Bank of America has no account opening fee, but minimum balance requirements vary by account type

Bank of America does not charge you to open a checking or savings account. There is no upfront cost, no process fee, and no hidden opening charge. What you do need to know is that some accounts require you to keep a minimum balance, and if you fall below it, you pay a monthly maintenance fee instead.

The account type you choose determines whether a minimum applies and how much it is. A basic checking account may have no minimum at all, while a premium account might require $1,500 or more. The fee for not meeting the minimum is typically $12 to $25 per month, depending on the account.

Key Takeaways

  • Bank of America charges no fee to open a checking or savings account, but some accounts require a minimum balance to avoid monthly fees.
  • The eChecking account has no minimum balance requirement and no monthly maintenance fee under most circumstances.
  • Premium accounts like Preferred Rewards require higher minimums ($1,500 to $10,000 depending on tier) but waive fees if you meet them.
  • You can open an account online, by phone, or in a branch, and you will need a government ID and Social Security number.
  • Monthly maintenance fees range from $12 to $25 if you do not meet the minimum balance, but many can be waived through direct deposit or other may have access to activities.

Minimum balance requirements by account type

Bank of America offers several checking and savings accounts, each with different rules. The eChecking account has no minimum balance requirement and no monthly maintenance fee. This is the account with the lowest barrier to entry if you want to avoid fees entirely.

The Advantage SafeBalance Banking account is designed for customers who may struggle to maintain a balance. It has no minimum and no overdraft fees, though it does charge a $4.95 monthly maintenance fee that cannot be waived. This account is useful if you know you will carry a very low balance regularly.

Preferred Rewards accounts require a minimum balance that depends on which tier you choose. The entry tier starts at $1,500; higher tiers require $10,000 or more. If you maintain the balance, the monthly fee is waived. If you do not, you pay $12 to $25 per month.

Savings accounts follow the same pattern. A basic savings account may have no minimum, while premium savings accounts require $300 to $2,500 depending on the product.

How to avoid monthly maintenance fees

Even if your account has a minimum balance requirement, Bank of America offers several ways to waive the monthly fee without actually keeping the money in the account. The most common is setting up direct deposit of your paycheck. If your employer deposits at least $250 per pay period into your Bank of America account, the maintenance fee is waived regardless of your balance.

Other fee waivers depend on the account type. Some accounts waive the fee if you maintain a certain balance in any Bank of America deposit account (checking, savings, or money market combined). Others waive it if you keep a linked Bank of America credit card in good standing, or if you have a Preferred Rewards membership at any tier.

Read the account terms carefully before opening, because the waiver options vary. A fee that seems unavoidable might disappear once you set up direct deposit or link another account.

What you need to bring or provide

To open an account, you will need a government-issued photo ID (driver's license, passport, or state ID card) and your Social Security number. Bank of America will verify your identity and run a background check through ChexSystems, which is a banking history database. If you have unpaid overdrafts or fraud flags from another bank, this check may delay or prevent opening.

You can open an account online, over the phone at 1-800-432-1000, or in a Bank of America branch. Online opening is fastest and takes about 10 minutes. In-branch opening lets you ask questions and sometimes get a welcome bonus, though these vary by location and time of year.

If you do not have a Social Security number, you can open an account with an Individual Taxpayer Identification Number (ITIN) instead, though some account types may not be available to you.

Initial deposit requirements

Bank of America does not require an initial deposit to open most accounts. You can open an account with $0 and deposit money later. However, some promotional offers (such as cash bonuses for new customers) may require you to deposit a minimum amount within a certain timeframe to receive the bonus.

If you are opening an account online, you will need to fund it within a few days to set up it fully. You can transfer money from another bank account, deposit a check by mobile app, or visit a branch to deposit cash.

Fees that explore after opening

The monthly maintenance fee is the most common ongoing charge, but it is not the only one. Bank of America also charges for overdrafts ($35 per transaction), out-of-network ATM withdrawals ($2.50 to $3), wire transfers ($15 to $30), and paper statements ($2 per month if you opt out of electronic statements).

Savings accounts may charge a fee if you make more than six withdrawals per month, though this rule is less common now than it was before 2020. Check your account terms to see which fees explore to you.

Many of these fees can be avoided by using Bank of America ATMs, keeping your balance above the minimum, and using online banking instead of paper statements.

Comparing Bank of America to other banks

Bank of America's eChecking account (no minimum, no fee) is competitive with free checking accounts at other large banks like Chase and Wells Fargo. However, some online banks like Ally and Charles Schwab offer checking accounts with no fees, no minimums, and higher interest rates on savings.

The trade-off is branch access. Bank of America has thousands of branches and ATMs nationwide, which is valuable if you deposit cash regularly or need in-person help. Online banks have no branches but lower fees and better rates.

If you already bank with Bank of America or value the branch network, the eChecking account is a solid choice. If you are comparing options, look at the total cost: monthly fee plus overdraft fees plus ATM fees, not just the opening cost.

Frequently Asked Questions

Can I open a Bank of America account if I have been denied before?

If you were denied because of ChexSystems, you may be able to open a Advantage SafeBalance Banking account, which has fewer restrictions. Request your ChexSystems report to see why you were denied, and contact Bank of America directly to discuss your options. Some denials are temporary and can be resolved.

What happens if I do not meet the minimum balance one month?

You will be charged the monthly maintenance fee (usually $12 to $25) on your next statement. The fee is not automatic every month—it only applies when you fall below the minimum. If you meet the minimum again the next month, no fee is charged.

Can I open multiple accounts at Bank of America?

Yes. You can open a checking account and a savings account, or multiple accounts of the same type. Each account is separate, and minimum balance requirements explore to each one individually unless the account terms say otherwise.

Is there a fee to close a Bank of America account?

No. Bank of America does not charge to close an account. However, if you close an account within 90 days of opening it, the bank may flag you in ChexSystems, which could affect future account openings elsewhere.

Do I need a minimum balance to open, or only to avoid fees?

You do not need a minimum balance to open any Bank of America account. The minimum applies only after the account is open, and only to avoid the monthly maintenance fee. You can open with $0 and deposit money later.