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. You'll need a valid government ID, a Social Security number, and a way to fund the account — either a debit card, another bank account, or a wire transfer. The whole process usually takes about 10 minutes, and your account can be ready to use the same day.

The main thing to know upfront: Bank of America has different savings products with different features and minimum balances. The most common one for people starting out is the Regular Savings account, which has no monthly fee if you keep a $300 minimum balance. If you fall below that, you pay $3 a month. There's also a Money Market Savings account that requires a higher minimum balance but sometimes pays slightly more interest — though the difference is usually small.

Key Takeaways

  • You can complete the entire signup process online using a computer or the Bank of America mobile app, and your account opens the same day in most cases.
  • You'll need a valid government ID, your Social Security number, and a way to fund the account — a debit card, another bank account, or a wire transfer.
  • The Regular Savings account has no monthly fee if you keep a $300 minimum balance; if your balance drops below that, you pay $3 per month.
  • Bank of America will ask security questions during signup to verify your identity, and you may need to wait a few minutes while they check your information.

What you need before you start

Gather these items before you begin the online process. You'll need a valid government-issued ID — a driver's license, passport, or state ID card. Bank of America will ask you to enter the ID number and expiration date. You'll also need your Social Security number, which they use to check your credit history and verify you're not already opening multiple accounts fraudulently.

You'll need a way to fund the account. This can be a debit card from another bank, a checking or savings account at another bank (you'll provide the routing number and account number), or a wire transfer. You don't have to fund it right away — you can open the account and add money later — but many people fund it during signup to get your free guide when ready.

Have your phone or email address ready. Bank of America will send you a confirmation code to verify your identity, and they may text or email you during the process.

The step-by-step process

Go to the Bank of America website or open the mobile app. Look for a button that says "Open an Account" or "get your free guide" — it's usually on the homepage. Select "Savings Account" from the account types shown.

Enter your personal information: full name, date of birth, address, phone number, and email. Bank of America will ask you to create a username and password for online banking. Make your password strong — at least 8 characters with a mix of letters, numbers, and symbols.

Enter your government ID information and Social Security number. Bank of America will ask you to answer security questions — usually things like "What was the name of your first pet?" or "What street did you grow up on?" These are questions only you should know the answer to. Answer them exactly as you remember them, because the system is checking your answers against records.

Choose which savings product you want. If you're unsure, the Regular Savings account is the standard choice. Review the terms and conditions, then decide whether you want to fund the account now or later. If you fund it now, enter your debit card number or the routing and account number of another bank account.

Review everything one more time, then submit. Bank of America will process your information, which usually takes a few minutes. You'll see a confirmation screen with your new account number.

What happens after you submit

Your account is usually active when ready, and you can start using it right away. Bank of America will send you a confirmation email with your account details. If you funded the account with a debit card, the money appears within one business day. If you transferred from another bank account, it may take two to three business days.

Your debit card will arrive 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 transfer money out to another account online.

If Bank of America needs more information to verify your identity, they'll contact you by phone or email. This happens sometimes and is normal — just respond with what they ask for, and your account will be activated once they confirm everything.

Interest rates and fees to know about

Bank of America's savings accounts earn interest, but the rate changes based on what the Federal Reserve does with interest rates. The rate you earn is usually very small — often less than 0.01% per year — which means if you have $1,000 in the account, you might earn less than $1 in a year. This is normal for large banks; smaller online banks sometimes pay higher rates.

The Regular Savings account charges $3 per month if your balance falls below $300. There's no limit to how many deposits you can make, but there are limits on how many withdrawals you can make per month — usually six. If you exceed that, you may be charged a fee or the account may be converted to a checking account.

If you link your savings account to a Bank of America checking account, you can transfer money between them online at any time without counting toward the withdrawal limit.

If the online process doesn't work

Sometimes the online system can't verify your identity right away. This might happen if your name is very common, if you've recently moved, or if there's a mismatch between what you entered and what's in the verification system. If this happens, Bank of America will tell you during signup.

You have two options: you can try again in a few hours, or you can visit a Bank of America branch in person with your ID and Social Security number. A banker can open the account for you on the spot, and it takes about 15 minutes. You don't need an appointment at most branches, but you can call ahead to check wait times.

If you don't have a Bank of America branch nearby, you can call their customer service line at 1-800-432-1000 and ask about opening an account by phone. They can walk you through it and may be able to complete it faster than the online process if there's a verification issue.

Frequently Asked Questions

Do I need an existing Bank of America account to open a savings account online?

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 faster because they already have your information verified.

What if I don't have a government ID?

You need 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 documents like a passport, tribal ID, or military ID. A banker can help you figure out what works.

Can I open the account on my phone?

Yes. The Bank of America mobile app has the same account opening process as the website. Some people find it easier on a computer because the screen is larger, but both work.

How much money do I need to open the account?

You don't need any money to open the account. You can open it with $0 and add money later. However, if you don't keep a $300 minimum balance, you'll be charged $3 per month, so most people fund it during signup or shortly after.

What if I want to close the account later?

You can close it anytime by calling Bank of America or visiting a branch. They'll ask why you're closing it, but you don't have to give a reason. Make sure you withdraw all your money first or tell them where to send it.