What you need to open a Bank of America savings account
Bank of America lets you open a savings account online, by phone, or in a branch. You will need a government-issued ID, your Social Security number, and an initial deposit. The deposit amount depends on the account type — some accounts have no minimum, while others require $100 or more to start. You can fund the account with a debit card, transfer from another bank, or cash if you open in person.
The process takes about 10 to 15 minutes online. Bank of America will run a check through ChexSystems, which is a banking history database. This is not a credit check — it looks at whether you have had problems with previous bank accounts, like unpaid overdrafts or fraud. If you have never had a bank account before, this check will come back clear.
If you already have a Bank of America checking account, opening a savings account is faster because the bank already has your information on file. You can add a savings account through your online banking portal or mobile app in under five minutes.
Key Takeaways
- You need a government ID, Social Security number, and an opening deposit to start a Bank of America savings account.
- Online account opening takes 10 to 15 minutes and does not require a credit check.
- Bank of America offers multiple savings account types with different features and deposit requirements.
- If you already bank with Bank of America, you can open a linked savings account through your existing online login.
- Your account becomes active when ready after opening, and you can begin depositing and withdrawing money the same day.
Opening an account online through Bank of America's website
Go to bankofamerica.com and look for the "Open an Account" button, usually on the homepage. Select "Savings" from the account type options. Bank of America will ask you to choose which savings account product you want — the regular savings account, the Premium Savings account, or the Money Market account. Each has different interest rates and minimum balance requirements, so read the details before you choose.
Enter your personal information: full name, date of birth, address, phone number, and Social Security number. Bank of America will verify your identity by asking security questions based on your credit history. Answer these questions accurately — they are checking that you are who you say you are, not assessing your creditworthiness.
Once identity verification is complete, you will choose your opening deposit method. You can link a debit card from another bank and transfer money, or provide your routing and account number to transfer from an existing account. Bank of America will send two small deposits to that account within one to two business days, and you will need to confirm the amounts to verify you own the account. After confirmation, your savings account is open and ready to use.
Opening an account by phone or in a branch
Call Bank of America at 1-800-432-1000 to open a savings account over the phone. Have your ID and Social Security number ready. A representative will walk you through the same questions as the online process and can answer questions about which account type fits your needs. Phone opening takes about 15 to 20 minutes. You will still need to provide a deposit method — either a debit card number or routing and account information from another bank.
If you prefer to open an account in person, visit any Bank of America branch with your government ID and Social Security number. Bring a debit card or checkbook from another bank if you want to fund the account when ready. In-branch opening is useful if you want to ask questions about features or if you have a complex financial situation that the online system cannot handle. The process takes 15 to 30 minutes depending on how busy the branch is.
What happens after you open your account
Your savings account becomes active when ready after you complete the opening process. You will receive a confirmation email with your account number and routing number. Bank of America will mail you a debit card within 7 to 10 business days if you requested one, though you do not need a debit card to use a savings account — you can transfer money online or visit a branch to withdraw cash.
Your first statement will arrive 30 days after account opening. Bank of America sends statements monthly, and you can view them online or request paper statements. Interest begins accruing on your balance the day after your opening deposit clears, which is usually one to two business days after you transfer the money.
If you opened the account online and used the two-deposit verification method, those small deposits will appear in your account within one to two business days. You do not need to do anything with them — they are straightforward how Bank of America confirms you own the linked account. Once you confirm the amounts, the verification is complete and you can begin using your savings account normally.
Account types and their differences
Bank of America offers three main savings account products. The regular Savings Account has no monthly fee and no minimum balance requirement, making it the simplest option for most people. Interest rates are low but consistent. This account is a good choice if you are new to banking or want a straightforward place to keep money separate from checking.
The Premium Savings Account requires a $100 minimum opening deposit and has a higher interest rate than the regular savings account, but only if you maintain a minimum balance — usually $500 or more depending on current terms. If your balance drops below the minimum, the interest rate drops to match the regular savings account rate. This account makes sense if you plan to keep a larger balance and want to earn more interest.
The Money Market Account combines savings and checking features. It offers check-writing ability and a debit card, plus interest on your balance. It requires a higher opening deposit and minimum balance than the other options. Money Market accounts are useful if you want to earn interest but also need to write checks or make frequent withdrawals.
Linking your savings account to checking
If you already have a Bank of America checking account, you can link your new savings account to it for straightforward transfers. Log into your online banking portal, go to "Accounts," and select "Link Accounts." Choose your savings account from the list and confirm. Linking takes a few minutes and happens when ready.
Once linked, you can transfer money between your checking and savings accounts through online banking or the mobile app without any delay. Transfers between your own Bank of America accounts are free and when ready. You can also set up automatic transfers — for example, moving $50 from checking to savings every payday — through the same menu.
What to do if your account opening is declined
Bank of America may decline your account opening if ChexSystems shows a history of unpaid overdrafts, fraud, or other serious banking problems. If this happens, you will receive a letter explaining the reason. You have the right to request a copy of your ChexSystems report and dispute any errors on it.
Contact ChexSystems directly at 1-800-428-9623 or through their website to review your report. If you find incorrect information, you can file a dispute. Bank of America will reconsider your process once the dispute is resolved. If the information is accurate, you may need to wait a period of time — usually one to two years depending on the issue — before reapplying. Some smaller banks and credit unions have less strict policies, so you may have other options while you wait.
Frequently Asked Questions
Do I need a checking account to open a savings account at Bank of America?
No. You can open a savings account as your first Bank of America account. However, if you already have checking with them, opening a savings account is faster because the bank already has your information verified.
How much money do I need to open a savings account?
The regular Savings Account has no minimum opening deposit. The Premium Savings Account requires $100 to open. Money Market Accounts require $2,500 or more depending on current terms. Check Bank of America's website for current minimums, as these change occasionally.
Can I open a savings account if I have bad credit?
Yes. Bank of America does not run a credit check when you open a savings account. They only check ChexSystems, which tracks banking history, not credit history. Bad credit will not prevent you from opening an account.
How long does it take to access my money after I open an account?
Your account is active when ready, but your opening deposit may take one to two business days to clear depending on how you funded it. Once the deposit clears, you can withdraw or transfer money right away.
What is the interest rate on Bank of America savings accounts?
Interest rates change frequently and vary by account type and current market conditions. Check bankofamerica.com for current rates, or call 1-800-432-1000. Rates are typically lower than online-only banks but higher than keeping cash at home.