need to update your banking information with them before the account closes, or your next payment will be rejected. Similarly, cancel any automatic payments (subscriptions, loan payments, insurance premiums) that draw from this account at least a week before closure to avoid overdraft fees or failed payments.

TD will not charge you a fee to close a savings account. Once the account is closed, you cannot reopen it under the same account number, though you can open a new savings account with TD at any time.

Key Takeaways

  • Visit a TD branch in person with your account number and ID for same-day closure, or call 1-800-895-4463 (US) or 1-866-222-3456 (Canada) to close by phone.
  • Update any direct deposits or automatic bill payments linked to the account before you close it, or those transactions will fail.
  • TD will transfer your remaining balance to another account, mail you a cheque, or hold it for you to pick up — you choose the method when you close.
  • There is no fee to close a savings account with TD, and closure is permanent for that account number.

What happens to your money when you close

Your remaining balance will not disappear. When you close the account, you must tell TD how to return the money to you. The most common options are a direct transfer to another bank account (yours or someone else's), a cheque mailed to your address on file, or a cheque you pick up at the branch. If you have a chequing account with TD, the teller can move the balance there immediately.

If you have a very small balance — typically under $10 — some branches may ask whether you want to donate it to charity rather than process a cheque, but this is optional. You can always request the full amount be returned to you.

Any interest earned on the account up to the closure date will be included in the final balance. If the account was open for part of a year, you will receive a T5 form (in Canada) or a 1099-INT form (in the US) in January showing the interest earned, which you will need for your tax return.

Closing by phone or mail if you cannot visit a branch

Call TD Customer Service during business hours and tell them you want to close your savings account. Have your account number ready. The representative will confirm your identity, ask how you want the remaining balance returned, and process the closure. The call usually takes 10 to 15 minutes. If you choose a cheque, it will be mailed within 5 to 10 business days. If you choose a transfer to another account, ask whether it will go through the same day or take one to two business days.

If you prefer not to call, you can visit a TD branch and ask for a closure form to mail in. Fill it out, include a copy of your ID, and mail it to the address the branch provides. Mail-in closure takes longer — typically two to three weeks from the time TD receives your form — so use this method only if you are not in a hurry.

Cancelling automatic payments and direct deposits before closure

This is the step most people forget, and it can cause real problems. Any automatic payment set to draw from your savings account — a gym membership, insurance premium, loan payment, or utility bill — will fail if the account is closed. The company will charge you a returned-payment fee (usually $25 to $35), and you may face late fees or service interruption.

Log into your TD online banking or call the customer service number above and review all transactions from the past three months. Look for recurring charges. For each one, contact the company directly and update your payment method or cancel the service. Do this at least one week before you close the account to give the changes time to process.

If you receive direct deposit — paycheques, government benefits, tax refunds — contact your employer, benefits administrator, or the relevant government office and provide them with your new account number. Do not wait until after the account is closed; if a deposit arrives at a closed account, it will be returned and you will have to contact the sender to resubmit it, which can delay your money by weeks.

What to do if you have an outstanding balance or hold on the account

If your account is overdrawn (you owe TD money), the bank will not close it until the negative balance is paid. Transfer funds from another account to bring the balance to zero or positive, then request closure. If you do not have another TD account, you can deposit cash or a cheque at a branch to cover the overdraft.

If there is a hold on the account — usually because of a dispute, fraud investigation, or unpaid fees — TD will not close it until the hold is lifted. Call customer service to find out why the hold is there and what you need to do to remove it. This can take anywhere from a few days to several weeks depending on the reason.

Closing a joint account

If the savings account is held jointly with another person, both account holders must agree to close it. You cannot close a joint account on your own. Both of you will need to visit the branch together with ID, or one of you can call customer service and request closure, but the other person may be contacted to confirm they agree.

When a joint account closes, the remaining balance is typically split equally between the two account holders unless you specify otherwise. If you and the other person disagree on how to divide the money, the account cannot be closed until you reach an agreement or a court order is provided.

Frequently Asked Questions

How long does it take to close a TD savings account?

In-person closure at a branch is immediate — the account closes the same day. Phone closure takes 10 to 15 minutes to process, though receiving your balance by cheque takes 5 to 10 business days. Mail-in closure takes two to three weeks from the time TD receives your form.

Will I lose money if I close my savings account early?

No. TD savings accounts do not have early-closure penalties. You will receive your full balance plus any interest earned up to the closure date. The only fees you might face are returned-payment fees if automatic payments fail after closure, so cancel those before you close.

Can I reopen the same account after I close it?

No. Once a TD savings account is closed, that account number cannot be reopened. You can open a new savings account with TD at any time, but it will have a different account number.

What if I close my account but forget to update my direct deposit?

Your next deposit will be rejected and returned to the sender. This can take two to four weeks. Contact your employer or benefits administrator immediately with your new account number and ask them to resubmit the deposit. In the meantime, follow up with TD to confirm the rejected deposit was returned to the sender.

Do I need to visit the same branch where I opened the account?

No. You can close your TD savings account at any TD branch, regardless of which branch you opened it at. If you are closing by phone or mail, location does not matter at all.