What you need to open a Bank of America savings account
Bank of America lets you open a savings account online, by phone, or in a branch. You will need a valid government-issued ID, your Social Security number, and an initial deposit. The minimum opening deposit is $0 for most savings accounts, though some accounts require $25 or more. You can fund the account with a debit card, transfer from another bank, or cash if you open in person.
If you already have a Bank of America checking account, opening a savings account takes about five minutes online. If you are new to Bank of America, the process takes longer because the bank verifies your identity and runs a ChexSystems check—a report that tracks your banking history. This check does not affect your credit score.
You will also need to choose which type of savings account fits your situation. Bank of America offers several: the regular Savings Account, the Money Market Account (which pays higher interest but requires a larger balance), and the Youth Savings Account (for customers under 18). Each has different interest rates and monthly fees.
Key Takeaways
- You can open a Bank of America savings account online, by phone at 1-800-432-1000, or in any branch with a valid ID and Social Security number.
- The minimum opening deposit is $0 for most savings accounts, though some accounts require $25 or more depending on the account type.
- Bank of America charges a monthly maintenance fee ($12 for most savings accounts) unless you meet waiver requirements like maintaining a minimum balance or setting up direct deposit.
- Your account is typically active and ready to use within one business day if you open online, or immediately if you open in a branch.
- Bank of America savings accounts are FDIC insured up to $250,000, meaning your money is protected if the bank fails.
Opening 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 options. You will answer questions about your personal information: full name, date of birth, address, phone number, and email. Bank of America will ask whether you want to open just a savings account or link it to a new checking account.
Next, you will verify your identity. If you are an existing Bank of America customer, this step is quick—the bank already has your information on file. If you are new, Bank of America will ask you to answer security questions based on your credit history, or it may ask you to upload a photo of your ID. This verification usually takes a few minutes.
After verification, you will choose your account type and set up your initial deposit. You can transfer money from another bank account (this takes one to three business days), use a debit card (instant), or link a Bank of America account you already have. Once you submit, your account is usually active within one business day, though you may not see funds immediately if you transferred from another bank.
Opening in a Bank of America branch
Walk into any Bank of America branch with your government-issued ID and Social Security number. Tell a representative you want to open a savings account. They will ask the same questions as the online process: your name, address, phone, email, and Social Security number. Bring a second form of ID if you have one—a passport, military ID, or state ID card all work.
The representative will show you the account options and explain the fees and interest rates for each. They will ask how much you want to deposit initially. You can pay with cash, a debit card, or a check. If you pay with a check, it will be deposited but may take a few business days to clear.
The entire process takes about 15 to 30 minutes in branch. Your account is active immediately, and you can start using it the same day. The representative will give you a temporary debit card or information on how to order one online.
Understanding Bank of America savings account fees
Bank of America charges a $12 monthly maintenance fee on most savings accounts. However, you can avoid this fee in several ways: maintain a minimum balance (usually $500 to $2,500 depending on the account type), set up direct deposit of at least $250 per month, or link the account to a Bank of America checking account and maintain a combined balance.
Some accounts have no monthly fee at all. The Youth Savings Account, for example, has no monthly maintenance fee. The regular Savings Account waives the fee if you maintain a $500 minimum balance or have a Bank of America checking account linked to it.
Bank of America also charges fees for certain actions: $3.50 to $5 if you exceed six withdrawals in a month (a federal limit that applies to all savings accounts), $35 for overdrafts if you link the account to a checking account and overdraw, and $25 to $35 if a check or transfer bounces. Read the fee schedule for your specific account type before opening.
Interest rates and how your money grows
Bank of America savings accounts earn interest, but the rate is typically very low—often less than 0.01% annually. This means if you have $1,000 in the account for a year, you might earn less than $1 in interest. The exact rate changes based on the Federal Reserve's decisions and varies by account type and region.
Money Market Accounts pay higher interest rates than regular savings accounts, but they require a larger minimum balance (usually $2,500 or more) and limit how many times you can withdraw per month. If you are saving a larger amount and do not need frequent access, a Money Market Account may earn you more.
Interest is calculated daily and deposited monthly. You can check your current interest rate and earnings in your online account or by calling 1-800-432-1000. If you want to compare rates, other banks and online savings accounts often pay significantly higher interest—sometimes 4% or more—though they may have different fees or features.
Linking your savings account to checking and other features
Once your savings account is open, you can link it to a Bank of America checking account (if you have one) or open a checking account at the same time. Linking accounts makes it easy to transfer money between them online or through the mobile app. You can also set up automatic transfers—for example, moving $50 from checking to savings every payday.
Bank of America's mobile app lets you check your balance, make transfers, deposit checks by taking a photo, and set up alerts. You can receive notifications when your balance drops below a certain amount or when a withdrawal is made. The app also shows you your interest earnings and helps you track savings goals.
You can also set up direct deposit to your savings account, which counts toward the fee waiver requirement. Some employers allow you to split your paycheck between multiple accounts, so you can send part of each paycheck directly to savings without having to transfer it yourself.
What happens after your account opens
Your account is ready to use immediately (if you opened in branch) or within one business day (if you opened online). You will receive a debit card in the mail within 7 to 10 business days, though you can order a temporary card online or request one in branch. Until your card arrives, you can transfer money online or through the mobile app, or withdraw cash at any Bank of America ATM using your account number.
Log into your online account or download the Bank of America mobile app to see your balance, set up transfers, and manage your account. You can also call 1-800-432-1000 to speak with a representative about your account.
Keep track of your monthly statements. Bank of America sends statements online by default, but you can request paper statements if you prefer. Review your statement each month to make sure all transactions are correct and to watch for any fees you might be able to avoid by adjusting your balance or deposits.
Frequently Asked Questions
Can I open a Bank of America savings account if I have bad credit?
Bank of America does not check your credit score to open a savings account. However, the bank does use ChexSystems, which tracks your banking history—whether you have unpaid overdrafts, closed accounts with negative balances, or fraud reports. If you have serious issues on your ChexSystems report, Bank of America may deny your application. You can request a free copy of your ChexSystems report at consumerdebit.equifax.com.
What is the difference between a savings account and a money market account at Bank of America?
A Money Market Account pays higher interest but requires a larger minimum balance (usually $2,500 or more) and limits withdrawals to six per month. A regular Savings Account has lower interest, no withdrawal limit, and a lower or zero minimum balance. Choose a Money Market Account if you have a larger amount to save and do not need frequent access; choose a regular Savings Account if you want flexibility.
How long does it take to transfer money from another bank to my Bank of America savings account?
Transfers from another bank typically take one to three business days. Bank of America will give you routing and account numbers to provide to your other bank, or you can initiate the transfer through Bank of America's website by entering your other bank's information. Transfers initiated on a weekend or holiday may take longer.
Can I withdraw money from my Bank of America savings account anytime?
Yes, you can withdraw money anytime through the mobile app, online, at an ATM, or in a branch. However, federal law limits savings account withdrawals to six per month. If you exceed this limit, Bank of America charges a $3.50 to $5 fee per excess withdrawal. This rule applies to all savings accounts at all banks.
What happens if I do not maintain the minimum balance to waive the monthly fee?
If your balance drops below the minimum required to waive the $12 monthly maintenance fee, the fee will be charged to your account. You can avoid future fees by bringing your balance back up, setting up direct deposit, or linking a checking account with a sufficient combined balance. If you are charged a fee by mistake, you can call 1-800-432-1000 to ask for a reversal.