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, and you'll need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit. Bank of America does not require a minimum opening deposit for most savings accounts, though some accounts have monthly maintenance fees that you can waive by meeting certain conditions.
If you're opening an account online, you'll need a valid email address and a phone number where Bank of America can reach you. The bank will verify your identity during the process, which may include asking security questions based on your credit history. If you open in person or by phone, a representative will walk you through the same steps and can answer questions about which savings product fits your situation.
You can link the new savings account to an existing Bank of America checking account if you have one, or open both at the same time. Having both accounts linked makes it easier to transfer money between them and to set up automatic transfers to build your savings.
Key Takeaways
- You need a valid government ID, Social Security number, and an email address to open a savings account online with Bank of America.
- Bank of America offers several savings account types, each with different interest rates and fee structures, so comparing them before you open matters.
- You can open an account online in about 10 to 15 minutes, by phone during business hours, or in person at any Bank of America branch.
- Some savings accounts charge a monthly maintenance fee, but you can waive it by keeping a minimum balance or setting up direct deposit.
Opening an account online through Bank of America's website
Go to bankofamerica.com and look for the "Open an Account" button, usually located at the top of the page. Click on "Savings" and select the specific savings product you want—Bank of America offers several types, including a basic savings account and higher-yield options. Read the details for each one, including the current interest rate, monthly fee (if any), and what you need to do to waive the fee.
Once you've chosen, click "Open Now" and enter your personal information: full name, date of birth, Social Security number, address, phone number, and email. Bank of America will ask you to create a username and password for online banking. The bank will then verify your identity by asking questions based on your credit file—these are security questions only you should be able to answer.
After verification, you'll choose your initial deposit method. You can transfer money from another bank account, use a debit card, or arrange a wire transfer. The account opens immediately, though the deposit may take one to three business days to appear depending on the method you chose. You'll receive a confirmation email with your account number and details.
Opening an account by phone or in person
Call Bank of America at 1-800-432-1000 to open a savings account over the phone. A representative will ask for the same information as the online process: your ID, Social Security number, address, and phone number. They'll explain the different savings account options and help you choose one based on your needs. The call usually takes 15 to 20 minutes, and the account opens while you're on the phone.
To open in person, visit any Bank of America branch with your government ID and Social Security number. A banker will review the savings account options with you, answer questions, and complete the paperwork. You can make your initial deposit on the spot using cash, a check, or a transfer from another account. The account opens immediately, and you'll leave with your account number and temporary debit card if you opened a checking account as well.
Opening in person or by phone is useful if you have questions about which account type to choose, want to discuss linking accounts, or prefer to handle banking face-to-face. It's also the fastest way to get a debit card if you're opening a checking account at the same time.
Understanding Bank of America savings account types and fees
Bank of America offers several savings account options, and the one you choose affects your interest rate and monthly costs. The basic savings account typically has a lower interest rate but may have a monthly maintenance fee (usually $5 to $12) that you can waive by maintaining a minimum balance or setting up direct deposit. Higher-yield savings accounts pay more interest but may have higher balance requirements or different fee structures.
Check the current rates and fees before you open, because they change and vary by account type. Bank of America publishes this information on its website under each account's details page. Some accounts waive the monthly fee if you keep a certain balance—often $300 to $500—while others waive it if you set up direct deposit of your paycheck. A few accounts have no monthly fee at all.
The interest rate Bank of America pays on savings accounts is typically lower than rates offered by online-only banks, but the trade-off is access to physical branches and integration with checking accounts. If you're comparing, look at the annual percentage yield (APY), not just the interest rate, because APY reflects how often the bank compounds interest.
Linking your new savings account to checking or other accounts
If you already have a Bank of America checking account, you can link your new savings account to it during the opening process or afterward through online banking. Linking makes it easy to transfer money between accounts without waiting for an external transfer. You can also set up automatic transfers—for example, moving $50 from checking to savings every payday—to build your savings without thinking about it.
To link accounts after opening, log into your Bank of America online banking, go to "Accounts," and select the option to link or add an account. Choose the savings account you just opened and confirm. The link is instant, and you can then move money between the accounts anytime through the mobile app or website.
You can also link external bank accounts to your Bank of America savings account if you want to transfer money from another bank. This process takes longer—usually one to three business days—because Bank of America verifies the external account by depositing small amounts and asking you to confirm them.
What happens after your account opens
Your savings account is ready to use immediately after opening, though any deposits you made may take one to three business days to clear depending on the method. You can access your account through the Bank of America mobile app or website right away. If you opened a checking account at the same time, you may receive a debit card in the mail within 7 to 10 business days; savings accounts don't come with debit cards.
Set up online banking if you haven't already. Log in with the username and password you created during opening, and you can view your balance, set up automatic transfers, turn on account alerts (like low-balance notifications), and manage your account settings. Bank of America also offers the ability to deposit checks by taking a photo with the mobile app, which is faster than visiting a branch.
If you set up direct deposit, provide your employer with your account number and routing number (which you'll find in your account details). Direct deposit usually takes one to two pay periods to start, and once it does, any monthly maintenance fee on your savings account will be waived if that's part of your account's fee structure.
Frequently Asked Questions
Do I need a minimum balance to open a Bank of America savings account?
No. Bank of America does not require a minimum opening deposit for most savings accounts. However, some accounts charge a monthly maintenance fee that you can avoid by keeping a certain balance (often $300 to $500) or by setting up direct deposit. Check the specific account's terms before opening to understand what applies to your account.
Can I open a savings account if I don't have a checking account?
Yes. You can open a savings account alone without a checking account. However, linking a checking account makes transfers easier and can help you waive monthly fees if the account requires direct deposit. You can open both at the same time or add a checking account later.
How long does it take to receive my debit card?
Savings accounts do not come with debit cards. If you opened a checking account at the same time, your debit card typically arrives in 7 to 10 business days. You can request expedited delivery in some cases, but it may cost extra.
What interest rate will I earn on my savings?
Bank of America's savings account interest rates vary by account type and change over time. Check the current rates on bankofamerica.com under each account's details page. Online-only banks often pay higher rates, but Bank of America's rates are competitive for accounts that include branch access and checking account integration.
Can I open an account for someone else, like a child?
Bank of America offers accounts for minors, but the process differs from opening an adult account. A parent or guardian must open the account in person at a branch with the child's Social Security number and birth certificate. Contact your local branch or call 1-800-432-1000 for details on youth savings accounts.