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 fastest route is online at bankofamerica.com, which takes about 10 minutes if you have your documents ready. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit—Bank of America does not require a minimum opening deposit for most savings accounts, though some account types do.
If you are opening an account online, you will also need a debit card or checking account at another bank to fund your initial deposit. If you open in person or by phone, you can deposit cash or a check instead. Have your address, phone number, and email ready before you start.
If you are under 18, a parent or legal guardian must open the account with you or sign off on it. Bank of America offers student savings accounts for minors, which have different rules than adult accounts.
Key Takeaways
- You can open online in about 10 minutes with a valid ID, Social Security number, and an initial deposit method.
- Bank of America does not require a minimum opening deposit for most savings accounts, though some specialty accounts do.
- Online opening is fastest; in-person or phone opening lets you deposit cash or checks instead of using another bank's debit card.
- After opening, you can set up automatic transfers from checking to savings, link external accounts, or deposit checks by phone or mobile app.
Opening online step by step
Go to bankofamerica.com and click "Open an account" or "Open a savings account." You will be asked whether you are a new customer or an existing Bank of America customer. If you already have a checking account with them, the process is faster because they already have your identity verified.
Select the type of savings account you want. Bank of America offers several: a standard savings account, a money market account (which pays higher interest but requires a larger balance), and specialty accounts like the Advantage Savings account. Read the interest rate and any monthly fees for each before choosing. The standard savings account has no monthly maintenance fee if you keep a $300 minimum balance; if your balance drops below that, you pay $3 per month.
Enter your personal information: full name, date of birth, address, phone number, email, and Social Security number. Bank of America will run a soft credit check and verify your identity using information from credit bureaus. This does not affect your credit score. You will be asked security questions (like your mother's maiden name or a previous address) to confirm your identity.
Link a funding source. If you are a new customer, you must use a debit card or checking account from another bank to make your initial deposit. Enter the card or account number and the amount you want to deposit. Bank of America will verify the account by depositing two small amounts (usually under $1 each) into it, then asking you to confirm those amounts. This takes one to two business days.
Review and sign the account agreement, then submit. You will receive a confirmation email with your account number and routing number. Your account is open immediately, though the initial deposit may take one to two business days to appear.
Opening in person at a branch
Find your nearest Bank of America branch using the branch locator at bankofamerica.com. Bring your valid ID, Social Security number, and your initial deposit (cash, check, or debit card). You do not need an appointment, though calling ahead during busy times can save you a wait.
Tell the banker you want to open a savings account. They will ask the same questions as the online form: your address, phone, email, and Social Security number. They will verify your identity using your ID and may ask security questions. The whole process takes 15 to 20 minutes.
Make your initial deposit. You can deposit cash, a check, or use a debit card. The banker will give you a temporary debit card or account number on the spot, and your account is active immediately. If you deposited a check, it will clear in one to two business days.
Opening by phone
Call Bank of America at 1-800-432-1000 to open a savings account by phone. Have your ID, Social Security number, and initial deposit method ready. A banker will walk you through the same questions as the online or in-person process.
You will need to make an initial deposit by debit card, checking account transfer, or by mailing a check to the address they provide. If you use a debit card or transfer, the deposit posts in one to two business days. If you mail a check, allow five to seven business days.
What happens after you open your account
Bank of America will mail you a debit card and checks (if you requested them) within 7 to 10 business days. Until they arrive, you can access your account through the mobile app or online banking to transfer money, set up automatic deposits, or link external accounts.
Set up automatic transfers from your checking account to savings if you want to build your balance on a schedule. You can do this through online banking or the mobile app. Bank of America allows up to six transfers or withdrawals per month from a savings account; after that, you may be charged a fee or the account may be converted to a checking account.
Link external bank accounts if you want to transfer money from other banks into your savings account. This takes one to two business days to verify. After that, transfers are usually instant or next-business-day.
Monthly fees and minimum balance requirements
The standard Bank of America savings account charges a $3 monthly maintenance fee if your balance falls below $300. If you keep $300 or more, there is no fee. Some accounts, like the Advantage Savings account, have different minimums and fee structures—check the account details before opening.
Interest rates on savings accounts change based on the Federal Reserve's rate decisions. Bank of America's savings rates are typically lower than online-only banks, but you get access to physical branches and 24/7 customer service. Check bankofamerica.com for the current rate on the account type you are considering.
You can make up to six withdrawals or transfers per month from a savings account without penalty. After six, Bank of America may charge a fee or convert your account to a checking account. This rule applies to all withdrawals, whether by ATM, transfer, or debit card.
If you already have a Bank of America checking account
Opening a savings account is faster if you are already a Bank of America customer. Log into your online banking or mobile app, go to "Accounts," and select "Open a new account." You can open a savings account in about five minutes because Bank of America already has your identity verified and your banking information on file.
You can fund the new savings account by transferring money from your existing checking account. The transfer is instant. You do not need to provide a debit card or external account number.
Frequently Asked Questions
Do I need a minimum deposit to open a Bank of America savings account?
No. Most Bank of America savings accounts do not require a minimum opening deposit. However, some specialty accounts like money market accounts may have higher minimums. Check the account details before opening to see if the account type you want has a minimum.
How long does it take to open an account online?
Online opening takes about 10 minutes if you have your ID, Social Security number, and a funding source ready. Your account is active immediately, though your initial deposit may take one to two business days to appear.
Can I open a savings account 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 with a passport and additional documentation, but policies vary by branch. Call 1-800-432-1000 or visit a branch to ask about your specific situation.
What is the interest rate on a Bank of America savings account?
Interest rates change based on Federal Reserve decisions and vary by account type. Check bankofamerica.com or call 1-800-432-1000 for the current rate. Online-only banks typically offer higher rates, but Bank of America offers branch access and 24/7 support.
Can I open a joint savings account?
Yes. Both account holders must be present in person or provide signed authorization. If opening online, you will need to complete the process separately and then contact Bank of America to link the accounts. Call 1-800-432-1000 for help setting up a joint account.