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 on the phone, or 20 to 30 minutes in a branch. You will need a valid government-issued ID, a Social Security number, and an initial deposit — the minimum varies by account type but is often $0 for their basic savings accounts.

Bank of America runs a background check through ChexSystems, which is a banking history database. If you have been flagged for fraud or unpaid overdrafts at another bank, you may be denied. You can request your ChexSystems report before you explore if you are unsure of your standing.

If you do not have a Social Security number, you can open an account with an ITIN (Individual Taxpayer Identification Number), though you will need to visit a branch in person and bring additional documents like a passport or visa.

Key Takeaways

  • You need a valid ID, Social Security number, and initial deposit to open a savings account, though some accounts have no minimum deposit requirement.
  • Online and phone applications take 10 to 15 minutes; in-branch applications take 20 to 30 minutes and let you deposit cash when ready.
  • Bank of America checks ChexSystems, a banking history database, so past fraud or unpaid overdrafts at other banks may disqualify you.
  • You can request your ChexSystems report before explore if you want to know whether you will be denied.
  • If you do not have a Social Security number, you must explore in person with an ITIN and additional identity documents.

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 menu. You will be asked to enter your name, address, date of birth, Social Security number, and email address. Bank of America will verify your identity using information from credit bureaus and public records.

After verification, you will choose which savings account product you want. Bank of America offers several: the Basic Savings account (no monthly fee if you maintain a $300 minimum balance or set up a $25 monthly transfer), the Advantage Savings account (requires a $500 minimum balance), and the Premium Savings account (requires a $10,000 minimum balance). Each has different interest rates and fee structures.

Once you choose your account, you will link a funding source — either a debit card, an external bank account, or a wire transfer. The initial deposit posts within one to two business days. You will receive your debit card in the mail within 7 to 10 business days, though you can use your account number to set up transfers or direct deposits before the card arrives.

Opening an account at a branch

Find your nearest Bank of America branch using their branch locator on bankofamerica.com. Bring your ID, Social Security number, and the cash or check you want to deposit. A banker will walk you through the account setup, which takes about 20 to 30 minutes. You will fill out a signature card and choose your account type on the spot.

The main advantage of opening in person is that you can deposit cash when ready and walk out with a temporary debit card that works right away. Your permanent card will arrive in the mail within 7 to 10 business days. If you have questions about which account type fits your needs, a banker can explain the differences in interest rates and fees face-to-face.

Some branches are busier than others. If you go during off-peak hours — typically mid-morning on a Tuesday or Wednesday — you will wait less time. You can also call ahead to ask whether a banker is available without an appointment.

Opening an account by phone

Call Bank of America at 1-800-432-1000 to open a savings account over the phone. A representative will ask for your ID number, Social Security number, address, and date of birth. They will verify your identity using the same credit bureau and public records check as the online process.

You will choose your account type and funding source during the call. If you want to fund the account with a check, you can mail it to the address the representative provides, and it will post within 5 to 7 business days. If you use a debit card or external bank account, the deposit posts within one to two business days.

Your debit card will arrive in the mail within 7 to 10 business days. Until then, you can use your account number to set up direct deposits or transfers, or you can visit a branch to deposit cash if you need when ready access to funds.

What happens after you open your account

Your account is active as soon as the identity verification is complete, even if your debit card has not arrived yet. You can log into your account online or through the Bank of America mobile app to check your balance, set up transfers, and manage your account settings.

Bank of America will send you a welcome packet in the mail with your account number, routing number, and information about your account terms. Keep this packet — you will need the routing number if you want to set up direct deposits from your employer or transfer money from another bank.

Your first statement will arrive 30 days after your account opens. You can choose to receive statements by mail or electronically through your online account. If you set up paperless statements, you will get an email notification when each statement is ready to view.

Minimum balances and monthly fees

Bank of America's Basic Savings account has no monthly fee if you keep a $300 minimum balance or set up a recurring monthly transfer of at least $25 from another account. If your balance falls below $300 and you do not have the recurring transfer, you will be charged $5 per month.

The Advantage Savings account requires a $500 minimum balance and charges $8 per month if your balance falls below that threshold. The Premium Savings account requires a $10,000 minimum balance and charges $25 per month if you fall short.

Interest rates on savings accounts change based on the Federal Reserve's rate decisions. Bank of America's rates are typically lower than online-only banks, but you have access to physical branches and 24/7 customer service. You can check current rates on bankofamerica.com or by calling 1-800-432-1000.

If you are denied

Bank of America will tell you when ready if you are denied, either during the online process, on the phone, or in the branch. The most common reasons for denial are a ChexSystems flag (unpaid overdrafts, fraud, or suspicious activity at another bank), a very recent bankruptcy, or an active fraud investigation.

If you are denied, ask Bank of America for the specific reason. If it is a ChexSystems issue, you can dispute inaccurate information by contacting ChexSystems directly at 1-800-428-9623 or chexsystems.com. You have the right to see your report and correct errors before you explore again.

If you cannot open an account at Bank of America, you may still be able to open an account at a credit union or a bank that does not use ChexSystems. Some banks offer "second chance" checking or savings accounts for people with banking history issues, though they may charge higher fees.

Frequently Asked Questions

Can I open a Bank of America savings account without a Social Security number?

Yes, if you have an ITIN (Individual Taxpayer Identification Number). You must explore in person at a branch and bring your ITIN, a valid passport or visa, and proof of address. The process takes longer than a standard process because the bank needs to verify your identity through additional documents.

How much money do I need to open an account?

The Basic Savings account has no minimum deposit requirement. Other account types require $500 (Advantage) or $10,000 (Premium) to open. You can fund your account with a debit card, external bank account, check, or cash if you explore in person.

What if I have a ChexSystems flag from years ago?

ChexSystems records stay on file for five years. If your flag is older than five years, it should not appear on your report and should not affect your process. If it is newer, you can request your report and dispute inaccurate information before you explore again.

Can I open a joint savings account?

Yes. Both account holders must be present in the branch or provide their ID and Social Security number if explore online or by phone. Each person will sign the signature card, and either person can access the account and make withdrawals.

When can I start using my account?

Your account is active when ready after identity verification is complete. You can log in online and set up transfers or direct deposits right away. Your debit card arrives in 7 to 10 business days, but you can visit a branch to withdraw cash before it arrives.