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 15 minutes. 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 — Bank of America does not require a minimum opening deposit for most savings accounts, though some account types do.
If you do not have a Social Security number yet, you can still open an account, but the process is different and takes longer. Ask at your local branch about their options for people without a Social Security number.
Key Takeaways
- You need a photo ID, Social Security number, and an initial deposit to open a savings account, though the deposit can be as small as one dollar.
- Opening online is fastest if you have all your documents ready, while opening in person at a branch lets you ask questions as you go.
- Bank of America savings accounts earn interest, which means the bank pays you a small amount of money for keeping your money there.
- You can link your savings account to a checking account at the same bank, which makes it straightforward to move money between them.
- Once your account is open, you can deposit money by visiting a branch, using an ATM, or setting up direct deposit from your employer.
Opening online versus opening in person
Opening online is the fastest route if you are comfortable with computers and have all your documents in front of you. Go to bankofamerica.com, click "Open an Account," and follow the steps. You will enter your personal information, choose which type of savings account you want, and make your first deposit using a debit card or bank transfer. Your account opens when ready, and you can start using it right away.
Opening in person at a Bank of America branch takes longer but gives you a chance to ask questions. A banker will walk you through each step, help you choose the right account type for your situation, and answer questions about how savings accounts work. This is a good choice if you are new to banking or if you want to understand what you are signing before you sign it. Bring your ID, Social Security number, and the money for your first deposit.
You can also open an account by phone by calling 1-800-432-1000. A representative will guide you through the process and take your information over the phone. You will still need to verify your identity and make your first deposit, which usually happens by mail or transfer after the call.
Types of Bank of America savings accounts
Bank of America offers several savings account types, and the one you choose depends on how much money you plan to keep in savings and how often you plan to use it. The most common option for people new to banking is the Regular Savings Account, which has no monthly fee and no minimum balance requirement. This account earns interest, though the rate is small.
Bank of America also offers Money Market Accounts, which earn a higher interest rate but require you to keep a larger balance in the account. These are better if you have saved up several hundred dollars or more and want to earn more interest. There is a monthly fee if your balance drops below a certain amount, which varies.
Ask the banker or the online system which account type is right for you. If you are just starting out, the Regular Savings Account is usually the best choice because there are no fees and no minimum balance to worry about.
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. This card lets you withdraw money from ATMs and make purchases at stores. You will also get online and mobile banking access, which means you can check your balance, transfer money, and pay bills from your phone or computer.
Your account number and routing number will be available when ready, even before your debit card arrives. You need these numbers if you want to set up direct deposit from your employer or receive money from someone else's bank account. You can find both numbers by logging into your online account or by calling the number on the back of your debit card once it arrives.
Bank of America will send you statements — a record of all the money that went in and out of your account — either by mail or email, depending on what you choose. You can also see your statement anytime by logging into your online account.
How interest works on your savings
When you put money in a savings account, the bank uses that money to lend to other people. In return, the bank pays you interest — a small percentage of your balance each month. For example, if you have $1,000 in your account and the interest rate is 0.01 percent per year, the bank will add about 10 cents to your account over the course of a year.
Interest rates change over time and vary between banks. Bank of America's current rates are posted on their website. The rate you earn depends on the type of account you open and how much money you have in it. Money Market Accounts usually earn more interest than Regular Savings Accounts, but they require a larger balance.
Interest is added to your account automatically, usually once a month. You do not have to do anything to earn it — it just happens as long as your money stays in the account.
Linking your savings account to a checking account
If you already have a Bank of America checking account, you can link it to your new savings account. This makes it straightforward to move money between the two accounts online or through the mobile app. You might move money from checking to savings when you want to set some aside, or from savings to checking when you need cash for everyday expenses.
You can link accounts yourself through online banking by going to "Accounts" and selecting "Link Accounts," or you can ask a banker to do it for you in person. Linking takes a few minutes and costs nothing.
Ways to add money to your savings account
Once your account is open, you can put money in several ways. The easiest is direct deposit, where your employer sends your paycheck directly into your account. Ask your employer's payroll department for the form to set up direct deposit, and give them your Bank of America account number and routing number.
You can also deposit cash or checks at any Bank of America branch or ATM. At a branch, hand your cash or check to a teller and tell them which account to deposit it into. At an ATM, follow the on-screen instructions — some ATMs take checks, and some take cash. Deposits made before 2 p.m. on a business day usually show up in your account the same day.
You can also transfer money from another bank account into your Bank of America savings account using online banking. You will need the other bank's routing number and your account number there. The transfer usually takes one to three business days.
Frequently Asked Questions
Do I need a minimum amount of money to open a Bank of America savings account?
No. Most Bank of America savings accounts have no minimum opening deposit, so you can open an account with as little as one dollar. Some Money Market Accounts do require a higher opening deposit, but the regular savings account does not.
Can I open an account if I do not have a Social Security number?
Yes, but the process is different. You will need an Individual Taxpayer Identification Number (ITIN) instead. Ask at your local Bank of America branch about their process for opening accounts without a Social Security number, as it varies by location.
How long does it take to open an account online?
Opening online usually takes 10 to 15 minutes if you have all your information ready. Your account opens when ready, and you can start using it right away. Your debit card will arrive by mail in 7 to 10 business days.
What is the difference between a savings account and a checking account?
A checking account is for money you use regularly — you can write checks, use a debit card, and pay bills from it. A savings account is for money you want to keep and grow — it earns interest and usually has limits on how many times you can withdraw money each month.
Can I close my savings account if I change my mind?
Yes. You can close your account anytime by visiting a branch, calling 1-800-432-1000, or using online banking. If there is money in the account, the bank will send it to you by check or transfer it to another account you specify.