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 through their website or mobile app — it takes about 10 minutes and you can fund the account immediately. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit, which can be as small as $0 for most savings accounts, though some accounts have minimum opening deposits.
If you already have a Bank of America checking account, opening a linked savings account is faster because the bank already has your information on file. You can do this entirely online without visiting a branch. If you are opening your first account with the bank, you will need to provide your address, phone number, and employment information during the process.
You will also need a way to fund the account — either a debit card, an existing bank account for a transfer, or cash if you open it in person at a branch. If you are transferring money from another bank, have that account number and routing number ready.
Key Takeaways
- You can open a Bank of America savings account online in about 10 minutes with just your ID, Social Security number, and an initial deposit.
- If you already have a Bank of America checking account, you can add a savings account without leaving home and without repeating your personal information.
- The online process lets you choose your account type, set up automatic transfers, and start earning interest the same day you open it.
- You will need a government ID, your Social Security number, and a way to fund the account — either a debit card, an existing bank account, or cash at a branch.
Opening an account online through the Bank of America website
Go to bankofamerica.com and click "Open an Account" or "get your free guide" in the top navigation. Select "Savings Account" from the account type menu. You will be asked whether you are a new customer or an existing Bank of America customer — choose the correct option because the process differs slightly.
For new customers, the site will ask for your legal name, date of birth, address, phone number, email, and Social Security number. You will also need to provide employment information (employer name and income range). Have your government ID ready because you will need to verify it — the bank uses a third-party service to check your ID against state records, which usually takes seconds but can take a few minutes.
Once your identity is verified, you will choose which savings account product you want. Bank of America offers several: the regular Savings Account, the Premium Savings Account (which requires a higher balance but pays higher interest), and specialized accounts like the College Savings Account. Read the interest rate, monthly fee (if any), and minimum balance requirements for each before choosing.
After selecting your account type, you will set up your initial deposit. You can transfer money from another bank account (you will need the routing number and account number), use a debit card, or link an existing Bank of America account. The transfer usually posts within one to two business days if you use another bank, or immediately if you transfer from an existing Bank of America account.
Opening an account on the Bank of America mobile app
Download the Bank of America mobile app from the Apple App Store or Google Play Store. Open the app and tap "Open an Account" or look for the account opening option in the menu. The process is nearly identical to the website version — you will provide the same personal information and verify your identity using your phone's camera to photograph your ID.
The mobile app version is often slightly faster because it can use your phone's biometric features (fingerprint or face recognition) to verify your identity instead of asking security questions. After you complete the identity verification, you can fund the account using a debit card or by transferring from another bank account, just as you would on the website.
One advantage of the app is that you can open the account and start using it immediately — you can set up automatic transfers, view your balance, and manage your account without waiting for anything to arrive in the mail.
Opening an account in person at a Bank of America branch
Visit any Bank of America branch with your government ID, Social Security number, and the cash or debit card you plan to use for your initial deposit. Tell the representative you want to open a savings account. They will walk you through the same information collection process as the online version, but they can do it on a computer terminal in the branch.
The advantage of opening in person is that you can ask questions about which account type fits your situation, and you can deposit cash immediately without waiting for a transfer to post. If you are not comfortable with online banking or prefer to speak to someone, this is the slowest but most straightforward route.
Bring your Social Security card or a document with your Social Security number on it — the representative will need to verify it. If you do not have your Social Security number memorized, write it down before you go.
What happens after you open your account
Once your account is open, you will receive a debit card in the mail within 7 to 10 business days (if you opened a checking account as well). Your savings account itself does not come with a debit card — it is a deposit account, not a spending account. You access it through online banking, the mobile app, or by visiting a branch.
Your initial deposit will post according to how you funded it. If you transferred from another bank, it usually takes one to two business days. If you used a Bank of America debit card or transferred from an existing Bank of America account, it posts immediately. If you deposited cash at a branch, it posts the same day.
Interest on your savings account begins accruing once the deposit posts. Bank of America publishes its savings account interest rates on its website — these rates change based on Federal Reserve decisions and vary depending on which savings account product you chose. You can view your current interest rate and earnings in the online banking portal or mobile app under "Account Details."
Setting up automatic transfers to your savings account
Once your savings account is open, you can set up automatic transfers from your checking account (or another account) to move money into savings on a schedule you choose. This is useful if you want to build savings without thinking about it each month.
Log into your Bank of America online banking account or mobile app, go to "Transfers," and select "Set Up a Transfer." Choose your checking account as the source and your new savings account as the destination. Enter the amount you want to transfer and how often — weekly, bi-weekly, monthly, or on a specific date each month. Confirm the setup and the transfer will begin on your chosen date.
You can change or cancel automatic transfers anytime through the same menu. There is no fee for setting up or using automatic transfers between your own Bank of America accounts.
Account fees and interest rates to know about
Bank of America's regular Savings Account has no monthly maintenance fee. The Premium Savings Account charges a monthly fee if your balance falls below a certain threshold (this threshold varies and changes, so check the current terms on the Bank of America website). Interest rates for both accounts are published on the website and change periodically.
Some Bank of America savings accounts offer tiered interest rates, meaning you earn a higher rate if you maintain a higher balance. The bank publishes these tiers on its website so you can see exactly what rate you will earn at your balance level.
If you maintain a Bank of America checking account alongside your savings account, you may be may be able to access for a higher interest rate on your savings account through their "Preferred Rewards" program, which offers rate bonuses based on your total relationship balance with the bank.
Frequently Asked Questions
Can I open a Bank of America savings account without a Social Security number?
No. Bank of America requires a Social Security number to open any deposit account. If you do not have a Social Security number, you cannot open an account at Bank of America. Some banks offer accounts for people without Social Security numbers, but Bank of America does not.
How much money do I need to open a savings account?
Most Bank of America savings accounts have no minimum opening deposit — you can open with $0 and deposit money later. Some specialty accounts or premium tiers may have minimum opening deposits, which the bank will disclose before you complete the account opening. Check the specific account terms during the opening process to see if your chosen account type has a minimum.
Can I open a savings account if I have been denied a bank account before?
Bank of America checks ChexSystems, a banking history database, when you apply. If you have unpaid overdrafts, fraud, or other serious issues on your record, you may be denied. However, many people with banking history issues are still approved. The only way to know is to apply — there is no fee to apply, and a denial does not hurt your credit score.
How long does it take to access my money after I open the account?
You can access your savings account immediately through online banking or the mobile app once it is opened. If you made an initial deposit by transfer from another bank, that money usually posts within one to two business days. If you transferred from an existing Bank of America account or deposited cash at a branch, the money is available the same day.
Can I have multiple savings accounts at Bank of America?
Yes. You can open multiple savings accounts and give each one a nickname to track different savings goals — for example, "Emergency Fund" and "Vacation." Each account earns interest separately, and you can transfer money between them anytime through online banking.