Bank of America savings accounts have no monthly minimum balance requirement

Bank of America does not require you to keep a specific amount of money in a savings account to avoid fees or to keep the account open. You can open an account with $0 and maintain a $0 balance indefinitely without penalty. This applies to their standard savings products: the Regular Savings account and the Advantage Savings account.

What matters instead is whether you want to earn interest. Bank of America pays interest on savings balances, but the rate you receive depends on your account type and the total amount you have on deposit across all your Bank of America accounts. The more you hold, the higher your interest rate tier — but you are never forced to hold any minimum amount to avoid losing the account.

Key Takeaways

  • Bank of America savings accounts have no monthly minimum balance requirement, and you will not be charged a fee for keeping a zero balance.
  • Interest rates are tiered based on your total deposit balance across all your Bank of America accounts, so higher balances earn higher rates.
  • You can open a savings account with any amount, including $0, and the account will remain active as long as you do not close it.
  • If you do not use your account for an extended period, Bank of America may close it, but this is not related to a minimum balance rule.

How interest rates work if you keep money in the account

Bank of America uses a tiered interest structure. Your rate depends on your total combined balance across all deposit accounts you hold with them — checking, savings, money market, and CDs all count toward this total. The more you have on deposit, the higher the interest rate you earn on your savings account.

The specific rate tiers change over time and vary by region, so you should check your account online or call 1-800-432-1000 to see what rate you would receive at your current balance level. The bank publishes rate information on their website, but the rates are not the same for every customer — they depend on your deposit tier.

Even if you keep only $1 in your savings account, you will earn interest at whatever rate applies to your tier. There is no threshold below which the bank stops paying interest.

What happens if you never use the account

Bank of America may close a savings account if there is no activity for a long period — typically 12 months or more of no deposits, withdrawals, or transfers. This is not a minimum balance rule; it is an inactivity policy. The bank closes dormant accounts to reduce the number of inactive records they maintain.

If your account is closed due to inactivity, any balance you had will be returned to you. Bank of America will attempt to contact you using the address and phone number on file. If they cannot reach you, the funds may eventually be turned over to your state's unclaimed property program.

To keep an account active, you need only make one transaction every 12 months — a deposit, withdrawal, or transfer counts. You do not need to maintain any specific balance.

Comparing Bank of America savings to other banks

Most large national banks, including Chase, Wells Fargo, and Citibank, also have no minimum balance requirement for standard savings accounts. However, some banks offer higher interest rates on savings accounts that do require a minimum — often $25,000 or more. Bank of America does not have a separate high-yield savings product with a minimum requirement; their tiered rate structure is their only savings option.

Online banks like Marcus, Ally, and American Express typically offer higher interest rates than Bank of America, and they also have no minimum balance requirement. If earning interest is your main goal, comparing rates across banks may show you better options, though you would need to move your money to a different institution.

How to open a Bank of America savings account

You can open a savings account online, on the Bank of America mobile app, or in person at a branch. Online and app applications take about 10 minutes and require your Social Security number, date of birth, address, and initial funding method (a debit card or bank account to transfer from). You can fund the account with $0 if you prefer.

In-person applications at a branch require the same information plus a government-issued ID. You can open the account and fund it on the spot, or leave with an empty account and fund it later online.

Once the account is open, you can deposit money by transferring from another bank account, depositing a check through the mobile app, or depositing cash at an ATM or branch. You can withdraw money the same ways, though some methods may take one to two business days to process.

Fees that do apply to Bank of America savings accounts

While there is no minimum balance fee, Bank of America does charge fees in specific situations. An overdraft fee applies if you withdraw more than your balance (though this is rare with savings accounts, which do not have overdraft protection by default). If you make more than six transfers or withdrawals per month, the bank charges a fee for each transaction over six — this is a federal rule that applies to most savings accounts.

Bank of America also charges a fee if you request a paper statement or if you use an out-of-network ATM repeatedly. These fees are small — typically $1 to $3 — but they are worth knowing about if you plan to use your savings account frequently.

Frequently Asked Questions

Can I open a Bank of America savings account with no money?

Yes. You can open an account online or in a branch with $0 and fund it later, or never fund it at all. The account will remain open as long as you do not close it yourself or leave it inactive for 12 months or more.

Will Bank of America close my account if I keep a zero balance?

No, not because of the zero balance. Bank of America will close the account only if you do not use it for 12 months or longer. A zero balance alone does not trigger closure.

Do I earn interest on a zero balance?

No. Interest is calculated on the balance you hold. If your balance is $0, you earn $0 in interest. Once you deposit money, you begin earning interest at the rate for your tier.

What is the maximum balance I can keep in a Bank of America savings account?

There is no maximum. You can hold any amount in a savings account. However, deposits over $250,000 per account are not covered by FDIC insurance, so if you have very large balances, you may want to spread them across multiple banks or account types.

If I have a checking account with Bank of America, do I need a separate savings account?

No, you do not need one. A checking account is for frequent transactions; a savings account is for money you want to set aside and earn interest on. Whether you open a savings account depends on your goals, not on having a checking account first.