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. Most people start online because it takes about 10 minutes and you can fund the account immediately. You will need a valid government ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit—Bank of America has no minimum opening deposit for most savings accounts, though some accounts require $25 or more.
If you open online, you can link an existing bank account to transfer money right away, or you can provide a debit card. If you open in a branch, bring your ID and Social Security number, and a banker will walk you through the forms. Opening by phone requires the same information but takes longer because the representative has to verify everything verbally.
You will also need to choose which type of savings account fits your situation. Bank of America offers a regular savings account (called "Savings"), a money market account (higher interest if you keep a larger balance), and certificates of deposit or CDs (locked-in rates for a set time period). For most people starting out, the regular Savings account is the right choice.
Key Takeaways
- You need a valid government ID, your Social Security number, and an initial deposit to open a Bank of America savings account.
- Opening online takes about 10 minutes and lets you fund the account immediately by linking an existing bank account or debit card.
- Bank of America has no minimum opening deposit for most savings accounts, though some specialized accounts require $25 or more.
- You can open in person at a branch, online, or by phone, and each method takes different amounts of time.
- The regular Savings account is the most common choice for people who want a basic place to set money aside.
Opening online step by step
Go to bankofamerica.com and look for the "Open an Account" button, usually near the top of the page. Click it and select "Savings Account" from the account types shown. You will be asked to enter your name, date of birth, address, phone number, email, and Social Security number. Bank of America will run a soft credit check at this point—this does not affect your credit score.
Next, choose how much to deposit to open the account. You can transfer from an existing bank account (you will need the routing number and account number) or use a debit card. If you use a debit card, the money appears in your new savings account within one business day. If you transfer from another bank account, it typically takes one to two business days.
Review the account terms and disclosures, then sign electronically. Bank of America will send you a confirmation email with your account number. Your debit card will arrive by mail within 7 to 10 business days, though you can use your account online or through the mobile app immediately.
Opening in person at a branch
Find your nearest Bank of America branch using the branch locator on their website or by searching "Bank of America near me." Bring your government ID, Social Security number, and the money you want to deposit (cash or a check). You do not need an appointment, though calling ahead during busy times can save you a wait.
Tell the banker you want to open a savings account. They will ask the same questions as the online form—name, address, phone, email, Social Security number—and run the same soft credit check. The whole process takes 15 to 30 minutes. You will receive a temporary debit card or a card number on the spot so you can use the account right away, and your permanent card arrives by mail within 7 to 10 business days.
Opening in person is useful if you prefer to ask questions face-to-face, if you want to deposit cash immediately, or if you do not have internet access at home. Some people also find it easier to understand the different account types by talking to a banker in real time.
Opening by phone
Call Bank of America at 1-800-432-1000 to open a savings account over the phone. A representative will walk you through the same questions and soft credit check. You will need to provide your government ID number, Social Security number, and information about how you want to fund the account.
Phone opening takes longer than online or in-person because everything has to be verified verbally and the representative has to document your answers. The process usually takes 30 to 45 minutes. After you hang up, Bank of America will mail you a debit card and send a confirmation email with your account number. You can start using the account online or through the app while you wait for the physical card.
What happens after you open the account
Your new savings account is active immediately, even if your debit card has not arrived yet. You can log into your Bank of America online account or mobile app using your Social Security number and a password you create. From there, you can transfer money between accounts, set up automatic transfers, check your balance, and manage your account settings.
Bank of America will send you a welcome packet by mail with your debit card, account statements, and information about online banking. If you set up direct deposit (for paychecks or government benefits), the money goes into whichever account you designate—you can choose your new savings account or keep it going to checking. Direct deposit usually takes one to two pay periods to set up after you provide your employer or benefits administrator with your account and routing number.
Interest on your savings account is paid monthly. The rate varies based on the account type and current market conditions, so check Bank of America's website for the current rate on your specific account. Interest is automatically deposited into your account each month.
Fees and account maintenance
Bank of America's regular Savings account has a monthly maintenance fee of $5, but the fee is waived if you maintain a minimum balance (usually $300 to $500, depending on your account type) or if you have a may have access to direct deposit. Many people avoid the fee by setting up a small automatic transfer from checking to savings each month, which keeps the balance above the minimum.
There are no fees for deposits, withdrawals, or transfers between your own Bank of America accounts. If you withdraw money from a non-Bank of America ATM, you may be charged a fee by that ATM's owner, though Bank of America reimburses some of these fees depending on your account type and membership level.
If your account sits inactive (no deposits or withdrawals) for a long time, Bank of America may close it. The bank will mail you any remaining balance, but it is a good idea to use your account at least once every few months to keep it active.
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 a non-citizen without a Social Security number, you may be able to use an Individual Taxpayer Identification Number (ITIN) instead, but you will need to call 1-800-432-1000 to explore this option with a representative.
How long does it take to open a Bank of America savings account?
Online opening takes about 10 minutes and your account is active immediately. In-person opening takes 15 to 30 minutes. Phone opening takes 30 to 45 minutes. Your debit card arrives by mail within 7 to 10 business days in all cases, but you can use the account online or through the app before the card arrives.
What is the difference between a Bank of America savings account and a money market account?
A money market account typically pays higher interest if you keep a larger balance (often $2,500 or more), but it may limit how many withdrawals you can make per month. A regular savings account has no withdrawal limits and lower interest rates. Choose based on whether you plan to add money regularly or keep a large balance untouched.
Can I open a savings account for someone else, like a child?
Yes, but the rules depend on the child's age. For children under 18, a parent or guardian must open a custodial account and be listed as the account owner. For teenagers 13 and older, Bank of America offers teen checking and savings accounts that parents can monitor. Call 1-800-432-1000 or visit a branch to learn about options for your child's age.
What if I already have a Bank of America checking account?
Opening a savings account is faster if you are already a customer. You can open online in about 5 minutes by logging into your existing account and selecting "Open a New Account." You can transfer money between your checking and savings accounts instantly and set up automatic transfers to move money regularly.