Yes, you can open a TD savings account entirely online
TD Bank lets you open a savings account through their website or mobile app without visiting a branch. The process takes about 10 to 15 minutes and requires a valid government ID, your Social Security number, and an initial deposit method. You'll have access to your account the same day in most cases, though some account features may take one to two business days to activate.
TD offers several savings account types online: the TD Savings Account (their basic option), the TD Money Market Savings Account (which requires a higher opening deposit), and the TD Youth Savings Account (for customers under 18). Each has different minimum opening deposits and interest rates, so the account you can open depends on which one fits your situation.
Key Takeaways
- TD's online account opening takes 10 to 15 minutes and you can start using your account the same day.
- You will need a valid government-issued ID, your Social Security number, and a way to make your initial deposit.
- Different TD savings accounts have different opening deposit requirements, ranging from $0 to $2,500 depending on the account type.
- You can fund your new account immediately with a debit card, transfer from another bank, or wire transfer.
- If you run into problems during signup, TD customer service can help you finish the process over the phone.
What you need before you start
Gather these items before opening your account online. You will need a valid government-issued photo ID — a driver's license, passport, or state ID card. TD will ask you to verify information from the ID as part of the signup process. You will also need your Social Security number, which TD uses to check your identity and run a background check through ChexSystems (a banking history database).
Have a funding method ready to make your opening deposit. This can be a debit card, a transfer from another bank account, or a wire transfer. If you are transferring from another bank, you will need your routing number and account number from that bank. The opening deposit amount depends on which TD savings account you choose — some have no minimum, while others require $500 or $2,500.
You will also need a valid email address and phone number that you can access during signup. TD sends a verification code to your email or phone as part of the identity check, so make sure you can receive messages right away.
Step-by-step: opening your account online
Start by going to TD Bank's website or opening their mobile app. Look for the "Open an Account" or "New Account" button, usually on the homepage. Select "Savings Account" and choose which type of savings account you want — the basic TD Savings Account is the most common choice for most people.
Enter your personal information: full name, date of birth, address, email, and phone number. TD will ask you to create a username and password for online banking. Next, you will verify your identity by answering questions about your government ID. TD shows you information from your ID and asks you to confirm it matches what you provided.
You will receive a verification code via email or text message. Enter this code to confirm your identity. Then choose your opening deposit method — debit card, transfer from another bank, or wire transfer — and complete that transaction. Your account opens immediately, and you can log in and see your balance right away.
How long before you can use your account
Your TD savings account is usable the same day you open it. You can log in to online banking, check your balance, and set up bill pay or transfers. However, some features take longer to fully activate. Your debit card (if you order one) typically arrives in 7 to 10 business days. If you funded your account with a transfer from another bank, that money may take 1 to 3 business days to appear, depending on the other bank.
If you funded your account with a debit card, the money is usually available within 24 hours. Wire transfers show up the same business day if you send them before the bank's cutoff time (usually 2 p.m. Eastern). Check your account settings to see the status of any pending deposits.
What happens if the online process doesn't work
If you get stuck during signup or your identity verification fails, you have options. TD's customer service can help you finish opening your account over the phone. Call 1-800-788-3000 and ask to open a savings account. A representative can walk you through the process, help troubleshoot any errors, and may be able to waive certain requirements if there is a problem with your ID verification.
Identity verification sometimes fails if your address on file doesn't match what you entered, or if your ID information is outdated. If this happens, TD will tell you which piece of information didn't match. You can update your information and try again, or call customer service to resolve it with a representative.
Minimum deposits and account features
TD's basic savings account has no minimum opening deposit — you can open it with $1 if you want. The TD Money Market Savings Account requires a $2,500 opening deposit and typically offers a higher interest rate. The TD Youth Savings Account (for ages under 18) has no minimum and is designed for younger customers, though it may have different features or limits.
All TD savings accounts come with online banking, mobile app access, and the ability to transfer money between your accounts. You can set up automatic transfers, schedule bill payments, and monitor your balance 24/7. TD does not charge a monthly maintenance fee on their basic savings account, though some account types may have fees if you fall below a minimum balance.
Moving money into your new account
Once your account is open, you can add money in several ways. Debit card deposits are the fastest — the money appears within 24 hours. Bank transfers from another bank take 1 to 3 business days and require your new TD account number and routing number. Wire transfers arrive the same business day if sent before 2 p.m. Eastern and require your account number and TD's wire routing number (which is different from the regular routing number).
You can also deposit cash at any TD Bank branch if one is near you, though this requires visiting in person. Direct deposit from your employer or government payments (like Social Security) can be set up through your TD online banking account once it is active — just provide your employer or the government agency with your account number and routing number.
Frequently Asked Questions
Do I need to be a TD customer already to open an account online?
No. You can open your first TD account entirely online without being an existing customer. You just need a valid ID, Social Security number, and a way to fund the account.
What if my identity verification fails?
Call TD customer service at 1-800-788-3000. A representative can help troubleshoot the problem, which is often a mismatch between your address or ID information. They may be able to complete the process over the phone or ask you to visit a branch with your ID.
Can I open a TD savings account if I have had banking problems before?
TD checks ChexSystems, a banking history database, during signup. If you have unpaid overdrafts or closed accounts due to fraud, you may be denied. Call customer service to ask about your specific situation — some issues can be resolved or waived.
How much money do I need to open a TD savings account?
The basic TD Savings Account has no minimum opening deposit. The TD Money Market Savings Account requires $2,500. You can open the basic account with as little as $1 if you want to start small.
Can I open a TD savings account on my phone?
Yes. TD's mobile app has the same account opening process as their website. The app may be faster on a phone since it is designed for smaller screens, but both work equally well.