Bank of America's minimum deposit depends on the account type you choose

Bank of America does not charge a single minimum deposit across all accounts. Instead, each account type has its own requirement — some accounts have no minimum at all, while others require $100 or more to open. The account you pick determines what you need to bring to the bank or transfer online.

Most people opening a checking or savings account at Bank of America will encounter one of three scenarios: no minimum deposit required, a $100 minimum, or a $500 minimum. Which one applies to you depends on whether you are opening a basic account, a premium account, or an account that comes with extra features like investment access or higher interest rates.

Key Takeaways

  • Bank of America's Advantage SafePass checking account and regular savings account have no minimum deposit to open.
  • The Advantage Plus checking account requires a $100 minimum deposit at the time you open it.
  • Premium accounts like Preferred Rewards require a $500 minimum deposit or enrollment in direct deposit.
  • You can deposit money in person at a branch, transfer it from another bank account, or deposit a check using the mobile app.
  • The minimum deposit is separate from monthly maintenance fees, which vary by account type and can be waived under certain conditions.

Checking accounts: what each type requires

Bank of America offers several checking accounts with different minimums. The Advantage SafePass checking account has no minimum deposit requirement — you can open it with zero dollars and add money later. This account comes with basic features: a debit card, online banking, and mobile check deposit.

The Advantage Plus checking account requires a $100 minimum deposit to open. This account includes overdraft protection and slightly more features than SafePass, but still carries a monthly maintenance fee unless you meet waiver conditions (such as maintaining a $1,500 daily balance or setting up direct deposit).

If you want a premium checking experience, the Preferred Rewards checking account requires either a $500 minimum deposit or enrollment in direct deposit. This account is designed for customers who also use Bank of America's investment or wealth management services.

Savings accounts: minimum deposits and interest rates

Bank of America's regular savings account has no minimum deposit to open. You can start with any amount and grow your balance over time. This account earns interest, though the rate is typically lower than what you might find at online banks.

If you want a higher interest rate, Bank of America offers money market accounts, which may have a $2,500 minimum deposit. Money market accounts function like savings accounts but often come with check-writing privileges and higher interest rates in exchange for the larger opening deposit.

How to make your deposit when you open an account

Once you have decided which account type fits your needs, you have several ways to meet the minimum deposit requirement. You can visit a Bank of America branch in person and hand over cash or a check. The teller will process your deposit immediately, and your account opens the same day.

If you prefer not to visit a branch, you can transfer money from another bank account during the online application process. Bank of America will provide you with routing and account numbers so you can initiate an ACH transfer from your existing bank. This transfer typically takes one to three business days to complete, so your account may not be fully active until the money arrives.

You can also deposit a check using the Bank of America mobile app after your account opens, though this does not count toward your opening minimum — the minimum must be deposited before or during account opening.

Monthly fees and how to avoid them

The minimum deposit gets your account open, but it is separate from the monthly maintenance fee that Bank of America charges on most accounts. The Advantage SafePass checking account has a $12 monthly fee, and the Advantage Plus has a $12 monthly fee as well. Both can be waived if you meet certain conditions.

Common fee waivers include setting up direct deposit, maintaining a daily balance of $1,500 or more, or enrolling in paperless statements. Preferred Rewards accounts may have higher fees but offer more perks, such as higher interest rates on savings or fee reductions on other services.

Read the account terms carefully before opening, because the fee structure can change and varies by state. Some states have different rules about what fees banks can charge.

What happens if you do not meet the minimum

If you try to open an account but do not have enough money for the minimum deposit, Bank of America will not open the account. You will need to either bring the required amount or choose a different account type with a lower minimum.

If you open an account with the minimum and then your balance drops below it later, Bank of America does not close the account or charge you a penalty. The minimum deposit is only a requirement at the moment you open — after that, your balance can go as low as zero without triggering account closure.

Frequently Asked Questions

Can I open a Bank of America account with no money at all?

Yes, if you choose the Advantage SafePass checking account or the regular savings account, both have zero minimum deposit. You can open either account and deposit money whenever you are ready, though you may want to add funds soon to avoid monthly maintenance fees.

Do I have to bring cash to open an account?

No. You can transfer money from another bank account, deposit a check by mail, or use the mobile app to deposit a check after your account opens. If you visit a branch, you can also write a check from another bank as your opening deposit.

What if I do not have $500 for the Preferred Rewards account?

You can open an Advantage Plus or Advantage SafePass account instead, both of which have lower or no minimums. Once your balance grows, you can later move to Preferred Rewards or open a second account if Bank of America's premium features become worth it to you.

Does the minimum deposit count toward my first month's balance?

Yes. The money you deposit to meet the minimum becomes part of your account balance immediately. If you deposit $100 to meet a minimum and then add $50 more, your balance is $150.

Can Bank of America freeze my account if my balance drops below the minimum after opening?

No. The minimum deposit is only required when you open the account. After that, your balance can drop to zero without penalty or account closure, though you will still owe any monthly maintenance fees unless they are waived.