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 or passport), your Social Security number, and an initial deposit. The deposit amount depends on which savings account you choose — some accounts have no minimum, while others require $100 or more to start.
You will also need a way to fund the account: a debit card, another bank account you can transfer from, or cash if you open in person. If you are opening online or by phone, you cannot use cash, so you will need either a debit card or access to another account.
If you do not have a Social Security number yet, Bank of America can still open an account for you, but the process takes longer and requires additional documents. Call 1-800-432-1000 to ask what documents they need for your situation.
Key Takeaways
- You need a photo ID, Social Security number, and an initial deposit to open a savings account at Bank of America.
- Online and phone openings are fastest and take about 10 minutes, but you must fund the account with a debit card or transfer from another bank account.
- Opening in person at a branch lets you use cash and gives you a chance to ask questions about which account type fits your needs.
- Bank of America offers several savings account types with different features and deposit requirements, so knowing what you want before you start saves time.
Opening online through Bank of America's website
Go to bankofamerica.com and look for the "Open an Account" button, usually near the top of the page. Select "Savings" when asked what type of account you want. You will be asked to choose which savings account product fits you — Bank of America offers a few versions with different interest rates and features.
Enter your personal information: name, date of birth, address, phone number, and Social Security number. Bank of America will ask for your ID number (the number on your driver's license or passport) and the state that issued it. Have your ID in front of you when you do this.
Next, you will fund the account. Enter a debit card number, or link a checking account at another bank and transfer money from there. The transfer usually takes one to two business days to show up in your new savings account. Once Bank of America confirms the deposit, your account is open and you can start using it right away.
Opening in person at a Bank of America branch
Find your nearest branch at bankofamerica.com/locator or by calling 1-800-432-1000. Walk in during business hours with your photo ID, Social Security number, and the money for your initial deposit (cash, debit card, or a check). You do not need an appointment, though some branches are busier at certain times of day.
Tell the person at the desk that you want to open a savings account. They will ask you which savings account type you want and answer any questions about interest rates, fees, or features. This is a good time to ask what the differences are if you are not sure which one suits you.
The employee will fill out the paperwork with you, take your initial deposit, and give you a receipt. Your account opens the same day. If you want a debit card to go with your account, they can order one for you — it usually arrives in five to seven business days.
Opening by phone with Bank of America
Call 1-800-432-1000 and tell the representative you want to open a savings account. Have your photo ID and Social Security number ready. The representative will walk you through the same questions as the online process: your personal information, which savings account type you want, and how you will fund it.
You will need to verify your identity by answering security questions based on your credit history. This is Bank of America's way of making sure you are really you. The call usually takes 10 to 15 minutes. Once it is done, your account is open and you can fund it by debit card or transfer from another bank account.
Bank of America savings account types and what they cost
Bank of America offers several savings accounts. The most common is the Regular Savings Account, which has no monthly fee and no minimum deposit requirement. The interest rate is very low — Bank of America's rates change, so check their website for the current rate.
The Advantage Savings Account requires a $100 minimum deposit and has a monthly fee of $4.95 unless you meet certain conditions (like keeping a high balance or having a Bank of America checking account). The interest rate is slightly higher than the regular savings account.
The Premium Savings Account requires a $10,000 minimum deposit and has a higher monthly fee, but offers a higher interest rate. This account is meant for people who already have significant savings.
If you are just starting out or do not have much money to deposit, the Regular Savings Account is usually the best choice because there is no fee and no minimum. Once you have saved more, you can switch to a different account type if you want a higher interest rate.
What happens after your account opens
Your savings account number appears on your receipt or confirmation email right away. You can log into your account online or through the Bank of America mobile app to check your balance, make transfers, and set up automatic deposits. If you opened in person, the employee will show you how to log in.
If you ordered a debit card, it will arrive in five to seven business days. Until then, you can still move money in and out of your savings account through the app, online, or at a branch.
Bank of America will send you statements — either by mail or email, depending on what you choose. You can change this preference anytime through your online account settings. Keep your statements so you have a record of your deposits and any interest you earn.
Frequently Asked Questions
Do I need to have a Bank of America checking account to open a savings account?
No. You can open a savings account at Bank of America without having a checking account with them. However, if you do have a Bank of America checking account, some savings accounts waive their monthly fee, so it is worth asking about when you open.
Can I open an account if I do not have a Social Security number?
Bank of America can open accounts for people without a Social Security number, but you will need to provide an Individual Taxpayer Identification Number (ITIN) instead and bring additional documents. Call 1-800-432-1000 to find out exactly what you need to bring.
How much money do I have to put in to start?
The Regular Savings Account has no minimum deposit, so you can open it with as little as $1. The Advantage Savings Account requires $100, and the Premium Savings Account requires $10,000. You can start with whichever account matches what you have available.
What if I want to close my savings account later?
You can close your Bank of America savings account anytime by going to a branch, calling 1-800-432-1000, or using the mobile app. Withdraw any remaining money first, or tell Bank of America where to send it. There is no penalty for closing an account.
How do I know how much interest my savings account is earning?
Bank of America shows your interest rate and the interest you have earned in your online account and on your monthly statement. The interest rate changes over time based on what the Federal Reserve does with interest rates. You can check the current rate on bankofamerica.com anytime.