What you need to open a Bank of America savings account
Bank of America lets you open a savings account in person at a branch, online through their website, or by phone. You will need a government-issued photo ID (a driver's license, passport, or state ID card), your Social Security number, and an initial deposit. The initial deposit amount varies — some accounts require $25, while others require $100 or more depending on which savings product you choose.
If you are opening an account online, you will also need a valid email address and a phone number where Bank of America can reach you. The online process typically takes 10 to 15 minutes and you can fund the account when ready using a debit card, another bank account, or a wire transfer.
If you do not have a government ID yet, you can still visit a branch in person and speak with a banker about other forms of identification they may accept. Some branches can work with you on this, though policies vary by location.
Key Takeaways
- You will need a photo ID, Social Security number, and an opening deposit to start a savings account at Bank of America.
- Opening online takes about 10 to 15 minutes and you can fund the account the same day using a debit card or another bank account.
- Bank of America offers different savings products with different opening deposit amounts, so compare them before you choose.
- If you open in person at a branch, a banker can answer questions about which account fits your situation and help you through each step.
Opening an account online
Go to the Bank of America website and look for the "Open an Account" button, usually found on the homepage. Select "Savings" as your account type. You will be asked to enter your personal information: your full name, date of birth, Social Security number, address, phone number, and email address. Bank of America will ask you to create a username and password for online banking.
Next, you choose which savings product you want. Bank of America offers several: the Regular Savings account, the Advantage Savings account, and others. Each has different opening deposit requirements and different monthly fees (or ways to avoid them). Read the details for each one before you decide — the differences matter for how much you will pay to keep the account open.
Once you have chosen your account type, you will fund it. You can link a debit card, enter another bank account number, or arrange a wire transfer. The money usually appears in your new savings account within one business day. Bank of America will send you a confirmation email, and you can log in to your account right away to see your balance.
Opening an account at a Bank of America branch
Find a branch near you using the Bank of America branch locator on their website or by calling 1-800-432-1000. Bring your photo ID, Social Security number, and your opening deposit (in cash or on a debit card). You do not need an appointment, though calling ahead during busy times can save you a wait.
A banker will sit with you and explain the different savings accounts available. They will answer questions about monthly fees, interest rates, and what you need to do to avoid charges. This is a good time to ask about anything you do not understand — the banker's job is to help you choose the right account for your situation.
The banker will fill out the account paperwork with you, verify your information, and process your opening deposit. You will receive a debit card (if you want one) and information about how to set up online banking. The whole process usually takes 20 to 30 minutes.
Understanding Bank of America savings account types
Bank of America's Regular Savings account has a low opening deposit (often $25) and is designed for people just starting to save. It earns a small amount of interest, though the rate is typically very low. There is a monthly maintenance fee, but you can avoid it by keeping a minimum balance (usually $300 to $500) or by setting up direct deposit.
The Advantage Savings account requires a higher opening deposit (usually $100) and has a higher monthly fee. However, it may offer a slightly better interest rate and more features. Again, you can waive the monthly fee by maintaining a minimum balance or using direct deposit.
Bank of America also offers a Money Market Savings account, which typically requires a larger opening deposit and offers higher interest rates, but also has higher monthly fees. Compare the opening deposit, the monthly fee, the interest rate, and the ways to avoid fees before you choose. The right account depends on how much money you plan to keep in savings and how often you plan to add to it.
Setting up online and mobile banking after you open
Once your account is open, you can log in to Bank of America's website or read their mobile app to manage your account. You will use the username and password you created during opening. Online banking lets you check your balance, transfer money between your accounts, set up automatic transfers to savings, and monitor your interest earnings.
Many people use online banking to set up automatic transfers — for example, moving $25 from checking to savings every payday. This is one of the easiest ways to build savings without thinking about it. You can change or stop the transfer anytime.
The Bank of America mobile app works the same way as the website. Some people find it easier to check their balance and make transfers on their phone. You can also use the app to find nearby branches and ATMs, deposit checks by taking a photo, and contact customer service.
What happens after your account opens
Bank of America will send you a welcome packet in the mail with information about your account, your account number, and how to order checks if you want them (though most people do not use checks for savings accounts). You may also receive information about other Bank of America products, like credit cards or loans — you do not have to open any of these.
Your savings account will start earning interest right away, though the amount is usually small. Bank of America pays interest monthly, meaning the interest gets added to your account balance each month. Over time, as your balance grows, you earn interest on the interest — this is called compound interest.
If your balance drops below the minimum required to avoid the monthly fee, Bank of America will charge you. The fee is usually $5 to $12 per month, depending on which account you have. You can avoid this by keeping your balance above the minimum or by setting up direct deposit from your employer or benefits.
Frequently Asked Questions
Can I open a Bank of America savings account if I do not have a Social Security number?
Bank of America requires a Social Security number or an Individual Taxpayer Identification Number (ITIN) to open an account. If you have an ITIN but not a Social Security number, bring documentation of your ITIN to a branch and ask whether you can open an account. Policies vary, so calling ahead at 1-800-432-1000 can save you a trip.
How much interest will I earn in a Bank of America savings account?
Interest rates change frequently and vary by account type and market conditions. Bank of America's savings accounts typically earn less interest than online banks or credit unions. You can see the current rate on the Bank of America website or by asking a banker at a branch. The interest is paid monthly and added to your balance.
What is the minimum balance I need to keep in the account?
The minimum balance to avoid monthly fees varies by account type — usually between $300 and $500 for basic savings accounts. If your balance drops below the minimum, you will be charged a monthly fee. You can check the exact minimum for your account type on the Bank of America website or by calling 1-800-432-1000.
Can I have more than one savings account at Bank of America?
Yes. Many people open multiple savings accounts to save for different goals — one for an emergency fund, one for a vacation, one for a car. Each account has its own balance and earns interest separately. You can transfer money between your own accounts anytime through online banking.
How long does it take to receive my debit card after opening?
If you open in person at a branch, you may receive a temporary debit card right away. Your permanent card usually arrives in the mail within 7 to 10 business days. If you open online, your debit card will be mailed to you. You can use online banking and ATMs before your physical card arrives.