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 (driver's license, passport, or state ID), your Social Security number, and an initial deposit — the minimum varies by account type but is often $0 to $25 for online accounts.
Bank of America offers several savings account types: the Regular Savings Account (the basic option with no monthly fee if you maintain a $300 minimum balance or set up automatic transfers), the Money Market Savings Account (higher interest rates but requires a larger opening deposit, typically $2,500), and the Advantage Savings Account (part of their checking-plus-savings bundles). Each has different minimum balance requirements and fee structures, so the right choice depends on how much you plan to deposit and whether you want to link it to a checking account.
You will also need a current mailing address and a phone number. If you are opening the account online or by phone, you will need to provide a debit card or bank account number to make the initial deposit, or you can fund it later in person at a branch.
Key Takeaways
- You need a valid government ID, Social Security number, and an initial deposit to open a savings account, though some accounts require $0 minimum.
- Bank of America lets you open online, by phone, or in person, with online being the fastest option at around 10 to 15 minutes.
- Different savings account types have different minimum balance requirements and monthly fees, so compare them before you choose.
- Once your account is open, you can deposit money through ATMs, transfers from another bank, direct deposit, or in-branch deposits.
Opening online through Bank of America's website
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 options. You will be asked to enter your personal information: full name, date of birth, Social Security number, address, phone number, and email. Bank of America will verify your identity by asking security questions based on your credit history — they may ask about past addresses, loan amounts, or previous accounts.
After verification, you will choose which savings account type you want and review the terms and conditions. You will then set up your initial deposit by linking a debit card, providing a bank account number for a transfer, or choosing to deposit later. Once you confirm everything, your account opens when ready, and you will receive a confirmation email with your account number. Your debit card will arrive by mail in 7 to 10 business days, though you can use your account number to set up transfers or direct deposit right away.
Opening in person at a Bank of America branch
Find your nearest branch using the branch locator on bankofamerica.com or by searching "Bank of America near me." Bring your government-issued ID, Social Security number, and your initial deposit (cash or a check). You do not need an appointment, though calling ahead during busy times can save you a wait.
A banker will walk you through the account setup, answer questions about the different account types, and help you decide which one fits your situation. They will verify your identity, take your information, process your deposit, and order your debit card. You will walk out with your account open and a temporary card or card number you can use when ready. Your permanent debit card arrives in 7 to 10 business days.
Opening by phone with Bank of America
Call Bank of America's customer service at 1-800-432-1000 to open a savings account. Have your government ID, Social Security number, and initial deposit method ready (debit card number or bank account information). A representative will verify your identity, walk you through the account options, and set up your account over the phone.
The process is similar to online but with a person guiding you through each step. Your account opens when ready, and you will receive confirmation by email. Your debit card arrives in 7 to 10 business days, but you can use your account number for transfers and direct deposit as soon as the call ends.
What happens after your account opens
Your savings account is active when ready, even if your debit card has not arrived yet. You can set up direct deposit using your account number and routing number (which Bank of America will provide). You can transfer money from another bank account, deposit cash or checks at any Bank of America ATM or branch, or have someone else deposit money for you.
Bank of America will send you a welcome packet by mail with your account details, debit card, and information about online banking. Set up online banking at bankofamerica.com by creating a username and password so you can check your balance, set up alerts, and manage transfers from your computer or phone. Your account will start earning interest based on the current rate for your account type — rates change and are posted on their website.
Fees and minimum balance requirements
The Regular Savings Account has no monthly maintenance fee if you keep a $300 minimum balance or set up at least one automatic transfer per month from a Bank of America checking account. If your balance drops below $300 and you do not have automatic transfers set up, you pay $5 per month. The Money Market Savings Account requires a $2,500 minimum balance and charges $25 per month if your balance falls below that.
All Bank of America savings accounts allow unlimited deposits and withdrawals, though federal law limits certain types of withdrawals to six per month (this rule has been relaxed in recent years, but Bank of America may still enforce limits on certain transfer types). There are no fees for ATM deposits, transfers between your own accounts, or direct deposits. Out-of-network ATM withdrawals may charge a fee depending on the ATM operator.
Linking your savings account to a checking account
Once your savings account is open, you can link it to a Bank of America checking account (if you have one) or open a checking account at the same time. Linking accounts makes it straightforward to transfer money between them for free and when ready through online banking or the mobile app. You can also set up automatic transfers — for example, moving $50 from checking to savings every payday — to build your savings without thinking about it.
If you do not have a Bank of America checking account yet, you can open one using the same process: online, in person, or by phone. Many people open both accounts together because Bank of America offers account bundles with lower fees when you maintain both a checking and savings account.
Frequently Asked Questions
Can I open a Bank of America savings account if I do not have a Social Security number?
No. Bank of America requires a Social Security number or Individual Taxpayer Identification Number (ITIN) for all account holders. If you have an ITIN, you can use that instead. If you do not have either, you will need to obtain one before opening an account.
How long does it take to get my debit card after opening an account?
Your debit card arrives in 7 to 10 business days by mail. You can use your account number for transfers and direct deposit when ready, and you can request a temporary card number in the branch or through online banking if you need to make purchases right away.
What is the difference between a savings account and a money market account at Bank of America?
A Money Market Savings Account typically offers a higher interest rate than a Regular Savings Account but requires a larger minimum balance ($2,500 instead of $300) and charges a higher monthly fee ($25 instead of $5) if your balance drops. Choose a Money Market account if you plan to keep a large balance and want to earn more interest.
Can I open a savings account online if I do not have a debit card to fund it?
Yes. You can provide a bank account number from another bank for a transfer, or you can choose to fund your account later in person at a branch or through a deposit at an ATM once your account is open.
Do I need to have a checking account to open a savings account at Bank of America?
No. You can open a savings account on its own without a checking account. However, Bank of America offers lower fees on savings accounts if you also maintain a checking account and set up automatic transfers between them.