Bank of America has no account opening fee
You do not pay Bank of America to open a savings account. There is no upfront charge, no activation fee, and no deposit requirement to start the account itself. You can open one online, on the phone, or in a branch with zero dollars if you want to—though most people fund it immediately after opening.
What matters instead is what happens after you open it. Bank of America charges a monthly maintenance fee on most savings accounts unless you meet certain conditions. That fee is where the real cost lives, and it varies depending on which savings product you choose and how you use it.
Key Takeaways
- Opening a Bank of America savings account costs nothing, but most accounts charge a monthly maintenance fee of $4 to $8 unless you meet a balance or deposit requirement.
- The regular savings account charges $4 per month unless you keep $500 or more in the account or set up a direct deposit of at least $250 per month.
- The Growth Savings account charges $8 per month unless you maintain $10,000 or more or have a may have access to direct deposit.
- You can waive the monthly fee by meeting just one of the conditions—you do not need to do all of them.
- Opening takes 10 to 15 minutes online or in person, and the account is usually ready to use the same day.
Monthly fees that apply after opening
Bank of America's regular savings account charges $4 per month. You can avoid this fee in three ways: keep a minimum balance of $500, set up a direct deposit of at least $250 per month, or link it to a Bank of America checking account that has no monthly fee. You only need to do one of these—meeting all three does not give you a discount.
The Growth Savings account is a higher-yield option and charges $8 per month instead. The waiver conditions are the same structure: $10,000 minimum balance, a direct deposit of at least $250 per month, or a linked no-fee checking account. Again, one condition waives the fee entirely.
If you do not meet any of these conditions, the fee hits your account every month. It is not a one-time charge—it recurs unless you change your account behavior or close the account.
How to open an account with no money upfront
You can open a savings account online at bankofamerica.com, by phone at 1-800-432-1000, or by walking into any Bank of America branch. Online takes about 10 to 15 minutes. You will need a Social Security number, a government-issued ID, and a current address. Bank of America will run a soft credit check and verify your identity through their system.
You do not have to deposit anything to complete the opening. Once the account is created, you can fund it later by transferring money from another bank, depositing a check through the mobile app, or going to a branch with cash. Many people open the account and fund it the same day, but the account itself exists and is usable even if it sits at zero.
If you open online, you can usually start using the account within a few hours. In-branch openings are typically instant. You will receive a debit card in the mail within 7 to 10 business days if you want one, though you can transfer money without it.
Minimum balance requirements and how they work
The $500 minimum for the regular savings account and the $10,000 minimum for the Growth Savings account are daily balances, not average balances. This means you need that amount in the account every single day of the month to waive the fee. If your balance drops below $500 on even one day, the fee applies that month.
The balance requirement is checked at the end of each business day. If you withdraw money and dip below the threshold, you have until the next business day to bring it back up and still avoid the fee for that month. However, if the balance stays below the minimum on the last day of the month, the fee will post.
This matters if you are living paycheck to paycheck or using the account for irregular deposits. The direct deposit waiver is often easier in that case because it is a one-time setup—once the deposit is scheduled, it counts every month without you having to maintain a specific balance.
Direct deposit as a fee waiver
Setting up a direct deposit of at least $250 per month waives the monthly fee on either savings account. This is usually the easiest path if your employer or a government program (like Social Security or unemployment) deposits money into your account regularly.
The direct deposit does not have to come from your employer—it can be from any source that uses the ACH system, including government benefits, pension payments, or regular transfers from another person. Once it is set up, Bank of America tracks it automatically. You do not have to do anything else each month.
If your direct deposits stop or drop below $250 in a given month, the fee will apply that month. However, you can set up a new direct deposit at any time to restart the waiver for the following month.
Linked checking account as a fee waiver
If you have a Bank of America checking account with no monthly maintenance fee, you can link it to your savings account to waive the savings fee. This works for both the regular and Growth Savings accounts. The checking account itself must have no fee—some Bank of America checking accounts do charge monthly fees, so verify yours before relying on this.
The most common no-fee checking account is the Advantage SafePass Checking, which has no monthly fee. Once you link the two accounts, the savings fee is waived automatically. You do not need to maintain any balance or set up direct deposit—the link alone is enough.
If you close the checking account or it starts charging a fee, the savings account fee will resume the following month unless you meet one of the other waiver conditions.
What happens if you do not meet fee waiver conditions
The monthly fee posts automatically on the last business day of each month if you do not meet any waiver condition. For the regular savings account, $4 is deducted. For the Growth Savings account, $8 is deducted. The fee comes out of your savings balance, so it reduces the amount you have saved.
If your account balance is zero or very low, the fee can push you into a negative balance. Bank of America will not close the account immediately, but if the negative balance persists, the account may be closed after 60 to 90 days of inactivity or repeated overdrafts. You can always deposit money to bring the balance positive again.
The fee is not negotiable or reversible after it posts. You cannot call and ask Bank of America to remove it. Your only option is to meet one of the waiver conditions going forward to stop future fees.
Frequently Asked Questions
Can I open a Bank of America savings account with no money and no direct deposit?
Yes. You can open the account with zero dollars and no direct deposit set up. However, you will owe the monthly maintenance fee ($4 or $8 depending on the account type) unless you deposit at least $500 (regular) or $10,000 (Growth) and keep it there every day of the month, or link a no-fee checking account.
What if I open an account and never use it?
If you open an account and leave it dormant with a zero balance, the monthly fee will not post because there is no money to deduct. However, Bank of America may close inactive accounts after 12 months of no deposits or withdrawals. If you want to keep the account open, make at least one transaction every year.
Do I need a minimum deposit to open the account?
No. Bank of America does not require any deposit to open a savings account. You can open it completely empty and fund it later, or not at all.
Can I waive the fee by keeping money in a linked checking account instead of the savings account?
No. The balance requirement applies only to the savings account itself. If you link a checking account to waive the fee, the checking account does not need to have any minimum balance—it just needs to exist and have no monthly fee of its own.
What is the difference between the regular savings account and the Growth Savings account?
The Growth Savings account pays higher interest but charges an $8 monthly fee instead of $4. The waiver conditions are the same ($10,000 balance, $250 direct deposit, or linked no-fee checking). Choose Growth if you plan to keep a large balance; choose regular if you want lower fees and do not expect to earn much interest.