How to open a savings account in the Bank of America app
You can open a Bank of America savings account entirely through the mobile app without visiting a branch. Start by opening the Bank of America app and signing in with your username and password. If you don't have an app account yet, tap "Enroll" on the login screen and follow the setup steps using your Social Security number and other identifying information.
Once logged in, tap the menu icon (three horizontal lines) at the bottom right, then select "Open an Account." The app will show you available savings account options. Choose the savings account type that fits your needs, review the terms and fees, then tap "Open Account" to begin the application.
The app will ask you to confirm your personal information, set an initial deposit amount, and choose how you want to fund the account. You can transfer money from an existing Bank of America account, link an external bank account, or deposit a check using mobile deposit. Complete the final verification steps, and your account opens immediately—you'll see it in your app right away.
Key Takeaways
- You need the Bank of America app and an existing login to start; if you're new to Bank of America, you'll enroll first using your Social Security number.
- The entire process happens in the app under the menu's "Open an Account" option and takes about 10 to 15 minutes.
- You can fund your new savings account by transferring from another Bank of America account, linking an external bank account, or depositing a check by phone.
- Your savings account is active immediately after you complete the application, and you can start using it the same day.
- Bank of America offers multiple savings account types with different features and fee structures, so review each option before choosing.
What information you'll need to provide
Bank of America will ask for your full legal name, date of birth, Social Security number, and current address during the application. Have your government-issued ID available to verify your identity, though you won't need to photograph it for app-based accounts.
You'll also need to confirm your phone number and email address. Bank of America uses these to send account confirmations and security alerts. If you're funding the account from an external bank, have that bank's routing number and your account number ready, or choose to link the account through the app's secure connection process.
Choosing between Bank of America savings account types
Bank of America offers several savings account options, each with different features and monthly maintenance fees. The Regular Savings Account is the most basic option and typically has no minimum opening deposit, though it may have a monthly fee unless you meet certain balance or activity requirements.
The Advantage Savings Account requires a higher opening deposit and minimum balance but often waives the monthly fee if you maintain that balance. Some accounts offer higher interest rates if you meet specific conditions, such as setting up automatic transfers or maintaining a linked checking account.
Review the current terms for each account type in the app before opening. Fee structures and interest rates change, and what works best depends on how much you plan to keep in savings and how often you'll make deposits or withdrawals.
Funding your new savings account
You have three main ways to fund your account through the app. The fastest method is transferring money from an existing Bank of America checking or savings account—this transfer completes within minutes and appears in your new account immediately.
If you want to fund the account from a bank outside Bank of America, you can link that account securely through the app. Bank of America will verify the connection by depositing two small amounts into your external account, which you'll confirm in the app. Once verified, you can transfer money between the accounts.
You can also deposit a check using Bank of America's mobile check deposit feature. Open the app, select "Deposit a Check," photograph both sides of the check, and specify which account to deposit it into. The funds typically appear within one to two business days, depending on the check amount and your account history.
When your account becomes active and ready to use
Your savings account is active immediately after you complete the application in the app. You'll see it listed in your accounts right away and can begin transferring money into it or setting up automatic deposits the same day.
However, if you're depositing a check or transferring from an external bank account, the funds themselves may take one to two business days to arrive. Bank of America will send you a notification when the deposit clears. You can view your account balance, transaction history, and account details in the app as soon as the account opens, even if you haven't funded it yet.
Setting up automatic transfers and alerts
Once your savings account is open, you can set up automatic transfers to build your savings without thinking about it. In the app, go to your new savings account, tap the menu, and select "Set Up Transfers." Choose how much to transfer, how often (weekly, biweekly, or monthly), and which account to transfer from.
You can also turn on balance alerts and transaction notifications. These alerts notify you when your balance drops below a certain amount, when a transfer completes, or when a withdrawal occurs. Go to your account settings and select "Alerts" to customize which notifications you want to receive and how (push notification, text, or email).
Troubleshooting common issues during account opening
If the app won't let you open an account, the most common reason is that your login information isn't verified or your identity couldn't be confirmed. Make sure you're using the correct username and password, and that your phone number and email match what Bank of America has on file. If you've recently moved, update your address in your profile before trying again.
If you see an error message about your Social Security number or date of birth, double-check that you've entered them exactly as they appear on your government ID. Typos in these fields will block the application. If the problem persists, contact Bank of America customer service through the app or call the number on the back of your debit card—they can verify your information over the phone and help you complete the application.
If you're trying to link an external bank account and the connection fails, make sure you have the correct routing number and account number. Some banks require you to verify the connection through your own bank's app first. Bank of America will also send you two small test deposits to confirm the link—check your external bank account for these deposits and enter the amounts in the Bank of America app to complete the verification.
Frequently Asked Questions
Do I need an existing Bank of America account to open a savings account through the app?
If you already have a Bank of America checking account or any other product with them, you can open a savings account through the app using your existing login. If you're completely new to Bank of America, you'll need to enroll first, which requires your Social Security number and identifying information. Enrollment takes a few minutes and happens before you can open the savings account.
How much money do I need to open a savings account?
Most Bank of America savings accounts have no minimum opening deposit requirement, though some account types require a higher minimum balance to waive monthly fees. Check the specific account terms in the app before opening—they vary by account type and may change. You can open an account with zero dollars and fund it later if needed.
Can I open a savings account if I'm not a U.S. citizen?
Bank of America requires a valid Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you have an ITIN, you may be able to open an account, but requirements vary. Contact Bank of America directly through the app or by phone to confirm whether you meet their requirements before starting the application.
What happens if my account opening is denied?
Bank of America may deny an account application if there are issues with identity verification, a history of fraud or account misuse, or problems with ChexSystems (a banking history report). If your application is denied, Bank of America will send you a notice explaining the reason. You can contact customer service to ask whether you can reapply or what steps to take next.
Can I open multiple savings accounts through the app?
Yes, you can open more than one savings account with Bank of America. This can be useful if you want to separate savings for different goals. Each account will have its own balance, interest rate, and fees. You can manage all of them through the app and set up transfers between them.