What you need to open a Bank of America savings account
You can open a Bank of America savings account online, by phone, or in person at a branch. The process takes about 10 to 15 minutes if you do it online or over the phone, or 20 to 30 minutes in a branch. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit—usually $25 minimum, though some accounts require more.
If you already have a Bank of America checking account, opening a savings account is faster because the bank already has your information on file. You can link the two accounts immediately, which lets you transfer money between them without delay. If you are opening your first account with Bank of America, the process is the same length but requires more verification steps.
You will also need a way to fund the account—either a debit card, a bank account at another institution, or cash if you open it in person. Bank of America does not charge a fee to open a savings account, but some account types have monthly maintenance fees that you can avoid by meeting certain conditions, like keeping a minimum balance or setting up direct deposit.
Key Takeaways
- You need a valid ID, Social Security number, and at least $25 to open a Bank of America savings account online, by phone, or in a branch.
- Opening an account online or by phone takes 10 to 15 minutes; in-person takes 20 to 30 minutes.
- Bank of America offers several savings account types, each with different interest rates, minimum balances, and monthly fees.
- You can avoid monthly maintenance fees by maintaining a minimum balance, setting up direct deposit, or linking your account to a checking account.
- Once your account is open, you can transfer money from another bank, deposit checks by phone or mobile app, or add cash at an ATM.
Opening an account online through Bank of America's website
Go to bankofamerica.com and click "Open an Account" or "get your free guide." Select "Savings" from the account type menu. You will be asked to choose which savings product you want—Bank of America offers the Regular Savings account, the Premium Savings account, and the Money Market account, each with different interest rates and minimum balance requirements. Read the details for each before you choose, because the differences affect how much interest you earn and what fees you might pay.
Enter your personal information: full name, date of birth, address, phone number, and Social Security number. Bank of America will ask you to create a username and password for online banking. You will also set up a four-digit PIN for phone banking. At this stage, the bank runs a soft credit check and verifies your identity through a third-party service—this does not affect your credit score.
Choose how you want to fund the account. You can link a bank account at another institution and transfer money, or provide a debit card number. Bank of America will make two small deposits to that account (usually $0.01 and $0.02) and ask you to confirm the amounts—this verifies that you own the account. Once you confirm, your savings account is active and you can begin using it immediately.
Opening an account by phone
Call Bank of America at 1-800-432-1000 and tell the representative you want to open a savings account. Have your ID, Social Security number, and funding source ready. The representative will walk you through the same questions as the online process: personal information, account type selection, and funding method. The call usually takes 10 to 15 minutes.
If you fund the account by providing another bank's account number, the representative will explain how Bank of America verifies it—usually through the two small deposits method. You will receive a confirmation number at the end of the call. Your account will be active within one business day, and you can set up online banking access during the call or afterward through the Bank of America website.
Opening an account in person at a Bank of America branch
Bring your valid ID, Social Security number, and your initial deposit (cash or a check). Walk into any Bank of America branch and tell a representative you want to open a savings account. They will ask which account type you prefer and explain the differences in interest rates and fees. They will also ask whether you want to link it to an existing checking account if you have one.
The representative will enter your information into the system while you are there. You will sign documents and choose your online banking username and password. If you are depositing cash, they will count it and add it to your new account immediately. If you are depositing a check, it will be processed within one to two business days. Your account is active the same day, and you can use it right away.
Understanding Bank of America savings account types and fees
Bank of America offers three main savings products. The Regular Savings account has no minimum balance requirement and a low interest rate. The Premium Savings account requires a higher minimum balance (usually $10,000 to $25,000, depending on your state) but pays a higher interest rate. The Money Market account is a hybrid between savings and checking—it pays interest like a savings account but lets you write checks and use a debit card, though it has the highest minimum balance requirement.
Monthly maintenance fees vary by account type. The Regular Savings account typically has no monthly fee. The Premium Savings and Money Market accounts may charge $12 to $25 per month, but you can waive the fee by maintaining the minimum balance, setting up direct deposit of at least $250 per month, or linking the account to a Bank of America checking account. Check the current fee schedule on bankofamerica.com or ask a representative, because fees and minimum balances change.
Interest rates on Bank of America savings accounts are set by the bank and change based on Federal Reserve decisions. The rates are usually lower than online-only banks, but the trade-off is that you have access to physical branches and customer service by phone. You can compare current rates on the Bank of America website before you open an account.
Funding your account and making your first deposit
Once your account is open, you can add money in several ways. You can transfer from another bank account using online banking—log into your Bank of America account, go to "Transfer Money," and enter the other bank's routing number and account number. The transfer usually takes one to three business days. You can also deposit checks using the Bank of America mobile app by taking a photo of the front and back of the check. Checks deposited this way are usually available within one business day.
If you have a Bank of America debit card or checking account, you can transfer money between accounts instantly through online banking or the mobile app. You can also deposit cash at any Bank of America ATM—the money is added to your account immediately. If you need to deposit cash at a branch, a teller can do it while you wait.
Setting up online and mobile banking
After your account opens, you can log into online banking at bankofamerica.com using the username and password you created. From there, you can check your balance, view transaction history, set up automatic transfers, and manage your account settings. You can also download the Bank of America mobile app from the App Store or Google Play and log in with the same credentials.
The mobile app lets you deposit checks by camera, transfer money between accounts, pay bills, and set up alerts for low balances or large transactions. You can also use the app to find nearby branches and ATMs. If you forget your password, you can reset it through the website or app using your Social Security number and ID.
Frequently Asked Questions
Can I open a Bank of America savings account if I don't have a Social Security number?
No. Bank of America requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you have an ITIN, you can open an account using that instead. Bring your ITIN documentation to a branch or have it ready if you open online.
What is the minimum deposit to open a Bank of America savings account?
The minimum initial deposit is usually $25 for the Regular Savings account. Premium Savings and Money Market accounts require higher minimums—typically $10,000 to $25,000 depending on your state and the current promotion. Check bankofamerica.com for current requirements before you start the process.
How long does it take to open a Bank of America savings account?
Online or by phone, the process takes 10 to 15 minutes. In a branch, it takes 20 to 30 minutes. Your account is active the same day or the next business day. If you fund it by transferring from another bank, that transfer takes one to three business days to complete.
Can I avoid the monthly maintenance fee on a Bank of America savings account?
Yes. You can waive the fee by maintaining the minimum balance for your account type, setting up direct deposit of at least $250 per month, or linking the account to a Bank of America checking account. Ask a representative which option is easiest for your situation.
What happens if my account has a negative balance?
Bank of America will charge an overdraft fee (usually $35 per transaction) if you try to withdraw more than you have. You can set up overdraft protection by linking your savings account to a checking account—if you overdraw, the bank will transfer money from savings to cover it, usually for a smaller fee or no fee.