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 (driver's license, passport, or state ID), your Social Security number, and an initial deposit. The minimum opening deposit is $0 for most savings accounts, though some accounts require $25 or more. You can fund the account with a debit card, transfer from another bank, or cash if you open in person at a branch.

The entire online process takes about 10 minutes. You will create a username and password during signup, and Bank of America will verify your identity by asking questions about your credit history or by sending a verification code to your phone or email. If you open in a branch, bring your ID and Social Security number, and a banker will walk you through the paperwork on the spot.

Bank of America runs a background check through ChexSystems, which is a banking history database. If you have unpaid overdrafts or fraud flags from another bank, this check may block your account. You can request your ChexSystems report before you apply if you are unsure about your history.

Key Takeaways

  • You can open online in 10 minutes with a valid ID, Social Security number, and an initial deposit (often $0).
  • Bank of America verifies your identity during signup by asking security questions or sending a code to your phone.
  • A ChexSystems background check may block your account if you have unpaid overdrafts or fraud flags from another bank.
  • Online accounts are fully functional immediately; in-branch accounts may take one business day to activate.
  • You can link the savings account to an existing Bank of America checking account or open both at the same time.

Opening an account online through Bank of America's website

Go to bankofamerica.com and click "Open an Account" at the top of the page. Select "Savings" from the account type menu. You will be asked to choose which savings product you want: the regular Savings Account, the Premium Savings Account (which requires a higher balance to avoid a monthly fee), or the Money Market Account (which offers higher interest rates but limits withdrawals). Read the fee schedule for each before you choose, because monthly maintenance fees vary by account type and balance.

Enter your personal information: full name, date of birth, address, phone number, email, and Social Security number. Bank of America will ask whether you are a U.S. citizen and whether you have an existing Bank of America account. If you already bank with them, linking your new savings account to your checking account takes one extra step but speeds up transfers later.

Next, Bank of America verifies your identity. You will answer 5 to 10 security questions based on your credit history—things like "Which of these addresses have you lived at?" or "Which lender issued your auto loan?" Answer honestly; wrong answers will block the account. If you cannot answer enough questions, Bank of America will send a verification code to your phone or email instead. Enter the code to proceed.

Choose your initial deposit method. You can transfer money from another bank account (provide the routing and account number), use a debit card, or link a PayPal account. The transfer may take 1 to 3 business days to show up in your new savings account. Once the deposit clears, your account is active and you can start using it immediately.

Opening an account by phone or in a branch

To open by phone, call Bank of America at 1-800-432-1000. A representative will ask the same questions as the online form and can answer questions about account features in real time. Phone signup takes 15 to 20 minutes. You will still need to provide your ID and Social Security number, and you will need a way to fund the account during the call—either a debit card or the routing and account number of another bank account.

Opening in a branch is the slowest but most hands-on route. Bring your government-issued ID, Social Security number, and the initial deposit (cash or debit card). A banker will fill out the paperwork, verify your identity on the spot, and process your deposit. Your account will be active immediately for in-person transactions, though transfers from other banks may take 1 to 3 business days to clear. If you do not have an existing Bank of America account, opening in a branch also lets you set up online banking access right away.

Linking your savings account to checking or other accounts

If you already have a Bank of America checking account, you can link your new savings account to it during signup. This link lets you transfer money between the two accounts instantly and for free. You can also set up automatic transfers—for example, moving $50 from checking to savings every payday.

If you open both checking and savings at the same time, Bank of America will link them automatically. If you open savings later, log into your online banking portal, go to "Accounts," and select "Link an Account." Choose the checking account you want to link and confirm. The link is active immediately.

You can also link external bank accounts (from other banks) to your Bank of America savings account. This is useful if you want to transfer money from a credit union or online bank. Go to "Accounts" in your online portal, select "Link an Account," and enter the routing and account number of the external account. Bank of America will send two small test deposits to verify ownership; you will need to confirm the amounts to complete the link.

Understanding Bank of America savings account fees

The regular Savings Account has no monthly maintenance fee. The Premium Savings Account charges $25 per month unless you maintain a minimum balance (usually $10,000 to $25,000, depending on your region) or have a may have access to direct deposit. The Money Market Account also charges a monthly fee unless you meet a minimum balance requirement.

All Bank of America savings accounts charge $35 for overdrafts if you somehow spend more than your balance (though this is rare on savings accounts). There is no fee for transfers between your own accounts, and no fee for receiving transfers from other people. If you close your account within 90 days of opening, Bank of America may charge a $25 early closure fee, though this is waived if you have a valid reason (such as a banking error).

Interest rates on savings accounts change based on the Federal Reserve's rate decisions. Bank of America's rates are typically lower than online-only banks, but higher than many traditional brick-and-mortar banks. Check the current rate on bankofamerica.com before you open, because rates vary by account type and region.

What happens after your account is open

Once your account is active, you can deposit money by transferring from another bank, using a Bank of America ATM, or visiting a branch with cash. You can withdraw money at any Bank of America ATM for free, or at any ATM in the Allpoint network (over 55,000 ATMs worldwide). Withdrawals from non-Bank of America ATMs may charge a fee from the ATM operator, though Bank of America does not charge you.

You can also withdraw money in person at any Bank of America branch. If you need to move money out of your savings account, you can transfer it to your checking account instantly (if linked) or to an external bank account (which takes 1 to 3 business days). Federal law limits you to six withdrawals or transfers per month from a savings account; if you exceed this, Bank of America may charge a fee or convert your account to a checking account.

Set up online banking access if you have not already. Log into bankofamerica.com with your username and password to view your balance, set up alerts, and manage transfers. You can also download the Bank of America mobile app to check your balance and deposit checks by taking a photo.

Frequently Asked Questions

Can I open a Bank of America savings account if I have been denied before?

If you were denied because of a ChexSystems flag, you can request your report at chexsystems.com and dispute any errors. If the flag is accurate (unpaid overdrafts, for example), wait 3 to 5 years for it to age off, or pay the debt and ask the original bank to remove the flag. Bank of America may reconsider your application after the flag is cleared.

How long does it take to receive my debit card?

Bank of America does not issue debit cards for savings accounts. You can withdraw money at ATMs or branches, or transfer it to a checking account that has a debit card. If you want a debit card, open a checking account instead.

What is the difference between a savings account and a money market account at Bank of America?

A Money Market Account offers a higher interest rate but requires a larger minimum balance and limits you to fewer withdrawals per month. A regular Savings Account has lower interest but no balance requirement and more withdrawal flexibility. Choose based on how much money you plan to keep and how often you need to access it.

Can I open an account for someone else or as a joint account?

You can open a joint savings account online if both account holders provide their ID and Social Security number during signup. You can also open an account for a minor (under 18) as a custodial account, though you will need to visit a branch with the minor's birth certificate and your ID.

What if I do not have a Social Security number?

Bank of America requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you do not have either, you may be able to open an account at a branch with additional documentation, such as a passport and proof of address. Call 1-800-432-1000 to ask about your specific situation.