Bank of America does not charge a fee to open a checking or savings account
You can open a Bank of America checking account, savings account, or both without paying an opening fee. The bank does not require a minimum deposit to start the account either. What you pay depends on which account type you choose and whether you meet the conditions to avoid monthly fees.
The real cost question is not the opening fee—it is the monthly maintenance fee. Most Bank of America accounts charge a monthly fee unless you meet one of their conditions. Those conditions vary by account type and change periodically, so the fee structure you see today may differ from what you see in six months.
Key Takeaways
- Bank of America charges no fee to open a checking or savings account and does not require money upfront to start one.
- Most accounts charge a monthly maintenance fee of $12 to $25, but you can waive it by meeting one condition—usually a minimum balance or direct deposit.
- The Advantage SafeBalance account has no monthly fee and no minimum balance requirement, but it offers limited features and no overdraft protection.
- You can open an account online, by phone, or in a branch, and the process takes about 10 to 15 minutes if you have your ID and Social Security number ready.
- Bank of America charges fees for overdrafts, wire transfers, and other services beyond the monthly maintenance fee, so review the full fee schedule before you open.
Monthly maintenance fees by account type
Bank of America's most common checking account is the Advantage Plus Checking account. It charges a $12 monthly maintenance fee, but you can waive it if you maintain a $1,500 minimum daily balance, set up direct deposit, or keep a linked savings account with a $300 minimum balance. If you do none of those, you pay $12 every month.
The Advantage Savings account charges $5 per month, waived if you keep a $300 minimum daily balance or link it to an Advantage Plus Checking account. The Premium Rewards Checking account charges $25 per month and requires you to maintain a $10,000 minimum balance or have $10,000 in linked accounts to waive the fee.
The Advantage SafeBalance Checking account has no monthly fee and no minimum balance. It also has no overdraft protection and no debit card rewards, making it the lowest-cost option if you want to avoid fees entirely. You can still use a debit card and access online banking.
What you need to open an account
To open an account online or by phone, you will need a valid government-issued ID, your Social Security number, and an initial deposit method. The initial deposit can be as small as $25 for most accounts, though you do not have to deposit anything at all—you can open the account and fund it later. If you open in a branch, bring the same documents.
Bank of America will run a ChexSystems check, which is a banking history report similar to a credit check. If you have been flagged in ChexSystems for unpaid overdrafts or fraud at another bank, Bank of America may deny your process. You can request your ChexSystems report for free before you explore to see whether you have been flagged.
If you are under 18, you will need a parent or guardian to open the account with you. If you do not have a Social Security number, you may be able to open an account with an Individual Taxpayer Identification Number (ITIN), though policies vary by branch and you should call ahead to confirm.
How to open an account without paying a monthly fee
The simplest path is to open the Advantage SafeBalance account, which has no monthly fee and no minimum balance. You lose some features—no overdraft protection, no interest on savings, no debit card rewards—but you pay nothing to maintain the account. This works if you want a basic checking account and do not need overdraft coverage.
If you want overdraft protection and rewards, open an Advantage Plus Checking account and set up direct deposit. Direct deposit is the easiest condition to meet: your employer or a government agency (Social Security, unemployment, tax refund) deposits money into your account electronically. Once direct deposit is active, the $12 monthly fee disappears. You do not need a large paycheck—even a small recurring deposit counts.
If you do not have direct deposit, maintain a $1,500 minimum daily balance in your checking account instead. This means you cannot let your balance drop below $1,500 on any day of the month. If it does, you pay the $12 fee that month. For many people, this is harder than setting up direct deposit.
Other fees you will encounter
Bank of America charges fees beyond the monthly maintenance fee. Overdraft fees are $35 per transaction if you overdraw your account, and the bank can charge up to four overdraft fees per day. If you use an out-of-network ATM, you pay $2.50 per withdrawal. Domestic wire transfers cost $15, and international wire transfers cost $45.
Closing an account within 90 days of opening it may result in a $25 early closure fee, though this policy can change. Requesting a cashier's check costs $10. If you need a replacement debit card, there is no fee, but expedited delivery costs $15.
These fees are not unique to Bank of America—most banks charge similar amounts—but they add up if you use these services regularly. Review the full fee schedule on Bank of America's website or ask in a branch before you open.
Opening an account online versus in a branch
Opening online takes about 10 to 15 minutes. You provide your personal information, upload a photo of your ID, answer security questions, and choose your account type. You can fund the account when ready with a debit card or bank transfer, or you can skip the initial deposit and add money later. Your account number appears on screen once the process is complete, though it may take a few hours for the account to be fully active for transfers.
Opening in a branch takes about the same time but gives you a chance to ask questions and have a banker walk you through the account options. If you are unsure which account type fits your situation, or if you do not have a debit card to fund the account online, opening in a branch may be easier. You can find your nearest branch on Bank of America's website.
Opening by phone is also an option. Call 1-800-432-1000 and a representative will guide you through the process. This works if you prefer not to visit a branch or use the website, though you will still need to provide the same documents and information.
Frequently Asked Questions
Can I open a Bank of America account if I have been denied before?
If you were denied because of a ChexSystems flag, you can still open the Advantage SafeBalance account at most branches, even with a negative banking history. If you were denied for another reason, contact Bank of America directly to understand why and whether you can reapply. Policies vary, and some situations may require you to wait a set period before reapplying.
Do I need a minimum deposit to open an account?
No. Bank of America does not require a minimum deposit to open any account. You can open an account with zero dollars and fund it whenever you are ready. However, some account types charge a monthly fee if you do not maintain a minimum balance, so check the fee waiver conditions for the account you choose.
What happens if I cannot meet the minimum balance to waive the monthly fee?
You will pay the monthly maintenance fee. For Advantage Plus Checking, that is $12 per month. If you cannot maintain the balance or set up direct deposit, consider switching to the Advantage SafeBalance account, which has no monthly fee and no minimum balance requirement.
How long does it take for my account to be active after I open it?
Your account number appears when ready after you complete the process, but it may take a few hours for the account to be fully active for transfers and deposits. If you open in a branch, the account is usually active the same day. If you open online, check your email for confirmation and wait for Bank of America to notify you that the account is ready to use.
Can I open multiple accounts at the same time?
Yes. You can open a checking account and a savings account in the same process, and you can link them so that the savings account helps you waive the checking account fee. Some people open multiple accounts to organize money for different purposes, though each account may have its own monthly fee unless you meet the waiver conditions.