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, your Social Security number, and an initial deposit (which can be as little as $0 for most savings accounts, though some accounts have minimum opening deposits). Bank of America will also check your banking history through ChexSystems, a system that tracks account closures and overdrafts at other banks.

If you're opening an account online, you'll need an email address and a phone number where Bank of America can reach you. If you're opening in person, bring your ID and Social Security number to any branch. If you're opening by phone, call 1-800-432-1000 and have the same information ready.

You don't need to have an existing Bank of America account to open a savings account, and you don't need to be a U.S. citizen — though you will need a valid ID and Social Security number or Individual Taxpayer Identification Number (ITIN).

Key Takeaways

  • You can open a Bank of America savings account online in 10 to 15 minutes with just an ID, Social Security number, and initial deposit.
  • Bank of America offers several savings account types, including regular savings accounts and money market accounts, each with different interest rates and minimum balance requirements.
  • Your initial deposit can be made by transferring money from another bank account, using a debit card, or depositing cash at a branch.
  • Bank of America will check your banking history through ChexSystems, and accounts may be denied if you have recent overdrafts or unpaid fees at other banks.
  • Once your account is open, you can manage it online, through the mobile app, or at any Bank of America branch or ATM.

Opening online through the Bank of America website

Go to bankofamerica.com and look for the "Open an Account" button, usually at the top of the page. Select "Savings Account" from the account type options. Bank of America will ask you to choose which type of savings account you want — the most common are the regular Savings Account and the Money Market Account, which typically pays a higher interest rate but requires a larger minimum balance.

Enter your personal information: full name, date of birth, Social Security number, address, phone number, and email. Bank of America will verify your identity by asking security questions based on your credit history. This step usually takes a few minutes. After verification, you'll choose your initial deposit method: transfer from another bank account, debit card, or wire transfer. The account will be open within minutes, though it may take one to two business days for your initial deposit to show up if you're transferring from another bank.

Once your account is open, Bank of America will send you a debit card by mail, which typically arrives within 7 to 10 business days. You can start using your savings account immediately through the mobile app or online banking, even before the card arrives.

Opening in person at a Bank of America branch

Find your nearest branch using the branch locator on bankofamerica.com. Bring your government-issued ID (driver's license, passport, or state ID) and your Social Security number. You don't need an appointment, but going during off-peak hours — typically mid-morning on a weekday — means shorter wait times.

Tell the banker you want to open a savings account. They'll walk you through the same identity verification process, ask about your initial deposit, and help you choose your account type. The whole process takes 15 to 20 minutes. Your account will be open immediately, and you can make your initial deposit right there at the branch — either by cash, check, or transfer from another account.

If you don't have a government-issued ID, ask the banker what alternative documents they can accept. Some branches will accept a passport card, military ID, or tribal ID.

Opening by phone

Call Bank of America at 1-800-432-1000 and tell the representative you want to open a savings account. Have your ID, Social Security number, and initial deposit method ready. The representative will verify your identity, ask security questions, and walk you through choosing your account type and deposit method. The call usually takes 15 to 20 minutes.

After the call, your account will be open, but you'll need to set up your initial deposit separately. The representative will give you instructions for transferring money from another bank account or making a wire transfer. If you want to deposit cash, you'll need to do that at a branch.

Understanding Bank of America savings account types

Bank of America offers several savings account options. The Savings Account is the most basic option, with no monthly maintenance fee if you maintain a minimum balance (which varies but is often $300 or less). The Money Market Account typically pays a higher interest rate but requires a larger minimum balance, often $2,500 or more. Both accounts let you make up to six withdrawals per month before fees kick in.

Bank of America also offers CDs (Certificates of Deposit), which lock your money away for a set period — typically 3 months to 5 years — in exchange for a may provide interest rate. Interest rates on CDs are usually higher than savings accounts, but you'll pay a penalty if you withdraw the money early.

Interest rates change frequently and vary based on market conditions. Check bankofamerica.com for current rates before opening an account. The interest rate you receive may also depend on your account balance and whether you have other Bank of America accounts.

What happens if your account is denied

Bank of America may deny your account if ChexSystems shows recent overdrafts, unpaid fees, or closed accounts at other banks. If your account is denied, Bank of America will send you a letter explaining why. You have the right to dispute the information in your ChexSystems report — contact ChexSystems directly at 1-800-428-9623 or chexsystems.com to request a copy of your report and file a dispute if information is wrong.

If you're denied because of recent overdrafts or fees, wait 6 to 12 months and try again. Many banks, including Bank of America, are more likely to open accounts for people with older negative history. In the meantime, you can look into second-chance banking accounts at other banks, which are designed for people with recent banking problems.

If you're denied and believe it's a mistake, call Bank of America at 1-800-432-1000 and ask to speak with an account specialist. They may be able to override the denial or explain what you need to do to become may be able to access.

Making your initial deposit

Your initial deposit can come from several sources. If you're opening online or by phone, you can transfer money from another bank account — Bank of America will ask for the routing number and account number of the account you're transferring from. This usually takes one to two business days. You can also use a debit card to fund your account, which is instant, though Bank of America may limit how much you can deposit this way on your first day.

If you're opening in person at a branch, you can deposit cash or a check immediately. If you're opening online or by phone and want to deposit cash, you'll need to visit a branch after your account is open.

Some Bank of America accounts have minimum opening deposits — for example, Money Market Accounts may require $2,500 to open. Check the account details before you start the process to make sure you have enough to meet the minimum.

Frequently Asked Questions

Can I open a Bank of America savings account if I don't have a Social Security number?

Yes. If you have an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number, Bank of America will accept it. You'll still need a valid government-issued ID. If you don't have either, contact your local branch to ask what alternatives they can accept.

How long does it take to access my money after I open an account?

Your account is open immediately, and you can access it through online banking or the mobile app right away. If you transferred money from another bank, it typically arrives within one to two business days. If you deposited cash or a check at a branch, it's available immediately or within one business day depending on the amount.

What's the difference between a savings account and a money market account?

A money market account usually pays higher interest but requires a larger minimum balance and may limit how many times you can withdraw per month. A regular savings account has lower interest but lower minimums and fewer withdrawal limits. Choose based on how much money you're starting with and how often you think you'll need to withdraw.

Can I open a savings account for someone else?

No, the person whose name is on the account must open it themselves using their own ID and Social Security number. If you want to open an account for a child, Bank of America offers custodial accounts where a parent or guardian controls the account until the child turns 18.

What happens if I don't make an initial deposit right away?

Some Bank of America savings accounts require a minimum opening deposit, which means you must deposit money when you open the account. If your account type doesn't have a minimum opening deposit, you can open the account and deposit money later, though Bank of America may close inactive accounts after a certain period of time.