Bank of America has no account opening fee
Bank of America does not charge you to open a checking or savings account. There is no upfront cost, no application fee, and no deposit requirement to start the account itself. You can open an account with $0 and begin using it immediately.
What matters instead is what happens after you open it. Bank of America charges monthly maintenance fees on most accounts unless you meet certain conditions—and those conditions vary by account type. The fee itself is what costs money; the opening does not.
Key Takeaways
- Bank of America charges no fee to open a checking or savings account, and no minimum deposit is required to start.
- Most accounts charge a $12 monthly maintenance fee unless you meet one of the waiver conditions, such as keeping a minimum balance or setting up direct deposit.
- The Advantage SafeBalance account has no monthly fee and no minimum balance requirement, making it the lowest-cost option if you do not meet other waiver conditions.
- You can open an account online, by phone, or in person at a Bank of America branch, and the process takes about 10 minutes.
- The account type you choose determines which fees apply and which waiver conditions are available to you.
Monthly maintenance fees depend on the account type
Bank of America's checking accounts typically charge a $12 monthly maintenance fee. Savings accounts charge $5 per month. These fees are not charged at opening—they start the month after your account is active, or the first full month you hold the account.
You can avoid the monthly fee by meeting one of the waiver conditions. For checking accounts, the most common waivers are: keeping a minimum balance (usually $1,500 in the account), setting up direct deposit of at least $250 per month, or maintaining a linked savings account with a $300 minimum balance. For savings accounts, you can waive the fee by keeping a $300 minimum balance.
If you do not meet any waiver condition, the fee is charged automatically each month. You can dispute a single fee by calling Bank of America, but the fee will recur the following month unless you meet a waiver condition or close the account.
The Advantage SafeBalance account has no monthly fee
If you cannot or do not want to meet the minimum balance or direct deposit requirements, Bank of America offers the Advantage SafeBalance checking account. This account has no monthly maintenance fee, no minimum balance requirement, and no direct deposit requirement. The account is designed for people who want basic checking without conditions.
The tradeoff is that this account has a lower daily ATM withdrawal limit (usually $500) compared to standard checking accounts. It also does not earn interest. If you use Bank of America ATMs regularly and do not need interest-bearing features, this account eliminates the monthly cost entirely.
How to open an account and what you need
You can open a Bank of America account online, by phone at 1-800-432-1000, or in person at any Bank of America branch. Online opening takes about 10 minutes. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and your current address.
If you open online, Bank of America will verify your identity using information from your credit file. If you open in person or by phone, a representative will ask for your ID and confirm your information. You do not need to bring money to open the account—you can fund it later, or not at all.
After opening, you can start using the account immediately for direct deposit or transfers. A debit card will arrive by mail within 7 to 10 business days. You can request expedited delivery in person at a branch if you need the card sooner.
Other costs that may apply after opening
Beyond the monthly maintenance fee, Bank of America charges for certain transactions and services. Overdraft fees are $35 per occurrence if you spend more than your balance. Out-of-network ATM withdrawals cost $2.50 per transaction (though Bank of America reimburses out-of-network fees if you use their ATM network, which is one of the largest in the country).
Wire transfers cost $15 for domestic transfers and $45 for international transfers. Cashier's checks cost $10 each. Stop payment requests cost $30. These are not charged at opening—they only apply if you use these services.
If you link accounts or use Bank of America's investment services, additional fees may apply. Read the fee schedule for your specific account type before opening to understand which fees are relevant to how you plan to use the account.
Comparing Bank of America to other banks
Many online banks and credit unions charge no monthly maintenance fee at all, with no minimum balance or direct deposit requirement. Banks like Ally, Charles Schwab, and many local credit unions offer free checking without conditions. If you are comparing costs, the $12 monthly fee ($144 per year) is significant compared to these alternatives.
Bank of America's advantage is branch access—they have over 4,600 branches and 16,000 ATMs nationwide, which matters if you deposit cash regularly or need in-person service. If you rarely visit a branch and do not need cash deposits, a no-fee online bank will cost less over time. If you value branch access and can meet the waiver conditions (direct deposit or minimum balance), Bank of America's fee is waived and the cost difference disappears.
What happens if you close the account
Bank of America does not charge a fee to close an account. You can close it online, by phone, or in person. If you have a balance, you can request a check, transfer the money to another account, or withdraw it in cash. If you have pending transactions or automatic payments linked to the account, settle those before closing to avoid problems.
If you close the account within a short time of opening (usually within 90 days), Bank of America may flag you in their internal system as a "early closer." This does not prevent you from opening another account later, but it may affect your ability to open accounts at some banks in the future. There is no penalty from Bank of America itself, but the flag can persist in banking records.
Frequently Asked Questions
Do I need to deposit money when I open the account?
No. Bank of America does not require a minimum deposit to open a checking or savings account. You can open with $0 and fund it later, or not at all. The account is active and usable immediately after opening, even if the balance is zero.
Can I waive the monthly fee without direct deposit?
Yes. For checking accounts, you can waive the $12 monthly fee by keeping a $1,500 minimum balance, linking a savings account with $300 in it, or setting up direct deposit of $250 per month. You only need to meet one of these conditions. For savings accounts, a $300 minimum balance waives the $5 monthly fee.
What is the difference between opening online and in person?
Online opening is faster (about 10 minutes) and can be done anytime. In-person opening takes longer but allows you to ask questions and receive a debit card immediately. Phone opening is available during business hours. All three methods result in the same account with the same fees and features.
Will opening a Bank of America account hurt my credit?
No. Bank of America performs a soft credit inquiry when you open a checking or savings account, which does not affect your credit score. A soft inquiry is not reported to credit bureaus and does not lower your score. Hard inquiries (used for credit cards or loans) do affect your score, but bank account opening does not use them.
Can I open an account if I do not have a Social Security number?
Bank of America requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you do not have either, you will not be able to open an account at Bank of America. Some credit unions and community banks have different requirements—contact them directly to ask about alternatives.