What you need to open a Bank of America savings account
You can open a Bank of America savings account in person at a branch, online through their website, or by phone. Most people finish the online process in under 10 minutes. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit—Bank of America does not require a minimum opening deposit for most savings accounts, though some accounts have monthly maintenance fees if your balance falls below a certain level.
If you already have a Bank of America checking account, opening a linked savings account is faster because the bank already has your information on file. If you are opening your first account with Bank of America, the online process will ask you to verify your identity by answering security questions based on your credit history, or by uploading a photo of your ID.
You will also need to decide which type of savings account fits your situation. Bank of America offers several: the regular Savings Account, the Money Market Account (which typically pays higher interest but requires a larger balance), and the CD (Certificate of Deposit), which locks your money away for a set term in exchange for a may provide rate. For most people starting out, the regular Savings Account is the right choice.
Key Takeaways
- You can open a Bank of America savings account online, at a branch, or by phone using your ID, Social Security number, and an initial deposit.
- The online process takes about 10 minutes and uses security questions to verify your identity if you are a new customer.
- Bank of America does not require a minimum deposit to open most savings accounts, but some accounts charge monthly fees if your balance drops below a set amount.
- If you already have a Bank of America checking account, linking a new savings account is faster because your information is already in their system.
- Choose a regular Savings Account unless you have a large balance or want to lock money away in a CD for a may provide rate.
Opening an account online
Go to bankofamerica.com and look for the "Open an Account" button, usually at the top of the page. Select "Savings Account" from the account type menu. You will be asked to enter your name, address, date of birth, Social Security number, phone number, and email address. Have your ID ready—you may need to upload a photo or answer verification questions.
After you complete the personal information section, Bank of America will ask you to choose a username and password for online banking. Write these down somewhere safe. Next, you will select which savings account product you want (regular Savings, Money Market, or CD) and decide whether to link it to an existing checking account or fund it with an initial deposit from another bank account or debit card.
Once you submit your application, Bank of America will tell you whether you are approved immediately or within one business day. If approved, your account number will appear on screen and in your email. You can start using your savings account right away for transfers and deposits, though if you funded it from an external bank account, that transfer may take one to three business days to complete.
Opening an account at a Bank of America branch
Walk into any Bank of America branch with your ID and Social Security number. Tell the representative you want to open a savings account. They will ask the same questions as the online form—name, address, date of birth, Social Security number—and will verify your identity by checking your ID in person. This eliminates the need for security questions or ID uploads.
The representative will show you the different savings account options and help you choose based on your balance and goals. They can also link your new savings account to an existing Bank of America checking account on the spot. If you want to fund the account with cash or a check, you can do that right there at the branch. If you are funding it from another bank, the representative can set up the transfer, though it will still take one to three business days to arrive.
Opening in person takes longer than online—usually 20 to 30 minutes—but you get immediate answers to questions and do not have to worry about identity verification delays. This is a good option if you are not comfortable with online banking or if you want to speak to someone about which account type makes sense for you.
Opening an account by phone
Call Bank of America at 1-800-432-1000 to open a savings account by phone. A representative will walk you through the same process as the online form: they will collect your personal information, verify your identity by asking security questions, and help you choose an account type. You will need your ID and Social Security number in front of you, and you should have a way to write down your new account number and login credentials.
Phone opening takes about 15 to 20 minutes. The main advantage is that you can ask questions in real time and get immediate clarification about account features, fees, or interest rates. The main disadvantage is that you cannot upload documents or see the account options displayed visually the way you can online or in person.
What happens after your account opens
Once your savings account is open, you can log into online banking or the Bank of America mobile app using the username and password you created. You will see your account number, current balance, and interest rate. If you funded the account from an external bank, check back in one to three business days to confirm the deposit arrived.
Bank of America will send you a debit card for your savings account if you requested one, though this is optional—many people use their savings account only for transfers and deposits, not for everyday spending. The card will arrive by mail within 7 to 10 business days. You can also set up automatic transfers from your checking account to your savings account through online banking, which is a common way to build savings without thinking about it.
Review your account statements monthly to track your balance and interest earned. Bank of America pays interest on savings accounts, though the rate changes based on market conditions. You can check your current rate anytime in online banking or by calling customer service.
Monthly fees and how to avoid them
Bank of America's regular Savings Account does not charge a monthly maintenance fee. However, some of their other savings products—like the Money Market Account—do charge a fee if your balance falls below a certain threshold, usually $2,500 or $10,000 depending on the account type. The fee is typically $12 per month.
To avoid fees, keep your balance above the minimum if you choose an account that has one, or stick with the regular Savings Account, which has no balance requirement. You can also waive fees on some accounts by setting up direct deposit or maintaining a linked checking account with a certain balance. Ask the representative opening your account which fee waivers apply to the account you choose.
Interest rates on savings accounts are low—currently less than 1 percent at most banks, including Bank of America—so do not expect your money to grow quickly. If you want higher interest, look into high-yield savings accounts at online banks, though those do not offer the branch access or customer service that Bank of America provides.
Funding your account and making your first deposit
You can fund your new savings account in several ways: with cash or a check at a Bank of America branch, by transfer from another bank account (which takes one to three business days), by debit card, or by setting up direct deposit from your employer. If you are opening the account online or by phone, you will need to use a transfer or debit card, since you cannot deposit cash remotely.
If you already have a Bank of America checking account, the easiest method is to transfer money from checking to savings through online banking or the mobile app. This transfer is instant and costs nothing. You can set up a recurring transfer—for example, $50 every payday—to automate your savings.
If you are funding from a bank outside Bank of America, you will provide your new account number and routing number (which Bank of America will give you) to the other bank, and they will initiate the transfer. Bank of America's routing number is 026009593 for most transfers, though confirm this with the bank opening your account to be certain.
Frequently Asked Questions
Can I open a Bank of America savings account if I do not have a Social Security number?
No. Bank of America requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. This is a federal requirement for all banks, not just Bank of America. If you have an ITIN, you can use that instead of a Social Security number.
How long does it take to open an account online?
The online process usually takes 5 to 15 minutes to complete. Approval is often immediate, and your account number appears on screen right away. If Bank of America needs to verify your identity through additional questions, it may take up to one business day, but you can usually start using your account the same day.
What is the difference between a savings account and a money market account at Bank of America?
A Money Market Account typically pays higher interest than a regular Savings Account, but requires a larger minimum balance (usually $2,500 or more) and charges a monthly fee if your balance drops below that minimum. A regular Savings Account has no minimum balance and no monthly fee. Choose a Money Market Account only if you have a large balance you plan to keep there.
Can I open a savings account for someone else, like a child?
No. The person whose name is on the account must be present or must provide written consent. For children under 18, a parent or guardian must open a custodial account in the child's name, with the parent listed as the custodian. Visit a branch to set this up, as it requires additional documentation.
What if I already have a Bank of America account but forgot my login information?
Go to bankofamerica.com and click "Forgot Login?" You will be asked to verify your identity using your Social Security number and other personal information. Bank of America will then send you a link to reset your password. If you cannot verify your identity online, call 1-800-432-1000 and a representative can help you regain access.