What you need before you start

Bank of America requires five pieces of information to open a savings account: a valid government-issued ID, your Social Security number, your date of birth, a current address, and an initial deposit. The ID can be a driver's license, passport, or state ID card. You do not need to be a U.S. citizen, but you do need an ITIN (Individual Taxpayer Identification Number) or Social Security number.

The initial deposit amount depends on which savings account you choose. Bank of America's basic savings account (called a Regular Savings account) has no minimum opening deposit, though some of their other savings products do. You can fund the account with a debit card, transfer from another bank, or cash if you open it in a branch.

Have your information ready before you begin, whether you are opening online, on the phone, or in person. The process moves faster when you do not have to stop and look things up.

Key Takeaways

  • You can open a Bank of America savings account online, by phone, or in a branch, and the process takes about 10 minutes if you have your ID and Social Security number ready.
  • The Regular Savings account has no minimum opening deposit, but other savings products like Money Market accounts require $2,500 or more to start.
  • Bank of America will ask for your address, date of birth, employment information, and how you plan to use the account during the setup process.
  • Once your account is open, you can deposit money when ready online or at an ATM, though transfers from other banks typically take one to three business days to appear.

Opening online through the Bank of America website

Go to bankofamerica.com and click "Open an Account" in the top navigation. Select "Savings" from the account type menu, then choose which savings product you want. Bank of America offers Regular Savings (no monthly fee, no minimum balance), Money Market Savings (higher interest rate, requires $2,500 minimum), and Youth Savings (for customers under 18). Each has different features and interest rates, which Bank of America displays side by side so you can compare.

Enter your personal information: first and last name, date of birth, Social Security number, and current address. Bank of America will ask whether you are opening the account for yourself or as a custodian for a minor. Next, you will provide employment information (employer name and industry) and answer questions about how you plan to use the account and your expected monthly deposits. These questions are standard compliance checks, not judgments about your finances.

Review the account terms and fee schedule, then choose how you want to fund the account. You can transfer money from another bank account (provide the routing and account number), use a debit card, or link an external account for future transfers. If you choose a transfer, Bank of America will tell you the expected arrival date—usually one to three business days. Your account opens when ready, even if the money has not arrived yet.

Opening by phone or in a branch

Call Bank of America at 1-800-432-1000 to open a savings account over the phone. A representative will walk you through the same questions as the online process and can answer questions about which account type fits your needs. The call typically takes 10 to 15 minutes. You will need to provide your ID information verbally, so have it in front of you. At the end of the call, the representative will tell you your new account number and routing number.

To open in person, visit a Bank of America branch with your ID and Social Security number. A banker will review the account options with you, complete the paperwork, and process your initial deposit on the spot. This is the fastest way to fund your account with cash. Branch hours vary by location, so check the Bank of America website for your nearest branch and its hours before you go.

What happens after your account opens

Your savings account is active when ready after you complete the process, whether you opened it online, by phone, or in a branch. You can start using it right away: you can transfer money in, set up automatic deposits from your paycheck, or link it to your checking account for transfers. Bank of America will mail you a debit card within 7 to 10 business days if you requested one, though you do not need a card to use a savings account.

If you funded your account with a transfer from another bank, that money will arrive in one to three business days. Transfers initiated before 2 p.m. ET on a business day typically arrive the next day; transfers after 2 p.m. or on weekends arrive the following business day. You can check the status of your transfer in your Bank of America online account under "Transfers" or by calling customer service.

Bank of America will send you a welcome packet by mail with your account details, a temporary debit card (if you requested one), and information about online banking and the mobile app. You can set up online access when ready after opening your account—you will receive a temporary password that you can change to something you choose.

Interest rates and fees on Bank of America savings accounts

Bank of America's savings account interest rates change based on the Federal Reserve's rate decisions and market conditions. The Regular Savings account currently earns a lower rate than Money Market or other high-yield savings products. You can see the current rate for each account type on the Bank of America website before you open—rates are displayed prominently during the account opening process.

The Regular Savings account has no monthly maintenance fee. Money Market Savings accounts have a $12 monthly fee if your balance falls below $2,500, though the higher interest rate often makes up for this if you maintain the minimum. Bank of America waives fees for customers under 18 and for those who set up direct deposit of their paycheck. Check the fee schedule for the specific account you choose, as fees vary by product.

Linking your new savings account to checking or other accounts

Once your savings account is open, you can link it to a Bank of America checking account (if you have one) or to accounts at other banks. To link accounts within Bank of America, log into your online account, go to "Accounts," and select "Link Accounts." You can then transfer money between them when ready, with no fee. This is useful if you want to move money from checking to savings without visiting a branch or ATM.

To link a savings account at another bank, you will need that bank's routing number and your account number there. Bank of America will verify the link by making two small test deposits (usually under $1 each) to that account, which you will then confirm in your Bank of America online account. Once verified, you can transfer money between the accounts, though transfers from external banks take one to three business days.

Frequently Asked Questions

Do I need a Bank of America checking account to open a savings account?

No. You can open a Bank of America savings account on its own without a checking account. However, if you already have a checking account with them, linking the two makes it straightforward to move money between them when ready.

What is the difference between a Regular Savings account and a Money Market account?

A Regular Savings account has no minimum balance and no monthly fee. A Money Market account requires a $2,500 minimum balance and charges $12 per month if your balance drops below that, but it earns a higher interest rate. Choose based on how much you plan to keep in savings and whether the higher rate is worth the fee and minimum balance requirement.

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

Yes. Bank of America offers Youth Savings accounts for customers under 18, which you can open as a parent or guardian. You will need your ID and Social Security number, plus the child's Social Security number and date of birth. The account is in the child's name, but you have access to manage it until they reach the age of majority in your state.

How long does it take for money to show up after I transfer it from another bank?

Transfers from other banks typically take one to three business days. Transfers initiated before 2 p.m. ET on a weekday usually arrive the next business day. Transfers initiated after 2 p.m. or on weekends arrive the following business day. You can check the status in your Bank of America account under "Transfers."

What if I want to close my savings account later?

You can close your Bank of America savings account anytime by visiting a branch, calling 1-800-432-1000, or using online banking. You will need to withdraw or transfer any remaining balance. Bank of America does not charge a fee to close an account, but make sure you have moved your money out first.