What you need to open a Bank of America savings account
You can open a Bank of America savings account in person at a branch, online through their website, or by phone. The process takes about 10 to 15 minutes online or over the phone, or 20 to 30 minutes in a branch. You will need a government-issued ID, a Social Security number, and an initial deposit — the amount varies by account type, but many accounts require $25 or more to open.
Bank of America offers several savings account types, each with different features and minimum balance requirements. The most common option for new savers is the Regular Savings account, which has no monthly maintenance fee if you maintain a $300 minimum balance. If your balance drops below $300, you pay $3 per month. Other options include the Premium Savings account, which requires a higher minimum balance but offers better interest rates, and the Money Market account, which combines savings and checking features.
Before you start, decide whether you want to link your savings account to an existing Bank of America checking account or open both at the same time. If you already have a checking account with them, opening a savings account is faster because your identity is already verified in their system.
Key Takeaways
- You need a government ID, Social Security number, and an opening deposit of at least $25 to open a savings account at Bank of America.
- The Regular Savings account charges $3 per month only if your balance falls below $300, making it the lowest-barrier option for most people.
- You can open an account online, by phone, or in person, and the process takes 10 to 30 minutes depending on your method.
- If you already have a Bank of America checking account, opening a linked savings account is faster because your information is already on file.
Opening an account online
Go to bankofamerica.com and click "Open an Account" or "get your free guide" on the homepage. Select "Savings" from the account type menu. You will be asked to enter your name, address, date of birth, Social Security number, and email address. Bank of America will run a soft credit check and verify your identity using information from your credit file — this does not affect your credit score.
Next, you choose your opening deposit method. You can transfer money from another bank account, use a debit card, or arrange a wire transfer. If you transfer from another bank, the funds typically arrive within one to three business days. Once your deposit clears, your account is active and you can start using it when ready.
Bank of America will mail you a debit card for your savings account within 7 to 10 business days. Until it arrives, you can access your account online or through their mobile app to move money between accounts, set up automatic transfers, or check your balance.
Opening an account in person at a branch
Bring your government-issued 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 features and fees, and help you decide which savings account type fits your needs. The entire process takes 20 to 30 minutes.
You can make your opening deposit in cash, by check, or by transferring from another account. If you deposit cash or a check in person, your account is funded when ready. The banker will give you temporary access information so you can log in online right away, and your debit card will arrive by mail within a week.
Opening in person is useful if you want to ask questions about interest rates, account features, or how to link your savings to a checking account. Bankers can also help you set up automatic transfers or savings goals at the time you open the account.
Opening an account by phone
Call Bank of America at 1-800-432-1000 to open a savings account over the phone. A representative will verify your identity, collect your personal information, and walk you through account options. Have your ID and Social Security number ready. The call typically lasts 15 to 20 minutes.
You will arrange your opening deposit by providing debit card information or authorizing a transfer from another bank account. Bank of America processes phone applications the same way they process online applications — they run a soft credit check and verify your identity using your credit file.
After you hang up, you will receive a confirmation email with your account number and temporary login credentials. Your debit card arrives by mail within 7 to 10 business days, and you can access your account online or through the mobile app as soon as your opening deposit clears.
Understanding Bank of America savings account fees
The Regular Savings account has one main fee: $3 per month if your balance stays below $300. There is no fee if you maintain the $300 minimum. Bank of America does not charge fees for transfers between your own accounts, overdraft protection transfers, or moving money out of the account.
Other fees that may explore depending on how you use the account include charges for stopping a payment, requesting a duplicate statement, or using an out-of-network ATM repeatedly. Most of these are avoidable by using Bank of America's ATM network, which includes over 16,000 machines nationwide, or by managing your account online.
Interest rates on savings accounts change based on the Federal Reserve's rate decisions. Bank of America publishes current rates on their website, and you can compare them across their different savings account types to see which one offers the best return for your situation.
Linking your savings account to checking or other accounts
Once your savings account is open, you can link it to a Bank of America checking account, money market account, or investment account. Linking lets you transfer money between accounts when ready online or through the mobile app, set up automatic transfers, and manage all your money in one place.
If you opened your savings account online or by phone and do not yet have a checking account, you can add one later without closing your savings account. Many people link both accounts so they can move money between them for emergencies or to save automatically each payday.
You can also link external bank accounts from other institutions to your Bank of America savings account. This takes one to two business days to verify, but once it is set up, you can transfer money in and out without visiting a branch.
What happens after you open your account
Your account is active as soon as your opening deposit clears, which usually happens within one to three business days depending on how you funded it. You can log in to bankofamerica.com or read the mobile app to check your balance, set up automatic transfers, or move money between accounts.
Your debit card arrives by mail within 7 to 10 business days. Until it arrives, you can withdraw money at any Bank of America ATM using your temporary card number from your online account, or you can visit a branch and withdraw cash with your ID.
Bank of America sends statements monthly by email or mail, depending on your preference. You can view your full transaction history online anytime, and you can set up alerts to notify you when your balance drops below a certain amount or when a large deposit arrives.
Frequently Asked Questions
Do I need to have a checking account to open a savings account at Bank of America?
No. You can open a savings account on its own without a checking account. However, many people open both at the same time because linking them makes it easier to move money between accounts and manage your finances in one place.
What is the minimum opening deposit?
Most Bank of America savings accounts require a minimum opening deposit of $25. Some premium account types may require more, so check the specific account details when you start the process.
How long does it take to open an account online?
The online process takes about 10 to 15 minutes to complete. Your account is usually active within one to three business days once your opening deposit clears, depending on how you funded it.
Can I open a savings account if I do not have a Social Security number?
Bank of America requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you have an ITIN, you can use that instead. Contact a branch directly to discuss your specific situation.
What interest rate will I earn on my savings?
Interest rates vary based on the account type and change with Federal Reserve decisions. Check bankofamerica.com for current rates, or ask a banker when you open your account. Rates are typically lower than online-only banks but higher than keeping cash at home.