What you need to open a savings account at Bank of America

Bank of America will ask for a government-issued photo ID, your Social Security number, and an initial deposit. The ID can be a driver's license, passport, or state ID card. You'll also need to decide whether you want to open the account in person at a branch or online.

If you're opening online, you'll need a valid email address and a phone number where Bank of America can reach you. The initial deposit can be as small as $25 for most savings accounts, though this can vary. You can fund the account with a debit card, transfer from another bank account, or bring cash to a branch.

If you don't have a Social Security number yet but are a U.S. resident, you can ask a Bank of America representative about alternatives like an Individual Taxpayer Identification Number (ITIN). Not all account types are available to ITIN holders, so this is worth confirming before you start.

Key Takeaways

  • You need a government photo ID, Social Security number, and at least $25 to open most Bank of America savings accounts.
  • Online accounts take about 5 to 10 minutes to set up and you can fund them when ready with a debit card or transfer from another bank.
  • In-person accounts at a branch let you ask questions and bring cash, but require a trip to a location near you.
  • Bank of America savings accounts earn interest, though the rate changes and is typically low — check their current rate before opening.

Opening an account online versus in a branch

Opening online is faster and works from home. You'll go to the Bank of America website, select "Open an Account," choose the savings product you want, and fill in your personal information. The system will verify your identity using your Social Security number and other details. Once approved, you can fund the account right away and start using it the same day.

Opening in a branch takes longer but lets you ask questions and handle cash. You'll bring your ID and Social Security number to a Bank of America location, speak with a representative, and they'll walk you through the process. If you want to deposit cash as your opening deposit, a branch is the easiest way. Some people also prefer in-person opening because they can ask about which savings product fits their situation.

If you're new to banking or uncomfortable with online forms, a branch visit may feel less stressful. Bank of America branches are in most cities and towns, so you can search their website to find one near you.

What happens after you open the account

Once your account is open, Bank of America will send you a debit card in the mail within 7 to 10 business days. You can start using your savings account online or through the mobile app when ready, even before the card arrives. The app lets you check your balance, transfer money, and set up automatic transfers.

Your savings account will earn interest, which means the bank pays you a small amount based on how much money you keep in the account. The interest rate changes over time and is set by Bank of America. You can see the current rate on their website before you open the account, so you know what to expect.

Bank of America will also send you monthly statements showing deposits, withdrawals, and interest earned. You can receive these by mail or view them online through your account dashboard.

Choosing between Bank of America savings products

Bank of America offers more than one type of savings account, and the differences matter. The most common option for people new to banking is the Regular Savings Account, which has no monthly fee if you keep a minimum balance (often $300 or less). This account earns interest and has no limit on how many times you can withdraw money per month.

Bank of America also offers a Money Market Account, which typically earns a higher interest rate but requires a larger opening deposit and minimum balance. This account is useful if you have more money to save and want to earn more interest, but it's not necessary when you're starting out.

Before opening, visit the Bank of America website and compare the current interest rates, minimum balance requirements, and monthly fees for each product. The rates and fees change, so what's best for you depends on how much you plan to keep in the account and how often you'll use it.

What to do if you don't have a Social Security number

If you're a non-citizen resident or don't yet have a Social Security number, Bank of America may let you open an account using an Individual Taxpayer Identification Number (ITIN). An ITIN is a nine-digit number issued by the IRS for tax purposes. You'll need to explore for one through the IRS before you can use it to open a bank account.

Not all Bank of America account types are available to ITIN holders, so call your local branch or visit in person to ask which accounts you can open. Some branches are more experienced with ITIN accounts than others, so if the first person you speak with isn't sure, ask to speak with a manager or call back another time.

The process takes longer with an ITIN because Bank of America has to verify it with the IRS. Plan for the account opening to take a few extra days.

Keeping your account active and avoiding fees

Bank of America charges a monthly maintenance fee on most savings accounts unless you meet certain conditions. The most common way to avoid the fee is to keep a minimum balance in the account — usually $300 or $500, depending on the account type. You can see the exact requirement on the account details page before you open.

Another way to avoid fees is to set up direct deposit, where your employer or a government benefit program deposits money straight into your account. If you have direct deposit, many Bank of America accounts waive the monthly fee even if your balance drops below the minimum.

Once your account is open, log in regularly to check your balance and make sure no unexpected fees have been charged. If you see a fee you don't understand, call Bank of America customer service and ask them to explain it. They can sometimes reverse a fee if it was charged by mistake.

Moving money in and out of your savings account

You can deposit money into your savings account by transferring it from another bank account, using the mobile app to deposit a check by taking a photo, or bringing cash to a branch. Transfers from another bank usually take 1 to 3 business days. Mobile check deposits process within 1 business day.

You can withdraw money by using an ATM, visiting a branch, or transferring money to another account. Bank of America has thousands of ATMs, so you can usually find one nearby. Transfers to another bank account take 1 to 3 business days.

One thing to know: savings accounts have a limit on how many times you can withdraw money per month without paying a fee. This limit varies by account type, but it's usually 6 withdrawals per month. Transfers to another account and ATM withdrawals count toward this limit. If you need to withdraw money more often, a checking account might be better for you.

Frequently Asked Questions

Can I open a Bank of America savings account if I have bad credit?

Yes. Bank of America does not check your credit score when you open a savings account. They may check your banking history through ChexSystems, a system that tracks past banking problems like unpaid overdrafts, but a savings account does not require good credit.

What's the difference between a savings account and a checking account?

A savings account is meant for money you want to keep and earn interest on. A checking account is meant for everyday spending and usually comes with a debit card and checkbook. Savings accounts have limits on withdrawals; checking accounts do not. Most people have both.

How much interest will I earn in a Bank of America savings account?

The interest rate changes and is typically low — often less than 1 percent per year. Check the Bank of America website for the current rate before you open. The amount you earn depends on how much money you keep in the account and how long you keep it there.

Can I open a savings account for someone else, like a child?

Yes, but the rules depend on the child's age. For children under 18, you'll usually open a custodial account where you're the legal guardian and manage the money until they turn 18. Ask at your local Bank of America branch about youth savings accounts, which are designed for this purpose.

What if I want to close my savings account later?

You can close your Bank of America savings account anytime by visiting a branch or calling customer service. Withdraw or transfer any remaining money first. Once closed, you won't earn interest and won't be charged monthly fees, but the account will no longer exist.