We develop a time-dependent Gutzwiller approximation (GA) for the Hubbard model analogous to the time-dependent Hartree-Fock (HF) method. This new formalism incorporates ground state correlations of the random phase approximation (RPA) type beyond the GA. Static quantities like ground state energy and double occupancy are in excellent agreement with exact results in one dimension up to moderate coupling and in two dimensions for all couplings. We find a substantial improvement over traditional GA and HF+RPA treatments. Dynamical correlation functions can be computed and are also substantially better than HF+RPA ones and obey well behaved sum rules.