What you need to open a Bank of America savings account
You can open a Bank of America savings account in person at a branch, online through their website, or by phone. 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 accounts may have different requirements depending on the product you choose.
If you are opening online, you can complete the entire process from your computer or phone without visiting a branch. The online application takes about 10 minutes. If you open in person, bring your ID and have your Social Security number ready. By phone, a representative will walk you through the same questions.
Key Takeaways
- You need a valid ID, Social Security number, and an initial deposit to open a savings account, though Bank of America does not require a minimum deposit for most accounts.
- Online applications take about 10 minutes and you can fund the account immediately from an existing bank account or debit card.
- In-person applications at a branch let you ask questions and receive help on the spot, and your account opens the same day.
- Your account number and routing number are available immediately after opening, so you can set up direct deposit or transfers right away.
Opening an account online
Go to bankofamerica.com and select "Open an account" from the homepage. You will be asked to choose which type of savings account you want—Bank of America offers several, including the standard Savings Account and the Premium Savings Account. The difference is mainly in interest rates and monthly fees, which vary based on your balance. Choose the one that fits your situation, then proceed to the application.
Enter your personal information: full name, date of birth, address, phone number, and email. You will be asked for your Social Security number. Bank of America verifies this information against credit bureaus and fraud databases to confirm your identity. This verification is instant in most cases, though occasionally it may take a few minutes.
Next, you will link a funding source. You can transfer money from another bank account (using your routing and account number), or you can fund it with a debit card. The transfer usually arrives within one to two business days if you use another bank account, or immediately if you use a debit card. You do not have to fund the account on the day you open it—you can do it later—but you must make at least one deposit within a certain timeframe to keep the account active.
After you submit the application, you will receive a confirmation email with your new account number and routing number. Your account is active immediately, even if your initial deposit has not yet arrived.
Opening an account in person at a branch
Find your nearest Bank of America branch using their branch locator on bankofamerica.com. Bring your valid ID and know your Social Security number. You do not need to call ahead—walk-in applications are accepted during business hours. A representative will ask you the same questions as the online form and will help you choose which savings account type suits your needs.
The representative will verify your identity and run the same fraud and credit checks as the online process. This usually takes 5 to 10 minutes. Once approved, your account opens immediately. You can make your initial deposit in cash, by check, or by transfer from another account. If you deposit cash or a check, it is available in your account right away (though the check may take a few business days to fully clear).
You will receive your debit card, account number, and routing number before you leave the branch. Some branches can issue a temporary debit card on the spot; others will mail it to you within 7 to 10 business days. Ask the representative which applies at your branch.
Opening an account by phone
Call Bank of America at 1-800-432-1000 to open a savings account over the phone. A representative will walk you through the application step by step. Have your ID and Social Security number ready. The call usually takes 15 to 20 minutes.
You will need to provide a funding source—either another bank account or a debit card—to complete the application. The representative will verify your identity and run the same checks as online or in-person applications. Once approved, your account opens immediately, and the representative will provide your account number and routing number over the phone. Write these down or ask them to email the information to you.
Your debit card will be mailed to you within 7 to 10 business days. In the meantime, you can use your account number and routing number to set up direct deposit or transfers from another account.
What happens after you open the account
Your savings account is ready to use as soon as it opens. You can transfer money in from another bank account, deposit cash or checks at a branch, or set up direct deposit from your employer. Your debit card arrives by mail within 7 to 10 business days if you did not receive it in person at a branch.
Bank of America charges a monthly maintenance fee on most savings accounts, though the fee is waived if you maintain a certain balance or have a may have access to direct deposit. The balance requirement and fee amount vary by account type. Check your account details online or ask a representative what applies to your specific account.
You can manage your account online through bankofamerica.com or through the Bank of America mobile app. You can view your balance, transfer money between accounts, pay bills, and set up alerts for low balances or large transactions. All of these features are available immediately after your account opens.
Funding your account after opening
You have several ways to add money to your savings account after it opens. The fastest method is a transfer from another bank account using your Bank of America account number and routing number—this usually takes one to two business days. You can also deposit cash or checks at any Bank of America branch, and the money is available immediately (though checks take a few business days to fully clear).
If your employer offers direct deposit, you can set it up using your account number and routing number. Direct deposits typically arrive on your regular payday. You can also transfer money from a debit card, though Bank of America may charge a fee for this depending on the card issuer.
If you are transferring from another bank, you will need that bank's routing number and your account number there. Bank of America's routing number varies by state, so make sure you use the correct one for your location—you can find it on your statements or by calling 1-800-432-1000.
Frequently Asked Questions
Do I need to have another Bank of America account to open a savings account?
No. You can open a savings account as your first Bank of America account. You do not need an existing checking account or any other product with the bank.
Can I open an 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 have an ITIN, you can use that instead. Contact a branch or call 1-800-432-1000 to discuss your specific situation.
What is the difference between Bank of America's savings accounts?
The main differences are interest rates and monthly fees. The standard Savings Account has a lower interest rate but may have a lower or no monthly fee depending on your balance. The Premium Savings Account offers a higher interest rate but may have a higher monthly fee. Compare the current rates and fee structures on bankofamerica.com before opening.
How long does it take to open an account online?
The online application takes about 10 minutes to complete. Your account opens immediately after you submit it, though your initial deposit may take one to two business days to arrive if you are transferring from another bank.
Can I close my savings account if I change my mind?
Yes. You can close your account online, at a branch, or by phone. Withdraw or transfer any remaining balance first. Bank of America does not charge a fee to close an account, but some accounts may have early closure restrictions—check your account terms or ask a representative.