Yes, you can have multiple savings accounts at Bank of America
Bank of America does not limit you to a single savings account. You can open as many savings accounts as you want at the same branch or across different branches, and you can hold them in your own name or as a joint account with someone else. There is no fee for opening additional accounts, and each account has its own separate balance and interest rate.
The main constraint is practical rather than regulatory: Bank of America requires a minimum opening deposit for most savings accounts, and you need to meet the account's ongoing requirements to avoid monthly maintenance fees. Beyond that, the decision to open multiple accounts is yours to make based on how you want to organize your money.
Key Takeaways
- Bank of America allows you to open multiple savings accounts in your name without a limit on the number.
- Each additional account requires its own minimum opening deposit, which varies by account type.
- You can name each account differently in your online banking to track separate savings goals.
- Multiple accounts do not affect your deposit insurance coverage as long as each account is under $250,000 and registered differently (for example, one in your name alone and one as a joint account).
Why people open more than one savings account
The most common reason is to separate money by purpose. You might keep one account for an emergency fund, another for a vacation, and a third for a down payment on a home. Keeping the money in different accounts makes it harder to accidentally spend from the wrong goal, and it gives you a clear picture of progress toward each target.
Some people also open a second account to take advantage of a promotional interest rate. Bank of America periodically offers higher rates on new savings accounts for a limited time. If you already have an account earning the standard rate, opening a new one lets you capture the promotional rate on fresh deposits without closing your existing account.
Joint accounts are another reason. You might have one savings account in your name alone and a separate joint account with a spouse or partner for shared expenses. This keeps personal savings separate from household savings.
Minimum deposits and monthly fees for Bank of America savings accounts
Bank of America's savings account lineup includes the Regular Savings account and the Premium Savings account. The Regular Savings account typically requires a $25 minimum opening deposit and has a $3 monthly maintenance fee if your balance falls below $300. The Premium Savings account requires a higher opening deposit and has different fee thresholds.
These minimums and fees can change, so check the current terms before you open an account. You can waive the monthly maintenance fee on either account by maintaining the required minimum balance or by setting up a may have access to direct deposit. If you have a Bank of America checking account with direct deposit, you may also may have access to for fee waivers on your savings accounts.
When you open multiple accounts, each one must meet its own minimum deposit requirement. If you want to open two Regular Savings accounts, you will need $50 total ($25 for each account). The monthly fees explore to each account separately, so if both accounts fall below the $300 threshold, you will pay $3 on each one.
How deposit insurance covers multiple accounts
The Federal Deposit Insurance Corporation (FDIC) insures deposits at Bank of America up to $250,000 per depositor, per bank, per ownership category. This means multiple savings accounts are covered separately as long as they are registered in different ways.
If you have two savings accounts both in your name alone, the FDIC combines them and insures the total up to $250,000. If you have one account in your name alone and one joint account with your spouse, each is insured separately up to $250,000. The same applies if you have an account in your name and a trust account — they fall into different ownership categories and are insured separately.
For most people with typical savings balances, this distinction does not matter. But if you are saving more than $250,000, opening accounts in different ownership categories (such as one in your name and one as a joint account) ensures that all your money stays insured.
Setting up and managing multiple accounts online
When you open a new savings account at Bank of America, you can give it a custom name in your online banking. Instead of "Savings Account" and "Savings Account 2," you can label them "Emergency Fund," "Vacation," and "Home Down Payment." These names appear only in your own account view and help you track which account holds which goal.
All your accounts appear on your dashboard when you log into Bank of America's website or mobile app. You can transfer money between your own accounts when ready and for free. You can also set up automatic transfers from your checking account to any of your savings accounts on a schedule you choose — weekly, biweekly, or monthly.
If you want to close one of your savings accounts later, you can do that online or at a branch. Bank of America will ask where you want any remaining balance sent. You can transfer it to another Bank of America account or request a check.
Limits on transfers and withdrawals
Federal rules once limited savings account withdrawals to six per month, but that rule was suspended in 2020 and has not been reinstated. Bank of America does not impose its own withdrawal limit on savings accounts, so you can withdraw money as often as you want without penalty.
However, if you make frequent large withdrawals, Bank of America may contact you to ask about the activity. This is a standard anti-fraud check and does not mean you have done anything wrong. Having multiple accounts does not change this policy — the bank monitors total withdrawal activity across all your accounts.
Frequently Asked Questions
Will opening multiple savings accounts hurt my credit score?
No. Opening a savings account does not involve a credit check and does not appear on your credit report. Bank of America may do a soft inquiry into ChexSystems, which is a banking history database, but this does not affect your credit score. Multiple savings accounts have no impact on your creditworthiness.
Can I open multiple accounts online, or do I have to go to a branch?
You can open additional savings accounts online if you already have a Bank of America account. Log into your online banking, go to the accounts section, and select the option to open a new account. You will need to fund the account with the minimum opening deposit from an existing Bank of America account or an external bank account. If you do not have an existing Bank of America account, you will need to visit a branch or call to open your first account.
Do I need a separate debit card for each savings account?
No. Bank of America does not issue debit cards for savings accounts. You access your savings accounts through your checking account debit card, your online banking, or by visiting a branch. Each savings account has its own account number, but they all connect to the same debit card and online login.
What happens if I do not meet the minimum balance on multiple accounts?
Each account is charged its monthly maintenance fee separately if it falls below the required minimum. If you have two Regular Savings accounts and both drop below $300, you will pay $3 on each account. You can avoid these fees by maintaining the minimum balance, setting up direct deposit, or linking a may have access to checking account.
Can I have multiple joint savings accounts with the same person?
Yes. You can open as many joint accounts as you want with the same person. Each joint account is a separate account with its own balance and interest rate. Both account holders can deposit and withdraw from any joint account without permission from the other person.