Yes, you can open a Bank of America savings account entirely online
Bank of America lets you open a savings account from your computer or phone without visiting a branch. The process takes about 10 minutes and requires a valid government ID, a Social Security number, and an initial deposit method. You'll have a working account by the end of the day in most cases, though the account number and routing number appear when ready so you can start using it right away.
The online path is faster than going to a branch and works the same whether you're a new customer or already have a Bank of America checking account. If you already bank with them, the process is shorter because they already have your identity verified.
Key Takeaways
- You need a valid government-issued ID, your Social Security number, and a way to fund the account (debit card, existing Bank of America account, or wire transfer).
- The entire signup happens on BankofAmerica.com or the mobile app, and your account opens the same day.
- If you're a new customer, Bank of America will verify your identity by asking security questions based on your credit history.
- You can link the new savings account to an existing Bank of America checking account when ready, or keep it separate.
- The account comes with a debit card, online bill pay, and mobile banking access, though the debit card takes 7 to 10 business days to arrive by mail.
What you need before you start
Gather these items before opening the account: a valid government ID (driver's license, passport, or state ID), your Social Security number, and your date of birth. Bank of America will ask for your current address and phone number as well.
You'll also need a way to fund the account. If you're a new customer, you can use a debit card from another bank, a wire transfer, or a check deposit. If you already have a Bank of America checking account, you can transfer money from that account when ready. The minimum opening deposit varies—Bank of America does not currently require a minimum deposit to open a savings account, but you should check their current terms on their website since this can change.
The step-by-step process on BankofAmerica.com
Go to BankofAmerica.com and click "Open an account" or "Sign up" (the button location changes periodically). Select "Savings account" from the account type menu. You'll be asked whether you're a new customer or already have a Bank of America account—this determines which path you follow.
For new customers, Bank of America will ask you to enter your name, address, date of birth, Social Security number, phone number, and email. They'll then ask security questions based on your credit history to verify your identity—these are questions only you should know the answer to, like "which of these addresses have you lived at" or "which lender issued your car loan." Answer correctly and you move forward; if you can't answer enough questions, you'll be asked to verify your identity another way, usually by uploading a photo of your ID.
Next, you'll choose your account settings: whether you want paperless statements, whether you want to link this account to an existing checking account, and whether you want overdraft protection (which lets your savings account cover checking account overdrafts). Then you'll fund the account by entering a debit card number, providing wire transfer details, or transferring from an existing Bank of America account.
Review the account terms and sign the account agreement electronically. Your account opens when ready and you'll see your account number and routing number on screen. You can start using these numbers to receive deposits or set up transfers right away.
Using the Bank of America mobile app instead
The mobile app process is nearly identical to the website. read the Bank of America app, tap "Open an account," and follow the same steps. The app may be slightly faster on a phone because it can use your phone's camera to photograph your ID during verification, rather than typing in details manually.
One advantage of the app: if you're already a Bank of America customer and logged in, the app remembers your information and pre-fills most fields. New customers still go through the same identity verification questions.
What happens after you open the account
Your savings account is ready to use when ready. You can receive direct deposits, make transfers, and set up automatic savings right away using the account number and routing number shown on screen. The account appears in your online banking dashboard and mobile app within minutes.
If you ordered a debit card, it arrives by mail in 7 to 10 business days. Until then, you can access your money through transfers, ATM withdrawals at Bank of America ATMs (using your account number), or by visiting a branch. Your account comes with online bill pay, so you can pay bills from your savings account through the website or app.
Bank of America sends account statements monthly (or you can view them anytime online). Interest accrues daily and is deposited monthly. The interest rate varies based on market conditions and your account balance—check BankofAmerica.com for current rates.
If you already have a Bank of America account
The process is faster if you're already a customer. Log into your existing account on BankofAmerica.com or the app, find the "Open an account" or "Add account" option, and select savings account. Bank of America skips the identity verification questions because they already have your information on file.
You'll choose your account settings and funding method. Since you already have a Bank of America account, you can transfer money from your checking account to fund the new savings account when ready. The new savings account appears in your dashboard alongside your existing accounts, and you can move money between them anytime without fees.
Reasons the online process might not work
Bank of America may ask you to verify your identity in person if you can't answer enough security questions and can't upload a clear photo of your ID. This happens occasionally with new customers who have limited credit history or who have moved recently. If this happens, you'll be directed to visit a branch with your ID to complete the account opening there.
You may also run into issues if your internet connection drops during signup—the process usually saves your progress, but if you're concerned, start over rather than trying to resume. Some older browsers or devices may have trouble with the signup page; if you get errors, try a different browser or device, or use the mobile app instead.
Frequently Asked Questions
How long does it take to open the account?
The signup process itself takes 10 to 15 minutes. Your account opens when ready and you can use the account number and routing number right away. If you ordered a debit card, it arrives in 7 to 10 business days. Transfers from other banks may take 1 to 3 business days to show up, depending on the sending bank.
Do I need to have a checking account with Bank of America to open a savings account?
No. You can open a savings account as your first Bank of America account. However, if you already have a checking account with them, the process is slightly faster because they already have your identity verified.
What if I don't have a government ID?
Bank of America requires a valid government-issued ID to open an account online. If you don't have one, you can visit a branch in person with alternative forms of ID (like a passport card or tribal ID), though availability varies by location. Call Bank of America at 1-800-432-1000 to ask what documents your local branch accepts.
Can I open the account on my phone?
Yes. The Bank of America mobile app has the same account opening process as the website. The app may be slightly faster because it can photograph your ID using your phone's camera instead of requiring you to type details manually.
What's the minimum deposit to open a savings account?
Bank of America does not currently require a minimum opening deposit for savings accounts. However, some savings products (like their Premium Savings account) may have different requirements. Check BankofAmerica.com for current terms, as these can change.