What you need to bring and the steps to open an account

Bank of America lets you open a savings account in person at a branch, online through their website, or by phone. The fastest route is usually online if you have the documents ready. You will need a valid government-issued ID (a driver's license, passport, or state ID card), your Social Security number, and proof of your current address — a recent utility bill, lease, or bank statement all work.

If you open online, the process takes about 10 minutes. You enter your personal information, choose which type of savings account you want, and link a funding source — either a debit card or an external bank account — to deposit your first money. Bank of America will ask you to verify your identity by answering questions about your credit history or by uploading a photo of your ID. Once approved, your account opens when ready and you can start using it the same day.

If you prefer to open in person, bring your ID, Social Security number, and proof of address to any Bank of America branch. A banker will walk you through the account options, help you choose the right savings product for your situation, and set up your account on the spot. You can deposit cash or a check at that time. Opening in person takes about 20 to 30 minutes.

Key Takeaways

  • You will need a valid government ID, your Social Security number, and proof of your current address to open any Bank of America savings account.
  • Online opening is the fastest method and takes about 10 minutes, while opening in person at a branch takes 20 to 30 minutes but lets you ask questions face-to-face.
  • Bank of America offers several types of savings accounts with different interest rates and monthly fees, so compare them before you choose.
  • Your account opens when ready after approval, and you can deposit money and start saving the same day.
  • If you do not have a Social Security number, you may be able to open an account using an Individual Taxpayer Identification Number (ITIN) — call your local branch to ask.

Bank of America savings account types and what they cost

Bank of America offers three main savings accounts: the Regular Savings account, the Premium Savings account, and the Advantage Savings account. Each one has a different interest rate and different monthly fees.

The Regular Savings account has no monthly maintenance fee and no minimum balance requirement. The interest rate is very low — it changes based on what the Federal Reserve does, but it is typically less than 0.01% per year. This account is good if you want a straightforward place to keep money safe without worrying about fees, even if you are not earning much interest.

The Premium Savings account charges a $25 monthly maintenance fee unless you keep at least $10,000 in the account at all times. The interest rate is higher than the Regular Savings account, but you have to maintain that $10,000 balance to avoid the fee. If your balance drops below $10,000 even once during a month, you pay the full $25 fee for that month.

The Advantage Savings account has a $12 monthly maintenance fee that is waived if you keep a $500 minimum balance or set up a direct deposit of at least $250 per month. The interest rate falls between the Regular and Premium accounts. This account works well if you receive a paycheck by direct deposit, because the fee goes away automatically.

What happens after your account opens

Once your account is open, Bank of America will mail you a debit card within 7 to 10 business days. You can use this card to withdraw money from ATMs or make purchases at stores, though savings accounts are meant for saving rather than everyday spending. Your account number and routing number will appear in your online banking portal when ready, so you can set up direct deposits or transfers right away without waiting for the card.

You will receive a welcome packet in the mail with your account details, disclosures about fees and interest rates, and information about online banking. Set up your online login as soon as you receive this information so you can check your balance and see your transactions anytime. Bank of America also offers a mobile app where you can deposit checks by taking a photo, transfer money between accounts, and set up savings goals.

Moving money into your new account

You can fund your savings account in several ways. If you opened in person at a branch, you can deposit cash or a check when ready. If you opened online, you can link an external bank account and transfer money electronically — this usually takes one to two business days. You can also set up direct deposit from your employer so money goes straight into your savings account with each paycheck.

If you have money in another bank account, you can transfer it to Bank of America using an external transfer. Log into your online banking, select "Transfer Money," and choose the option to transfer from another bank. You will need your other bank's routing number and your account number there. The transfer typically takes one to two business days to complete.

If you do not have a Social Security number

Bank of America can open accounts for people who have an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number. An ITIN is issued by the IRS to people who are not may be able to access for a Social Security number but need to file taxes or conduct financial business in the United States. You will still need a valid government ID and proof of address.

Call your local Bank of America branch directly and ask whether they can open a savings account with an ITIN. Some branches have more experience with this process than others, so if the first branch says no, try another location or ask to speak with a manager. You may also be able to open an account online using your ITIN in place of a Social Security number, though you should confirm this with the bank before you start.

Keeping your account active and find

Bank of America will close your account if it sits inactive for a long time with no deposits or withdrawals. The exact timeframe varies, but accounts with no activity for several years are at risk. To keep your account open, make at least one transaction every few months — a small transfer, a deposit, or a withdrawal all count.

Protect your account by setting up a strong password for online banking, never sharing your PIN or login information, and checking your account regularly for unauthorized transactions. If you see something you did not do, contact Bank of America when ready. You can call the number on the back of your debit card or log into your online account and report the transaction through the fraud center.

Frequently Asked Questions

Can I open a Bank of America savings account without going to a branch?

Yes. You can open online at bankofamerica.com or by phone. Online opening takes about 10 minutes and you can start using your account the same day. Phone opening is also available — call 1-800-432-1000 to speak with someone who can walk you through the process.

What is the minimum amount I need to deposit to open an account?

Bank of America does not require a minimum opening deposit for the Regular Savings account. For the Premium Savings and Advantage Savings accounts, you do not need a minimum to open, but you must maintain a certain balance to avoid monthly fees — $10,000 for Premium and $500 for Advantage.

How long does it take to open an account online?

The online process takes about 10 minutes from start to finish. Your account opens when ready after approval, and you can deposit money and start using it the same day. Your debit card arrives by mail within 7 to 10 business days.

Can I open a joint savings account with someone else?

Yes. Both people will need to be present in person at a branch with valid ID and Social Security numbers, or you can open online together if you both have access to the same computer. A joint account means both owners can deposit, withdraw, and manage the money.

What happens if my account balance drops below the minimum?

For the Premium Savings account, you pay the $25 monthly fee if your balance falls below $10,000 at any point during the month. For the Advantage Savings account, the $12 fee applies unless you maintain the $500 minimum or have a may have access to direct deposit. The Regular Savings account has no minimum, so there is no fee to worry about.