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 fastest route is online at bankofamerica.com, which takes about 10 minutes if you have your documents ready. 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 this varies by account type and current promotions.
If you are opening the account online, you will also need a debit card or bank account from another institution to fund your initial deposit. Bank of America will verify your identity by asking security questions based on your credit history, so the process works fastest if you have an established credit file. If you do not have one, opening in person at a branch is simpler because the banker can verify you directly with your ID.
You must be at least 18 years old to open an account in your own name. If you are under 18, a parent or guardian must open a custodial account with you, which has different rules and limited access until you turn 18.
Key Takeaways
- Online account opening takes about 10 minutes and requires a valid ID, Social Security number, and an initial deposit of at least $25.
- Bank of America will verify your identity through security questions during online signup, or through your ID if you open in person at a branch.
- You can fund your new account immediately using a debit card or transfer from another bank account if you open online.
- In-person opening at a branch eliminates the identity verification questions and is the fastest option if you do not have an established credit history.
Opening online through Bank of America's website
Go to bankofamerica.com and click "Open an Account" or "Sign Up" in the top navigation. Select "Savings" as your account type. You will be asked to enter your Social Security number, date of birth, and contact information. Bank of America will then ask a series of security questions to verify your identity—these are based on your credit file and past financial activity, so answer them carefully.
Next, you will choose which savings account product you want. Bank of America offers several: the regular Savings Account, the Premium Savings Account (which requires a higher balance to avoid monthly fees), and the Money Market Account (which offers higher interest rates but requires a larger deposit). Read the fee schedule and interest rate for each before you choose, because they differ.
Once you have selected your account type, you will fund it with your initial deposit. Enter your debit card number or your bank routing and account number to transfer money from another bank. Bank of America will send a small test deposit to verify the account is real, which takes one to two business days. After that clears, your savings account is active and you can begin using it.
Opening in person at a Bank of America branch
Bring your valid government-issued ID, your Social Security number (or a document with it, like a tax return or Social Security card), and your initial deposit. You can bring cash, a check, or a debit card to fund the account. A banker will verify your identity, ask you which savings account type you want, and set up the account while you wait—the whole process takes 15 to 20 minutes.
In-person opening skips the identity verification questions entirely, which makes it the faster option if you do not have an established credit history or if you prefer not to answer security questions online. You will receive a debit card on the spot or within a few business days, depending on the branch. Your account is active immediately, even if your debit card has not arrived yet.
To find a branch near you, go to bankofamerica.com, click "Locations," and enter your zip code. You can also call Bank of America at 1-800-432-1000 to ask about branch hours or to schedule an appointment, which can reduce wait times during busy hours.
What happens after you open your account
Your savings account will be active within one business day if you opened online, or immediately if you opened in person. You can begin depositing money right away through mobile check deposit (using the Bank of America mobile app), direct deposit from your employer, transfers from another account, or in-person deposits at a branch or ATM.
Bank of America will send you a welcome packet by mail with your account number, routing number, and information about online banking and the mobile app. You can set up online banking and the mobile app immediately after opening—go to bankofamerica.com or download the app, then use your Social Security number and a temporary password to log in. Change your password to something you will remember.
Your savings account will earn interest, though the rate is typically very low (often less than 0.01% annually, depending on current market conditions). You will receive a monthly statement showing your balance, interest earned, and any fees charged. Some account types charge a monthly maintenance fee if your balance falls below a certain threshold—check your account agreement to see whether yours does.
Fees and minimum balance requirements
Bank of America's regular Savings Account has no monthly maintenance fee and no minimum balance requirement. However, if you make more than six withdrawals or transfers out of your savings account in a single month, Bank of America charges $10 per transaction after the sixth one. This is a federal rule that applies to all savings accounts, not just Bank of America.
The Premium Savings Account and Money Market Account have higher interest rates but require you to maintain a minimum balance—typically $2,500 or more—to avoid a monthly fee. If your balance drops below the minimum, you will be charged $12 to $25 per month. Check the current fee schedule on bankofamerica.com or ask a banker, because these minimums and fees change periodically.
You can avoid fees by keeping your balance above the minimum (if your account type requires one) and by limiting withdrawals to six per month. If you need to withdraw more often, consider opening a checking account instead, which has no withdrawal limits.
Funding your account and setting up deposits
After your account is open, you can add money in several ways. Direct deposit from your employer is the fastest and most reliable—ask your employer's payroll department for Bank of America's routing number (021000021) and your account number, which you can find in your welcome packet or online banking. Direct deposits typically arrive on payday.
Mobile check deposit lets you photograph a check using the Bank of America mobile app and deposit it without visiting a branch. The check must be signed on the back and endorsed "For mobile deposit only." The funds usually appear in your account within one to two business days.
Transfers from another bank can be set up through online banking. Log in to your Bank of America account, go to "Transfer Money," and follow the prompts to link an account at another bank. Bank of America will send two small test deposits to verify the account, which takes one to two business days. After that, you can transfer money between accounts instantly or schedule recurring transfers.
In-person deposits at a Bank of America branch or ATM are immediate if you use an ATM, or processed the next business day if you deposit with a teller. You can deposit cash or checks at any Bank of America ATM 24 hours a day.
Linking your savings account to online banking and the mobile app
Set up online banking by going to bankofamerica.com and clicking "Log In." If this is your first time, click "Register Now" and enter your Social Security number and account number. Bank of America will send you a temporary password by email or text. Log in with that password, then create a permanent one that you will remember.
Once you are logged in, you can view your balance, set up transfers, deposit checks by phone, and manage your account settings. You can also set up alerts to notify you when your balance falls below a certain amount or when a deposit is made.
Download the Bank of America mobile app from the Apple App Store or Google Play Store. Log in with the same username and password you use for online banking. The app lets you do everything online banking does, plus mobile check deposit and the ability to find nearby branches and ATMs. You can also use the app to lock or unlock your debit card if it is lost or stolen.
Frequently Asked Questions
Can I open a Bank of America savings account if I do not have a Social Security number?
No. Bank of America requires a Social Security number to open any account. If you are not a U.S. citizen and do not have a Social Security number, you may be able to open an account using an Individual Taxpayer Identification Number (ITIN), but policies vary by branch. Call 1-800-432-1000 to ask whether your local branch accepts ITINs.
How long does it take to open an account online?
The application itself takes about 10 minutes. Your account becomes active within one business day. If you fund it with a transfer from another bank, that transfer takes one to two additional business days to arrive.
What is the difference between a savings account and a money market account?
A money market account typically offers a higher interest rate than a savings account but requires a larger minimum balance (often $2,500 or more) and charges a higher monthly fee if you fall below it. Both have limits on withdrawals. Choose a savings account if you want simplicity and low fees; choose a money market account if you have a larger balance and want higher interest.
Can I open a joint savings account with someone else?
Yes. Both account holders must be present (in person or online) with valid ID and Social Security numbers. Each person can access the account and withdraw money without permission from the other. Go to a branch or call 1-800-432-1000 to ask about opening a joint account online.
What happens if I do not make a deposit right away?
Your account remains open and active. You can deposit money whenever you want. However, if your account sits empty for a long time (typically one to two years), Bank of America may close it and send any remaining balance to your state's unclaimed property program.