What you need to open a TD savings account

TD Bank lets you open a savings account online, by phone, or in person at a branch. You will need a valid government-issued photo ID, your Social Security number, and an initial deposit (the amount varies by account type). If you are opening online, you can fund the account from another bank account you own, or you can deposit cash or a check at a TD branch after your account is set up.

TD offers several savings account types: the TD Savings Account (the basic option), the TD Money Market Savings Account (which requires a higher opening deposit and pays interest rates that move with the market), and the TD Youth Savings Account (for customers under 18). Each has different minimum deposit requirements and interest rates. Before you start, decide which account fits your situation.

You do not need to be a TD customer already. If you have never banked with TD, you can open a savings account as your first account with them. If you already have a checking account or other product with TD, opening a savings account takes less time because TD already has your information on file.

Key Takeaways

  • You can open a TD savings account online in about 10 minutes, by phone with a representative, or in person at a branch.
  • You will need a valid photo ID, your Social Security number, and an opening deposit amount that depends on which savings account type you choose.
  • Online applications are processed immediately, and your account number appears on screen so you can start using it right away.
  • If you open online and want to fund the account from another bank, you can link that bank account and transfer money, or deposit cash or checks at a TD branch.

Opening online through TD's website or mobile app

The online route is the fastest. Go to TD Bank's website or open the TD mobile app, select "Open an Account," and choose the savings account type you want. You will enter your personal information: name, address, date of birth, Social Security number, employment status, and annual income. TD will ask for your phone number and email address so they can send you updates and account details.

Next, you will set up login credentials and security questions. TD will show you the account terms, interest rate, and any monthly fees. Review these carefully—some TD savings accounts have no monthly maintenance fee, while others charge a fee if your balance falls below a certain amount. Once you confirm, TD processes the application immediately and displays your new account number on screen.

To fund the account, you have two options. If you have another bank account in your name, you can link it and transfer money electronically—this usually takes one to two business days. If you do not want to link another account, you can deposit cash or a check at any TD branch. Your account is active as soon as it opens, so you can visit a branch the same day or the next day to make your first deposit.

Opening by phone with a TD representative

Call TD Bank's customer service line (the number is on TD's website or on the back of any TD card) and tell them you want to open a savings account. A representative will walk you through the same information you would enter online: personal details, Social Security number, and which account type you want. The call usually takes 10 to 15 minutes.

The representative will confirm your opening deposit amount and how you want to fund the account. If you have another bank account, they can set up the transfer over the phone. If you prefer to deposit in person, they will give you your account number and tell you which branch is nearest to you. Your account opens during the call, and the representative will email or mail you your account details and debit card information.

Opening in person at a TD branch

Walk into any TD Bank branch with your photo ID, Social Security number, and your opening deposit (in cash or check form). Tell the teller you want to open a savings account and which type you are interested in. The teller will print out the account agreement, review the terms and fees with you, and have you sign the paperwork.

Your account opens on the spot. The teller will take your cash or check deposit, give you a receipt, and provide your new account number. You can request a debit card at the same time, though it may take five to seven business days to arrive by mail. Some branches can issue a temporary card number you can use online or over the phone while you wait for the physical card.

What happens after you open your account

Once your account is open, you can start using it immediately. If you opened online or by phone and funded it from another bank, the transfer usually clears within one to two business days. If you deposited cash or a check in person, the funds are available the same day for cash or the next business day for checks (depending on the check amount and TD's deposit policies).

TD will mail you a welcome packet with your account agreement, disclosures, and information about online banking and the mobile app. You can log in to your account online or through the app to check your balance, see transactions, and set up automatic transfers or savings goals. If you did not receive a debit card with your account, you can order one through online banking or by calling customer service.

Minimum deposit amounts and account fees

TD's minimum opening deposit varies by account type. The TD Savings Account typically requires a lower opening deposit than the Money Market Savings Account. Check TD's current rates and requirements on their website, as these can change. Some TD savings accounts have no monthly maintenance fee, while others charge a fee if your balance drops below a set amount—usually $300 to $500, depending on the account.

Interest rates on TD savings accounts are set by TD and change over time. When you open your account, the representative or teller will tell you the current rate for your account type. Rates are usually higher on Money Market accounts than on basic savings accounts, but they also require a larger opening deposit and may have withdrawal limits.

If you already have a TD account

If you are already a TD customer with a checking account or another product, opening a savings account is even simpler. Log into your existing online banking or mobile app, select "Open an Account," and follow the same steps. Because TD already has your information, the process is faster and you will not need to re-enter your Social Security number or personal details.

You can often link your new savings account to your existing checking account right away, which makes it easy to transfer money between them. Some TD customers set up automatic transfers from checking to savings each payday to build their savings without thinking about it.

Frequently Asked Questions

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

Online applications take about 10 minutes and your account opens immediately. Phone applications take 10 to 15 minutes. In-person applications at a branch take 15 to 20 minutes. Your account is active and ready to use as soon as the application is complete.

Can I open a TD savings account without a Social Security number?

No, TD requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any deposit account. This is a federal banking requirement, not a TD policy. If you do not have a Social Security number, you may be able to open an account with an ITIN if you have one.

What if I do not have a photo ID?

If you are opening in person, you will need a valid government-issued photo ID. If you are opening online or by phone, TD may ask additional questions to verify your identity. Contact TD directly to ask what alternative forms of ID they accept.

Can I open a TD savings account if I have had banking problems before?

TD uses ChexSystems, a banking history report, to review new account applications. If you have unpaid overdrafts, closed accounts in bad standing, or fraud on your record, TD may deny your application. You can request your ChexSystems report for free to see what is on file before you apply.

Do I have to keep a minimum balance in my TD savings account?

It depends on the account type. Some TD savings accounts have no minimum balance requirement. Others charge a monthly fee if your balance falls below a certain amount—usually $300 to $500. Check the account terms when you open to see what applies to your account.