How to open a savings account in the Bank of America app
You can open a Bank of America savings account entirely through the mobile app without visiting a branch. The process takes about 10 minutes and requires your Social Security number, a valid ID, and a funding source — either a debit card or an existing Bank of America checking account.
Start by opening the Bank of America app and tapping the menu icon (three horizontal lines) in the bottom right. Select "Open an Account" and choose "Savings Account" from the options. The app will walk you through identity verification, which involves photographing your ID and answering security questions based on your credit history. Once verified, you'll set your initial deposit amount and confirm your account details.
Your new savings account becomes active when ready, though the initial deposit may take one to two business days to appear if you're funding it from an external bank account. If you're transferring from an existing Bank of America checking account, the money moves within minutes.
Key Takeaways
- The entire account opening process happens in the Bank of America app without needing to visit a branch or call customer service.
- You will need your Social Security number, a government-issued ID, and either a debit card or existing Bank of America account to fund the new savings account.
- Identity verification involves photographing your ID and answering questions about your credit history, which the app completes automatically.
- Your account opens when ready, but deposits from external banks take one to two business days while transfers from Bank of America accounts post within minutes.
- You can set up automatic transfers to your new savings account directly through the app once it is open.
What you need before you start
Gather these items before opening the app: a government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and either a debit card or login credentials for an existing Bank of America account. The app will photograph your ID during verification, so make sure it is current and the information is legible.
If you plan to fund the account from another bank, have that bank's routing number and your account number ready. You can find both on a check or by logging into that bank's website. If you're funding from a Bank of America checking account you already own, the app will let you select it directly without needing the routing number.
Identity verification and the photo ID step
After you select "Open an Account" and choose savings, the app asks you to photograph both sides of your ID. Hold the ID flat under good lighting and center it in the frame — the app will tell you if the photo is too blurry or cut off. This usually takes one or two attempts.
Next, the app asks security questions based on your credit history, such as "Which of these addresses have you lived at?" or "Which of these is a previous employer?" These questions verify your identity without requiring you to call anyone. Answer based on your actual history; if you're unsure about an answer, select "None of the above" rather than guessing.
Verification completes within seconds. If the app cannot verify you automatically, it will tell you to call Bank of America at 1-800-432-1000 to finish opening the account by phone. This happens rarely and usually only if your credit history is very limited or if there is a mismatch between your ID and your credit file.
Funding your new account
The app asks you to make an initial deposit before the account opens. You can deposit as little as $0 (though Bank of America recommends at least $25 to set up the account fully), and you can add more money later through transfers or direct deposit.
If you choose to fund from a debit card, enter the card number, expiration date, and CVV. The app processes this when ready, and the money appears in your savings account within minutes. If you choose to fund from an external bank account, enter the routing number and account number, and the transfer takes one to two business days.
If you have an existing Bank of America checking account, select it from the list and enter the amount. This transfer posts when ready. You can also leave the initial deposit at $0 and fund the account later through the app's transfer feature — go to the savings account, tap "Transfer Money," and move funds from your checking account or link an external account.
What happens after you open the account
Your savings account number appears in the app when ready after verification completes. You can see your account number, routing number, and other details by opening the account and tapping the menu icon. Write down or screenshot these numbers if you need them for direct deposit or wire transfers.
The app shows your savings account alongside any checking accounts you own. You can set up automatic transfers between accounts by tapping "Transfer Money" and selecting a frequency (weekly, biweekly, monthly, or one-time). Many people set up automatic transfers on payday to move money into savings before they spend it.
Your savings account comes with a debit card if you request one, though it takes five to seven business days to arrive by mail. You can also use your savings account number to receive direct deposits from your employer or other sources without needing a card.
Account features and limits
Bank of America savings accounts earn interest, though the rate varies and is typically very low — check the current rate in the app or on the Bank of America website. Interest compounds daily and posts to your account monthly.
Federal law limits you to six transfers or withdrawals per month from a savings account (not counting ATM withdrawals or in-person withdrawals at a branch). If you exceed this limit, Bank of America may charge a fee or convert your account to a checking account. The app tracks your transfer count and warns you if you are approaching the limit.
There is no monthly maintenance fee on Bank of America savings accounts, and no minimum balance requirement to keep the account open. However, if your account sits inactive for a long period, Bank of America may close it and send you any remaining balance by check.
Troubleshooting common problems
If the app says "We couldn't verify your identity," the most common cause is a mismatch between your ID and your credit file — for example, if you recently moved and your credit report still shows an old address. Call Bank of America at 1-800-432-1000 and a representative will verify you over the phone and open the account.
If your ID photo is rejected, make sure the entire ID is visible in the frame, the lighting is clear, and you are photographing a current ID. Expired IDs are usually rejected. Try again with better lighting or a different angle.
If your funding source is declined, check that the debit card or bank account information is correct and that the card has not expired. If you are funding from an external bank account, confirm that the routing number and account number match what your bank shows. Some banks block transfers to new accounts as a fraud prevention measure — contact that bank to authorize the transfer.
Frequently Asked Questions
Can I open a savings account if I don't have an existing Bank of America account?
Yes. You do not need a checking account with Bank of America to open a savings account through the app. You will need a debit card or an account at another bank to fund the initial deposit, but the savings account itself is standalone.
How long does it take for money to show up in my new savings account?
If you fund from a Bank of America checking account or debit card, the money appears within minutes. If you fund from an external bank account, it takes one to two business days. Weekends and holidays may add time to external transfers.
What if I want to close the savings account after I open it?
You can close the account through the app by going to account settings and selecting "Close Account," or by calling Bank of America at 1-800-432-1000. Withdraw or transfer any remaining balance first. Once closed, the account number cannot be reused.
Do I need a debit card for the savings account?
No. You can use your savings account without a debit card — receive direct deposits, make transfers, and withdraw cash at Bank of America ATMs using your account number. A debit card is optional and takes five to seven business days to arrive if you request one.
What interest rate will I earn?
Bank of America savings account rates change frequently and are typically lower than rates at online banks. Check the current rate in the app under account details or on the Bank of America website. The rate applies to your entire balance and compounds daily.