Bank of America has no monthly fee for most checking and savings accounts

Bank of America does not charge you to open a checking or savings account. There is no opening fee, no setup cost, and no deposit requirement to start the account itself. You can walk into a branch, call 1-800-432-1000, or open an account online at bankofamerica.com without paying anything upfront.

However, some accounts do charge a monthly maintenance fee if you do not meet certain conditions. The most common account, Bank of America Checking, costs $12 per month unless you maintain a minimum balance or set up direct deposit. Savings accounts typically have no monthly fee at all.

The real costs come later—not from opening, but from how you use the account. Overdraft fees, out-of-network ATM fees, and wire transfer fees are where Bank of America makes money from customers. Understanding these charges matters more than the opening cost.

Key Takeaways

  • Opening a Bank of America checking or savings account costs nothing, with no minimum deposit required to start.
  • Bank of America Checking charges $12 per month, but the fee is waived if you maintain a $500 minimum balance or receive direct deposit.
  • Savings accounts have no monthly maintenance fee, though interest rates are typically lower than online banks.
  • Overdraft fees ($35 per transaction) and out-of-network ATM fees ($2.50 per withdrawal) are the charges most customers actually pay.
  • You can open an account online in minutes, by phone, or in person at any Bank of America branch.

How to open an account with no money down

Bank of America requires no minimum deposit to open either a checking or savings account. You do not need to bring cash or a check to the branch. You can open the account with zero dollars and deposit money later.

Online is the fastest route. Go to bankofamerica.com, click "Open an Account," and follow the prompts. You will need your Social Security number, a valid ID, your address, and a phone number. The process takes about 10 minutes. Your account number appears immediately, though it may take one business day for the account to be fully active for transfers.

In a branch, bring your ID and Social Security number. A banker will walk you through the account options and open it on the spot. Over the phone, call 1-800-432-1000 and a representative will guide you through the same questions. All three methods are free.

Monthly fees and how to avoid them

Bank of America Checking costs $12 per month. This fee is waived if you meet one of two conditions: maintain a minimum balance of $500 in the account, or receive at least one direct deposit per month. Most people with steady paychecks avoid the fee through direct deposit. If you do not have direct deposit, keeping $500 in the account is the other path.

Bank of America Savings has no monthly maintenance fee. Interest rates are low—typically well below 1 percent—but you will not be charged for holding the account. If your goal is simply to have a savings account without fees, this account works.

Bank of America Money Market accounts and CDs (certificates of deposit) also have no monthly fee. CDs lock your money for a set term (3 months to 5 years) in exchange for a slightly higher interest rate. Money Market accounts require a higher minimum balance ($2,500) but offer tiered interest rates.

Charges that appear after you open the account

Opening is free, but Bank of America charges for specific actions. An overdraft fee is $35 each time you spend more than your balance. You can overdraw up to four times per day, meaning one bad day could cost $140. Bank of America does offer overdraft protection, which links your checking to a savings account and transfers money automatically to cover shortfalls—this costs nothing but requires you to set it up.

Out-of-network ATM withdrawals cost $2.50 per transaction. Bank of America has thousands of ATMs, but if you use a different bank's machine, the fee applies. Some banks refund out-of-network fees; Bank of America does not.

Wire transfers cost $15 for domestic wires and $45 for international wires. Cashier's checks cost $10 each. Stop-payment requests on checks cost $30. These are not charges most people pay regularly, but they exist if you need them.

Comparing Bank of America to online banks

Bank of America's $12 monthly fee is higher than most online banks. Ally, Charles Schwab, and Discover all offer checking accounts with no monthly fee and no minimum balance. They also typically refund out-of-network ATM fees, which Bank of America does not.

The trade-off is branches. Bank of America has physical locations in most U.S. cities. If you need to deposit cash, speak to someone in person, or get a cashier's check quickly, a branch is valuable. Online banks have no branches—everything is by phone, chat, or mail.

Interest rates on savings are similar across all banks right now. Bank of America's savings account earns roughly the same as Ally's, which is to say very little. If you want higher interest on savings, you need a dedicated high-yield savings account, which Bank of America does not offer competitively.

What you need to bring or provide

To open an account, have these items ready:

  • A valid government-issued ID (driver's license, passport, or state ID)
  • Your Social Security number
  • Your current address
  • A phone number where Bank of America can reach you
  • An email address (for online accounts)

You do not need a deposit, a minimum balance, or proof of income. Bank of America will run a background check through ChexSystems, which is a banking history database. If you have unpaid overdrafts or fraud flags from another bank, this check may delay or deny your account. Most people pass without issue.

If you are opening online, you may be asked to verify your identity by uploading a photo of your ID or answering security questions about your credit history. This takes a few extra minutes but is standard for all banks.

Frequently Asked Questions

Can I open a Bank of America account if I do not have a Social Security number?

No. Bank of America requires a Social Security number or ITIN (Individual Taxpayer Identification Number) to open any account. This is a federal requirement, not a Bank of America policy. If you have an ITIN, you can open an account using that instead.

How long does it take for my account to be ready to use?

Online accounts are active immediately for viewing, but transfers and bill pay may take one business day. In-branch accounts are ready the same day. You can deposit cash or checks right away, but electronic transfers may take 24 hours to process.

What happens if I do not meet the $500 minimum or get direct deposit?

The $12 monthly fee will be charged to your account each month. It will be deducted automatically. If your balance drops below $500 because of the fee, you will still owe it. You can close the account at any time without penalty, but the fee applies for each month you held it.

Can I open multiple accounts at Bank of America?

Yes. You can have multiple checking accounts, multiple savings accounts, or any combination. Each account is separate, and each checking account that does not meet the fee waiver conditions will be charged $12 per month. There is no limit on the number of accounts you can open.

Is there a penalty for closing my account right after opening it?

No. Bank of America does not charge a closing fee or require you to keep the account open for a minimum time. You can close it the same day you open it if you choose. If you held it for part of a month, you will not be charged the monthly fee for that partial month.