What you need to open a Bank of America savings account
You can open a Bank of America savings account online, by phone, or in person at a branch. The process takes about 10 to 15 minutes online, and you'll need a valid government-issued ID, your Social Security number, and an initial deposit (which can be as little as $0 for most savings accounts, though some accounts have minimum opening deposits). If you're opening online or by phone, you'll also need a debit card or bank account at another institution to fund the account.
Bank of America offers several types of savings accounts with different features and interest rates. The most common option for most people is the Regular Savings account, which has no monthly maintenance fee and no minimum opening deposit. Other options include the Premium Savings account (which requires a higher balance but pays higher interest) and money market accounts (which offer check-writing privileges). The account you choose depends on how much you plan to deposit and how often you'll withdraw money.
Key Takeaways
- You need a valid government-issued ID, your Social Security number, and an initial deposit to open an account, though the deposit can be $0 for most savings accounts.
- Online account opening takes about 10 to 15 minutes and requires a debit card or bank account at another institution to fund the account initially.
- Bank of America offers Regular Savings (no fees, no minimum), Premium Savings (higher balance required, higher interest), and money market accounts with different features.
- You can open an account online, by phone at 1-800-432-1000, or in person at a Bank of America branch during business hours.
Opening an account online
Go to bankofamerica.com and select "Open an Account" from the homepage. You'll be asked to choose the type of account you want (savings, checking, or both). The online form will ask for your personal information: full name, date of birth, Social Security number, address, phone number, and email. Bank of America will verify your identity using information from credit bureaus, so the process is automatic and takes a few minutes.
After your identity is verified, you'll set up login credentials and choose how to fund the account. You can transfer money from another bank account (using routing and account numbers) or deposit from a debit card. Bank of America will ask you to confirm the amount you want to deposit. Once the deposit goes through, your account is active and you can start using it immediately, though the transferred funds may take one to three business days to appear depending on the other bank.
Opening an account by phone
Call Bank of America at 1-800-432-1000 to open an account over the phone. A representative will walk you through the same information you'd provide online: personal details, Social Security number, and address. They'll verify your identity using the same credit bureau process. The call typically takes 15 to 20 minutes.
During the call, tell the representative how you want to fund the account. You can provide debit card information or bank account details for a transfer. The representative will confirm the deposit amount and send you a confirmation number. Your account will be active the same day, though funds may take one to three business days to arrive depending on the funding method.
Opening an account in person at a branch
Visit your nearest Bank of America branch with a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and the amount you want to deposit. A banker will help you choose the right account type and fill out the paperwork. The process takes about 15 to 20 minutes. You can fund the account with cash or a check on the spot, or provide information to transfer money from another bank.
In-person opening is useful if you want to ask questions about account features, interest rates, or other Bank of America services. Bring a second form of ID if possible (utility bill, lease, or insurance card with your address), though it's not always required. Your account will be active the same day, and cash deposits are available immediately.
What happens after you open the account
Once your account is open, you'll receive a debit card in the mail within 7 to 10 business days (or you can pick one up at a branch). You can access your account online or through the Bank of America mobile app right away, even before the card arrives. Set up online banking and mobile banking so you can check your balance, transfer money, and pay bills.
Your savings account will earn interest, though the rate varies based on the account type and current market conditions. Bank of America publishes current rates on its website. Interest is typically compounded daily and deposited monthly. You can withdraw money from your savings account at any time, but federal rules limit you to six withdrawals per month (this rule applies to most savings accounts, not just Bank of America).
Fees and account requirements
The Regular Savings account has no monthly maintenance fee and no minimum balance requirement. However, if you fall below $300 in your account, Bank of America may charge a low balance fee (the amount varies). The Premium Savings account requires a higher opening deposit and minimum balance but pays higher interest and has no monthly fee. Money market accounts have different fee structures depending on the specific product.
Bank of America waives monthly fees if you maintain a certain balance or set up direct deposit. Check the current fee schedule on bankofamerica.com or ask a banker in person, since fees and requirements change. If you're a student, Bank of America offers student checking and savings accounts with different fee structures.
If you already have a Bank of America account
If you already have a checking account or another account with Bank of America, opening a savings account is faster. Log into your online banking or mobile app, select "Open an Account," and follow the prompts. You can fund the new savings account by transferring money from your existing Bank of America account. The transfer is instant, and your new account is active immediately.
Existing customers can also call the same number (1-800-432-1000) or visit a branch. The process is the same, but the bank already has your information on file, so verification is quicker.
Frequently Asked Questions
Can I open a Bank of America savings account without going to a branch?
Yes. You can open an account entirely online at bankofamerica.com or by phone at 1-800-432-1000. Both methods take 10 to 20 minutes and require the same information: ID, Social Security number, and an initial deposit method (debit card or another bank account).
What's the minimum deposit to open a savings account?
The Regular Savings account has no minimum opening deposit. Other account types may have different requirements. Check the current terms on bankofamerica.com or ask a representative, since minimums can change.
How long does it take to fund the account after I open it?
If you deposit cash or a check in person, the money is available immediately. If you transfer from another bank, it takes one to three business days depending on the other bank's processing time. Your account is active the same day you open it, but you may not see the transferred funds until they arrive.
Can I open a savings account if I don't have a Social Security number?
Bank of America requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you don't have one, you'll need to obtain an ITIN from the IRS before opening an account.
What's the difference between a savings account and a money market account at Bank of America?
A savings account is simpler and has fewer features. A money market account typically requires a higher balance but offers check-writing privileges and higher interest rates. Choose based on how much you plan to keep in the account and whether you need to write checks from it.