Bank of America does not charge a fee to open a checking or savings account

You do not pay Bank of America money to start an account. The bank does not have an account opening fee, an set up fee, or a setup charge for either checking or savings accounts. You can walk into a branch, call their phone line, or open an account online without paying anything upfront.

What you do need is an initial deposit. Bank of America requires you to put money in the account when you open it. The amount depends on which account you choose — some accounts need as little as $25, while others need $100 or more. Once the account is open, you keep that money; it is your own deposit, not a fee the bank keeps.

Key Takeaways

  • Bank of America charges no fee to open a checking or savings account, but you must make an initial deposit when you open it.
  • The minimum opening deposit varies by account type, ranging from $25 to $100 depending on which account you choose.
  • You can open an account online, by phone, or in person at a branch without paying any opening charges.
  • Monthly maintenance fees exist on some accounts but not others, so the account type you pick affects what you pay each month.

Minimum deposit amounts by account type

Bank of America offers several checking and savings accounts, and each one has a different minimum opening deposit. The eChecking account requires a $25 minimum deposit to open. The Advantage SafeBalance Banking account, designed for people building credit history or returning to banking, also requires $25. The Advantage Plus Banking account requires $100.

For savings accounts, the Regular Savings Account requires a $25 minimum opening deposit. The Money Market Savings Account requires $2,500. If you do not have that much to deposit right now, the Regular Savings Account or eChecking account are the lowest-cost entry points.

These minimums can change, so confirm the current amount before you open an account. You can check the Bank of America website or call a branch directly to verify what deposit is required for the specific account you want.

Monthly fees that may explore after opening

Opening the account is free, but some accounts charge a monthly maintenance fee once it is open. The eChecking account has a $12 monthly maintenance fee, though you can waive it by setting up direct deposit or maintaining a $1,500 minimum balance. The Advantage SafeBalance Banking account has a $4.95 monthly fee with no way to waive it.

The Advantage Plus Banking account charges $12 per month but waives the fee if you maintain a $1,500 minimum balance or set up direct deposit. The Regular Savings Account has no monthly maintenance fee at all.

These fees are separate from the opening deposit. The opening deposit is money you own and keep in the account. The monthly fee is what the bank charges you to maintain the account each month. Understanding both helps you pick an account that fits your situation.

How to open an account without visiting a branch

You can open a Bank of America account online through their website without going to a physical location. The process takes about 10 minutes. You will need a valid government-issued ID, your Social Security number, and your initial deposit amount ready. You can fund the account with a debit card or by transferring money from another bank account you own.

You can also open an account by phone by calling Bank of America's customer service line. A representative will walk you through the process and answer questions about which account type suits your needs. Phone opening takes longer than online — usually 20 to 30 minutes — but some people find it easier to ask questions as they go.

If you prefer to open an account in person, visit any Bank of America branch with your ID, Social Security number, and your initial deposit. Bring a debit card or be prepared to transfer funds from another account if you do not have cash with you.

What documents you need to bring or provide

Bank of America requires specific documents to open any account. You need a valid government-issued photo ID — a driver's license, passport, or state ID card. You also need your Social Security number. The bank will ask for your address, phone number, and email address.

If you are opening the account online or by phone, you will enter this information directly into their system. If you are opening in person, bring your ID and be ready to provide your Social Security number verbally or on a form. The bank will verify your identity before the account is created.

Some people do not have a Social Security number — for example, non-citizens with work authorization. Bank of America can open accounts for people with an Individual Taxpayer Identification Number (ITIN) instead. Ask about this option when you contact the bank if you do not have a Social Security number.

What happens after you open the account

Once your account is open, Bank of America will mail you a debit card within 7 to 10 business days. You can use your account online or through their mobile app when ready, even before the card arrives. You can set up direct deposit, transfer money from other accounts, or deposit checks using the mobile app's check deposit feature.

Your account comes with online banking access and a mobile app. You can check your balance, pay bills, transfer money between your own accounts, and see your transaction history anytime. If you set up direct deposit, your employer's paycheck will go straight into your account on payday.

If you have questions after opening, you can visit a branch, call customer service, or use the mobile app's chat feature to reach someone. Bank of America has branches in most states, so you can usually find one near you if you need help in person.

Frequently Asked Questions

Can I open a Bank of America account if I do not have a Social Security number?

Yes. Bank of America accepts an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number. You will need to bring documentation of your ITIN when you open the account. Call a branch or visit in person to confirm what documents they need from you.

What if I cannot afford the minimum opening deposit right now?

The lowest minimum deposit Bank of America requires is $25 for the eChecking or Regular Savings Account. If you cannot deposit $25, you may want to look at other banks or credit unions in your area that offer accounts with no minimum opening deposit.

Do I have to keep money in the account after I open it?

No. The opening deposit is yours to use. You can withdraw it when ready after the account opens. However, some accounts charge a monthly fee if your balance falls below a certain amount — usually $1,500. Check the fee structure of your specific account to understand what balance you need to keep to avoid monthly charges.

How long does it take to open an account online?

Opening an account online through Bank of America's website takes about 10 minutes. Your account is active when ready, and you can use it right away through their website or mobile app. Your physical debit card will arrive in the mail within 7 to 10 business days.

Can I open multiple accounts at the same time?

Yes. You can open a checking account and a savings account at the same time, either online, by phone, or in person. Some people open both to keep spending money separate from savings. Each account will have its own minimum opening deposit requirement.