How To Open a TD Bank Account in 3 Steps

Follow these steps to set up a checking or savings account.

By Kathryn Pomroy October 29, 2019 Checking Accounts 101

TD Bank touts itself as “America’s most convenient bank.” Since it opened its doors for the first time in 1852, TD Bank has undergone several acquisitions but continues to deliver outstanding customer service and hassle-free products to customers in the Eastern U.S. Customers can choose from five different TD Bank checking accounts and three savings accounts. Alongside these accounts, TD Bank also offers certificates of deposit, money market accounts, mortgages, loans and more.

Some unfavorable TD Bank reviews exist; they mention fickle website performance, low rates and high fees that make banking at TD Bank less than satisfactory for some. On the flip side, however, TD Bank has also earned positive reviews celebrating its superior customer service, seamless website performance and convenient access to all online services. The answer is to compare banks regarding what matters most to you, such as account options, interest rates, online access or fees.

Naturally, you have a lot of things to consider when opening a bank account — especially if this is your first account. Below, you’ll find a step-by-step guide to help you through the process so you can make the best decision about opening a bank account with TD Bank.

Here’s a look at what this guide to opening a TD Bank account will cover:

Steps To Open a TD Bank Account
TD Bank Checking Account Fees and Features
TD Bank Savings Account Fees and Features
How To Avoid Unwanted Fees
Benefits of Having a TD Bank Account
How Does TD Bank Measure Up?
Monitoring and Protecting Your TD Bank Account
Is TD Bank Right for You?

Steps To Open a TD Bank Account

A bank account is a safe and secure place to stash away your money. Cash may help in certain circumstances, but it’s not always appropriate for paying the bills or forking out large sums of money. By opening a bank account, you’ll have the freedom to make payments and purchases without carrying loads of cash in your wallet.

1. Gather the Necessary Information

Federal law requires all financial institutions, including TD Bank, to obtain, verify and record information that identifies you. TD Bank will ask for:

Your name
Legal address
Date of birth
Social Security or tax identification number
Initial deposit

You may also be asked to show your driver’s license or other identifying documents, such as your passport or military ID. If you give your mobile number to TD Bank, you must agree to accept calls related to the servicing of your account.

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2. Choose the Type of TD Account You Want

When opening a bank account for the first time, most people will choose to open a checking account or a savings account — or both. A checking account with a linked debit card is used for most day-to-day purchases, whereas a savings account is a safe and secure way to keep and grow your money.

TD Bank offers several different checking and savings accounts:

Checking Accounts

TD Beyond Checking: Loaded with perks; currently offering new checking account customers a $300 bonus
TD Convenience Checking: Low minimum daily balance requirement; no monthly maintenance fee with a $100 minimum daily balance; perks for students ages 17-23
TD Simple Checking: No minimum balance; low monthly maintenance fee
Student Checking: For students ages 17- 23; no minimum balance or monthly fees
TD 60 Plus Checking: For people 60 or older; earn interest and pay no monthly maintenance fee with a $250 minimum daily balance

Savings Accounts

TD Simple Savings: Offers a low monthly fee that can be waived for the first 12 months
TD Growth Money Market: Write checks and earn tiered interest; get a rate increase when you set up a $50 monthly recurring transfer
TD Preferred Savings: Rewards your higher balance with tiered interest rates; get a rate bump when you link an eligible TD account

If you have the funds to meet the minimum deposit for both a checking and a savings account, consider it, because having both can be beneficial. You can use your checking account for any daily expenses and put extra money in your savings to earn interest.

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3. Fill Out the Online Application or Apply in Person

If you decide to open a TD Bank account online, the process should be quick and easy. Plus, it can save you a trip to the nearest TD Bank branch. After you’ve decided which type of account you need, you’ll want to carefully fill out the online application.

TD Bank will ask if you are a resident of Canada or the U.S. You’ll also be required to supply your personal details, including:

Full name
Address
Contact information, including phone number and email address
Proof of identification

You may prefer to go to a branch to fill out the application instead of completing the application online. Use this TD branch locator to help you find the branch nearest you.

If you need assistance from a representative, you can reach TD Bank’s live customer service, 24/7, at 888-751-9000.

Get Started: How To Open a Bank Account Online

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TD Bank Checking Account Fees and Features

Different banks have different policies when it comes to monthly fees. Some charge high fees, while other banks charge fees but offer customers with an active account the ability to waive fees if they meet certain requirements.

Below is a breakdown of the fees and features associated with TD Bank’s checking accounts:

TD Bank Checking Accounts at a Glance
Fees and Features	TD Beyond Checking	TD Convenience Checking	TD Simple Checking	Student Checking	TD 60 Plus Checking
Monthly service fee	$25 (may qualify to waive fee)	$15 (may qualify to waive fee)	$5.99	$15 (waived for students ages 17-23)	$10 (waived if a $250 minimum daily balance is maintained)
Minimum deposit to open account	$0	$0	$0	$0	$0
ATM fees	$0	$0 at all TD Bank ATMs; $3 at non-TD ATMs	$0 at all TD Bank ATMs; $3 at non-TD ATMs	$0 at all TD Bank ATMs; $3 at non-TD ATMs	$0 at all TD Bank ATMs; $3 at non-TD ATMs
Overdraft fee	$35	$35	$35	$35	$35
Benefits	Earns interest	$150 bonus offer available for new checking accounts	Discount on first order of checks	$150 bonus offer available for new checking accounts	Earns interest

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TD Bank Savings Account Fees and Features

TD Bank offers several savings accounts to choose from. Each account lets you earn interest on your money, but each one also comes with fees, including a monthly service charge, which can be waived by meeting certain requirements.

TD Bank Savings Accounts at a Glance
Fees and Features	TD Simple Savings	TD Growth Money Market	TD Preferred Savings
Monthly service fee	$5 ($4 with online statements only); fee may be waived	$12 ($11 with online statements only); fee may be waived	$15 ($14 with online statements only); fee may be waived
Minimum deposit to open account	$0	$0	$0
ATM fees	$0 at all TD Bank ATMs; $3 at non-TD ATMs	$0 at all TD Bank ATMs; $3 at non-TD ATMs	$0
Overdraft fee	$35	$35	$35
Annual percentage yield	0.05%	0.35%	1.50%

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How To Avoid Unwanted Fees

Many bank accounts require customers to maintain an average daily balance to avoid monthly fees. Minimum balances vary by account, so it’s important to understand the requirements to avoid fees on your account.

Avoid ATM Fees

When you use an ATM outside your bank’s network, transaction fees can add up. If you have a TD Beyond checking account, TD Bank will waive your out-of-network ATM fees, and it will reimburse surcharges if you maintain a minimum daily balance of $2,500.

If you happen to have an account that doesn’t include ATM fee waivers or reimbursements, stick to TD Bank ATMs to save money on fees. TD Bank offers an ATM and branch locator on its website.

Set Up Email Alerts

Like most banks, some of TD Bank’s checking and savings account offerings allow you to keep a minimum monthly or daily balance in your account to avoid monthly fees. To make sure you don’t drop below these minimums, opt in to receive free balance alerts via email or the TD Bank mobile app, which works with most Android or iOS devices.

Avoid Overdrafts

To avoid overdrafts, keep tabs on your account balance. Also, keep track of outstanding checks and scheduled bill payments that will lessen your balance. Using TD Bank’s online bill pay services can also help you keep a close eye on your account balance. By using TD Bank’s online bill pay services, you can automatically schedule recurring monthly payments to avoid having multiple bills hit at the same time.

Read This: 10 Best Online Banks of 2020

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Benefits of Having a TD Bank Account

TD Bank offers many benefits to its customers, including hassle-free banking and longer hours. In addition to checking and savings account options, it also offers an array of other products to help you manage every aspect of your personal finances.

Here are just a few of the many features that TD Bank offers:

Online banking and bill pay, plus option to receive email alerts on electronic bills
Mobile banking app with mobile deposits and access to online statements
24/7 live customer service and automated phone service

With TD Bank’s online application, you have the convenience of applying for a new checking or savings account from the comfort of your home. Just gather the information you need to provide, and you’re on your way to establishing your financial goals. TD Bank also offers a product selection tool that can help you choose the best checking or savings account for your needs.

Discover: What You Need To Know About Joint Bank Accounts

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How Does TD Bank Measure Up?

Check out how TD Bank measures up to other banks in terms of features and requirements associated with basic savings and checking accounts:

TD Bank vs. Other Top Banks
Features and Requirements	TD Bank	Bank of America	Chase	Wells Fargo	U.S. Bank
Initial Deposit	$0	$25 for Advantage SafeBalance Banking	$0	$25	$25
Length of Time To Open Account	Online approval within minutes	Online approval within minutes	Online approval within minutes	Online approval within minutes	Approval within a few days
Features	Online and mobile banking; bill pay; debit card	Virtual financial assistant available on mobile app; mobile banking; bill pay; debit card	Online bill pay and mobile banking; debit card	Debit card; account alerts; 24/7 fraud monitoring; mobile banking	Debit card; online and mobile banking
Basic Savings Interest Rate	0.05% APY to 1.50% APY	0.03% APY to 0.06% APY	0.01% APY	0.01% APY	0.01% APY

Also Check Out: 5 VIP Private Banking Services You Never Knew Existed

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Monitoring and Protecting Your TD Bank Account

Identity theft was the third most common complaint reported to the Federal Trade Commission in 2018. Don’t become one of the statistics. Take action to monitor your TD Bank account and protect it against fraud, so you can avoid risk, including possible loss. Here’s how:

Sign up for identity theft protection
Monitor your mail if you receive paper statements; notify your bank if statements don’t show up in your mailbox
Review all bank statements
Check credit reports at least annually
Shred bank documents
Secure your computer; avoid using public Wi-Fi
Secure your Social Security number, passwords and PIN numbers

Contact TD customer service at 888-751-9000 if any of these situations occur:

You receive a fraudulent email concerning your bank account
You disclosed confidential information about your account to the wrong party
You have questions about online security for any of your TD Bank accounts

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Is TD Bank Right for You?

Opening your first bank account can be very satisfying. After all, it’s one of the first steps to financial security and managing your money. If you apply online at TD Bank’s website, you can open your account quickly, make your first deposit and even set up direct deposit.

Bill paying is easy and secure, and when you download the TD Bank app, you can track your spending and turn on alerts. Get the most out of your accounts by finding information on all of TD’s banking services at its website. And don’t forget to look into bank promotions. The right promotion might make your decision about which account to choose much easier.