Yes, you can open a Bank of America savings account entirely online
Bank of America lets you open a savings account through their website or mobile app without visiting a branch. The process takes about 10 minutes and requires a valid government ID, Social Security number, and an initial deposit (which varies by account type). You'll need an existing Bank of America checking account, a linked external bank account, or a debit card to fund the new savings account.
The account becomes active immediately after you complete the online steps, though the initial deposit may take one to three business days to clear depending on how you fund it. You can start using the account right away to set up automatic transfers or direct deposits.
Key Takeaways
- Bank of America savings accounts open online in about 10 minutes using their website or mobile app, with no branch visit required.
- You need a valid government ID, Social Security number, and proof of identity verification to complete the process.
- Initial deposit requirements and monthly fees vary by account type—some accounts have no monthly fee if you maintain a minimum balance or set up direct deposit.
- Funding can come from an existing Bank of America account, an external bank account, or a debit card, with transfers clearing in one to three business days.
- Once opened, your savings account is ready to use immediately, though pending deposits may still be processing.
What you need before you start
Gather these items before opening your account: a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and your current address. Bank of America will verify your identity using information from credit bureaus and public records, so have the exact address where you currently live ready.
You'll also need a way to fund the account. This can be an existing Bank of America checking or savings account, a bank account at another institution (you'll provide the routing and account numbers), or a debit card. If you're funding from an external account, have that bank's routing number and your account number available.
Steps to open the account online
Go to bankofamerica.com and select "Open an account" or use the Bank of America mobile app. Choose "Savings" as your account type. You'll be asked whether you want a regular savings account, a money market account, or another savings product—each has different features and fee structures.
Enter your personal information: full name, date of birth, Social Security number, and current address. Bank of America will run a verification check using this information. Answer any security questions they ask to confirm your identity. This step usually takes a few minutes.
Select how you want to fund the account and enter those details. If you're transferring from another bank, provide the routing number and account number. If you're using a Bank of America account or debit card, the system will recognize it automatically. Choose your initial deposit amount—this must meet the minimum for your account type.
Review the account terms, including monthly fees and minimum balance requirements. Agree to the terms and submit. You'll receive a confirmation number and the account opens immediately. The initial deposit will process according to the method you chose.
How long deposits take to arrive
If you fund from an existing Bank of America account, the money appears in your new savings account within minutes. If you transfer from an external bank account, the deposit typically arrives in one to three business days. Transfers initiated on weekends or holidays may take longer because they process on the next business day.
Your savings account is ready to use as soon as it opens, even if the deposit is still pending. You can set up automatic transfers or direct deposits immediately. The pending deposit won't affect your ability to use the account.
Monthly fees and minimum balance requirements
Bank of America savings accounts have different fee structures depending on the type. Some accounts charge a monthly maintenance fee (typically $5 to $12) unless you maintain a minimum balance or set up a direct deposit. Other accounts have no monthly fee regardless of balance.
Minimum balance requirements also vary. Some accounts require $300 to $500 to avoid the monthly fee, while others have no minimum. Check the specific account type you're opening to understand its fee structure before you complete the process. You can review this information on the account details page during signup.
Funding options and transfer timing
| Funding Method | Processing Time | When to Use |
|---|---|---|
| Existing Bank of America account | Minutes | Fastest option if you already bank with Bank of America |
| External bank account (ACH transfer) | 1–3 business days | Standard method for funding from another bank |
| Debit card | 1–3 business days | If you don't have bank account details available |
If you're transferring from an external bank, the transfer is processed through the ACH system, which is why it takes longer. Weekends and federal holidays don't count as business days, so a transfer initiated on Friday may not arrive until Tuesday.
Bank of America does not charge a fee to transfer money into your new savings account from any of these sources. The cost, if any, comes from your external bank—some banks charge for outgoing transfers, though most do not.
What happens after your account opens
Once your account is open, you can log into your Bank of America online banking or mobile app to view your balance, set up automatic transfers, and manage your account. You can transfer money between your savings and checking accounts at any time without fees.
You won't receive a physical debit card for your savings account—savings accounts are designed for storing money rather than everyday spending. If you need to withdraw cash, you can transfer money to your checking account and use that debit card, or visit an ATM or branch.
Set up automatic transfers if you want to move money into savings regularly. Many people set up weekly or monthly transfers from checking to savings to build the habit of saving. You can change or cancel these transfers anytime through your online banking dashboard.
Frequently Asked Questions
Do I need an existing Bank of America account to open a savings account online?
No. You can open a savings account without an existing Bank of America account by funding it from an external bank account or debit card. However, if you already have a Bank of America checking account, the process is faster because the system recognizes your information immediately.
What if my identity verification fails?
If Bank of America cannot verify your identity online, you'll be directed to visit a branch in person with your government ID. This usually happens if there's a mismatch between the information you entered and what's on file with credit bureaus. Bring your ID and Social Security card to the branch, and they'll complete the account opening for you.
Can I open multiple savings accounts online?
Yes. Bank of America allows you to open multiple savings accounts online. Each account can have a different purpose (emergency fund, vacation savings, down payment fund) and can be managed separately through your online banking dashboard.
Is my money safe in an online savings account?
Yes. Bank of America is a federally insured bank, and your deposits are protected by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account type. This protection applies whether you opened the account online or in a branch.
Can I close the account after opening it?
Yes. You can close your savings account anytime through your online banking dashboard or by calling Bank of America. If you close the account within a certain timeframe (typically 30 days), some account types may charge an early closure fee. Check your account terms for details.