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 process takes about 10 to 15 minutes if you do it online. 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 or more, though some accounts have no minimum.
If you already have a Bank of America checking account, opening a savings account is faster because the bank already has your information on file. You can link the two accounts immediately, which lets you transfer money between them without delay.
If you are opening your first Bank of America account, have your address, phone number, and email ready. The bank will verify your identity using information from credit bureaus, so the process is automatic and happens during signup.
Key Takeaways
- You need a valid ID, Social Security number, and an opening deposit of at least $25 to start a Bank of America savings account online or in a branch.
- Online signup takes 10 to 15 minutes and you can begin using the account the same day once your initial deposit clears.
- Bank of America offers several savings account types with different interest rates and features, so compare them before you choose.
- Once your account is open, you can set up automatic transfers from checking to savings to build your balance without thinking about it.
- Monthly maintenance fees apply to some accounts, but you can waive them by keeping a minimum balance or setting up direct deposit.
Bank of America savings account types and their differences
Bank of America offers three main savings accounts: the Regular Savings Account, the Premium Savings Account, and the Advantage Savings Account. The Regular Savings Account has no monthly fee and no minimum balance requirement, making it the simplest choice for most people. Interest rates are low but the account costs nothing to maintain.
The Premium Savings Account requires a higher opening balance (typically $10,000 or more) and pays a slightly higher interest rate in return. It also has a monthly fee unless you meet the balance requirement. This account makes sense only if you already have several thousand dollars to deposit.
The Advantage Savings Account sits between the two. It has a lower opening balance requirement than Premium but higher than Regular, and the interest rate and fees fall in the middle. Bank of America's website shows current rates and fees for each account type, and these change over time.
Steps to open your account online
Go to the Bank of America website and click the link to open a new savings account. You will be asked whether you want to open an account online or in a branch; choose online. The system will ask for your personal information: full name, date of birth, address, phone number, and email.
Next, enter your Social Security number and upload or photograph your ID. Bank of America accepts driver's licenses, passports, and state IDs. The photo must be clear enough to read the expiration date and your name. If the upload fails, you can try again or call the bank to complete the process by phone.
The bank will verify your identity using information from credit bureaus. This usually takes a few seconds, but sometimes the system flags your application for manual review, which can add a day or two. Once you pass verification, you will choose your account type and set up your opening deposit.
You can fund the account by linking an external bank account (which takes one to two business days to verify) or by transferring from an existing Bank of America account (which is instant). After your deposit clears, your account is ready to use.
Opening an account in person at a branch
Bring your ID, Social Security number, and your opening deposit to any Bank of America branch. A banker will walk you through the account setup, answer questions about account types, and help you choose which one fits your needs. The entire process takes 15 to 20 minutes.
Opening in person is useful if you prefer to ask questions face-to-face or if you want to deposit cash immediately. Your account will be active the same day, and you can use your debit card right away if you already have one linked to another Bank of America account.
If you do not have a Bank of America debit card yet, the banker can order one for you during your visit. It typically arrives in five to seven business days.
Setting up automatic transfers and online banking
Once your savings account is open, log into your Bank of America online banking portal or mobile app using your username and password. Go to the Transfers section and select "Set up a transfer." Choose your checking account as the source and your new savings account as the destination.
You can set up automatic transfers on a schedule—weekly, biweekly, or monthly—and choose the amount. Many people set up a small automatic transfer (such as $25 or $50 per paycheck) to build savings without having to remember to move money manually. You can change or stop the transfer at any time.
Enable notifications in your mobile app so you see when transfers happen and when your balance changes. Bank of America also lets you set savings goals within the app, which tracks your progress toward a target amount.
Monthly fees and how to avoid them
The Regular Savings Account has no monthly maintenance fee. The Premium and Advantage accounts charge a monthly fee (typically $3 to $12, depending on the account type) unless you meet certain conditions.
You can waive the fee by keeping a minimum balance in the account—usually $500 to $2,500 depending on the account type. You can also waive it by setting up direct deposit of your paycheck to your Bank of America checking account, or by maintaining a combined balance across multiple Bank of America accounts.
Check the account terms when you open your account to see which fee-waiver options apply to you. If you do not meet any of them, you will be charged the monthly fee on the same day each month.
Linking your savings account to other banks
You can transfer money from your Bank of America savings account to an external bank account, or vice versa. To add an external account, go to the Transfers section of your online banking portal and select "Add an external account."
Enter the routing number and account number of the external bank. Bank of America will send two small test deposits (usually less than $1 each) to that account within one to two business days. You will then log into your external bank's website and confirm the amounts of those deposits to verify you own the account.
Once verified, you can transfer money between the accounts. Transfers to an external bank take one to three business days. Transfers from an external bank to Bank of America also take one to three business days, though some banks process them faster.
Frequently Asked Questions
Can I open a Bank of America savings account if I do not have a Social Security number?
No. Bank of America requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you have an ITIN, you can use it in place of a Social Security number during signup.
What is the interest rate on a Bank of America savings account?
Interest rates vary by account type and change frequently based on market conditions. Check the Bank of America website or call 1-800-432-1000 to see current rates. Rates are typically lower than online-only banks but higher than keeping money in a checking account.
How long does it take to receive my debit card?
A new debit card usually arrives in five to seven business days. You can use your account to transfer money and pay bills online immediately, even before the card arrives. If you need a card faster, some branches can issue a temporary card during your visit.
Can I have multiple savings accounts at Bank of America?
Yes. You can open as many savings accounts as you want. Some people open separate accounts for different goals—one for emergency savings, one for a vacation, one for a down payment. Each account earns interest separately.
What happens if I close my savings account?
You can close your account anytime by calling 1-800-432-1000 or visiting a branch. The bank will send any remaining balance to you by check or transfer it to another account you specify. There is no penalty for closing an account.