Yes, you can open a Bank of America savings account entirely online
Bank of America lets you open a savings account from your computer or phone without visiting a branch. The process takes about 10 minutes and requires a valid government ID, your Social Security number, and an initial deposit method. You'll have access to your account immediately after approval, though it can take one to two business days for transfers to fully process.
The online path works best if you already have a Bank of America checking account or if you're opening both at once. If you're a new customer with no existing Bank of America relationship, the bank may ask you to verify your identity through a video call or by uploading documents—this adds a step but still keeps everything remote.
Key Takeaways
- You need a valid government-issued ID, your Social Security number, and a way to fund the account (debit card, bank transfer, or existing Bank of America account).
- The online application takes about 10 minutes and you'll see approval or next steps before you finish.
- If you're a new customer, Bank of America may require identity verification through video or document upload, which can add one to three business days.
- Your account opens immediately after approval, but transfers from outside banks take one to two business days to show up.
- You can link the savings account to an existing Bank of America checking account right away to move money between them instantly.
What you need before you start
Gather these items before opening your browser: a valid government ID (driver's license, passport, or state ID), your Social Security number, and proof of your current address. Bank of America accepts a recent utility bill, lease, or mortgage statement as address proof, though the system may not ask for this if you're already a customer.
You'll also need a way to fund the account. Bank of America accepts an external debit card, a transfer from another bank account, or a deposit from an existing Bank of America account. The initial deposit amount varies—check the current minimum on Bank of America's website, as it changes by account type and region.
The step-by-step online process
Go to bankofamerica.com and look for the "Open an Account" button, usually near the top of the page. Select "Savings Account" from the account type menu. The system will ask whether you're an existing Bank of America customer or opening an account for the first time.
If you're an existing customer, enter your username and password. If you're new, you'll create a username and password as part of the application. Either way, you'll then enter your personal information: full name, date of birth, Social Security number, phone number, and email address. The form will ask for your current address and employment status.
Next, choose your savings account type—Bank of America offers several, including a basic savings account and higher-yield options for customers who maintain certain balances. Select the one that fits your needs, then choose how you want to fund it. If you're using an external debit card or bank account, enter those details. The system will verify the information and show you a summary before you confirm.
After you submit, Bank of America will tell you whether your account is approved immediately or if they need additional information. Most existing customers see approval within minutes. New customers may see a message asking them to verify their identity through a video call or by uploading a photo of their ID and proof of address.
Identity verification for new customers
If Bank of America asks you to verify your identity, you have two main options: a video call with a Bank of America representative or uploading documents online. The video call usually takes 5 to 10 minutes and happens right away—you'll use your phone or computer camera to show your ID and answer a few questions. Document upload is faster if you have a clear photo of your ID and address proof, but the bank may take up to one business day to review what you send.
During a video call, have your government ID and a recent bill or lease ready. The representative will ask you to show your ID to the camera, confirm your address, and may ask a few security questions. Once they verify you, your account opens immediately. If you upload documents instead, check your email for updates—Bank of America will tell you when they've reviewed your submission and whether your account is approved.
Funding your new account
Bank of America processes initial deposits differently depending on the method you choose. If you fund the account with a debit card during signup, that money usually appears within one to two business days. If you transfer from another bank, the timeline depends on that bank's processing speed—most transfers take one to two business days, though some take longer.
If you're an existing Bank of America customer and you transfer from your checking account to your new savings account, the money moves instantly. This is the fastest way to fund a new savings account if you already have money in another Bank of America account.
What happens after your account opens
Once your account is approved and open, you can log into your Bank of America online banking or mobile app to see your balance and manage the account. You won't receive a debit card for a savings account—savings accounts are designed for storing money, not everyday spending. If you need to move money out, you can transfer it online to a checking account or external bank account, though Bank of America limits you to six transfers per month from a savings account (this is a federal rule, not just a Bank of America policy).
If you opened a savings account and a checking account at the same time, you can link them immediately in your online banking dashboard. This lets you move money between them instantly without waiting for processing time.
Common reasons your application might be delayed
Bank of America may ask for more information if your ID doesn't match the address you provided, if there's a mismatch between your name and Social Security number, or if the bank can't verify your identity through their standard checks. This doesn't mean you're rejected—it means they need you to confirm details or provide additional proof.
If you're asked for more information, check your email for instructions. Usually you'll either upload additional documents or call Bank of America's customer service line to verify details over the phone. This step typically adds one to three business days to the process.
Frequently Asked Questions
Do I need an existing Bank of America checking account to open a savings account online?
No, but having one makes the process faster. New customers can open a savings account online, though Bank of America may ask you to verify your identity through video or document upload. Existing customers usually see approval within minutes.
What's the minimum deposit to open a Bank of America savings account?
The minimum varies by account type and region. Check Bank of America's website during signup to see the current requirement for the specific savings account you want. Some accounts have no minimum, while others require $25 or more.
Can I open a savings account on my phone?
Yes, Bank of America's mobile app lets you open a savings account the same way the website does. If identity verification is needed, you can complete a video call or upload documents through the app.
How long does it take to access my money after I open the account?
Your account opens immediately after approval, but transfers from outside banks take one to two business days to arrive. If you transfer from an existing Bank of America account, the money appears instantly.
What if my application is rejected?
Bank of America will tell you why your application was denied—usually it's related to identity verification, ChexSystems history, or account history. You can call Bank of America customer service to discuss your options or ask whether you can reapply after addressing the issue.