What you need to open a Bank of America savings account
You can open a Bank of America savings account in person at a branch, online through their website, or by phone. The process takes about 10 to 15 minutes online or on 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 or more, though some accounts have no minimum.
Bank of America runs a background check using ChexSystems, which is a banking history database. If you have unpaid overdrafts, fraud flags, or other issues in your banking history, the bank may deny your application or require you to wait a certain period before opening an account. You can request your ChexSystems report for free before you apply if you want to know whether there are problems on file.
If you already have a Bank of America checking account, opening a linked savings account is faster—you can do it online in minutes without a new background check. If you are opening your first account with the bank, you will go through the full process.
Key Takeaways
- You need a valid ID, Social Security number, and an initial deposit of at least $25 to open a savings account online, by phone, or in person.
- Bank of America checks your banking history through ChexSystems, and past overdrafts or fraud flags can result in denial.
- Opening an account online or by phone takes 10 to 15 minutes; opening in a branch takes 20 to 30 minutes.
- If you already have a Bank of America checking account, you can add a linked savings account in minutes without repeating the background check.
- Your account becomes active immediately after approval, and you can begin depositing and withdrawing money the same day.
Opening an account online
Go to bankofamerica.com and select "Open an Account" or "Savings Accounts" from the homepage. You will be asked to choose which type of savings account you want—Bank of America offers several, including the Basic Savings account (no monthly fee if you maintain a $300 minimum balance or set up a $25 monthly transfer from checking) and the Advantage Savings account (requires a higher balance but offers better interest rates). Read the terms for each to see which fits your situation.
Enter your personal information: full name, date of birth, address, phone number, email, and Social Security number. Upload or photograph both sides of your ID. Bank of America will ask you to set up online banking credentials—a username and password—and may ask security questions to verify your identity. The system will tell you immediately whether you are approved.
If approved, you will receive a confirmation email with your account number. Your debit card will arrive by mail within 7 to 10 business days. You can begin making deposits right away through mobile check deposit, transfers from another bank, or direct deposit—you do not have to wait for the card to arrive.
Opening an account by phone
Call Bank of America at 1-800-432-1000 to speak with a representative. Have your ID, Social Security number, and information about your initial deposit ready. The representative will walk you through the same questions as the online process and can answer questions about account types and features in real time.
Phone applications take slightly longer than online (15 to 20 minutes) because the representative must verify your identity verbally and document your responses. At the end of the call, you will receive your account number and can set up online banking access immediately. Your debit card will be mailed to you.
Opening an account in person at a branch
Bring your ID, Social Security number, and your initial deposit (cash or a check) to any Bank of America branch. A banker will complete the application with you, explain the account options, and answer questions. The banker can also help you set up online and mobile banking on the spot, and you can request a temporary debit card to use immediately while your permanent card is being mailed.
In-person applications take longer because the banker verifies your ID physically, reviews your information carefully, and may discuss other products (checking accounts, credit cards, loans). If you are uncomfortable with that conversation, you can politely decline and stick to the savings account.
What happens after approval
Your account is active the moment you receive approval, whether you applied online, by phone, or in person. You can log into online banking and the mobile app immediately to view your account number, routing number, and balance. You can set up direct deposit, transfer money from another bank, or deposit checks using mobile check deposit right away.
Your physical debit card arrives within 7 to 10 business days. Until it arrives, you can withdraw money in person at any Bank of America branch or ATM using your online banking login and a temporary code, or you can request a temporary card at the branch where you opened the account.
Interest on your savings begins accruing the day your deposit is posted to the account. The interest rate varies depending on which savings account you chose and changes based on Federal Reserve decisions—Bank of America publishes current rates on their website.
Fees and minimum balances
Bank of America's Basic Savings account charges a $3 monthly maintenance fee unless you maintain a $300 minimum daily balance or set up a recurring monthly transfer of at least $25 from a linked checking account. The Advantage Savings account has higher balance requirements but waives the fee if you meet them. Some accounts have no monthly fee at all but offer lower interest rates.
Overdraft fees, out-of-network ATM fees, and other charges apply depending on how you use the account. Review the fee schedule on the account details page before you finish opening the account so you understand what costs may apply.
If your application is denied
Bank of America will tell you why your application was denied—usually because of ChexSystems issues, unpaid overdrafts at another bank, or fraud flags. You can request a copy of your ChexSystems report for free and dispute any errors. If the denial is due to old overdrafts, you may be able to reapply after a waiting period (often 6 months to 2 years, depending on the issue).
If you are denied, ask the representative whether you can open a second-chance or basic checking account instead, which may have fewer restrictions. Some people denied a savings account can open a checking account and then add savings later once the issue is resolved.
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 or Individual Taxpayer Identification Number (ITIN) to open any account. If you have an ITIN, you can use that instead. If you do not have either, you will need to obtain one before opening an account.
How much money do I have to put in when I open the account?
Most Bank of America savings accounts require a minimum opening deposit of $25. Some accounts have no minimum opening deposit but charge a monthly fee unless you maintain a higher balance. Check the specific account terms before you apply.
Can I open a savings account if I am under 18?
No, 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 can open a custodial savings account for you, which gives them access to manage the account until you reach the age of majority (usually 18 or 21, depending on your state).
What is the difference between a savings account and a money market account at Bank of America?
A savings account is simpler and has lower balance requirements. A money market account typically requires a higher minimum balance but pays higher interest rates and may include a debit card or checkbook. Choose based on how much you plan to keep in the account and how often you need to withdraw money.
How long does it take to receive my debit card after opening an account?
Standard delivery takes 7 to 10 business days. You can request expedited shipping at some branches for a fee, or ask for a temporary card to use immediately while you wait for the permanent card to arrive.