Check your account type on the Bank of America website or app
The fastest way to find out is to log into your Bank of America account online or through the mobile app and look at your account summary. Your account type appears right next to your account number — it will say "Checking" or "Savings" in plain text. If you have multiple accounts, each one lists its type separately.
On the website, go to Accounts and look at the account list on the left side. On the mobile app, tap the account name at the top of the screen and scroll to see the account details. The account type is displayed prominently, usually in the first section of information about that account.
If you cannot access your account online, you can call Bank of America customer service at 1-800-432-1000 and give them your account number. They will tell you the account type immediately. You can also visit a Bank of America branch in person with your debit card or ID.
Key Takeaways
- Your account type appears next to your account number in the Bank of America website or app under your account summary.
- Checking accounts are designed for frequent deposits and withdrawals, while savings accounts are meant to hold money and earn interest.
- Bank of America checking accounts typically come with a debit card and allow unlimited transactions, while savings accounts limit how many times you can withdraw per month.
- If you are unsure which type you need, call 1-800-432-1000 or visit a branch to discuss your banking habits with a representative.
What checking accounts are used for
A checking account is designed for everyday money movement. You can deposit paychecks, pay bills, write checks, use a debit card, and withdraw cash as often as you want without penalty. Bank of America checking accounts do not earn interest on your balance.
Most checking accounts come with a debit card, online bill pay, and the ability to set up automatic transfers. There are no limits on how many times you can withdraw or transfer money out in a month. Bank of America offers several checking account options, including SafePass Checking, Interest Checking, and Premium Checking, each with different monthly fees and minimum balance requirements.
What savings accounts are used for
A savings account is meant to hold money and earn interest on it. Bank of America savings accounts pay a small amount of interest based on your balance, though the rate changes and is typically very low. You can deposit money freely, but federal law limits how many times you can withdraw or transfer money out per month.
Bank of America savings accounts have no debit card and are not meant for frequent transactions. They work best if you want to set aside money and let it sit, earning whatever interest the bank pays. Bank of America offers regular savings accounts and money market savings accounts, which typically require a higher minimum balance but pay slightly more interest.
The difference in fees and minimum balances
Bank of America checking accounts usually charge a monthly maintenance fee unless you meet certain conditions. These conditions vary by account type but often include keeping a minimum balance, setting up direct deposit, or maintaining a linked savings account. Some checking accounts waive the fee if you maintain a balance of $500 to $1,500, depending on the account.
Savings accounts also have monthly maintenance fees that can be waived by maintaining a minimum balance, typically $300 to $500. The specific fee amounts and minimum balance requirements change, so check your account documents or the Bank of America website for the current terms on your specific account type.
If you are not meeting the conditions to waive fees, you can call 1-800-432-1000 and ask whether you may have access to for a fee waiver or whether switching to a different account type would lower your costs.
How to switch between account types
If you have determined your account type and want to change it, you can convert an existing account or open a new one. To convert an existing account, log into your Bank of America account online, go to the account settings, and look for the option to change account type. Not all accounts can be converted, so you may need to open a new account instead.
You can open a new account through the Bank of America website, mobile app, or by visiting a branch. If you open a new account online, you will need your Social Security number, a government-issued ID, and an initial deposit. Once the new account is open, you can transfer money from your old account to your new one and close the old account if you no longer need it.
What happens if you exceed withdrawal limits on a savings account
Federal law allows banks to limit withdrawals and transfers from savings accounts to six per month. If you exceed this limit, Bank of America may charge a fee for each excess transaction, typically $10 per transaction. The bank may also convert your account to a checking account or close it if you repeatedly exceed the limit.
The six-transaction limit applies to withdrawals and transfers out of the account, but not to deposits. Transfers made through the Bank of America app or website count toward the limit, as do phone transfers and in-person withdrawals at a branch. ATM withdrawals also count.
Frequently Asked Questions
Can I have both a checking and savings account at Bank of America?
Yes. Most people have both. You can use checking for everyday spending and bills, and savings to set aside money and earn interest. Bank of America allows you to link them together so you can transfer money between them easily through the app or website.
What if I do not remember opening my account and do not know which type it is?
Call 1-800-432-1000 with your account number or the phone number associated with your account. A representative will tell you the account type and explain what it is used for. You can also visit a branch with your ID or debit card.
Does Bank of America checking account earn interest?
Standard checking accounts do not earn interest. Bank of America does offer an Interest Checking account that pays a small amount of interest, but the rate is typically very low. Ask a representative whether you currently have this account type or whether switching would benefit you.
What is the minimum balance needed to avoid fees?
The minimum balance varies by account type. Some checking accounts require $500 to $1,500 to waive the monthly fee, while others waive it if you set up direct deposit. Savings accounts typically require $300 to $500. Check your account documents or log into your account online to see the exact requirement for your account.
Can I use my savings account debit card to make purchases?
Savings accounts do not come with debit cards. If you need a card for purchases, you need a checking account. You can keep both accounts open and use checking for everyday spending while keeping savings for money you want to set aside.