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 whole process takes about 10 minutes. You will 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 account opens when ready once you finish the online steps. You can start using it right away, though transfers from outside banks take a few business days to arrive. If you already have a Bank of America checking account, opening a savings account is even faster because the bank already has your information on file.
Key Takeaways
- You need a valid government ID, Social Security number, and initial deposit to open a savings account online.
- The online process takes about 10 minutes and your account opens when ready.
- You can fund the account with a debit card, transfer from another bank, or a wire transfer.
- If you already bank with Bank of America, you can link your new savings account to your existing checking account for easier transfers.
- You will receive a debit card for the savings account in the mail within 7 to 10 business days.
What you need before you start
Gather these items before you go to the Bank of America website. You will need a valid government-issued ID — a driver's license, passport, or state ID card. Bank of America will ask you to verify information from this ID during the signup process.
You also need your Social Security number. The bank uses this to check your identity and run a background check. Have your number ready to type in.
Finally, you need money to deposit into the account. Bank of America does not require a minimum opening deposit for savings accounts, but you will need to fund it with at least some amount during signup. You can use a debit card, transfer money from another bank account you own, or arrange a wire transfer.
The step-by-step process
Go to bankofamerica.com and look for the "Open an Account" button, usually near the top of the page. Click it and select "Savings Account" from the account types shown.
You will be asked to enter your personal information: name, date of birth, address, phone number, and email. Then you will enter your Social Security number. Bank of America will verify your identity using this information.
Next, choose how much to deposit to open the account. If you are using a debit card, enter the card number, expiration date, and CVV (the three-digit code on the back). If you are transferring from another bank account, enter the routing number and account number from that bank. The bank will show you the amount and confirm it before processing.
Review the account terms and conditions, then sign electronically. Your account opens when ready. You will see your new account number and routing number on the screen — write these down or take a screenshot, because you will need them to set up transfers or direct deposit.
When your debit card arrives
Bank of America mails a debit card for your new savings account. This typically arrives within 7 to 10 business days. You can use your account before the card arrives — you can transfer money between your accounts online, set up direct deposit, or withdraw cash at an ATM using your account number.
When the card arrives, you will need to set up it. Bank of America sends instructions with the card, or you can set up it through the mobile app or website. Once activated, you can use it to withdraw cash at ATMs or make purchases, though savings accounts typically have limits on how many withdrawals you can make per month.
Linking your savings account to an existing Bank of America checking account
If you already have a Bank of America checking account, the process is simpler. Log into your existing account on the website or app, then look for "Open an Account" or "Add an Account" in the menu. Select savings account and follow the same steps — but the bank will already have your ID and Social Security number on file, so you will skip those verification steps.
Once your savings account is open, you can transfer money between your checking and savings accounts when ready through the app or website. This makes it straightforward to move money into savings without waiting for transfers to process.
What happens if you do not have a government ID
Bank of America requires a valid government ID to open an account online. If you do not have one, you will need to visit a branch in person. Bring whatever ID you do have — a passport card, tribal ID, or state ID — along with a second form of identification like a utility bill or lease agreement. A banker can help you open the account and may be able to verify your identity using documents you have available.
Some people without a government ID find it easier to open an account at a different bank that has lower ID requirements, then transfer to Bank of America later. However, visiting a Bank of America branch remains your most direct option if you want to bank with them.
Funding the account after it opens
You do not have to use all your money during the initial deposit. After your account opens, you can add more money whenever you want. You can transfer from another bank account (which takes 1 to 3 business days), set up direct deposit from your paycheck, or deposit cash at a Bank of America ATM or branch.
If you set up direct deposit, your employer will need your new account number and routing number. You can find both in the app or on your statement. Direct deposit usually begins within one or two pay periods after you submit the information to your employer.
Frequently Asked Questions
Do I need a minimum deposit to open a Bank of America savings account online?
Bank of America does not require a minimum opening deposit for savings accounts. However, you do need to fund the account with some amount during the signup process — even $1 will work. After that, you can add or withdraw money as you choose.
How long does it take for money to show up after I transfer it from another bank?
Transfers from other banks typically take 1 to 3 business days to appear in your Bank of America savings account. Transfers between your own Bank of America accounts are when ready. If you need the money faster, you can deposit cash at a Bank of America ATM or branch when ready.
Can I open a savings account online if I am under 18?
Bank of America requires you to be at least 18 years old to open an account online on your own. If you are under 18, a parent or guardian can open a custodial account at a branch with you present. Some other banks offer teen accounts online, which may be an option to explore.
What is the difference between a Bank of America savings account and a money market account?
A savings account is simpler and has lower fees. A money market account typically pays higher interest but requires a larger balance and limits how many withdrawals you can make. For most people starting out, a savings account is the better choice.
Can I close my Bank of America savings account online?
Yes. Log into your account, go to the account settings, and look for the option to close the account. You will need to transfer any remaining balance out first. If you have trouble finding the option, you can call Bank of America customer service or visit a branch to close it.