You can open a TD savings account online in about 15 minutes using their website or mobile app, without visiting a branch.
TD Bank offers two main online savings products: a regular savings account and a money market account. Both can be opened entirely online if you meet basic requirements: you must be at least 18 years old, a U.S. citizen or permanent resident, and have a valid Social Security number. You'll need an email address and a phone number to complete the process.
The online application asks for personal information, verifies your identity, and connects to your existing bank account or debit card for the initial deposit. Most people finish in one sitting. Your account number and online access are usually ready the same day, though it can take up to one business day for the system to fully activate.
Key Takeaways
- TD's online savings account opens in about 15 minutes through their website or mobile app without needing to visit a branch.
- You must be 18 or older, have a valid Social Security number, and provide a phone number and email address to start.
- The application verifies your identity electronically and requires an initial deposit, which you can fund from an existing bank account or debit card.
- Your account number appears immediately after approval, but full online access may take up to one business day to activate.
- TD's savings rates and account features change, so check their current terms on the website before you begin the application.
What You Need Before You Start
Gather these items before opening the application: a valid government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and your phone number. TD will text you a verification code during the application, so use a number you can access right away.
You'll also need a way to fund the account. This can be a debit card, a checking account at another bank, or an existing TD account. Have the account or card number ready. TD requires an initial deposit to open the account; the minimum amount varies by account type and changes periodically, so check their website for the current requirement before you start.
Have your email address ready as well. TD sends your account confirmation, login credentials, and important notices to this address. Use an email you check regularly.
Step-by-Step: Opening Your Account Online
Start by going to TD Bank's website or downloading their mobile app. Look for the "Open an Account" or "New Customer" button, usually on the homepage. Select "Savings Account" from the account type options.
Enter your personal information: full name, date of birth, address, phone number, and email. TD will ask whether you're a U.S. citizen or permanent resident and request your Social Security number. Answer honestly—this information is used to verify your identity and comply with federal banking rules.
Next, TD will ask you to verify your identity. This usually happens through an automated system that checks your information against public records. You may be asked security questions about your credit history or past addresses. Answer based on what you actually know; if you're unsure, select "I don't know" rather than guessing.
Once identity verification passes, you'll choose your account type and review the terms. Read the fee schedule and interest rate information—these details matter for how much your money will earn and what you'll pay in charges. Then select your initial deposit method: debit card or bank account transfer. Enter the card or account number and the deposit amount. TD will process this immediately or within one business day depending on the funding method.
Review all information one final time, then submit. You'll receive a confirmation number and your new account number on screen. Write these down or take a screenshot.
After Your Account Opens: What Happens Next
Your account is officially open, but full online access may take up to one business day. During this time, you can see your account number and deposit confirmation, but you might not be able to log in to the full online banking platform yet. TD will send you an email with your login credentials and instructions for setting up online access.
When you can log in, set up a strong password and enable two-factor authentication if offered. This protects your account from unauthorized access. You can then link external accounts for transfers, set up automatic deposits, or arrange bill pay if your account type supports it.
Your initial deposit will appear in your account within one to two business days if you funded it with a bank transfer, or immediately if you used a debit card. You can begin earning interest as soon as the deposit clears.
Funding Your Account After It Opens
After your account is active, you can add money in several ways. The most common is an electronic transfer from another bank account, which usually takes one to two business days. You can also deposit checks by photographing them through the mobile app, or visit a TD branch to deposit cash or checks in person.
Some TD accounts allow direct deposit of paychecks or government payments. To set this up, provide your employer or the paying agency with your TD account number and routing number. You can find both in your online account or on any checks you order.
Transfers between your TD accounts (if you have more than one) happen instantly online. Transfers to accounts at other banks take one to two business days.
Common Problems and How to Fix Them
If your identity verification fails, TD will usually tell you why and give you the option to try again or visit a branch in person. Common reasons include mismatched information (an address that doesn't match public records, for example) or a Social Security number that doesn't match your name in the system. If this happens, contact TD customer service with your ID ready to resolve it.
If your account doesn't activate for online access within one business day, check your email for a message from TD with next steps. Sometimes the system needs additional verification. You can also call TD customer service or visit a branch to complete activation in person.
If your initial deposit doesn't appear after the expected time, log into your account or call customer service to check the status. Debit card deposits are usually instant, but bank transfers can take longer if your bank processes them slowly. TD can tell you whether the money has been received.
Choosing Between TD's Online Savings Options
TD offers a regular savings account and a money market account online. A regular savings account is simpler: you deposit money, earn interest, and can withdraw anytime. A money market account typically offers a higher interest rate but may require a larger minimum balance and limit how many withdrawals you can make per month.
If you're saving for a specific goal and won't need the money soon, a money market account may earn you more. If you want flexibility and simplicity, a regular savings account works better. Check TD's website for current interest rates on both, since these change frequently and affect how much your money will grow.
TD also offers certificates of deposit (CDs) online, which lock your money away for a set time (three months to five years) in exchange for a higher interest rate. CDs are not savings accounts, but they're opened through a similar online process if you're interested in that option.
Frequently Asked Questions
Can I open a TD savings account if I don't have a Social Security number?
No. TD requires a valid Social Security number to open any account. If you're a permanent resident without a Social Security number yet, you may be able to open an account in person at a branch with additional documentation, but the online process requires one.
What if I already have a TD checking account?
You can still open a savings account online. The process is the same, though TD may recognize you as an existing customer and skip some verification steps. You can link your new savings account to your checking account for easy transfers between them.
How much money do I have to put in to open the account?
TD requires an initial deposit, but the minimum amount varies by account type and changes over time. Check TD's website for the current minimum before you start the application. It's usually between $25 and $100 for a regular savings account.
Can I close my TD savings account online?
You can request closure through online banking or by calling customer service, but you'll need to withdraw or transfer your balance first. TD will close the account within a few business days. If you have a negative balance, you'll need to pay it before closure.
What if I'm under 18?
You cannot open an account online on your own. A parent or guardian can open a custodial savings account for you in person at a TD branch. Once you turn 18, you can convert it to a regular account or open your own separate account online.