You can open a Bank of America savings account online in about 10 minutes using a computer or the mobile app
Bank of America lets you start a savings account entirely online without visiting a branch. The process takes roughly 10 minutes, and you'll need a valid government ID, your Social Security number, and a way to fund the account (a debit card, another bank account, or a wire transfer). You can choose between a regular savings account and a money market account, depending on how much you plan to deposit and what interest rate matters to you.
The account opens when ready once you complete the online steps, though you may see a temporary hold on your first deposit while Bank of America verifies your identity. You can start using the account the same day to transfer money in, set up automatic deposits, or link it to other accounts.
Key Takeaways
- You need a government-issued ID, Social Security number, and initial deposit method before you start the online process.
- Bank of America offers two main savings products online: a regular savings account and a money market account with higher interest rates if you maintain a larger balance.
- The account becomes active when ready after you finish the process, though your first deposit may be held for verification.
- You can fund the account using a debit card, transfer from another bank, or wire transfer, and you can manage it entirely through the website or mobile app.
What you need before you start
Gather these items before opening your browser: a valid government ID (driver's license, passport, or state ID), your Social Security number, and your date of birth. Bank of America will ask for your address and phone number as well.
You'll also need a way to fund the account. This can be a debit card from any bank, a checking account at another institution (you'll provide the routing and account numbers), or a wire transfer. If you're funding with a debit card, have that card number and expiration date ready. The minimum opening deposit varies—some accounts require $0, while money market accounts typically require $2,500 or more. Check the current requirements on Bank of America's website before you begin, as these can change.
The step-by-step process on Bank of America's website
Go to bankofamerica.com and look for the "Open an Account" button, usually near the top of the page. Click it and select "Savings Account" from the account type options. Bank of America will ask you to choose between a regular savings account and a money market account—the money market account pays higher interest but requires a larger opening deposit and minimum balance.
Fill in your personal information: full name, date of birth, Social Security number, address, phone number, and email. Bank of America will verify your identity by asking security questions based on your credit history. Answer these accurately; if you get too many wrong, you may be asked to verify your identity in person at a branch or by phone.
Next, choose how you'll fund the account. If you're using a debit card, enter the card number, expiration date, and CVV. If you're transferring from another bank, provide that bank's routing number and your account number there. Enter the amount you want to deposit. Review the account terms and disclosures, then sign electronically. Your account opens when ready.
Opening an account through the Bank of America mobile app
The mobile app process is nearly identical to the website. read the Bank of America app, tap "Open an Account," and select the savings account type. You'll enter the same personal information and answer the same security questions. Some users find the app faster because it can pull information from your phone's contacts or saved data.
One difference: if the app asks you to take a photo of your ID for verification, make sure the image is clear and shows all four corners of the document. A blurry or partial photo may delay verification. After you submit, the account opens right away, and you can start using it through the app when ready.
What happens after your account opens
Your savings account is ready to use as soon as you finish the process. You can transfer money in, set up direct deposit, or link the account to pay bills. However, Bank of America may place a temporary hold on your initial deposit—usually 1 to 3 business days—while they verify your identity and the funding source. This is normal and does not mean there's a problem.
You'll receive a confirmation email with your account number and routing number. Save this information. If you funded the account with a debit card, that charge will appear on your card statement within 1 to 2 business days. If you transferred from another bank, the transfer typically completes within 3 to 5 business days, depending on the other bank's processing time.
Choosing between savings account types
Bank of America offers a regular savings account with no minimum opening deposit and a money market account that requires a higher opening deposit (typically $2,500 or more). The money market account pays a higher interest rate, but only if you maintain the minimum balance. If your balance drops below the minimum, the rate drops to a lower tier.
For most people starting out, the regular savings account is simpler—no minimum balance to worry about, and you can deposit as little as you want. If you have a larger amount to save and plan to keep it there, the money market account's higher rate may be worth it. You can always open both accounts and move money between them later.
If verification fails or the process is declined
If Bank of America cannot verify your identity online, you'll see a message asking you to verify in person or by phone. Call Bank of America at the number on their website (usually 1-800-432-1000) and a representative can walk you through phone verification. Bring your ID and Social Security card nearby so you can answer questions about them.
If your process is declined, the most common reasons are a mismatch between the information you entered and what's in Bank of America's records, or a problem with the funding source (for example, the debit card you used is expired or has been reported lost). Check your email for details about why the process was declined. You can try again with corrected information or visit a branch in person to open the account with a banker's help.
Frequently Asked Questions
How long does it take for money to show up in my new savings account?
If you fund the account with a debit card, the deposit appears within 1 to 2 business days. If you transfer from another bank account, it takes 3 to 5 business days. Bank of America may hold the deposit for verification during this time, but you can still see it in your account and use it once the hold lifts.
Can I open a savings account online if I don't have a Bank of America checking account?
Yes. You do not need an existing Bank of America account to open a savings account online. You only need a valid ID, Social Security number, and a way to fund it (debit card, another bank's account, or wire transfer).
What if I make a mistake on my process?
If you catch the error before you submit, go back and correct it. If you've already submitted and the account is open, call Bank of America to update your information. For critical details like your name or Social Security number, they may ask you to verify in person or provide additional documents.
Do I need to keep a minimum balance in my savings account?
Regular savings accounts have no minimum balance requirement. Money market accounts typically require you to maintain a minimum (often $2,500) to earn the advertised interest rate. If your balance drops below the minimum, your rate drops to a lower tier.
Can I link my new savings account to my checking account at another bank?
Yes. Once your savings account is open, you can link it to accounts at other banks for transfers. Go to the "Transfer Money" section in your Bank of America account online or in the app, and follow the steps to add an external account. Bank of America will verify the account by depositing small amounts (usually under $1) that you'll confirm.