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, Social Security number, and an initial deposit method. You will have a working account by the end of the same day in most cases.
The online path works best if you already have a Bank of America checking account or if you are opening both at once. If you are a new customer with no existing Bank of America relationship, the process is the same but you will need to verify your identity more thoroughly — usually by uploading a photo of your ID or answering security questions about your financial history.
Key Takeaways
- Bank of America savings accounts open online in about 10 minutes using a valid ID, Social Security number, and an initial deposit method.
- Existing Bank of America customers can link their new savings account to a current checking account during setup.
- New customers must verify their identity by uploading an ID photo or answering security questions before the account becomes active.
- You can fund the account immediately using a debit card, bank transfer, or wire transfer, or leave it empty and deposit later.
- The account is ready to use the same day, though transfers from outside banks may take one to three business days to clear.
What you need before you start
Gather these items before you begin the online application: a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and a way to make an initial deposit. Bank of America does not require a minimum opening deposit for most savings accounts, but you will need a funding source ready — either a debit card, an existing Bank of America account, or a bank account at another institution.
Have your phone nearby. Bank of America may text or call you during the verification process, especially if you are a new customer. If you are opening the account on a mobile device, you may be asked to switch to a computer for certain steps, or vice versa, so having both available makes the process smoother.
The step-by-step process
Go to bankofamerica.com and select "Open an account" or "Open a savings account" from the homepage. You will be asked whether you are an existing Bank of America customer. If you are, sign in with your username and password. If you are not, select "New customer" and continue.
Enter your personal information: full name, date of birth, Social Security number, email address, and phone number. Bank of America will ask for your current address and whether you are a U.S. citizen or permanent resident. Answer honestly — these details are used to verify your identity and comply with federal banking rules.
Choose your savings account type. Bank of America offers several: a standard savings account, a money market account (which may pay higher interest but has withdrawal limits), and specialized accounts like a college savings account. For most people, the standard savings account is the right choice. Read the current interest rate and any monthly fees before you decide.
Verify your identity. If you are an existing customer, this step may be automatic. If you are new, Bank of America will ask you to upload a photo of your ID (front and back) or answer security questions based on your credit history. Upload the ID photos clearly — make sure the entire document is visible and the image is not blurry. If you choose the security questions route, answer based on information from your credit report, which may include old addresses or accounts you have not used in years.
Set up your initial deposit. You can link an existing Bank of America checking account, enter a debit card number, or provide another bank's routing and account numbers for an ACH transfer. If you have no funds to deposit right now, you can skip this step and deposit later — the account will still open.
Review and confirm. Read the account terms and disclosures, then submit your application. You will receive a confirmation number and an email receipt. Your account number will appear on screen or in your email within minutes.
When your account is ready to use
Your savings account is active and usable the same day you open it. You can log in to your Bank of America online banking or mobile app immediately and see your account. If you made an initial deposit using a Bank of America account or debit card, that money appears right away. If you used an ACH transfer from another bank, expect one to three business days for the funds to arrive.
You can begin transferring money between your new savings account and any other Bank of America account you own instantly. External transfers — moving money from a savings account at another bank into your new Bank of America savings account — follow standard ACH timelines, which means one to three business days. Wire transfers are faster (usually same-day or next-day) but may carry a fee.
What happens if verification stalls
Sometimes Bank of America cannot verify your identity online and will ask you to visit a branch or call customer service. This happens most often if you are a new customer with limited credit history, if your ID photo is unclear, or if your answers to security questions do not match your credit file. Do not ignore this request — your account will not fully activate until verification is complete.
If you receive a message asking you to visit a branch, you can do so at any Bank of America location with your ID. Bring the confirmation number from your online application. The process takes about 15 minutes. Alternatively, call Bank of America at 1-800-432-1000 and ask to complete verification by phone — a representative can often finish the process in one call.
Linking your new savings account to other accounts
Once your savings account is open, you can link it to any other Bank of America account you own — checking, money market, or credit card. Linking means you can transfer money between them instantly online or through the mobile app without entering account numbers each time. Go to your Bank of America online banking, select "Transfer money," and choose your new savings account as the source or destination.
If you want to link a savings account at a different bank, that process is separate and takes longer. Bank of America will ask for the other bank's routing number and your account number there. The first transfer will take one to three business days while the banks verify the connection. After that, transfers are faster.
Fees and interest to know about
Bank of America's standard savings account has no monthly maintenance fee and no minimum balance requirement. However, if you do not maintain a Bank of America checking account or do not meet other conditions (such as a direct deposit or a certain account balance), some savings products may charge a monthly fee. Check the current fee schedule when you open the account, as these terms change.
Interest rates on Bank of America savings accounts are typically lower than rates at online-only banks. As of the time this article was written, Bank of America savings accounts earn a fraction of a percent in annual interest — the exact rate varies and changes frequently. If you are saving money for the long term and want higher interest, compare rates at other institutions before you decide. If you are opening a Bank of America savings account mainly for convenience or to keep money separate from checking, the rate difference may not matter to you.
Frequently Asked Questions
Do I need a checking account to open a Bank of America savings account online?
No. You can open a savings account as a standalone account. However, if you already have a Bank of America checking account, the process is faster because Bank of America can verify your identity using your existing relationship. New customers without a checking account will go through additional identity verification steps.
How much money do I have to deposit to open the account?
Bank of America does not require a minimum opening deposit for most savings accounts. You can open the account with zero dollars and deposit money later. However, you will need a funding method available (debit card, bank account, or wire transfer) to complete the application, even if you choose not to use it immediately.
Can I open a savings account on my phone?
Yes, Bank of America's mobile app and mobile website both support account opening. However, some steps — particularly uploading an ID photo for new customers — may work better on a computer. If you run into trouble on your phone, try switching to a computer browser or call 1-800-432-1000 to finish the process by phone.
What if Bank of America cannot verify my identity online?
Bank of America will send you a message asking you to visit a branch with your ID or to call customer service. Visit any Bank of America branch with your confirmation number and ID, or call 1-800-432-1000 to complete verification by phone. Your account will not fully activate until this step is done.
How long does it take for money to appear in my new savings account?
Money from a Bank of America account or debit card appears instantly. Money from another bank via ACH transfer takes one to three business days. Wire transfers are faster, usually same-day or next-day, but may have a fee. Check your confirmation email for the expected arrival date.