You can open another savings account at Bank of America online, by phone, or in a branch, and the process takes about 15 minutes
Bank of America lets you open multiple savings accounts under the same login. You do not need to visit a branch—you can start the process on their website or mobile app, or call 1-800-432-1000. The bank will ask for your Social Security number, date of birth, and current address to verify your identity. If you are an existing customer with an online account already set up, you can open a new savings account without leaving home.
The account opens immediately in most cases, though it may take one business day for the account number to appear in your online banking. You can begin transferring money into the new account as soon as you see it listed. If you do not have an existing Bank of America account, you will need to open a primary checking or savings account first before you can add a second savings account.
Key Takeaways
- Existing Bank of America customers can open a second savings account through the website, mobile app, or by calling 1-800-432-1000.
- You will need your Social Security number, date of birth, and current address to open the account.
- The new account appears in your online banking within one business day and is ready to use immediately.
- Bank of America charges a monthly maintenance fee on savings accounts unless you meet the minimum balance requirement or set up direct deposit.
- You can manage both accounts from a single login and transfer money between them at no cost.
Opening a second account through Bank of America's website or app
Log into your Bank of America online banking account or mobile app using your username and password. Look for the option to "Open an Account" or "Add an Account"—this is usually found in the main menu or under account services. Select "Savings Account" from the list of account types available.
The bank will show you the different savings account options: the regular Savings Account, the Money Market Account, or the Premium Savings Account. Each has different minimum balance requirements and interest rates. Choose the one that fits your needs, then follow the prompts to confirm your personal information. Bank of America will verify your identity using information already on file, so you should not need to provide documents. The account opens within minutes, and you can start using it right away.
Opening a second account by phone or in a branch
Call Bank of America at 1-800-432-1000 and tell the representative you want to open a second savings account. Have your Social Security number and current address ready. The representative will walk you through the account options and confirm your identity using information in their system. The call typically takes 10 to 15 minutes, and your account will be open by the end of the conversation.
If you prefer to open the account in person, visit any Bank of America branch with a valid government-issued ID and your Social Security number. A banker will help you choose the right account type and complete the paperwork. Bring a recent utility bill or lease if your address has changed recently, as the bank may need to verify it. The account opens on the spot, and you can deposit money immediately if you wish.
Monthly fees and how to avoid them
Bank of America charges a $4 monthly maintenance fee on most savings accounts. You can waive this fee in two ways: keep a minimum balance of $300 in the account at all times, or set up a direct deposit of at least $250 per month from your employer or another source. If you do neither, the $4 fee will be deducted from your account each month.
If you already have direct deposit set up on your primary account, you can use the same direct deposit to cover the minimum requirement on your second account. Alternatively, you can transfer $300 from your checking account to your new savings account and leave it there. Either approach eliminates the fee. Check your account statements each month to confirm the fee is not being charged.
Transferring money between your accounts
Once your second savings account is open and appears in your online banking, you can move money between it and your other Bank of America accounts at no cost. Log into your account, select the account you want to transfer from, and look for "Transfer Money" or "Move Money." Choose your new savings account as the destination, enter the amount, and confirm the transfer. The money moves instantly if both accounts are at Bank of America.
You can also set up automatic transfers on a schedule—for example, transferring $100 from your checking account to your new savings account every payday. This is useful if you are saving toward a specific goal and want the money moved without having to remember to do it manually. Set up the recurring transfer in the same place you would make a one-time transfer, and select how often you want it to happen.
What happens if you close one of your accounts later
If you decide you no longer need the second savings account, you can close it through online banking, by phone, or in a branch. Before closing, transfer any remaining balance to another account or withdraw it. Bank of America does not charge a fee to close an account. Once closed, the account number is deactivated and you cannot use it again, though you can open a new account with a different number if you change your mind later.
If your account has a negative balance when you try to close it—meaning you owe the bank money—you must pay that amount before the account can be closed. This typically happens only if fees accumulated and were not paid. Contact Bank of America to find out the exact amount owed, pay it, and then request the closure.
Frequently Asked Questions
Can I have more than two savings accounts at Bank of America?
Yes. Bank of America does not limit the number of savings accounts you can open under one login. You can open as many as you need, though each one will have its own $4 monthly maintenance fee unless you meet the minimum balance or direct deposit requirement on each account.
Will opening a second account affect my credit score?
No. Opening a savings account does not trigger a hard credit inquiry and does not appear on your credit report. Bank of America may do a soft inquiry to verify your identity, but this does not affect your credit score.
How long does it take to use the new account after I open it?
The account is usually ready to use immediately after you open it online or by phone. If you open it in a branch, you can deposit money the same day. The account number may take up to one business day to appear in your online banking, but you can start transferring money as soon as you see it listed.
What if I forgot my online banking password?
Go to the Bank of America login page and click "Forgot username or password?" Follow the prompts to verify your identity using your Social Security number and other personal information. Bank of America will send you a link to reset your password via email or text. Once you reset it, you can log in and open your new account.
Can I open a second account if I have a negative balance on my first account?
Bank of America may block you from opening new accounts if your current account is overdrawn or has an outstanding balance owed to the bank. Pay off any negative balance first, then request the new account. Call 1-800-432-1000 to confirm your account is in good standing before you try to open another one.