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 valid government-issued ID, a Social Security number or Individual Taxpayer Identification Number (ITIN), and an initial deposit. The deposit amount depends on which savings product you choose — some accounts have no minimum, while others require $25 or more to open.
You will also need either a debit card or an existing Bank of America checking account to link for transfers. If you are opening your first account with the bank, you can fund it with a debit card from another bank, a wire transfer, or an ACH transfer from an external account. Some branches will also accept cash.
If you are under 18, a parent or legal guardian must open the account with you or on your behalf. Bank of America offers a student savings account for minors with different rules than adult accounts.
Key Takeaways
- You can open a Bank of America savings account online in about 10 minutes using your ID, Social Security number, and an initial deposit method.
- Bank of America offers multiple savings products with different features — some have no monthly fees, while others waive fees if you maintain a minimum balance or set up direct deposit.
- Online account opening is fastest, but you can also call 1-800-432-1000 or visit a branch if you prefer to speak with someone.
- Your account will be active immediately after opening online, though it may take one to two business days for linked external accounts to verify.
Opening an account online
Go to bankofamerica.com and click "Open an Account" or "get your free guide." Select "Savings" from the account type menu. You will be asked to enter your Social Security number or ITIN, date of birth, and address. Bank of America will run a soft credit check and verify your identity against public records — this does not affect your credit score.
Next, you will choose which savings product fits your needs. Bank of America offers the Basic Savings account (no monthly fee if you maintain a $300 minimum balance or set up direct deposit), the Advantage Savings account (monthly fee waived with a $500 minimum or direct deposit), and the Premium Savings account (higher interest rate, requires $10,000 minimum). Read the current terms on the product page before you choose, because interest rates and fee structures change.
Upload a photo of your ID — a driver's license, passport, or state ID card. Bank of America's system will scan it and verify the information matches what you entered. This usually takes a few minutes. Then select your funding method: a debit card from another bank, a wire transfer, or an ACH transfer from an external account. Enter the amount you want to deposit — at least the minimum required for your chosen account type.
Review the account agreement and privacy notice, then sign electronically. Your account opens immediately, and you will receive a confirmation email with your account number. You can log in to your Bank of America profile right away to see your new savings account.
Opening an account by phone or in a branch
Call Bank of America at 1-800-432-1000 to open a savings account over the phone. Have your ID, Social Security number, and funding method ready. A representative will walk you through the same questions as the online process and can answer questions about which account type suits you. The call usually takes 15 to 20 minutes. You will receive a confirmation number and an email with your account details.
To open an account in a branch, find your nearest location on bankofamerica.com, bring your ID and Social Security number, and tell the representative you want to open a savings account. Bring a debit card or checkbook from another bank if you plan to fund the account that day, or ask about wire transfer or ACH options. The representative will complete the paperwork and your account will open on the spot.
Linking an external bank account
If you funded your new savings account with a debit card or ACH transfer, Bank of America will verify the external account by sending two small deposits (usually $0.01 and $0.02) to that account. You will need to log into your Bank of America profile, go to the external account settings, and confirm the two amounts. This verification usually takes one to two business days.
Once verified, you can transfer money between your Bank of America savings account and the external account whenever you want. Transfers initiated before 2 p.m. Eastern Time on a business day usually post the same day; transfers after 2 p.m. or on weekends post the next business day.
What happens after your account opens
Your savings account is ready to use immediately. You can transfer money in and out, set up automatic transfers, and earn interest on your balance. Bank of America pays interest monthly, and the rate varies based on market conditions — check your account online to see the current rate for your account type.
If you opened your account online and did not receive a debit card, you can order one through your online profile or visit a branch. Debit cards typically arrive in 7 to 10 business days. Until then, you can transfer money to a checking account or external bank account to withdraw cash.
Review your account agreement to understand any monthly fees, minimum balance requirements, and interest terms. If you chose an account with a monthly fee, make sure you meet the conditions to waive it — usually a minimum balance or direct deposit. If your balance drops below the minimum, you will be charged a monthly maintenance fee until you bring it back up.
Choosing between Bank of America savings products
Bank of America offers three main savings accounts for adults. The Basic Savings account has no monthly fee if you keep $300 in the account or set up direct deposit of at least $250 per month. If you fall below $300 and have no direct deposit, you pay $12 per month. This account is best if you want a simple savings account with low barriers to entry.
The Advantage Savings account requires a $500 minimum balance or $250 monthly direct deposit to avoid a $12 monthly fee. It offers a slightly higher interest rate than Basic Savings and includes additional features like a higher daily transaction limit. Choose this if you plan to keep a larger balance or receive regular direct deposits.
The Premium Savings account requires a $10,000 minimum balance and offers the highest interest rate of the three. There is no monthly fee as long as you maintain the minimum. This account is for people who have a substantial amount to save and want to maximize interest earnings.
Frequently Asked Questions
How long does it take to open a Bank of America savings account?
Online account opening takes about 10 minutes from start to finish. Your account is active immediately, though external bank account verification takes one to two business days. Phone and branch openings take 15 to 20 minutes, and your account opens the same day.
Do I need an existing Bank of America checking account to open a savings account?
No. You can open a savings account as your first Bank of America account. You will need a funding method — a debit card from another bank, a wire transfer, or an ACH transfer from an external account — but you do not need an existing Bank of America account.
What is the minimum deposit to open a Bank of America savings account?
The minimum deposit depends on which savings product you choose. Basic Savings has no minimum deposit requirement. Advantage Savings requires $25 to open. Premium Savings requires $10,000. You can deposit more than the minimum if you want.
Can I open a savings account if I do not have a Social Security number?
Yes. You can use an Individual Taxpayer Identification Number (ITIN) instead. The online and phone processes are the same — just enter your ITIN where the form asks for a Social Security number. You will still need a valid government-issued ID.
What interest rate will I earn on my savings account?
Bank of America's savings account interest rates change based on market conditions and the Federal Reserve's actions. Check bankofamerica.com or log into your account to see the current rate for your account type. Rates are typically lower than online-only banks, but you have access to branches and customer service.