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 — you can open the account with no money and add funds later, though some account types have monthly fees if you don't maintain a minimum balance.
You'll also need a way to fund the account: a debit card, another bank account for a transfer, or cash if you open in person. If you're opening online or by phone, you'll need an email address and a phone number where Bank of America can reach you.
If you're under 18, a parent or legal guardian must open the account with you or on your behalf. Bank of America offers student savings accounts with no monthly fees for customers under 25.
Key Takeaways
- You can open a Bank of America savings account online at bankofamerica.com, by calling 1-800-432-1000, or in any branch with just an ID, Social Security number, and initial deposit.
- The minimum opening deposit is $0, but some savings accounts charge a monthly maintenance fee if your balance falls below a set amount (typically $300 to $500).
- Online account opening takes about 10 minutes and you can start using the account the same day for transfers and bill pay, though debit card delivery takes 7 to 10 business days.
- If you maintain a Bank of America checking account or meet other requirements, you may waive the monthly savings account fee.
- Student accounts (for customers under 25) have no monthly fees and no minimum balance requirement.
Opening online through the Bank of America website
Go to bankofamerica.com and click "Open an Account." Select "Savings" from the account type menu. You'll enter your name, date of birth, Social Security number, address, phone number, and email. Bank of America will ask whether you're a current customer; if you are, the process is faster because they already have some of your information on file.
Next, you'll choose which savings account type fits your needs. Bank of America offers the Regular Savings Account (with a monthly fee unless you maintain a minimum balance or meet other conditions), the Advantage Savings Account (lower minimum balance requirement), and the Student Savings Account (no fees for customers under 25). Read the fee schedule for each before you choose — the difference in monthly cost can add up.
You'll then set up your initial deposit by linking a debit card or another bank account. If you link an external bank account, Bank of America will verify it by depositing two small amounts (usually under $1 each) and asking you to confirm those amounts. This verification takes 1 to 2 business days. If you use a debit card, the deposit posts immediately.
Once you submit your application, Bank of America will send a confirmation email within minutes. Your account number appears in the email and in your online banking dashboard right away, so you can start using it for transfers and bill pay the same day. A physical debit card arrives in 7 to 10 business days.
Opening by phone or in a branch
Call Bank of America at 1-800-432-1000 to open a savings account by phone. A representative will walk you through the same questions as the online form and can answer questions about account types and fees in real time. Phone opening takes about 15 to 20 minutes. You'll still need to fund the account by debit card or external transfer, which works the same way as online.
If you prefer to open in person, visit any Bank of America branch with your ID, Social Security number, and initial deposit (cash or debit card). Bring a second form of ID if you have one — a passport, military ID, or utility bill with your current address speeds up the process. In-branch opening takes 20 to 30 minutes and your account is active immediately. You can get a temporary debit card on the spot in some branches, though the permanent card still arrives by mail.
Opening in a branch is useful if you want to ask questions about which account type matches your habits, or if you're uncomfortable providing your Social Security number online. It's also the only option if you don't have an email address or phone number yet.
Understanding Bank of America savings account fees
Bank of America charges a monthly maintenance fee on most savings accounts unless you meet one of these conditions: maintain a minimum balance (usually $300 to $500, depending on the account type), have a may have access to Bank of America checking account linked to it, or are under 25 (for the Student Savings Account). The monthly fee is typically $8 to $12 if you don't meet any of these conditions.
There are no fees for deposits, withdrawals, or transfers between your own Bank of America accounts. If you transfer money to or receive money from accounts outside Bank of America, those transfers are free as long as you use Bank of America's online transfer tool or mobile app. Wire transfers (sending money to accounts at other banks) cost $15 to $30 depending on whether the transfer is domestic or international.
ATM withdrawals are free at any Bank of America ATM. If you use an ATM from another bank, you'll pay that bank's fee (usually $2 to $3), and Bank of America will refund it if you're a Preferred Rewards member or meet other account requirements. Check your specific account terms to see which fee waivers apply to you.
What happens after you open your account
Your savings account is ready to use immediately after you open it, even if your initial deposit is still processing. You can log into your Bank of America online banking account or mobile app right away to see your account number, set up transfers, and monitor your balance. If you opened online or by phone, your debit card arrives in 7 to 10 business days; if you opened in a branch, ask whether they can issue a temporary card on the spot.
Once your account is open, you can set up automatic transfers from your checking account to your savings account. Many people set up a weekly or monthly transfer to build savings without thinking about it. You can also transfer money from external bank accounts using Bank of America's transfer tool, though the first transfer from a new external account takes 1 to 2 business days to verify.
Your savings account earns interest, though the rate is typically very low (often less than 0.01% annually, depending on market conditions). Bank of America posts interest monthly. The amount you earn depends on your balance and the current interest rate, which changes over time.
Linking your savings account to checking and other services
If you have a Bank of America checking account, linking it to your new savings account takes a few minutes in your online banking dashboard. Once linked, you can transfer money between them instantly and for free. Many people link checking and savings so they can move money quickly if they overspend or need cash.
Linking also affects your monthly fees: if you have a may have access to checking account, the monthly maintenance fee on your savings account may be waived. Check your account terms to confirm which checking accounts trigger this waiver.
You can also link your savings account to external bank accounts (accounts at other banks) for transfers. The first time you link an external account, Bank of America deposits two small amounts and asks you to confirm them — this verification takes 1 to 2 business days. After that, transfers to and from the external account take 1 to 3 business days to post.
Frequently Asked Questions
Can I open a Bank of America savings account if I don't have a checking account?
Yes. You can open a savings account on its own. However, if you later open a checking account, linking them may waive the savings account's monthly fee, so it's worth considering both if you plan to bank with Bank of America long-term.
What's the difference between Bank of America's savings account types?
The Regular Savings Account charges a monthly fee unless you maintain a $300 minimum balance or meet other conditions. The Advantage Savings Account has a lower minimum ($100) but a higher monthly fee. The Student Savings Account (for customers under 25) has no monthly fee and no minimum balance. Compare the fee schedules on bankofamerica.com to see which fits your situation.
How long does it take to receive my debit card after opening online?
Debit cards arrive in 7 to 10 business days after you open your account online. Your account is active immediately, so you can transfer money and pay bills right away using your account number. If you open in a branch, ask whether they can issue a temporary card on the spot.
Can I open a savings account for someone else, like a child?
If the person is under 18, a parent or legal guardian must open the account with them or on their behalf. Bank of America offers student savings accounts with no fees for customers under 25. For adults, you can only open an account in your own name or as a joint account if both people are present (in branch) or complete the application together.
What if I don't want to pay the monthly maintenance fee?
Maintain the minimum balance for your account type (usually $300 to $500), link a may have access to checking account, or open a Student Savings Account if you're under 25. You can also call Bank of America at 1-800-432-1000 to ask about fee waivers based on your specific situation.