What is the minimum deposit to open a checking account

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1TD Convenience CheckingSM Monthly Maintenance Fee waived if the Primary account holder is age 17 through 23 years of age. Upon the primary account holder's 24th birthday the account will be subject to the monthly maintenance fee unless the minimum daily balance is maintained.

2TD Beyond Checking monthly maintenance fee can be waived with one of the following: Receive $5,000 or more in direct deposits within a statement cycle or maintain a $2,500 minimum daily balance in your TD Beyond Checking account or maintain a $25,000 minimum daily combined balance of all deposit accounts, all outstanding home equity loan and home equity line of credit accounts, and/or mortgages in good standing (excludes credit cards and personal loans) that you choose to link.

3Non-TD ATMs: For TD Beyond Checking and TD Signature Savings, TD ATM fees waived regardless of balance, and non-TD fees, which includes any surcharges at the time of your transaction, will be reimbursed when your minimum daily balance is at least $2,500. The institution that owns the terminal (or the network) may assess a fee (surcharge) at the time of your transaction, including balance inquiries.

4Overdraft Payback automatically reverses the first two overdraft fees (paid or returned) incurred within a calendar year (January–December); max $70 per calendar year.

5Rush Bill Payments may appear on your account statements and account activity as Same Day Payments. A fee applies to all Rush Bill Payments, Beyond Checking accounts will be reimbursed for Rush Bill Payment fees.

6Send Money with Zelle® is available for most personal checking and money market accounts. To use Send Money with Zelle® you must have an Online Banking profile with a U.S. address, a unique U.S. mobile phone number and an active unique e-mail address. Your eligible personal deposit account must be active and enabled for ACH transactions and Online Banking transfers. Message and data rates may apply, check with your wireless carrier.

U.S. checking or savings account required to use Zelle®. Transactions between enrolled users typically occur in minutes. Transaction limitations apply.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

7TD Bank Mobile Deposit is available to Customers with an active checking, savings or money market account and using a supported, internet-enabled iOS or Android device with a camera. Other restrictions may apply. Please refer to the Mobile Deposit Addendum.

8Overdraft Services do not apply to TD Essential Banking Accounts. We may decline or return transactions that would result in an overdraft. Transactions that you make may cause your Account to overdraw but we will not assess your TD Essential Banking Account an overdraft fee or return item fee. For example, preauthorized transactions and other transactions may post to your Account even when the balance in your Account is not sufficient to pay the transaction.

Whether you apply for a bank account online or in person, you’ll need a government-issued ID and personal details, such as your Social Security number, on hand. You might also be asked to fund your account with an initial deposit.

Here are details on what you need to open a savings account or checking account and what to expect during the process.

What you need to open a bank account

You can open a bank account online or at a branch, if the bank offers brick-and-mortar locations. The information you'll be asked to provide will be much the same whether you’re opening a checking account, a savings account or both.

Here’s a list of what you’ll need to open your new bank account:

1. A valid, government-issued photo ID, such as a driver’s license or a passport. Nondrivers can get a state ID card at the Department of Motor Vehicles office.

2. Other basic information, such as your birthdate, Social Security number or Taxpayer Identification Number, or phone number.

Depending on your circumstances, you might need a few other items, too:

4. Identification details for other applicants, if you’re opening a joint account: Because the account will be owned by multiple people, the bank will want all owners’ identification and personal information.

5. A co-owner if you’re not yet 18. Ask a parent or legal guardian to sign legal documents with the bank.

SoFi Checking and Savings

LendingClub High-Yield Savings

Citizens Online Savings Account

Min. balance for APY

$5,000

CIT Bank Savings Connect

Decide what type of account you want: checking vs. savings

There are other options if you’ve had trouble with banking in the past, you have poor credit or you're not a U.S. citizen. If you’ve been denied a bank account, get a fresh start with a second chance checking account: See what's offered in your area.

Do you have room to budge?

Check out your spending breakdown on NerdWallet before you build your budget.

Find a bank that suits your needs

If you're willing to consider online-only banks, you'll likely find lower fees and higher interest rates. Brick-and-mortar institutions typically have more fees and lower rates, but often come with a wider array of services and, of course, in-person assistance.

What to expect when you open your new account

Applying for a new account usually doesn’t take very long, especially if you apply online. Some accounts don’t require you to make a deposit right away, but others ask that you have $25 to $100 on hand to open one. If you already have an account at a different bank or credit union, you can simply transfer money from that existing account into the new one. (Your original bank might charge for this transfer.) Otherwise, a check or cash will work.

Close your old account, if needed

Knowing how to properly switch banks can save you late fees and headaches. Address these items to make sure the transition is seamless:

Direct deposit: Give your employer your new account information.

Automatic bill payments: Cancel any old ones — whether in the bank’s own bill-pay platform or through, say, your streaming service provider’s website — and set up new ones with your new account information.

Recurring transfers and linked accounts: This could involve setting up a transfer between a new checking and an existing savings account, or making sure your PayPal, Venmo and other payment app information is up to date.

Smartphone apps, text banking and alerts: Download your new bank’s app, sign out of and delete your old one, and turn off any alerts you were receiving.

Paper checks: Destroy any leftover blank checks from the old account.

Safe-deposit boxes: If you’re cutting ties completely, collect your items in person and consult your rental agreement for specifics about closing out your box.

Get a written statement from your old bank confirming that your account is closed and ask about the bank’s account-reopening policies. Why? Some banks will reactivate closed accounts to honor automatic payments or receive deposits, putting you back on the hook for any fees.

Frequently asked questions

What do I need to open a bank account?

Here’s what you’ll need to open a bank account online or in person: a government-issued ID, personal details such as your Social Security number, and a way to fund your new account with an initial deposit.

What banks allow you to open an account online?

You can open a bank account online with an online-only bank, a neobank, a credit union or any of the largest brick-and-mortar banks. In many instances you can open a new account completely online but in some cases, you might need to visit the financial institution to submit paperwork or other documents to the financial institution by mail or by making an in-person visit.

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