What you need to open a Bank of America savings account
You can open a Bank of America savings account in person at a branch, online through their website, or by phone. The process takes about 10 to 15 minutes online or in person. You will need a valid government-issued ID (a driver's license, passport, or state ID card), your Social Security number, and an initial deposit — usually $25 or more, though the exact amount depends on which savings product you choose.
If you already have a Bank of America checking account, opening a linked savings account is faster because the bank already has your information on file. If you are opening your first account with them, the process is slightly longer but still straightforward.
Key Takeaways
- You need a valid ID, Social Security number, and an opening deposit to start a savings account at Bank of America.
- Online accounts open when ready and let you start saving right away, while in-person accounts at a branch take the same time but give you a chance to ask questions.
- Bank of America offers different savings products with different interest rates and features, so compare them before you choose.
- If you already bank with Bank of America, you can link your new savings account to your checking account for easier transfers.
Opening an account online
Go to bankofamerica.com and look for the "Open an Account" button, usually near the top of the page. Select "Savings" from the account type options. The website will ask you to enter your personal information: your full name, date of birth, address, phone number, and Social Security number. This takes about five minutes.
Next, you will choose which savings product you want. Bank of America offers several: a basic savings account, a money market account (which usually pays slightly higher interest if you keep a larger balance), and a CD or certificate of deposit (which locks your money away for a set time but pays more interest). For most people starting out, the basic savings account is the right choice.
After you choose your product, you will set up your opening deposit. You can transfer money from another bank account you own, or if you already have a Bank of America checking account, you can move money from that. The account opens when ready, and you can start using it the same day.
Opening an account at a branch
Find your nearest Bank of America branch using their branch locator on their website or by searching online. Bring your valid ID, Social Security number, and your opening deposit (cash or a check). You do not need an appointment, though calling ahead during busy times can save you a wait.
A banker will sit with you, ask the same questions the online form asks, and help you choose which savings product fits your needs. This is a good option if you have questions about how savings accounts work or want to understand the interest rates before you decide. The account opens on the spot, and you can start using it when ready.
If you are opening your first account with Bank of America and want to link it to a checking account later, the banker can set that up during the same visit or explain how to do it online afterward.
Understanding Bank of America savings products
Bank of America's basic savings account has no monthly fee if you keep a minimum balance (the amount changes, so ask what it is when you open). You earn interest on the money you deposit — the rate is set by the bank and changes over time. You can withdraw money whenever you need it, though some accounts limit how many withdrawals you can make per month without a fee.
A money market account usually requires a higher opening deposit and a higher balance to avoid fees, but it pays more interest. A CD locks your money for a set period — three months, six months, one year, or longer — and pays the highest interest rate. If you take the money out early, you pay a penalty. CDs are best if you know you will not need the money for a while.
Ask the banker or check the Bank of America website for the current interest rates on each product. Interest rates change frequently, so the rate you see today may not be the rate you get next month.
Linking your savings account to checking
If you have a Bank of America checking account, you can link it to your new savings account. This lets you transfer money between them online or through the mobile app without waiting. You can set up automatic transfers — for example, moving $50 from checking to savings every payday — to help you save without thinking about it.
You can link accounts during the opening process if you open in person, or afterward through your online banking portal. Log in to your Bank of America account, go to "Accounts," and look for the option to add or link an account. The link usually takes a few minutes to set up.
What happens after you open your account
Bank of America will send you a debit card for your savings account (though you usually cannot use it to make purchases — it is mainly for ATM withdrawals). They will also set up online banking access so you can check your balance, make transfers, and see your interest earnings anytime.
Your first interest payment appears in your account after the first full month. The amount depends on how much money you have in the account and what the current interest rate is. Interest compounds, meaning you earn interest on your interest, so your balance grows a little faster over time.
If you set up paperless statements, Bank of America will send you a monthly statement by email instead of by mail. You can turn this on in your account settings.
Frequently Asked Questions
Can I open a Bank of America savings account if I do not have a Social Security number?
Bank of America requires a Social Security number or an Individual Taxpayer Identification Number (ITIN) to open an account. If you have an ITIN, bring it with you along with your ID. Call your local branch to confirm they can process an ITIN before you visit.
What is the minimum opening deposit?
The minimum opening deposit is usually $25, but it varies by account type and changes over time. Check the Bank of America website or call your branch to confirm the current minimum for the account you want to open.
How long does it take to receive my debit card?
If you open in person at a branch, you may receive a temporary card on the spot. Your permanent card usually arrives by mail within 7 to 10 business days. You can use online banking and transfers when ready, even before the card arrives.
Can I open a savings account if I have had banking problems in the past?
Bank of America checks ChexSystems, a banking history database, when you open an account. If you have unpaid overdrafts or closed accounts in bad standing, they may decline you. Call your local branch to ask about your specific situation — some issues can be resolved.
What happens if I do not meet the minimum balance?
If your balance falls below the minimum, Bank of America charges a monthly maintenance fee, usually $5 to $12 depending on the account type. You can avoid the fee by keeping the minimum balance or by setting up direct deposit of your paycheck.