What you need to bring and where to start
You can open a Bank of America savings account in person at a branch, online through their website, or by phone. The fastest route is usually online if you already have a Bank of America checking account — the process takes about 10 minutes and you can fund it when ready. If you are opening your first account with the bank, you will need a government-issued ID, a Social Security number, and an initial deposit (the amount varies by account type, but some accounts require as little as $25).
If you do not have a Social Security number, Bank of America can open accounts for non-citizens with an ITIN (Individual Taxpayer Identification Number), though you will need to visit a branch in person with your ITIN documentation and passport or visa. The branch staff can walk you through what documents they need before you go.
Key Takeaways
- You can open a savings account online in about 10 minutes if you already bank with Bank of America, or in person at any branch with an ID and Social Security number.
- Bank of America offers several savings account types with different minimum balances and monthly fees — the Basic Savings account has no monthly fee if you maintain a $300 minimum balance.
- Your initial deposit can be made online via transfer from another bank, by check deposit through the mobile app, or in cash at a branch.
- Once your account is open, you can set up automatic transfers from your checking account to build savings without thinking about it.
The three ways to open an account
Online: Go to bankofamerica.com and select "Open an account" from the homepage. You will enter your personal information, Social Security number, and ID details. The system verifies your identity in real time — this usually takes a few minutes. Once approved, you choose your account type, set a PIN, and link a funding source. If you are transferring money from another bank, you provide that bank's routing number and your account number there. The new savings account is active when ready, though the transfer itself may take one to three business days.
In person at a branch: Walk into any Bank of America branch with your ID and Social Security number. A banker will help you choose an account type, complete the paperwork, and process your initial deposit on the spot. This takes 15 to 30 minutes. You leave with a debit card if you want one (though savings accounts do not require one), and your account is funded and ready to use the same day.
By phone: Call Bank of America at 1-800-432-1000 and ask to open a savings account. A representative will walk you through the same questions as the online process. You will need to verify your identity by answering security questions based on your credit file. This route takes 20 to 30 minutes and is useful if you have questions during the process, but you will still need to fund the account separately — usually by transfer or by visiting a branch with cash.
Understanding Bank of America's savings account options
Bank of America offers three main savings account types, each with different features and costs. The Basic Savings account has no monthly maintenance fee if you keep a $300 minimum balance. If your balance drops below $300, the fee is $5 per month. This is the most common choice for people starting out.
The Advantage Savings account requires a $2,500 minimum balance to avoid the $12 monthly fee. It offers a slightly higher interest rate than Basic Savings and includes some additional perks like discounts on safe deposit boxes. The Premium Savings account is designed for people with larger balances — it requires $10,000 minimum and charges $25 monthly if you fall below that, but offers the highest interest rate of the three.
Interest rates on all three accounts change based on the Federal Reserve's rate decisions. Bank of America publishes current rates on their website, but as of now they are very low — typically less than 0.01% on savings accounts. This means the interest you earn will be minimal unless you have a very large balance. The main benefit of a savings account at Bank of America is the safety and convenience, not the interest earned.
Funding your new account
Once your account is open, you have several ways to put money in. If you opened online and linked another bank account, the transfer begins when ready — money usually arrives within one to three business days. If you have a Bank of America checking account, you can transfer money between your accounts when ready through online banking or the mobile app.
You can also deposit cash or checks at any Bank of America branch or ATM. The mobile app lets you deposit checks by taking a photo of the front and back — the bank processes these within one business day. If you are opening your account in person at a branch, you can hand the banker cash or a check right then, and it posts to your account the same day.
Some employers offer direct deposit to multiple accounts. If yours does, you can set up a portion of your paycheck to go directly to your new savings account — this is one of the easiest ways to build savings without having to remember to transfer money yourself.
Setting up automatic transfers to build savings
Once your savings account is active, you can create automatic transfers from your checking account. Log into online banking, go to the Transfers section, and set up a recurring transfer — you choose the amount and the date each month. Many people set transfers for the day after payday so the money moves before they spend it.
You can pause or cancel automatic transfers anytime through online banking, so there is no lock-in. Some people set up small weekly transfers ($25 or $50) rather than one large monthly transfer — this can feel less painful and builds the habit of saving.
What happens after your account opens
Your savings account is fully functional as soon as it is approved. You can access it through online banking, the mobile app, or by visiting a branch. You can transfer money out anytime — there are no withdrawal limits on savings accounts. You will receive statements monthly (or you can view them online anytime), and Bank of America will send you tax documents at the end of the year if you earned any interest.
If you fall below the minimum balance for your account type, the monthly fee will be charged automatically. You can avoid this by keeping your balance above the threshold or by switching to a different account type with a lower minimum. You can also link your checking account to your savings account so that if your savings balance drops too low, money automatically transfers from checking to cover it — this is called overdraft protection, though it only works if you set it up.
Frequently Asked Questions
Can I open a savings account if I do not have a Social Security number?
Yes, if you have an ITIN (Individual Taxpayer Identification Number). You must open the account in person at a branch with your ITIN documentation and a valid passport or visa. Call your local branch first to confirm they have processed ITIN accounts before, as not all branches do this regularly.
How much money do I need to open an account?
The Basic Savings account requires a minimum opening deposit of $25. Other account types require more — Advantage Savings requires $2,500 and Premium Savings requires $10,000. You can deposit less than the ongoing minimum balance after opening, but you will pay a monthly fee if you do.
Can I open a savings account online if I am not already a Bank of America customer?
Yes. You can open a savings account online even if you have never banked with Bank of America before. You will need your ID, Social Security number, and a way to fund the account (either a transfer from another bank or a debit card). The process is the same as for existing customers.
How long does it take to open an account?
Online takes about 10 minutes. In person at a branch takes 15 to 30 minutes. By phone takes 20 to 30 minutes. Your account is active when ready, but transfers from other banks take one to three business days to appear in your account.
What is the difference between a savings account and a money market account at Bank of America?
A savings account is simpler — you deposit money, earn a small amount of interest, and withdraw anytime. A money market account typically requires a larger minimum balance but offers a slightly higher interest rate and may include check-writing privileges. For most people starting out, a savings account is the right choice.