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, your Social Security number, and an initial deposit method. You'll have a working account the same day in most cases, though some account features may take a business day or two to activate.
The account opens in your name immediately, but you cannot withdraw money or use a debit card until Bank of America verifies your identity. This verification usually happens within minutes during the online application, but occasionally takes up to 24 hours if additional information is needed.
Key Takeaways
- You need a valid government-issued ID, your Social Security number, and a way to fund the account (debit card, another bank account, or wire transfer).
- The online application takes about 10 minutes and you can start using the account the same day in most cases.
- Bank of America will ask for your current address, employment status, and annual income during signup.
- If you already have a Bank of America checking account, opening a linked savings account is faster because they already have your information on file.
- You must maintain a minimum balance to avoid monthly maintenance fees, which varies by account type.
What you need before you start
Gather these items before opening the application: a valid government ID (driver's license, passport, or state ID card), your Social Security number, and your current address. Bank of America will also ask for your date of birth and phone number.
You'll need a way to fund the account. This can be a debit card from another bank, a checking account at another financial institution (you'll provide the routing and account numbers), or a wire transfer. If you already have a Bank of America checking account, you can transfer money from that account to fund the new savings account.
Have your employment information ready: your employer's name, your job title, and your annual income. If you're retired, unemployed, or a student, Bank of America will ask you to select that status instead. You do not need to provide tax documents or proof of income during the online application.
The step-by-step process
Go to bankofamerica.com or open the Bank of America mobile app. Look for the option to open a new account — it's usually labeled "Open an Account" or "get your free guide" on the homepage. Select "Savings Account" from the account type menu.
Enter your personal information: full name, date of birth, Social Security number, and current address. Bank of America will ask whether you're a U.S. citizen and whether you have an existing Bank of America account. If you already bank with them, the application will pull your verified information and move faster.
Upload or photograph your government ID using your phone or computer camera. Bank of America's system will read the ID automatically. If the scan is unclear, you can retake the photo or enter the information manually.
Choose your funding method and enter the details. If you're using a debit card, enter the card number and expiration date. If you're transferring from another bank account, enter the routing number and account number. Bank of America will verify the account with one or two small test deposits (usually $0.01 to $0.99) that appear within one to two business days.
Review the account terms and disclosures, then sign electronically. Bank of America will send a confirmation email with your new account number and routing number. Your account is now open and you can log in to your online banking dashboard immediately.
When your account is ready to use
Your savings account number and routing number are available in your online banking dashboard as soon as the application is approved. You can use these numbers to set up direct deposits or transfers from other accounts right away.
Withdrawals and transfers out of the account may be restricted for the first 24 hours while Bank of America completes identity verification. This is a standard anti-fraud measure. Once verification is complete, you can transfer money out, set up automatic transfers, or link the account to external accounts.
A debit card is not issued automatically with a savings account. If you want a debit card linked to your savings account, you must request one through your online banking dashboard or call Bank of America. The card typically arrives within 7 to 10 business days.
Minimum balance requirements and fees
Bank of America charges a monthly maintenance fee on most savings accounts unless you meet one of these conditions: maintain a minimum daily balance (the amount varies by account type, typically $300 to $500), have a may have access to direct deposit, or link the account to a Bank of America checking account that has no monthly fee.
The monthly maintenance fee is usually $5 to $12, depending on the specific savings account product. You can see the exact fee and balance requirement for your account type before you complete the application — this information appears in the account terms section.
Interest rates on Bank of America savings accounts change based on Federal Reserve decisions. The current rate is posted on their website and in your account dashboard. Interest is calculated daily and deposited monthly.
If you already have a Bank of America checking account
The process is faster if you're already a Bank of America customer. Log into your existing online banking account and look for "Open Another Account" or a similar option in the menu. Bank of America will use your existing verified identity and address, so you skip the ID upload step.
You can fund the new savings account immediately by transferring money from your checking account. The transfer appears in both accounts within minutes. You also automatically meet the minimum balance requirement if your linked checking account has no monthly fee, so you won't pay a maintenance fee on the savings account.
What to do if the application is declined or delayed
Bank of America may decline an application if your ID cannot be verified, if there's a mismatch between the name on your ID and the information you entered, or if there's a problem with your Social Security number. If this happens, you'll see a message in the application explaining the issue.
If your ID was rejected, try uploading a clearer photo or use a different form of ID. Make sure the name, address, and date of birth match exactly what you entered in the application. If the problem persists, call Bank of America at 1-800-432-1000 to complete the application over the phone with a representative.
Occasionally the application takes longer than expected if Bank of America needs to verify additional information. You'll receive an email or phone call if this happens. Do not close the browser or app while the application is processing — wait for a final confirmation message.
Frequently Asked Questions
Can I open a savings account online if I don't have a Bank of America checking account?
Yes. You can open a savings account as a standalone account using only your ID, Social Security number, and a funding method. The process is the same whether you're a new customer or an existing Bank of America customer, though existing customers move through the application faster.
How much money do I need to open the account?
Bank of America does not require a specific opening deposit amount. However, you must fund the account with at least some money during the application process — you cannot open an empty account. The minimum funding amount is typically $25 to $100, depending on your funding method.
Will opening an account online hurt my credit score?
No. Bank of America performs a soft credit check during the application, which does not affect your credit score. A soft check is used only to verify your identity and check for fraud — it does not appear on your credit report.
Can I open a joint savings account online with someone else?
Bank of America does not allow joint account applications online. You can open an individual account online, then visit a branch or call to add an authorized user or convert it to a joint account later. Both account holders will need to verify their identity in person or by phone.
What happens if I don't meet the minimum balance requirement?
Bank of America will charge the monthly maintenance fee to your account. The fee is deducted automatically on a set date each month. You can avoid the fee by depositing enough money to meet the minimum balance before that date, or by setting up a may have access to direct deposit.