You can open another savings account at Bank of America online, by phone, or in a branch, and the process takes about 15 minutes
Bank of America lets you open multiple savings accounts under the same login, which is useful if you want to separate money by goal—one for emergencies, one for a vacation, one for a down payment. You do not need to visit a branch; you can start the process on their website or mobile app right now. The account opens when ready in most cases, though it may take one business day for the account number to fully set up for transfers.
The main requirement is that you already have a Bank of America account in good standing. If you have a checking account with them, you can open a savings account. If you already have one savings account, you can open a second, third, or more—there is no limit. You will need your Social Security number, a valid ID, and your current Bank of America login information.
Key Takeaways
- Open a new savings account through the Bank of America website, mobile app, or by calling 1-800-432-1000 without visiting a branch.
- You must already be a Bank of America customer with an existing account in good standing to open another savings account.
- The account opens when ready online, though transfers between accounts may take up to one business day to process.
- You can name each savings account differently (like "Emergency Fund" or "Vacation") to keep track of money set aside for different purposes.
- Bank of America charges a monthly maintenance fee on savings accounts unless you meet a minimum balance or set up direct deposit.
Opening a savings account through the Bank of America website or app
Log into your Bank of America account on their website or mobile app. Look for the option to "Open an Account" or "Add an Account"—this is usually in the main menu or under account settings. Select "Savings Account" from the account type options. You will see different savings products; the standard option is called the "Bank of America Savings Account."
Fill in the account details: choose a name for the account (this is just for your records, so you can call it "Emergency Fund" or "House Down Payment"), select the interest rate tier if options are shown, and confirm your personal information. Bank of America will pull your Social Security number and ID information from your existing account, so you should not need to re-enter it. Review the terms, agree to them, and submit. The account number appears on screen when ready, and you can begin using it right away.
If you run into an error message saying you cannot open another account, your existing account may be flagged for compliance review or may be closed. Call 1-800-432-1000 to confirm your account status before trying again.
Opening a savings account by phone or in a branch
Call Bank of America at 1-800-432-1000 and tell the representative you want to open another savings account. Have your Social Security number and a valid ID ready. The representative will walk you through the account setup, confirm your personal information, and assign you an account number over the phone. This method takes about 10 to 15 minutes. The account is active when ready, though you may not see it in your online banking for a few hours.
You can also visit a Bank of America branch in person. Bring a valid ID and your Social Security number. A banker will help you choose the right savings product, explain the monthly fee structure, and open the account while you wait. This is the slowest option but useful if you have questions about which account type fits your needs or if you want to deposit cash into the new account right away.
Understanding Bank of America savings account fees and minimum balances
Bank of America charges a $4 monthly maintenance fee on savings accounts unless you meet one of these conditions: keep a minimum balance of $500 in the account, set up a direct deposit of at least $250 per month, or link the account to a may have access to Bank of America checking account with a monthly direct deposit. If you do not meet any of these, the $4 fee is deducted from your account each month.
The interest rate on Bank of America savings accounts is typically very low—often less than 0.01% annually—so the account is better for organizing money than for earning interest. If you are looking to earn meaningful interest on savings, you may want to research high-yield savings accounts at other banks, though those accounts would be separate from your Bank of America accounts.
Linking your new savings account to your checking account for transfers
Once your new savings account is open, it appears automatically in your Bank of America online banking under "Accounts." You can transfer money between your Bank of America checking and savings accounts when ready through the website or app—no linking step is needed because they are already connected through your login.
To transfer money, log in, select "Transfer Money," choose the account you are transferring from and the account you are transferring to, enter the amount, and confirm. The transfer shows up in both accounts within minutes during business hours. If you transfer after 8 p.m. Eastern Time or on a weekend, the transfer may not process until the next business day.
What to do if you cannot open another account
If you see an error message when you try to open an account online, the most common reasons are: your existing account is closed, your account is flagged for a compliance review, you have unpaid fees or a negative balance, or Bank of America has placed a restriction on your account. Call 1-800-432-1000 and ask a representative to check your account status. They can tell you whether your account is active and whether there are any holds preventing you from opening new accounts.
If your account was closed, you will need to contact Bank of America to understand why before you can open a new account. If there are unpaid fees or a negative balance, you will need to settle those first. If your account is under review, the representative can give you a timeline for when the review will be complete.
Naming and organizing multiple savings accounts
When you open a new savings account, Bank of America lets you give it a custom name that appears only in your online banking—the bank's system does not use this name. You might name one account "Emergency Fund," another "Vacation 2025," and another "Car Repair." These names help you remember what each account is for and make it easier to move money to the right place.
You can change the account name anytime through your online banking settings. This is useful if your goal changes—if your "Vacation 2025" account becomes a "Home Repairs" fund, you can rename it without opening a new account. The account number and all your money stay the same; only the label changes.
Frequently Asked Questions
Can I open a savings account if I have a checking account but no savings account yet?
Yes. You need at least one existing Bank of America account in good standing. A checking account counts. You do not need to already have a savings account to open your first one.
How many savings accounts can I open at Bank of America?
Bank of America does not publish a limit on the number of savings accounts you can hold. Most customers open two to five. If you try to open more than that, a representative may ask why, but there is no hard cap.
Will opening another account hurt my credit score?
No. Opening a savings account does not trigger a hard credit inquiry and does not affect your credit score. Bank of America may do a soft pull of your credit history for compliance purposes, but this does not show up on your credit report.
Can I open a savings account for someone else, like a child?
No. You can only open accounts for yourself if you are the account holder. If you want to open an account for a minor, you would need to open a custodial or teen account, which is a different product. Call 1-800-432-1000 to ask about options for minors.
What happens if I do not meet the minimum balance and the $4 fee gets charged?
The $4 monthly fee is deducted from your account balance. If your balance is very low, the fee could overdraw your account, which may trigger additional overdraft fees. To avoid this, either keep $500 in the account, set up a direct deposit, or link it to a checking account with direct deposit.