Bank of America does not charge a fee to open a savings account
You can open a Bank of America savings account at no cost. There is no opening fee, no setup charge, and no minimum deposit required to start the account. You pay nothing to create it.
What you do need to bring is a valid government-issued ID, your Social Security number, and an initial deposit — even if that deposit is just one dollar. The deposit itself is your money; it is not a fee. After you open the account, you can keep that dollar there or add more whenever you want.
The account does have a monthly maintenance fee of $3.50, but Bank of America waives this fee if you meet one of several conditions: keeping a minimum balance of $300, setting up direct deposit, or maintaining a linked Bank of America checking account. Most people who open a savings account also have a checking account, so the fee often disappears automatically.
Key Takeaways
- Opening a Bank of America savings account costs nothing — there is no opening fee or minimum deposit requirement.
- You need a valid ID, your Social Security number, and at least one dollar to deposit when you open the account.
- A $3.50 monthly maintenance fee applies, but it is waived if you keep $300 in the account, set up direct deposit, or have a linked checking account.
- You can open an account in person at a Bank of America branch, online through their website, or by phone.
What you bring to open the account in person
If you walk into a Bank of America branch, bring your government-issued ID — a driver's license, passport, or state ID card. You will also need your Social Security number. The banker will ask you to provide it verbally or write it down; they will not ask you to bring a card.
Bring a debit card or checkbook from another bank if you have one, because the banker may ask how you want to fund your initial deposit. You can also bring cash. The minimum deposit is one dollar, though many people deposit more.
If you do not have a Social Security number yet — for example, if you are a recent immigrant — bring your Individual Taxpayer Identification Number (ITIN) instead. Bank of America accepts ITINs for account opening.
Opening online or by phone instead of in person
You can open a Bank of America savings account on their website without visiting a branch. The process takes about 10 minutes. You will enter your name, address, date of birth, and Social Security number. You will also choose how much to deposit initially and how to fund it — usually from another bank account or a debit card.
Bank of America will verify your identity by asking questions about your credit history or by sending a code to your phone or email. Once you are verified, the account opens when ready and you can use it right away.
You can also open an account by calling Bank of America at 1-800-432-1000. A representative will walk you through the same questions and take your information over the phone. You will still need to fund the account from another source, and the process takes about 15 to 20 minutes.
How the monthly maintenance fee works and when it disappears
Bank of America charges $3.50 per month to maintain a savings account. This fee comes out of your account balance automatically each month. However, the fee is waived — meaning you do not pay it — if any of these three things are true: you keep a balance of at least $300, you have direct deposit set up on the account, or you have a linked Bank of America checking account.
Direct deposit means your employer or a government agency (like Social Security) deposits money straight into your Bank of America account. If you set this up, the $3.50 fee goes away even if your balance drops below $300.
Most people who open a savings account also have a checking account at the same bank. If you do, the savings account maintenance fee is automatically waived. You do not have to do anything — Bank of America sees the linked checking account and removes the fee.
Interest you earn on your savings
Bank of America savings accounts earn interest, which means the bank pays you a small amount of money based on how much you have in the account. The interest rate changes frequently and is very low — often less than one percent per year. This means if you have $1,000 in the account for a full year, you might earn less than $10 in interest.
The interest is calculated daily but paid monthly. You do not have to do anything to earn it; it appears in your account automatically. The rate Bank of America offers on savings accounts is typically lower than what you can find at online banks, but the trade-off is that you have access to physical branches if you need them.
What happens after you open the account
Once your account is open, you receive a debit card in the mail within 7 to 10 business days. You can use this card to withdraw money from ATMs or to transfer money between your accounts. You can also move money online, by phone, or in person at a branch.
Bank of America gives you online and mobile banking access when ready. You can log in to check your balance, see transactions, and set up transfers right away, even before your debit card arrives.
You can deposit checks by taking them to a branch, using the mobile app to photograph them, or mailing them to Bank of America. You can also deposit cash at any Bank of America ATM or branch.
Frequently Asked Questions
Do I need a minimum balance to open the account?
No. Bank of America does not require a minimum deposit to open a savings account. You can open it with one dollar. However, keeping a $300 balance waives the monthly maintenance fee, so many people maintain that amount to avoid the charge.
Can I open an account if I do not have a Social Security number?
Yes. Bank of America accepts an Individual Taxpayer Identification Number (ITIN) instead. Bring your ITIN documentation and a valid ID when you open the account in person, or provide the ITIN when opening online.
What if I cannot visit a branch?
You can open the account entirely online through Bank of America's website or by calling 1-800-432-1000. Both methods take about 10 to 20 minutes and require the same information — your ID, Social Security number, and an initial deposit funded from another account.
How long does it take to open the account?
In person at a branch, opening takes about 15 minutes. Online, it takes about 10 minutes. By phone, it takes 15 to 20 minutes. Your account is active when ready, though your debit card arrives by mail within 7 to 10 business days.
Can I avoid the monthly fee?
Yes. The $3.50 monthly maintenance fee is waived if you keep $300 in the account, set up direct deposit, or have a linked Bank of America checking account. Most people who have a checking account at Bank of America automatically have the fee waived on their savings account.