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. Online takes about 10 minutes. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit—usually $25 minimum, though this varies by account type and current promotions.
Bank of America offers several savings account types: the regular Savings Account, the Money Market Account (which requires a higher opening deposit and pays interest rates that move with the market), and the Growth Savings Account (designed for customers who want to build savings gradually). Each has different minimum balance requirements and interest rates. Check the Bank of America website or call 1-800-432-1000 to see which account fits your situation.
If you already have a checking account with Bank of America, opening a savings account is faster—you can link it to your existing profile and skip some verification steps. If you are opening your first account with the bank, the process takes slightly longer because they will verify your identity more thoroughly.
Key Takeaways
- You need a valid government ID, Social Security number, and a minimum opening deposit (usually $25) to open any Bank of America savings account.
- Online account opening takes about 10 minutes and is available 24/7; phone and in-person options are also available during business hours.
- Bank of America offers multiple savings account types with different interest rates and minimum balance requirements, so compare them before you choose.
- If you already bank with Bank of America, linking a new savings account to your existing profile speeds up the process.
- Your initial deposit can come from a debit card, another bank account, or cash if you open in person at a branch.
Opening an account online
Go to bankofamerica.com and select "Open an Account" from the homepage. You will be asked to choose your account type (Savings, Money Market, or Growth Savings), then enter your personal information: name, date of birth, address, phone number, email, and Social Security number. Bank of America will run a soft credit check at this point—this does not affect your credit score.
Next, you will verify your identity. Bank of America uses a process called knowledge-based authentication, which means they ask you questions about your financial history that only you should know (previous addresses, past loans, credit card accounts). Answer these correctly and your identity is confirmed instantly. If you cannot answer them or answer incorrectly, you will be directed to verify by phone or in person instead.
Once verified, you will fund your account. You can transfer money from another bank account using routing and account numbers, or use a debit card. The transfer typically arrives within one to two business days. After funding, your account is active and you can begin using it immediately, though the full transfer may still be processing.
Opening an account by phone
Call Bank of America at 1-800-432-1000 and tell the representative you want to open a savings account. They will walk you through the same information collection process: personal details, Social Security number, and account type selection. Phone verification is slower than online because the representative must manually enter your information and may need to ask additional questions to confirm your identity.
The representative will ask how you want to fund the account. You can provide a debit card number, routing and account number from another bank, or arrange to deposit cash at a branch. If you use a debit card or bank transfer, the deposit posts within one to two business days. If you deposit cash in person, the account is funded immediately.
After the call ends, you will receive a confirmation email with your new account number and login credentials. You can log into your account online or through the Bank of America mobile app right away, even if your deposit is still processing.
Opening an account in person at a branch
Visit any Bank of America branch with your government-issued ID and Social Security number. A banker will help you choose an account type and collect your information. This route is useful if you want to ask questions about account features, interest rates, or which account type makes sense for your situation. It also lets you deposit cash immediately, which funds your account on the spot.
Bring your ID and know your Social Security number. If you have a debit card from another bank, bring that too—it speeds up the funding process. The banker will verify your identity in person (no knowledge-based questions needed) and set up your account. You will leave with your account number and can start using the account the same day.
Branch hours vary by location. Use the Bank of America branch locator on their website to find the nearest branch and confirm hours before you go. Some branches have limited hours on weekends or may be closed on certain holidays.
What happens after you open the account
Your account is active as soon as you complete the opening process, but your initial deposit may take one to two business days to arrive if you transferred it from another bank. During that time, your account balance shows as zero, but you can still log in and see your account details. Once the deposit clears, your balance updates and you can withdraw or transfer money.
Bank of America will send you a debit card for your savings account if you request one, though it is not required. You can also withdraw money using your online banking login, the mobile app, or by visiting a branch. Savings accounts have federal limits on how many withdrawals you can make per month (currently six), though Bank of America does not charge a fee if you exceed this—the limit is a regulatory rule, not a bank rule.
You will receive your first statement within 30 days. Bank of America offers paperless statements by default, but you can request paper statements if you prefer. Interest on your savings account begins accruing as soon as your deposit clears, though the rate depends on your account type and current market conditions.
Funding your account with different payment methods
Bank of America accepts several ways to fund your new savings account. A debit card from any U.S. bank works instantly online or by phone—just provide the card number, expiration date, and CVV. A bank transfer from another account takes one to two business days and requires the routing number and account number of the account you are transferring from. Cash deposits at a branch fund the account immediately and are useful if you do not have a debit card or another bank account.
If you are opening the account in person, you can also ask the banker about other funding options specific to your situation. Some customers link their new savings account to an existing Bank of America checking account and transfer money between them, which posts instantly.
Frequently Asked Questions
Do I need to have a Bank of America checking account to open a savings account?
No. You can open a savings account as your first Bank of America account. However, if you already have a checking account with them, the process is slightly faster because your identity is already verified in their system.
What is the minimum opening deposit?
The minimum opening deposit is usually $25 for a regular Savings Account, but Money Market Accounts and Growth Savings Accounts may have higher minimums. Check the Bank of America website or call 1-800-432-1000 to confirm the current minimum for the account type you want.
How long does it take to open an account online?
Online account opening typically takes 10 to 15 minutes from start to finish, assuming your identity verifies instantly through the knowledge-based authentication process. If you cannot answer the verification questions, you will need to verify by phone or in person, which adds time.
Can I open a savings account if I have had banking problems in the past?
Bank of America checks ChexSystems, a banking history database, when you open an account. A negative history (unpaid overdrafts, fraud, or closed accounts) may result in denial. If you are denied, ask the bank why and whether you can appeal or open a second-chance account instead.
When does interest start accruing on my savings account?
Interest begins accruing as soon as your deposit clears and posts to your account, which is usually one to two business days after you fund it. The interest rate depends on your account type and current market conditions; Bank of America publishes rates on their website.