What You Need Before You Start

Bank of America lets you open a savings account online, by phone, or in a branch. You will need a valid government ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit. The minimum opening deposit is $25 for most savings accounts, though some accounts require more.

You will also need either a current Bank of America checking account or an external bank account to link for the initial deposit. If you do not have either, you can open a checking account at the same time, or bring cash to a branch and deposit it in person.

Have your contact information ready: a current mailing address, phone number, and email address. Bank of America will use these to verify your identity and send account information.

Key Takeaways

  • You can open a Bank of America savings account online in about 10 minutes if you already have a Bank of America checking account or can link an external bank account.
  • The minimum opening deposit is $25, and you can transfer money from another Bank of America account or an external bank account to meet it.
  • If you do not have an existing Bank of America account, opening a checking account first or visiting a branch in person are your fastest options.
  • Bank of America offers several savings account types with different features and interest rates, so compare them before you open to pick the one that fits your needs.

Opening Online If You Already Bank With Bank of America

Log into your Bank of America online banking account or mobile app. Look for the option to "Open an Account" or "Add an Account," usually found in the menu or under account services. Select "Savings Account" and choose which type of savings account you want—Bank of America offers the Basic Savings, Advantage Savings, and Premium Savings accounts, each with different monthly fees and interest rates.

Answer the questions about your account preferences: whether you want online statements, how you plan to use the account, and your expected balance. Review the account terms and fees, then confirm your identity using information Bank of America already has on file. The process takes about 10 minutes, and your account opens when ready.

You will need to fund the account with at least $25. You can transfer this from an existing Bank of America checking account, or link an external bank account and transfer from there. If you link an external account, the transfer may take one to three business days to complete.

Opening Online Without an Existing Bank of America Account

Go to bankofamerica.com and select "Open an Account." You will see options for checking and savings accounts. If you want only a savings account, you can still start here—Bank of America will ask whether you want to open a checking account too, and you can decline.

Enter your personal information: name, date of birth, Social Security number, address, phone number, and email. Bank of America will verify your identity using this information and may ask additional questions about your background. This verification usually takes a few minutes.

Link an external bank account to fund your new savings account with the $25 minimum deposit. Provide the routing number and account number from your existing bank. Bank of America will make two small test deposits (usually under $1 each) to confirm the account is real and that you control it. Once you confirm those amounts in your external bank account, the link is verified and you can transfer the opening deposit. This process takes three to five business days total.

If you do not have an external bank account to link, you will need to open a checking account with Bank of America first, or visit a branch in person with cash.

Opening in a Bank of America Branch

Find your nearest Bank of America branch using the branch locator on bankofamerica.com. Bring your government ID, Social Security number, and the $25 minimum opening deposit in cash or a check. You can also bring a debit card or checkbook from another bank if you want to link an external account.

Tell a Bank of America representative that you want to open a savings account. They will ask which type of savings account you want and answer questions about your account use and expected balance. The representative will verify your identity using your ID and Social Security number, then open the account on the spot.

If you bring cash, the deposit posts when ready. If you bring a check, it will be processed according to Bank of America's check deposit timeline, usually one to two business days. You can start using your savings account the same day it opens.

Understanding Bank of America Savings Account Types

Bank of America offers three main savings accounts. The Basic Savings account has no monthly maintenance fee if you maintain a $500 minimum balance; if your balance drops below $500, you pay $2.50 per month. It earns a variable interest rate that changes based on market conditions.

The Advantage Savings account has a $12 monthly maintenance fee, but the fee is waived if you maintain a $2,500 minimum balance or have a Bank of America checking account. It earns a slightly higher interest rate than Basic Savings. The Premium Savings account requires a $10,000 minimum balance and has a $25 monthly fee if the balance falls below that threshold. It offers the highest interest rate of the three.

Interest rates on all three accounts are variable and change with market conditions. Check bankofamerica.com for current rates before you open, since they differ from the rates advertised in the past.

What Happens After Your Account Opens

Your savings account number and routing number will be available when ready in your online banking account or mobile app. You can use these to set up automatic transfers from your checking account or external accounts, or to receive direct deposits.

Bank of America will mail a debit card and checks (if you requested them) within 7 to 10 business days. You do not need to wait for these to arrive—you can transfer money and manage your account online or through the mobile app right away.

Review your account settings in online banking to confirm your contact information, set up alerts for low balances or large transactions, and choose whether you want paper or electronic statements. You can change these settings anytime.

Frequently Asked Questions

Can I open a savings account if I do not have a Social Security number?

Bank of America requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you have an ITIN, you can open an account using that instead. If you do not have either, you will not be able to open an account with Bank of America.

How long does it take to open a savings account online?

If you already have a Bank of America checking account, the process takes about 10 minutes and your account opens when ready. If you do not have an existing account and need to link an external bank account, the full process takes three to five business days because of the verification deposits.

What if I do not have $25 for the opening deposit right now?

Bank of America requires a $25 minimum opening deposit. If you cannot meet this right now, you can open the account later when you have the funds, or ask a Bank of America representative whether you can make the deposit within a few days of opening.

Can I open a savings account by phone?

Bank of America does not offer account opening by phone. You can open online or in a branch. If you have questions during the online process, you can call Bank of America customer service at the number on the back of your debit card or on bankofamerica.com, and a representative can walk you through it.

What is the difference between a savings account and a money market account at Bank of America?

A savings account is simpler and has fewer restrictions on withdrawals. A money market account typically requires a higher minimum balance and offers a higher interest rate, but limits how many withdrawals you can make per month. If you are just starting to save, a savings account is usually the better choice.