What you need to open a Bank of America savings account
Bank of America lets you open a savings account in person at a branch, online through their website, or by phone. You will need a government-issued photo ID, your Social Security number, and an initial deposit. The minimum opening deposit is $0 for most savings accounts, though some accounts require $25 or more. You can fund the account with a debit card, transfer from another bank, or cash if you open in person.
If you are opening online or by phone, Bank of America will verify your identity by asking security questions based on your credit history. This process usually takes a few minutes. If you open in a branch, bring your ID and Social Security number, and a banker will walk you through the account setup on the spot.
You will choose a savings account type during setup. Bank of America offers several: the Regular Savings account (no monthly fee), the Advantage Savings account (requires a minimum balance or monthly direct deposit), and the Premium Savings account (higher interest rate for larger balances). Read the terms for each before you choose, because the monthly fees and interest rates differ.
Key Takeaways
- You need a government ID, Social Security number, and an opening deposit to start a Bank of America savings account.
- You can open online, by phone, or in person at a branch, and the process takes minutes to complete.
- Bank of America offers three main savings account types with different fee structures and interest rates.
- Once your account is open, you can deposit money by transfer, debit card, or cash at any Bank of America ATM or branch.
- Your account number and routing number will be provided when ready so you can set up direct deposits or transfers right away.
Opening online through Bank of America's website
Go to bankofamerica.com and click "Open an Account" in the top navigation. Select "Savings" as the account type, then choose which savings account product fits your needs. You will enter your name, address, date of birth, and Social Security number. Bank of America will ask security questions to verify your identity—these are based on your credit file and take about five minutes to answer.
Next, you will choose your opening deposit method. If you have another bank account, you can transfer money from that bank to fund your new savings account. If you want to use a debit card, have that card number ready. Bank of America will confirm your deposit and show you your new account number and routing number before you finish. You can start using the account the same day, though transfers from other banks may take one to three business days to clear.
Opening in person at a Bank of America branch
Find your nearest branch using the branch locator on bankofamerica.com. Bring your government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and your opening deposit. You can deposit cash, use a debit card, or arrange a transfer from another bank account. The banker will complete the paperwork with you and answer questions about which account type makes sense for your situation.
The in-person process usually takes 10 to 15 minutes. You will leave with your debit card order (which arrives in 7 to 10 business days) and when ready access to your account number and routing number. You can start depositing money and setting up transfers the same day, even before your physical debit card arrives.
Opening by phone with Bank of America
Call Bank of America at 1-800-432-1000 to open a savings account over the phone. Have your government ID, Social Security number, and opening deposit method ready. A representative will verify your identity through security questions, walk you through the account options, and set up your account. The call usually takes 15 to 20 minutes.
You will need to arrange your opening deposit by debit card or transfer from another bank—you cannot deposit cash by phone. Bank of America will provide your account number and routing number at the end of the call, and you can use them when ready. Your debit card will arrive by mail within 7 to 10 business days.
What happens after you open your account
Once your account is open, you can deposit money through several channels: transfer from another bank, deposit at a Bank of America ATM using your debit card, deposit cash at a branch, or set up direct deposit from your employer. Direct deposits usually post within one to two business days. Transfers from other banks take one to three business days depending on the sending bank.
Your debit card will arrive in the mail within 7 to 10 business days if you opened online or by phone. You can set up it by calling the number on the back of the card or through the Bank of America mobile app. Until your card arrives, you can still access your account online or through the app to transfer money, check your balance, and set up bill pay.
Bank of America will send you a welcome packet with your account agreement, fee schedule, and other documents. Read the fee schedule carefully—some account types charge monthly maintenance fees if you do not meet certain requirements like maintaining a minimum balance or setting up direct deposit. You can change your account type later if you find a better fit.
Fees and interest rates to understand
The Regular Savings account has no monthly maintenance fee and no minimum balance requirement. Interest rates vary based on market conditions and your balance tier. Bank of America publishes current rates on their website.
The Advantage Savings account charges $12 per month unless you maintain a $500 minimum balance or set up a direct deposit of at least $250 per month. The Premium Savings account has higher interest rates but requires larger minimum balances ($10,000 or more depending on your tier). Check the current terms on bankofamerica.com before you open, because rates and requirements change.
All Bank of America savings accounts are FDIC-insured up to $250,000, meaning your money is protected if the bank fails. If you have multiple accounts at Bank of America, the $250,000 protection covers each account type separately.
If you already have a Bank of America checking account
If you are a current Bank of America customer, you can open a savings account faster. Log into your online banking or mobile app, select "Open an Account," and choose savings. Since Bank of America already has your identity information on file, you will skip the security questions. The process takes about five minutes, and your new account is ready to use when ready.
You can transfer money between your checking and savings accounts when ready through online banking or the app. This makes it straightforward to move money to savings without waiting for a transfer to clear. Your new savings account will appear in your online banking dashboard right away.
Frequently Asked Questions
Can I open a Bank of America savings account if I do not have a Social Security number?
Bank of America requires a Social Security number or ITIN (Individual Taxpayer Identification Number) to open an account. If you have an ITIN, you can use that instead. Contact your local branch or call 1-800-432-1000 to discuss your specific situation.
What is the minimum opening deposit for a Bank of America savings account?
Most Bank of America savings accounts have no minimum opening deposit. However, some account types require a minimum balance to avoid monthly fees after the account is open. Check the specific account terms before you open to understand what balance you need to maintain.
How long does it take to open a Bank of America savings account online?
Opening online usually takes 5 to 10 minutes. Bank of America will verify your identity through security questions, and your account is ready to use the same day. Transfers from other banks to fund your account may take 1 to 3 business days to clear.
Can I open a savings account for someone else, like a child?
Bank of America offers accounts for minors, but a parent or legal guardian must open the account and be listed as the account owner. Visit a branch with the child's birth certificate and your ID, or call 1-800-432-1000 to discuss youth account options.
What if I need to close my savings account after I open it?
You can close a Bank of America savings account anytime by visiting a branch, calling 1-800-432-1000, or using online banking. Withdraw or transfer any remaining balance before you close. Bank of America will send you written confirmation of the closure.