What you need before you start

Bank of America requires specific documents and information before you can open a savings account. You will need a government-issued photo ID (a driver's license, passport, or state ID card), your Social Security number, and a current mailing address. If you are opening the account online or by phone, have these details ready before you begin.

You also need to decide how much money you want to deposit to start the account. Bank of America does not require a minimum opening deposit for most savings accounts, though some account types have higher minimums. Check the current requirements on their website or ask a representative, since these can change.

If you already have a Bank of America checking account, opening a linked savings account is faster — the bank already has your information on file. If you are a new customer, the process takes longer because the bank verifies your identity against external databases.

Key Takeaways

  • You need a government photo ID, Social Security number, and current address to open an account, whether you do it online, in a branch, or by phone.
  • Bank of America offers multiple savings account types with different interest rates and features, so compare them before you choose.
  • Opening an account online takes about 10 minutes if you are a new customer; opening in a branch usually takes 15 to 30 minutes.
  • If you already have a Bank of America checking account, you can link a savings account in minutes through their mobile app or website.
  • The bank will ask about the source of your initial deposit and the purpose of the account as part of standard verification.

Opening online through the Bank of America website

Go to bankofamerica.com and look for the "Open an Account" button, usually near the top of the page. Select "Savings Account" from the account type menu. The bank will ask you to choose which savings product you want — they typically offer a basic savings account and a higher-yield option. Read the interest rate, monthly fees, and minimum balance requirements for each before you decide.

Enter your personal information: full name, date of birth, Social Security number, current address, phone number, and email. The system will verify your identity by checking your information against credit bureaus and other databases. This usually takes a few minutes, though sometimes the bank asks follow-up questions if something does not match.

Once verification is complete, you will see your account number and routing number. You can fund the account when ready by linking an external bank account (the bank will ask for the account and routing number from another bank) or by setting up a transfer. If you link an external account, the bank may place a small hold on the first transfer while it confirms the account is real.

Opening in a Bank of America branch

Walk into any Bank of America branch with your photo ID and Social Security number. Tell a representative you want to open a savings account. They will take you to a desk, verify your identity by scanning your ID, and ask the same questions the online form does: your address, phone number, employment status, and the source of your opening deposit.

The representative will show you the savings account options available and explain the differences in interest rates and fees. They can answer questions about how the account works and what happens if your balance drops below any minimum. Once you choose an account type, they will enter your information into the system and print your account details before you leave.

Bring a checkbook or bank statement from another bank if you want to fund the account that day. The representative can process a transfer from an external account while you are there, or you can do it later through the Bank of America app or website.

Opening by phone

Call Bank of America's customer service line at 1-800-432-1000 and say you want to open a savings account. A representative will verify your identity by asking for your Social Security number, date of birth, and address. They will confirm this information against their databases — the call usually takes 10 to 15 minutes for a new customer.

The representative will explain the savings account options, answer your questions, and ask about the source of your opening deposit. Once you choose an account, they will assign you an account number and routing number and read them back to you. Write these down or ask them to email the details to you.

You can fund the account during the call by providing the account and routing number from another bank, or you can do it later. The representative will confirm when the account is active and tell you how to access it through the Bank of America app or website.

Linking a savings account if you already bank with Bank of America

If you have a Bank of America checking account, you can open a linked savings account in minutes through the mobile app or website. Open the app, go to the Accounts menu, and select "Open an Account." Choose "Savings Account" and pick which type you want. The system will use your existing information and skip the identity verification step.

You can fund the new savings account by transferring money from your checking account when ready, or you can leave it empty and add money later. The transfer shows up in both accounts right away — there is no waiting period when you move money between your own Bank of America accounts.

Once the account is open, you can see both accounts in the app and move money between them anytime. You can also set up automatic transfers if you want to move a fixed amount from checking to savings on a regular schedule.

What happens after you open the account

Bank of America will send you a welcome packet by mail with your account details, a debit card (if you requested one), and information about online banking. You can start using the account when ready through the app or website, even before the physical materials arrive.

Set up online banking by going to bankofamerica.com and clicking "Log In." Use your Social Security number or account number as your username and create a password. You can then view your balance, make transfers, set up bill pay, and manage your account from any device.

The bank will send you monthly statements by email or mail, depending on what you choose during setup. You can change this preference anytime in your account settings. If you have questions about your account after it is open, you can call customer service, visit a branch, or use the chat feature in the mobile app.

Account types and what they offer

Bank of America offers a basic savings account and a higher-yield savings option. The basic account has no monthly fee and no minimum balance requirement, but the interest rate is lower. The higher-yield account pays more interest but may have a higher minimum balance or require a certain number of deposits per month.

Compare the current interest rates before you open, because they change frequently. A higher rate means your money grows faster, but only if you keep a balance large enough to earn it. If you plan to keep less than a few thousand dollars in savings, the difference in interest may be small.

Both accounts let you make up to six transfers or withdrawals per month to external accounts. If you exceed this limit, the bank charges a fee per extra transaction. Transfers between your own Bank of America accounts do not count toward this limit.

Frequently Asked Questions

How long does it take to open a Bank of America savings account?

Online or by phone takes about 10 to 15 minutes for new customers, though identity verification can add time if the bank needs to ask follow-up questions. In a branch, plan for 15 to 30 minutes. If you already have a Bank of America account, opening a linked savings account takes about 5 minutes through the app or website.

Do I have to deposit money when I open the account?

No. Bank of America does not require a minimum opening deposit for most savings accounts. You can open the account with zero dollars and add money later. Some account types may have higher minimums, so check the details for the specific account you choose.

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 customer service or visit a branch to ask about opening an account with an ITIN, since the process may differ slightly.

What if I want to add another person to the account?

You can open a joint savings account where two people have equal access and ownership. Both account holders need to provide their ID and Social Security number. You can do this in a branch or by calling customer service, though the online process usually requires one person to open the account first and add the second person afterward.

How do I fund the account after it is open?

You can transfer money from another bank account by providing that account's routing and account number, set up a direct deposit from your employer, or deposit cash at a Bank of America ATM or branch. Transfers from external banks usually take one to three business days to show up in your savings account.