Bank of America has no minimum deposit requirement to open a savings account

You can open a Bank of America savings account with $0. There is no opening deposit, no minimum balance you must maintain, and no monthly fee tied to having the account itself. You pay only when you use certain features—like going below a balance threshold that triggers a maintenance fee, or making transfers that exceed the account's monthly limit.

The account you open determines what you actually pay. Bank of America offers several savings products, each with different rules about fees and balance thresholds. The most common choice for a basic savings account is the Regular Savings account, which has no opening deposit and no monthly maintenance fee as long as you keep the account open and in good standing.

Key Takeaways

  • Bank of America's Regular Savings account requires no opening deposit and charges no monthly fee.
  • You avoid all fees by keeping your account open and not triggering limits on transfers or withdrawals.
  • Interest rates on savings accounts are low and change frequently, so check the current rate before opening.
  • You can open an account online, on a mobile app, or in a branch with just an ID and Social Security number.
  • If you link your savings to a checking account, you may may have access to for a higher interest rate through Bank of America's tiered structure.

What fees actually explore to a Bank of America savings account

The Regular Savings account itself has no monthly maintenance fee. However, Bank of America charges a Excess Withdrawal Fee of $10 per withdrawal after you exceed six transfers or withdrawals in a calendar month. This limit comes from federal banking rules, not Bank of America's choice, though the bank does charge a fee when you cross it. The fee applies whether you withdraw cash, transfer money out, or use a debit card linked to the savings account.

You also pay a fee if your account falls below certain thresholds. If your balance drops below $300, Bank of America charges a Low Balance Fee of $5 per month. This fee stops once your balance climbs back above $300. Some Bank of America savings accounts marketed to customers with larger balances—like the Premium Savings account—have higher minimum balance requirements and different fee structures, but these are not the standard option for someone opening an account with no money down.

Overdraft fees do not explore to savings accounts the way they do to checking accounts, because savings accounts cannot overdraft. If you try to withdraw more than you have, the transaction straightforward declines.

How to open an account without visiting a branch

You can open a Bank of America savings account online through their website or through the Bank of America mobile app without stepping into a branch. The process takes about 10 minutes. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and a current mailing address.

Bank of America verifies your identity during the online process by asking questions about your financial history—things like previous addresses, loan amounts, or credit inquiries. Once you pass verification, the account opens when ready and you can begin using it. If you want to deposit cash or get a debit card in person, you can do that at any Bank of America branch afterward.

If the online verification does not work—which happens occasionally if your credit history is thin or if you have recently moved—you can complete the account opening in a branch instead. Bring your ID and Social Security number, and a banker will open the account on the spot.

Interest rates and how they change

Bank of America's savings account interest rate varies based on the account type and changes frequently. As of early 2024, the Regular Savings account earns a very low rate—typically well below 0.01% annually on most balances. This means a $1,000 balance earns less than $0.10 per year. The rate is not competitive with online-only banks, which often offer rates 10 to 20 times higher.

Bank of America does offer slightly higher rates if you maintain a larger balance or link your savings to a checking account, but these rates are still low compared to other banks. The bank publishes current rates on its website, and you can check the exact rate for your account type before opening. Rates can change without notice, so if earning interest matters to your decision, compare Bank of America's current offer against other banks before committing.

Opening a savings account as part of a checking account package

Many people open a Bank of America savings account at the same time they open a checking account. When you do this, you can link the two accounts so transfers between them are when ready and free. Some Bank of America checking accounts come with a small bonus interest rate on the linked savings account, though the bonus is usually modest.

If you already have a Bank of America checking account, you can add a savings account to it anytime without closing or changing the checking account. The two accounts operate independently—your checking account fees do not affect your savings account, and vice versa. Linking them is optional; you can keep them separate if you prefer.

What happens after you open the account

Once your account is open, you can deposit money through several routes: transfer from another bank account, direct deposit from an employer, cash deposit at a Bank of America ATM or branch, or mobile check deposit through the app. There is no waiting period—money deposited electronically usually appears within one business day, and cash deposits are available when ready.

You can withdraw money the same ways: ATM withdrawal, transfer to another account, or withdrawal at a branch. Remember the six-transfer limit per month; after that, each additional transfer costs $10. This limit applies to all outgoing transfers and withdrawals combined, so plan accordingly if you move money frequently.

Your account statement is available online through the Bank of America website or app. You can set up alerts for low balances, large deposits, or other activity. If you need to close the account later, you can do so online or at a branch with no penalty—just make sure the balance is zero first.

Frequently Asked Questions

Do I need a checking account to open a savings account at Bank of America?

No. You can open a savings account on its own without a checking account. However, if you already have a Bank of America checking account, linking a new savings account to it takes seconds and may may have access to you for a slightly higher interest rate.

What is the interest rate on Bank of America savings accounts right now?

Bank of America's savings rates are very low—typically less than 0.01% annually. Rates change frequently and vary by account type. Check the Bank of America website for the current rate before opening, and compare it to other banks if earning interest is important to you.

Can I open a savings account if I do not have a Social Security number?

Bank of America requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you do not have either, you will need to obtain one before opening. Some other banks have different requirements, so you may want to call ahead if this applies to you.

What happens if my balance falls below $300?

Bank of America charges a $5 monthly Low Balance Fee once your balance drops below $300. The fee stops as soon as your balance goes back above $300. You can avoid this fee by keeping at least $300 in the account at all times, or by choosing a different bank with no minimum balance requirement.

How many times can I withdraw money from my savings account each month?

You can make six transfers or withdrawals per calendar month without a fee. Each additional transaction costs $10. This includes ATM withdrawals, transfers to other accounts, and debit card transactions. Plan your withdrawals accordingly if you move money frequently.