You can open a Bank of America savings account entirely online in about 10 minutes using a computer or phone
Bank of America lets you start a savings account from home without visiting a branch. You'll need a valid government ID, a Social Security number, and an initial deposit (which varies by account type). The process happens in one sitting: you answer questions about yourself, verify your identity, choose your account, and link a funding source. Your account opens immediately, though the money you deposit may take one to two business days to show up.
The online path is faster than going to a branch, and you can do it at any time of day. If you already have a Bank of America checking account, the process is even shorter because the bank already has your information on file.
Key Takeaways
- You need a valid government ID, Social Security number, and an initial deposit to open a savings account online at Bank of America.
- The entire process takes about 10 minutes and happens on Bank of America's website or mobile app without a branch visit.
- Your account opens right away, but deposits may take one to two business days to clear depending on how you fund it.
- If you already bank with Bank of America, opening a savings account is faster because they already have your identity verified.
- You can choose from several savings account types, each with different interest rates and minimum balance requirements.
What you need before you start
Gather these items before you open your browser: a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and a way to fund your account. Bank of America accepts funding from an external bank account, a debit card, or a credit card, though using an external bank account is usually fastest.
If you're under 18, you'll need a parent or guardian to open the account with you, and they'll need their own ID and Social Security number. If you don't have a Social Security number yet, you can't open the account online—you'll need to visit a branch in person.
The step-by-step process on Bank of America's website
Go to bankofamerica.com and click "Open an Account" or "Open Savings Account" (the exact link location changes occasionally, but it's always in the top navigation). You'll be taken to a page asking whether you want to open an account online or in a branch. Select online.
Bank of America will ask you to enter your basic information: full name, date of birth, address, phone number, and email. Then you'll enter your Social Security number. The system checks this information against your credit file to verify your identity—this is not a credit check and won't affect your credit score.
Next, you'll choose which savings account type you want. Bank of America offers several: the regular Savings Account, the Growth Savings Account (which requires a higher minimum balance but pays more interest), and the Premium Savings Account (for customers with larger balances). Read the interest rate, minimum balance requirement, and monthly fee for each before you choose. The rates and fees change, so check the current terms on the page in front of you.
After you pick your account, you'll set up how to fund it. Enter the routing number and account number from the external bank account you want to transfer from, or provide a debit or credit card number. Bank of America will ask how much you want to deposit. The minimum opening deposit varies by account type—check the account details to see what's required for the one you chose.
Review everything one more time, then submit. Your account opens immediately. You'll receive a confirmation email with your new account number and online banking login details.
How long it takes for your money to arrive
Your savings account opens right away, but the money you deposit doesn't always show up instantly. If you transfer from another bank account, the deposit usually takes one to two business days. If you use a debit card, the money may appear within hours or may take up to one business day. Credit card deposits can take longer—sometimes three to five business days.
Bank of America will show your deposit as "pending" in your account until it clears. Once it clears, you can withdraw it or leave it to earn interest. Don't close your browser or assume something went wrong if you don't see the money immediately—this is normal.
Setting up online banking and mobile access
After your account opens, you'll receive an email with your online banking username and a temporary password. Go to bankofamerica.com and log in with these credentials. Bank of America will ask you to set up a permanent password and choose security questions. Use a password you haven't used anywhere else and that contains uppercase letters, lowercase letters, numbers, and symbols.
Download the Bank of America mobile app from your phone's app store if you want to manage your account on your phone. Log in with the same username and password. You can check your balance, transfer money between accounts, set up automatic transfers, and deposit checks by photo from the app.
What happens if the online process doesn't work
If the system rejects your identity verification, Bank of America will tell you why—usually because the information you entered doesn't match what's in their database or your credit file. Common reasons include a name mismatch (maiden name, nickname, or legal name change), an outdated address, or a recent move that hasn't updated yet.
If this happens, you have two options: go to a Bank of America branch in person with your ID and Social Security number, or call Bank of America at 1-800-432-1000 and ask to open an account by phone. A representative can walk you through it and may be able to verify you using additional questions instead of relying on the automated system.
Minimum balance requirements and monthly fees
Bank of America's savings accounts have different minimum balance requirements depending on which type you choose. The regular Savings Account has no minimum opening deposit at some times, though this changes. The Growth Savings Account and Premium Savings Account require higher minimums—check the current terms when you're choosing your account.
Monthly maintenance fees also vary. Some accounts charge a fee if your balance drops below a certain amount, while others waive the fee if you maintain a minimum balance or set up a direct deposit. Read the fee schedule for your specific account type before you open it so you know what to expect.
Frequently Asked Questions
Can I open a Bank of America savings account on my phone?
Yes. Download the Bank of America mobile app, tap "Open an Account," and follow the same steps as on the website. The process is identical and takes about 10 minutes. You'll still need your ID, Social Security number, and an initial deposit.
What if I already have a Bank of America checking account?
The process is faster. Bank of America already has your identity verified, so you won't need to re-enter your Social Security number or answer identity verification questions. You can open a savings account in about five minutes and link it to your existing checking account right away.
Do I need a minimum deposit to open the account?
The minimum opening deposit depends on which savings account type you choose. Some accounts have no minimum, while others require $300 or more. Check the account details on Bank of America's website before you start—the minimums change periodically.
Can I open an account if I don't have a Social Security number?
No, not online. You'll need to visit a Bank of America branch in person with your ID and Individual Taxpayer Identification Number (ITIN) if you have one. A branch representative can open the account for you and may ask additional questions to verify your identity.
What's the difference between the savings account types?
The main differences are the interest rate, minimum balance requirement, and monthly fee. The Growth Savings Account and Premium Savings Account pay higher interest but require you to maintain a larger balance. The regular Savings Account has lower requirements but earns less interest. Compare the current rates and fees on Bank of America's website to see which fits your situation.