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. Most people find the online route fastest — it takes about 10 minutes and you can fund the account when ready. You will need a government-issued ID (a driver's license, passport, or state ID card), your Social Security number, and an initial deposit, which can be as small as $25.

If you are opening online, you will also need a debit card or bank account to transfer that first deposit. If you do not have either yet, opening in person at a branch lets you deposit cash instead. Bring your ID and Social Security number, and a staff member will walk you through the forms.

Key Takeaways

  • Bank of America savings accounts require a government ID, your Social Security number, and a minimum opening deposit of $25.
  • Online opening takes about 10 minutes and is available 24/7, while branch opening lets you deposit cash if you do not have a bank account yet.
  • You will choose a savings product (regular savings or money market account) and set up online access during the opening process.
  • Monthly maintenance fees explore to most accounts unless you meet balance or deposit requirements, so read the fee schedule before you finish.

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" when prompted to choose an account type. You will be asked for your name, address, date of birth, Social Security number, and contact information. The system will verify your identity using information from credit bureaus — this is normal and does not hurt your credit score.

Next, you choose which savings product you want. Bank of America offers a regular savings account and a money market account (which typically requires a higher balance but may pay slightly more interest). For most people starting out, the regular savings account is the right choice. You will then set up online banking access by creating a username and password, and choose how to fund the account — either by transferring money from another bank or by linking a debit card.

Once you submit, you should see your account number on screen. Your debit card will arrive in the mail within 7 to 10 business days. You can start using your account online when ready, even before the card arrives.

Opening in person at a Bank of America branch

Find your nearest branch using the branch locator on bankofamerica.com. Bring your government-issued ID, your Social Security number, and cash or a check for your opening deposit. You do not need an appointment, though calling ahead during busy times can save you a wait.

A staff member will ask you the same questions as the online form — name, address, date of birth, Social Security number — and will verify your identity. They will show you the savings products available and help you choose. If you want to deposit cash, they will count it and add it to your new account on the spot. You will leave with temporary access information and your debit card will arrive by mail.

Opening 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 process as the online form and will verify your identity. You will need to have your government ID and Social Security number ready. After you finish, you will receive your account number and can set up online access when ready.

Phone opening is slower than online — it typically takes 20 to 30 minutes — but it can be helpful if you have questions or prefer talking to a person. Your debit card will arrive by mail within 7 to 10 business days.

Understanding Bank of America savings account fees

Bank of America charges a monthly maintenance fee (called a "service charge") on most savings accounts. The current fee is $4 per month, though this varies and can change. You can avoid the fee if you maintain a minimum balance — typically $300 to $500 depending on the account type — or if you set up a direct deposit of at least $250 per month.

Before you finish opening your account, look at the fee schedule for the specific product you chose. Bank of America provides this on their website and the staff member or phone representative will mention it. If the fee does not work for you, ask about other savings products or consider a different bank.

What happens after you open your account

Your account is active when ready, even if you opened online or by phone. You can log into online banking right away and transfer money in or out. Your debit card arrives in 7 to 10 business days. Until it arrives, you can withdraw cash at any Bank of America ATM using your account number and ID, or you can visit a branch.

Once your card arrives, you can use it to withdraw cash at ATMs, make purchases, or transfer money. You will also receive a checkbook in the mail if you requested one (though many people do not use checks anymore). Set up online banking alerts if you want — Bank of America lets you get text or email notifications when your balance drops below a certain amount, which can help you avoid overdraft fees.

Frequently Asked Questions

Do I need to be a U.S. citizen to open a Bank of America savings account?

Bank of America requires a valid government-issued ID and a Social Security number or Individual Taxpayer Identification Number (ITIN). You do not have to be a citizen, but you do need one of these forms of identification. If you have questions about your specific situation, call 1-800-432-1000 or visit a branch.

Can I open an account if I have been denied banking services before?

Bank of America checks ChexSystems, a banking history database, when you open an account. A past closure or fraud report may result in a denial. If you are denied, ask why — you have the right to know. You may be able to open an account at a different bank, or you can contact ChexSystems directly to dispute inaccurate information.

What is the difference between a savings account and a money market account?

A money market account typically requires a higher opening balance and minimum balance to avoid fees, but may pay slightly higher interest. A regular savings account has lower balance requirements and is simpler to manage. For most people starting out, a regular savings account is the better choice.

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 it and be listed on the account. The rules and requirements vary by age. Contact a branch or call 1-800-432-1000 to learn about options for the age of the person you want to open an account for.

What if I do not have a Social Security number?

Bank of America accepts an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number. You will need a valid government-issued ID. If you have questions about your specific situation, visit a branch or call 1-800-432-1000.