Yes, you can open a Bank of America savings account entirely online

Bank of America lets you open a savings account from your computer or phone without visiting a branch. The process takes about 10 minutes and requires a valid government ID, your Social Security number, and a way to fund the account. You'll need to be at least 18 years old and a U.S. citizen or permanent resident with a U.S. address.

The account opens immediately once you complete the application and verify your identity. You can start using it right away, though transfers from external banks may take a few business days to arrive.

Key Takeaways

  • You can complete the entire signup process on Bank of America's website or mobile app without calling or visiting a branch.
  • You'll need a government-issued ID, Social Security number, and an initial deposit method before you start.
  • The account becomes active immediately after identity verification, usually within minutes.
  • If you already have a Bank of America checking account, opening a savings account takes even less time.
  • Monthly maintenance fees apply unless you meet the bank's balance or deposit requirements, which vary by account type.

What you need before you start

Gather these items before opening your account: a valid government ID (driver's license, passport, or state ID), your Social Security number, and your current address. Bank of America will ask you to verify your identity using information from your credit report, so the process works best if you have an established credit history.

You'll also need a way to fund the account. You can transfer money from another bank account, deposit a check using mobile deposit once your account is open, or bring cash to a branch later. Bank of America does not require a minimum opening deposit, but some savings account types have monthly fees unless you maintain a certain balance or set up regular deposits.

The step-by-step process

Go to bankofamerica.com and click "Open an Account" or use the Bank of America mobile app. Select "Savings Account" from the account type options. Enter your personal information: name, date of birth, address, phone number, and email. Bank of America will ask for your Social Security number and driver's license or passport number.

Next, you'll answer security questions based on your credit history to verify your identity. This usually takes a few minutes. Once verified, you'll choose your account type (Bank of America offers several savings options with different features and fee structures), set up online banking login credentials, and decide whether to link an external bank account for transfers.

Review the account terms and disclosures, then submit your application. Your account number appears on screen immediately, and you can log in to your new account right away. If you linked an external bank account, transfers typically arrive within one to three business days.

What happens if you already bank with Bank of America

If you have an existing Bank of America checking account, opening a savings account is faster. Log into your online banking or mobile app, go to "Accounts," and select "Open a New Account." You'll skip most of the identity verification steps since Bank of America already has your information on file. The new savings account opens within minutes.

Existing customers can also link their new savings account to their checking account immediately, making transfers between the two accounts instant and free. This is useful if you want to move money quickly or set up automatic transfers to build savings.

Fees and balance requirements

Bank of America's savings accounts charge a monthly maintenance fee unless you meet one of these conditions: maintain a minimum balance (the amount varies by account type, typically $300 to $500), set up a monthly direct deposit of at least $250, or link the account to a Bank of America checking account with a may have access to balance.

The monthly fee is usually $5 to $12, depending on the account type. Interest rates on savings accounts change frequently and are typically low—check the current rate on Bank of America's website before opening, as rates vary. If you do not meet the fee waiver requirements, the fee is deducted from your account balance each month.

Identity verification and security checks

Bank of America verifies your identity by asking questions based on your credit report. These questions have multiple-choice answers and usually take under five minutes. If you cannot answer enough questions correctly—which can happen if you have limited credit history or recent address changes—you may be asked to verify your identity in person at a branch or by mailing in a copy of your ID.

Once your account is open, Bank of America sends a debit card to your address on file within 7 to 10 business days. You can use your account online and through the mobile app immediately, but you cannot make purchases in stores or withdraw cash at ATMs until the card arrives and you activate it.

Funding your account after it opens

You have several ways to put money into your new savings account. If you linked an external bank account during signup, you can transfer money from that account using Bank of America's online transfer tool. Transfers typically take one to three business days, depending on your other bank.

You can also deposit checks using the Bank of America mobile app's mobile deposit feature—take a photo of the front and back of the check, and the funds usually appear within one business day. If you have cash, visit a Bank of America branch and deposit it directly. Online transfers from other banks and mobile check deposits are free.

Frequently Asked Questions

Can I open a Bank of America savings account if I don't have a Social Security number?

No. Bank of America requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you have an ITIN, you can use that instead, but you'll need to verify it during the application process.

What if my identity verification fails online?

If you cannot answer enough security questions correctly, Bank of America will offer alternatives: visiting a branch in person with your ID, mailing in a copy of your ID, or waiting a few days and trying the online verification again. Some customers find that waiting a few days and reapplying works if their credit report information was outdated.

Can I open an account on my phone?

Yes. The Bank of America mobile app has the same account opening process as the website. The app may be slightly faster because it can access your phone's camera to photograph your ID, but both methods work equally well.

How long does it take to receive my debit card?

Bank of America typically mails debit cards within 7 to 10 business days. You can use your account online and through the app immediately, but you'll need the physical card to withdraw cash at ATMs or make purchases in stores. You can activate the card as soon as it arrives by logging into your account or calling the number on the card.

Can I open a savings account if I've been denied before?

It depends on why you were denied. If you were denied due to ChexSystems (a banking history report), you can still open an account—Bank of America does not use ChexSystems for all decisions. If you were denied for other reasons, contact Bank of America directly to understand what changed or whether you're now able to open an account.