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 government-issued ID (driver's license, passport, or state 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 a new customer, the process takes longer because the bank verifies your identity against public records. You will also need a valid email address and phone number on file.

Bank of America offers several types of savings accounts with different features and interest rates. The most common are the Regular Savings Account (no monthly fee if you maintain a $300 minimum balance or set up a $25 monthly transfer from checking) and the Premium Savings Account (requires a higher minimum balance). Compare the current rates and fees on the Bank of America website before you decide which account fits your needs.

Key Takeaways

  • You need a government ID, Social Security number, and an initial deposit to open a savings account, though the minimum deposit is often $0.
  • Opening online takes about five minutes if you are already a Bank of America customer, or longer if the bank needs to verify your identity.
  • Bank of America charges a monthly fee on some savings accounts unless you maintain a minimum balance or set up automatic transfers from checking.
  • Interest rates on savings accounts vary and change over time, so check the current rate before you open.

Opening an account online if you are a new customer

Go to bankofamerica.com and click "Open an Account." Select "Savings" and choose the account type that matches your needs. Enter your personal information: full name, date of birth, Social Security number, address, phone number, and email. The bank will ask whether you want paperless statements and whether you want to link a debit card or external bank account for your initial deposit.

Bank of America will then verify your identity by checking your information against public records. This usually takes a few minutes, but sometimes the bank needs additional information. If verification fails, you will see a message asking you to call 1-800-432-1000 or visit a branch in person. Do not close your browser—keep the page open so you can complete the call without starting over.

Once verification is complete, you will receive a confirmation number and your account number. Your debit card will arrive by mail within 7 to 10 business days. You can start using your savings account immediately online, even before the card arrives.

Opening an account in a Bank of America branch

Bring your government ID, Social Security number, and your initial deposit (cash or a check). Tell the banker you want to open a savings account and which type interests you. The banker will fill out the account application, verify your identity in person, and process your deposit. The entire visit usually takes 15 to 30 minutes.

If you open in person, you can ask the banker to explain the differences between account types and help you choose. You can also ask about current interest rates, monthly fees, and ways to avoid fees. The banker can set up automatic transfers from checking to savings on the same day if you want.

Your account is active immediately. You can use it online or at the ATM right away, and your debit card will arrive by mail within 7 to 10 business days.

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 government ID, Social Security number, and initial deposit method ready. The representative will walk you through the application, verify your identity, and process your deposit. The call usually takes 20 to 30 minutes.

When you open by phone, the bank will mail you a welcome package with your account number and debit card. Your account is active immediately, and you can log in online or use the Bank of America mobile app to check your balance and make transfers.

Understanding monthly fees and how to avoid them

Bank of America charges a monthly maintenance fee on most savings accounts unless you meet certain conditions. For the Regular Savings Account, the fee is waived if you keep a $300 minimum balance or set up a $25 automatic monthly transfer from your checking account. For the Premium Savings Account, the fee is waived if you maintain a higher minimum balance (check the current requirement on bankofamerica.com).

If your balance drops below the minimum, you will be charged a monthly fee. The fee is usually $5 to $12, depending on the account type. The fee is deducted from your savings balance automatically on the last day of the month. If you want to avoid the fee, set up an automatic transfer from checking to savings for at least $25 each month, or keep your balance above the minimum at all times.

Some Bank of America customers are exempt from monthly fees. If you have a may have access to checking account, are under 18, or are a student, ask the banker or representative whether your account qualifies for a fee waiver.

What happens after you open your account

Your savings account is ready to use immediately. You can log in to your Bank of America online account or mobile app to check your balance, make transfers, and set up automatic savings. Your debit card will arrive by mail within 7 to 10 business days. You can use the card to withdraw money at any Bank of America ATM or at ATMs in the Allpoint network (over 55,000 ATMs worldwide).

Bank of America pays interest on your savings balance. The interest rate changes over time and varies by account type. Interest is calculated daily and deposited into your account monthly. You can see your current interest rate and earnings in your online account.

If you want to link your savings account to other services—such as Bill Pay, Zelle for peer transfers, or automatic bill payments—you can set those up in your online account or mobile app. You can also set up alerts to notify you when your balance falls below a certain amount.

Moving money into your new savings account

You can transfer money from another bank account into your Bank of America savings account using an external transfer. Log in to your Bank of America account, go to "Transfers," and select "Transfer from another bank." Enter the routing number and account number of the bank you are transferring from, and the amount you want to move. Bank of America will verify the account and process the transfer, which usually takes 1 to 3 business days.

You can also deposit cash or checks at any Bank of America branch or ATM. Some ATMs accept check deposits; others accept cash only. If you are not sure whether your nearest ATM accepts deposits, call 1-800-432-1000 or check the ATM locator on bankofamerica.com.

If you set up direct deposit (for paychecks or government benefits), you can have money deposited directly into your savings account. Ask your employer or benefits administrator for Bank of America's routing number and your account number. Direct deposits usually arrive within 1 to 2 business days of the deposit date.

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 open an account using that number instead. Bring your ITIN documentation to a branch or have it ready when you call.

What is the difference between a Regular Savings Account and a Premium Savings Account?

The main difference is the minimum balance requirement and interest rate. The Regular Savings Account has a lower minimum balance ($300) and a lower interest rate. The Premium Savings Account requires a higher minimum balance but pays a higher interest rate. Check bankofamerica.com for current rates and minimums, as they change over time.

Can I open a savings account for someone else, like a child?

Yes. Bank of America offers accounts for minors. A parent or guardian must open the account and be listed as the account owner. The child can be added as an authorized user. Visit a branch with the child's birth certificate and Social Security number, or call 1-800-432-1000 to open over the phone.

How long does it take to receive my debit card?

Your debit card arrives by mail within 7 to 10 business days. You can use your savings account online and at ATMs immediately, even before the card arrives. If you need a card faster, ask a banker in a branch whether rush delivery is available.

What happens if I do not make a deposit right away?

Your account remains open and active. You can make your first deposit anytime by transferring from another bank, depositing cash or a check at a branch or ATM, or setting up direct deposit. There is no deadline to make your first deposit.