Bank of America has no minimum deposit requirement to open a savings account

You can open a Bank of America savings account with $0. There is no opening deposit, no minimum balance you must maintain, and no monthly fee tied to having the account itself. You pay only if you use certain features—like overdraft protection or out-of-network ATM withdrawals—or if your account sits inactive for a long time.

The account types available vary slightly by state and by whether you open online or in a branch. The most common option is the Regular Savings Account, which earns interest (though the rate changes with the market). Some customers also may have access to for a Premium Savings Account if they maintain higher balances, but again, there is no requirement to do so.

Key Takeaways

  • You need $0 to open a Bank of America savings account; there is no minimum opening deposit or minimum balance requirement.
  • The account itself has no monthly maintenance fee, but you may pay fees if you overdraft, use out-of-network ATMs, or request expedited transfers.
  • You can open online in minutes with a valid ID and Social Security number, or visit a branch in person.
  • Interest rates on savings accounts change regularly and are currently much lower than rates on high-yield savings accounts at online banks.

What you need to open the account

To open online, you will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and a current email address. Bank of America will verify your identity electronically during the process. The whole thing takes about 10 minutes.

If you open in a branch, bring the same documents plus a phone number where they can reach you. A banker will walk you through the application and can answer questions about account features in real time. You can fund the account immediately with a debit card, transfer from another bank, or a check deposit.

Fees that might apply after you open

The savings account itself costs nothing to maintain. However, Bank of America charges fees for specific actions:

  • Overdraft fees: If your account goes negative and you have overdraft protection linked to another account or credit line, you may be charged. The fee varies but is typically $35 per overdraft item.
  • Out-of-network ATM fees: Withdrawing cash at an ATM that is not Bank of America costs $2.50 per transaction (plus any fee the other ATM's bank charges).
  • Wire transfer fees: Sending money by wire costs $15 for domestic transfers and $45 for international ones.
  • Expedited transfer fees: Requesting a faster transfer than the standard timeline costs $15.

None of these fees apply unless you actually use those services. If you simply deposit money and leave it, you pay nothing.

Interest rates and how they compare

Bank of America savings accounts earn interest, but the rate is set by the bank and changes based on Federal Reserve decisions. As of early 2024, the rate on a Regular Savings Account is significantly lower than rates offered by online-only banks—often less than 0.05% annually, meaning $1,000 earns less than 50 cents per year.

If you are saving money and want the interest to actually matter, you may want to compare Bank of America's rate to high-yield savings accounts at online banks like Marcus, Ally, or American Express Personal Savings, which often offer rates 10 to 20 times higher. The trade-off is that those banks have no physical branches and may have longer transfer times.

How to open online or in a branch

To open online, go to bankofamerica.com, click "Open an Account," and select "Savings Account." You will enter your personal information, verify your identity with your ID and Social Security number, and choose how to fund the account. The account opens immediately, and you can start using it the same day.

To open in a branch, find your nearest Bank of America location, bring your ID and Social Security number, and ask to open a savings account. The banker will complete the application with you, answer questions about features and fees, and you can deposit money on the spot. Some branches are busier than others, so arriving early in the day or on a weekday may mean shorter wait times.

What happens if you do not use the account

Bank of America does not close savings accounts for inactivity the way some banks do. However, if an account shows no deposits or withdrawals for 12 months or longer, the bank may classify it as inactive and stop sending statements. You can reactivate it by logging in online or visiting a branch.

If you have not accessed the account in several years and the bank cannot locate you, the funds may eventually be turned over to your state's unclaimed property program. This is rare, but it is why keeping your contact information current with the bank matters.

Frequently Asked Questions

Can I open a Bank of America savings account if I do not have a checking account?

Yes. The savings account is completely separate and does not require you to have a checking account. You can open just a savings account and use it on its own.

What is the difference between a Regular Savings Account and a Premium Savings Account?

The Premium Savings Account requires a higher opening deposit (typically $10,000 or more) and offers a slightly higher interest rate. If you do not meet the balance requirement, you are automatically moved to a Regular Savings Account. Most people start with a Regular Savings Account.

Can I link my Bank of America savings account to accounts at other banks?

Yes. You can transfer money between your Bank of America savings account and external accounts at other banks, though transfers typically take one to three business days. You can set this up online in your account settings.

What if I want to close the account later?

You can close a Bank of America savings account anytime by visiting a branch or calling customer service. Withdraw or transfer any remaining balance first. There is no fee or penalty for closing.

Do I need a minimum balance to earn interest?

No. Bank of America pays interest on any balance, no matter how small. However, because the interest rate is very low, the amount you earn will be minimal unless you have a large balance.