Bank of America has no account opening fee
You do not pay Bank of America to open a checking or savings account. There is no upfront charge, no activation fee, and no deposit requirement to get your free guide. You can open an account online, on the phone, or in a branch with zero cost.
What you may pay for instead are monthly maintenance fees if you do not meet the account's conditions. A Bank of America checking account typically charges $12 per month, but that fee disappears if you keep a minimum balance, set up direct deposit, or maintain a linked savings account. The specifics depend on which account type you choose.
Key Takeaways
- Opening a Bank of America account costs nothing — there is no opening fee or minimum deposit required.
- Monthly maintenance fees ($12 for most checking accounts) apply only if you do not meet the account's waiver conditions, such as maintaining a minimum balance or receiving direct deposit.
- Different account types have different fee structures, so choosing the right one for your situation can eliminate monthly charges entirely.
- You can open an account online in minutes without visiting a branch, and you will need a government ID and Social Security number.
Monthly fees and how to avoid them
Bank of America's most common checking account is the Checking Account, which carries a $12 monthly maintenance fee. You can waive this fee in several ways: keep a minimum balance of $500 in the account, set up at least one direct deposit per month, or link a Bank of America savings account to it. If you meet any one of these conditions, the fee does not apply.
A Savings Account has a $5 monthly maintenance fee that you can waive by maintaining a $500 minimum balance or by linking it to a checking account. If you are opening both accounts at the same time, linking them is often the easiest path to avoiding fees on both.
Bank of America also offers a Money Market Account, which functions as a hybrid between checking and savings. This account has a $25 monthly maintenance fee and requires a $2,500 minimum balance to waive it. It is designed for people who want higher interest rates and are willing to keep more money in the account.
What you need to bring or provide
To open an account, you will need a government-issued photo ID (driver's license, passport, or state ID card) and your Social Security number. If you are opening the account online, you can upload images of your ID and provide your information electronically. If you are opening in a branch, bring the physical ID with you.
You do not need an initial deposit to open the account, though Bank of America may ask you to make one during the process. If you plan to waive monthly fees through direct deposit, you will need to set that up within a certain timeframe after opening — usually within 30 to 60 days, depending on the account type.
Opening online versus in a branch
Opening online takes about 10 minutes and can be done from your phone or computer. You will upload your ID, enter your personal information, choose your account type, and review the terms. Your account is typically active the same day, though it may take one to two business days for your account number to be fully set up for transfers.
Opening in a branch takes longer — usually 20 to 30 minutes — but a banker can answer questions in real time and help you set up direct deposit or link accounts on the spot. If you are uncomfortable with online banking or need help understanding the account options, a branch visit may be worth the time.
Other costs to know about
While opening is free, Bank of America charges for certain transactions and services. Overdraft fees are $35 per overdraft (the fee applies once per day, even if multiple transactions overdraw the account). Out-of-network ATM withdrawals cost $2.50 per transaction. Wire transfers cost $15 for domestic transfers and $45 for international ones.
If you maintain a minimum balance or set up direct deposit, you avoid the monthly maintenance fee but not these transaction-specific charges. Read the account's fee schedule before opening to understand what you might pay for beyond the monthly fee.
Minimum balance requirements
Bank of America's checking account requires a $500 minimum balance to waive the monthly fee. This is the balance you must keep in the account at all times — if it drops below $500 even for one day, the fee applies for that month. The balance is calculated on a daily basis, so a single large withdrawal can trigger the fee.
If maintaining $500 feels difficult, direct deposit is often the easier path. Even a small recurring deposit (like a paycheck or government benefit) counts, so you do not need a large income to meet this waiver condition.
Frequently Asked Questions
Can I open a Bank of America account without going to a branch?
Yes. You can open online at bankofamerica.com or through the mobile app in about 10 minutes. You will need a government ID and Social Security number, which you can upload as photos during the process. Your account is usually active the same day.
What is the minimum deposit to open an account?
There is no minimum deposit required to open a Bank of America account. You can open with zero dollars in the account. However, if you want to waive the monthly maintenance fee through a minimum balance, you will need to deposit at least $500 into checking or $500 into savings, depending on the account type.
Do I have to pay the $12 monthly fee?
No. You can waive the $12 checking account fee by maintaining a $500 balance, setting up direct deposit, or linking a savings account. Most people find one of these conditions easy to meet. If none of them work for you, the fee applies each month.
How long does it take to open an account?
Online opening takes about 10 minutes, and your account is usually active the same day. In-branch opening takes 20 to 30 minutes. It may take one to two business days for your full account number to be set up for external transfers.
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 need to obtain one before opening. Some branches may have additional options — call ahead to ask.