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 (which varies by account type). You'll need an existing Bank of America checking account or another bank account to fund the new savings account during setup.

The account becomes active immediately after you complete the online application and make your deposit. You can start using it to transfer money, set up automatic deposits, or move funds between your Bank of America accounts right away.

Key Takeaways

  • Bank of America savings accounts open online in about 10 minutes using your ID, Social Security number, and an initial deposit.
  • You must have either an existing Bank of America account or another bank account to fund the new savings account during signup.
  • The account is ready to use immediately after you complete the application and deposit funds.
  • Minimum opening deposits range from $0 to $25 depending on which savings product you choose.
  • You can manage the account entirely through the Bank of America website or mobile app after it opens.

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 proof of your current address (a recent utility bill or lease works). Bank of America will verify this information during the application process.

You also need a way to fund the account. If you don't have an existing Bank of America checking account, you'll use your account at another bank to make the initial deposit. Bank of America will ask for your routing number and account number from that bank during setup.

The steps to open the account online

Start at bankofamerica.com and click "Open an Account" or go directly to the savings account section. Select the savings product you want—Bank of America offers several types, including a basic savings account and higher-yield options. The website will guide you through entering your personal information, including your name, address, date of birth, and Social Security number.

Next, you'll verify your identity. Bank of America may ask security questions based on your credit history, or it may request a photo of your ID. Answer honestly and completely; mismatches between your application and your identity records will delay approval.

Then you'll choose how to fund the account. If you're linking an external bank account, enter that bank's routing number and your account number. Bank of America will make two small test deposits to that account (usually within one to two business days) and ask you to confirm the amounts to verify you own the account. After you confirm, the account opens and you can transfer your initial deposit.

Minimum deposits and account types

Bank of America's savings account options have different opening requirements. The basic savings account typically requires a $0 minimum opening deposit, though you'll need to fund it with at least some amount during setup. Other savings products, such as those with higher interest rates, may require $25 or more to open.

Check the current terms on bankofamerica.com before you apply, because minimums and interest rates change. The website clearly shows what each account type requires and what interest rate it currently pays.

What happens after your account opens

Your savings account is ready to use as soon as the application is approved and your initial deposit clears. You can log into your Bank of America online banking or mobile app to see the account, transfer money between your accounts, set up automatic transfers, or deposit checks using mobile check deposit.

If you linked an external bank account during setup, Bank of America will continue to let you transfer money to and from that account. You can also add money by transferring from your Bank of America checking account, having your employer deposit directly into savings, or using the mobile app to deposit checks.

If you don't have an existing Bank of America account

You can still open a savings account online even if you've never banked with Bank of America before. During the application, you'll link your current bank account to fund the new savings account. Bank of America will verify that account through the test deposit method described above.

If you want to open both a checking and savings account at the same time, you can do that in one application. However, you'll still need an external bank account to fund them initially, since Bank of America can't transfer money from an account that doesn't exist yet.

Frequently Asked Questions

How long does it take to open a Bank of America savings account online?

The application itself takes about 10 minutes. Approval is usually instant or within a few hours. If you're linking an external bank account, the two test deposits take one to two business days to appear, and you'll need to confirm those amounts before you can transfer your full initial deposit.

Can I open a savings account if I have bad credit?

Bank of America does not use your credit score to open savings accounts. However, they do check ChexSystems, a banking history database, and they review your personal information for fraud. A poor credit score won't stop you, but a history of unpaid bank fees or fraud might.

What if my online application is denied?

Bank of America will tell you why the application was denied. Common reasons include mismatched identity information, a ChexSystems issue, or fraud concerns. You can visit a branch to open the account in person, or contact Bank of America to resolve the issue and reapply online.

Do I need a Bank of America checking account to open savings online?

No. You can open a savings account with any external bank account to fund it. However, if you want to open both checking and savings at Bank of America, you'll still need an external account to fund them during the initial setup.

Can I open multiple savings accounts online?

Yes. Once your first savings account is open, you can open additional savings accounts through your online banking portal. Each account will have its own account number and can hold separate funds.