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 start online because it takes about 10 minutes and you can fund the account immediately. 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 threshold.
If you already have a Bank of America checking account, opening a savings account is faster because the bank already has your information on file. You can link the two accounts so money moves between them without delay. If you are opening your first account with Bank of America, the online process will ask for your address, phone number, and employment information.
Key Takeaways
- You can open a savings account online in about 10 minutes, by phone, or in person at a branch without a minimum deposit requirement.
- You will need a valid ID, Social Security number, and an initial deposit amount (even $1 works to open most accounts).
- Bank of America offers several savings account types with different features and fee structures, so compare them before you choose.
- If you already have a Bank of America checking account, linking a new savings account takes minutes and lets you transfer money instantly between them.
- Your account becomes active immediately after opening online, and you can start using your debit card or transfers the same day.
Opening online through Bank of America's website
Go to bankofamerica.com and click "Open an Account" or "get your free guide." The site will ask you to choose between checking and savings; select savings. You will enter your personal information (name, date of birth, address, phone, email), your Social Security number, and employment details. Bank of America will verify your identity by asking security questions based on your credit history—this usually takes less than a minute.
Next, you choose which savings account type you want. Bank of America offers the Regular Savings account (basic, no monthly fee if you keep a $300 minimum balance or make one deposit per month), the Premium Savings account (higher interest rate, requires a $10,000 minimum balance), and the Advantage Savings account (designed for frequent savers, no minimum balance but a monthly fee if you don't meet activity requirements). Read the fee schedule for each because the difference between accounts matters if your balance is small.
After selecting your account type, you fund it. You can transfer money from another bank account (provide the routing and account number), deposit a check using mobile deposit if you have a smartphone, or wait for a debit card to arrive and use it at an ATM. Your account opens immediately, and you can see your balance online right away.
Opening in person at a Bank of America branch
Walk into any Bank of America branch with your ID and Social Security number. Tell a representative you want to open a savings account. They will sit with you, explain the account options, and help you choose the one that fits your needs. Bring a checkbook or recent bank statement if you want to fund the account by transfer, or bring cash or a check to deposit on the spot.
The in-person process takes 15 to 30 minutes because the representative reviews each account type with you and answers questions. This is useful if you are unsure which account to choose or if you want to understand the fees before committing. Your account opens that day, and you can receive a temporary debit card or have one mailed to you.
Opening by phone
Call Bank of America at 1-800-432-1000 (the main customer service line) and ask to open a savings account. A representative will walk you through the same process as the online application: they will verify your identity, explain account options, and take your initial deposit information. This route works well if you prefer talking to a person but do not want to visit a branch.
Phone applications usually take 20 to 30 minutes. Have your ID and Social Security number ready, and know how much you want to deposit initially. The representative will confirm your account is open before you hang up and will tell you when to expect your debit card.
Linking your savings account to an existing checking account
If you already have a Bank of America checking account, you can link your new savings account to it through the mobile app or online banking. Log into your account, go to "Accounts," and select "Link Account" or "Add Account." Choose your new savings account from the list. Once linked, you can transfer money between checking and savings instantly without fees, and you can set up automatic transfers if you want to move a fixed amount each week or month.
Linking takes about two minutes and happens immediately. You will see both accounts on your dashboard, and you can manage them together. This is especially useful if you want to move money quickly or if you are saving toward a goal and want to automate deposits.
What happens after your account opens
Your savings account is active the moment you complete the application, whether online, by phone, or in person. You can log into online banking or the mobile app and see your balance. If you funded the account during opening, that money appears in your account right away. If you are waiting for a transfer from another bank, it usually arrives within one to three business days depending on the other bank's processing time.
Your debit card arrives by mail within 7 to 10 business days. Until it arrives, you can withdraw money at any Bank of America ATM using your account number, or you can go to a branch and withdraw in person. You will also receive statements monthly (or you can view them online anytime), and Bank of America will send you a welcome letter with your account number and routing number—you need the routing number if you want to set up direct deposits or automatic transfers from another bank.
Account fees and interest rates
Bank of America's savings accounts have different fee structures. The Regular Savings account charges a $3 monthly maintenance fee if your balance drops below $300 and you do not make at least one deposit per month—if you meet either condition, the fee is waived. The Premium Savings account has no monthly fee but requires a $10,000 minimum balance to earn the higher interest rate; if your balance falls below $10,000, you earn a lower rate. The Advantage Savings account charges a $3 monthly fee if you do not make at least one deposit per month, but it has no minimum balance requirement.
Interest rates on Bank of America savings accounts change based on the Federal Reserve's rate decisions. You can check current rates on their website before you open an account. Compare Bank of America's rates to other banks because rates vary widely, and a higher rate elsewhere might make a difference if you are saving a large amount. Bank of America's rates are typically lower than online-only banks, but the trade-off is access to physical branches and customer service.
Frequently Asked Questions
Do I need a minimum deposit to open a Bank of America savings account?
No. Bank of America does not require a minimum opening deposit for most savings accounts. You can open an account with $1 if you want. However, some accounts charge a monthly fee if your balance stays below a certain amount, so check the fee schedule for the account type you choose.
How long does it take to open an account online?
About 10 minutes from start to finish. The identity verification step is usually the longest part, and it happens automatically. Your account is active immediately, and you can see your balance online right away.
Can I open a savings account if I do not 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 do not have either, you will need to obtain one before you can open an account. Some other banks have different rules, so you may want to call ahead and ask.
What is the difference between a savings account and a money market account at Bank of America?
A savings account is simpler and has no limit on how many times you can withdraw per month. A money market account typically offers a higher interest rate but may limit your withdrawals and require a higher minimum balance. For most people starting out, a savings account is the better choice.
Can I open a joint savings account with someone else?
Yes. Both people will need to be present (in person or online together) with valid IDs and Social Security numbers. You can open a joint account online, by phone, or in person. Both account holders can access the account and make withdrawals.