What you need to bring and the basic steps

You can open a Bank of America savings account in person at a branch, online through their website, or by phone. The fastest route is usually online if you have the documents ready. You will need a government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit — the amount varies by account type, but many accounts let you start with $25.

If you go to a branch, a banker will walk you through the forms and answer questions in real time. If you open online, the whole process typically takes 10 to 15 minutes. Either way, your account opens the same day, though it may take a business day or two before you can move money in and out.

Bank of America offers several types of savings accounts with different features and minimum balances. The most common choice for someone new to banking is the Regular Savings account, which has no monthly fee if you keep a small balance or set up direct deposit.

Key Takeaways

  • You need a government ID, Social Security number, and an opening deposit to start a savings account at Bank of America.
  • Online opening takes about 10 to 15 minutes and your account is active the same day, though transfers may take one business day.
  • Bank of America's Regular Savings account has no monthly fee if you maintain a minimum balance or receive direct deposits.
  • You can open an account in person at a branch, online, or by phone depending on what works best for your schedule.

Opening an account online

Go to bankofamerica.com and look for the "Open an Account" button, usually near the top of the page. Select "Savings" and then choose which type of savings account fits your needs. The site will ask for your personal information: name, address, date of birth, and Social Security number.

You will also need to verify your identity. Bank of America typically does this by asking questions only you would know the answers to — things pulled from your credit history, like which address you lived at in a certain year or which lender you borrowed from. Answer these correctly and your identity is confirmed when ready.

Next, you choose how much to deposit to open the account. You can link a bank account you already have and transfer money, or use a debit card. Once the deposit goes through, your account number appears on screen and you can start using it right away.

Opening an account at a Bank of America branch

Find your nearest branch using the branch locator on bankofamerica.com. Walk in during business hours with your ID, Social Security number, and opening deposit. A banker will sit with you, explain the different savings account options, and help you fill out the paperwork.

This route takes longer — usually 20 to 30 minutes — but it is useful if you have questions or if you are uncomfortable with online banking. The banker can also show you how to use the mobile app and online banking once your account is open.

Bring your opening deposit in cash, or let the banker know you want to transfer it from another bank account. If you transfer from another bank, the deposit may take one to two business days to show up, but your account itself opens the same day.

Opening an account by phone

Call Bank of America at 1-800-432-1000 to open a savings account over the phone. A representative will walk you through the same questions as the online process: your personal information, identity verification, and opening deposit details.

Phone opening works well if you prefer talking to a person but cannot get to a branch. The call usually takes 15 to 20 minutes. You will need to provide your opening deposit information — either a bank account to transfer from or a debit card to charge.

After the call ends, your account is open and you should receive confirmation by email. Your account number will be in that email, and you can log in to online banking right away.

Types of savings accounts Bank of America offers

Bank of America's Regular Savings account has no monthly maintenance fee if you keep a $300 minimum balance or set up direct deposit of any amount. This is the most straightforward choice for someone starting out. Interest rates on savings accounts change regularly, so check the current rate on their website.

The Premium Savings account requires a higher opening deposit and minimum balance, but pays a higher interest rate. This account makes sense only if you have several thousand dollars to deposit and plan to leave it there.

Bank of America also offers Money Market Accounts, which combine features of checking and savings accounts and typically pay higher interest. These require larger minimum balances and are better suited to people who already have banking experience.

What happens after your account opens

Your account is active when ready, but you may not be able to transfer money for one business day. Bank of America will send you a debit card in the mail within 7 to 10 business days. Until it arrives, you can withdraw cash at any Bank of America ATM or branch using your account number.

You can also set up online banking and the mobile app right away. read the Bank of America app from your phone's app store, log in with your account number and password, and you can check your balance, transfer money between your own accounts, and pay bills.

If you opened your account online or by phone, you will receive a welcome packet in the mail with your account details and information about setting up direct deposit. Direct deposit is useful because it waives the monthly fee on many Bank of America accounts and gets your paycheck into your account faster than a paper check.

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 an account. If you have an ITIN, you can use that instead. Call 1-800-432-1000 to ask about opening an account with an ITIN, as the process may differ slightly.

What if I do not have a government ID?

You will need some form of government-issued ID — a driver's license, passport, or state ID card. If you do not have one, you may be able to open an account with a passport from another country. Call the branch or 1-800-432-1000 to ask what documents they can accept in your situation.

How much interest will I earn on my savings?

Interest rates on Bank of America savings accounts change regularly and vary by account type. Check bankofamerica.com for the current rate on the Regular Savings account or the account type you are interested in. The rate you earn depends on the Federal Reserve's interest rate decisions and Bank of America's own policies.

Can I open an account for someone else, like a child?

Bank of America offers accounts for minors, but a parent or guardian must open the account and be listed as the owner. The adult is responsible for the account until the child reaches the age of majority in your state, usually 18. Visit a branch or call 1-800-432-1000 to learn about youth savings accounts.

What if I already have a Bank of America checking account?

You can open a savings account online or at a branch even if you already bank with Bank of America. The process is the same, and you can link your new savings account to your checking account to transfer money between them easily.