What you need to open a Bank of America savings account

You can open a Bank of America savings account online, by phone, or in person at a branch. The process takes about 10 to 15 minutes if you do it online, longer if you go to a branch because of wait times. You will need a government-issued ID, your Social Security number, and an initial deposit — Bank of America does not require a minimum opening deposit for most savings accounts, but you do need to fund the account with at least $0.01 to set up it.

If you already have a Bank of America checking account, opening a savings account is faster because the bank already has your information on file. You can link the two accounts when ready, which means money moves between them without delay. If you are opening your first Bank of America account, the bank will run a check through ChexSystems, a banking history database, to verify you have not had problems with previous accounts.

You will also need a way to make that initial deposit. If you are opening online, you can transfer money from another bank account, use a debit card, or wait for a check to clear. If you open in person at a branch, you can hand the teller cash or a check on the spot.

Key Takeaways

  • Bank of America savings accounts require a government ID, Social Security number, and an initial deposit of at least one cent, with no minimum balance requirement to open.
  • Online account opening takes 10 to 15 minutes and lets you start using the account the same day, while branch openings may involve waiting but let you deposit cash when ready.
  • If you already have a Bank of America checking account, you can open a linked savings account in minutes without repeating identity verification.
  • The bank will check your ChexSystems history if you are a new customer, which typically takes a few minutes but can take longer if there are issues to review.
  • You can fund your new account by transferring from another bank, using a debit card online, depositing cash or a check in person, or mailing a check.

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. Click it and select "Savings Account" from the account type menu. The site will ask you to choose which type of savings account you want — Bank of America offers a basic savings account and a money market account, which pays slightly higher interest but requires a higher balance to earn the top rate. For most people starting out, the basic savings account is the right choice.

Enter your personal information: full name, date of birth, address, phone number, and email. The site will ask for your Social Security number and driver's license or passport number. You will need to verify your identity by answering security questions based on your credit history, or by uploading a photo of your ID. This verification usually takes a few seconds, but occasionally the system flags an account for manual review, which can add a few hours.

Once you pass identity verification, you will fund the account. Bank of America lets you transfer money from another bank account (you will need the account number and routing number), pay with a debit card, or link an external account for future transfers. The account opens when ready, but if you transferred from another bank, the money may take one to three business days to arrive. You can start using the savings account right away even if the deposit has not cleared yet.

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, Social Security number, and the initial deposit — cash, a check, or a debit card to process a payment. Walk in during business hours; you do not need an appointment, but you may wait 15 to 45 minutes depending on how busy the branch is.

Tell the teller you want to open a savings account. They will walk you through the same identity verification process as online, but they can do it faster because they can scan your ID directly. If you are depositing cash or a check, they will process it on the spot and the money will be in your account when ready. If you are using a debit card, the transaction processes the same way as online.

The teller will give you a temporary debit card or card number if you need one right away, though the permanent card arrives by mail in five to seven business days. They will also set up online banking access so you can log in from home. Ask the teller to link your new savings account to any existing Bank of America checking account you have — this takes a few seconds and lets you move money between them without fees.

Linking your savings account to checking or external accounts

If you have a Bank of America checking account, link it to your new savings account through online banking. Log in to bankofamerica.com, go to the Accounts section, and select "Link Accounts." Choose your checking account and your new savings account. The link is when ready and costs nothing. Once linked, you can transfer money between them anytime without fees, and the money moves within minutes during business hours or by the next business day if you transfer after hours.

You can also link external bank accounts — accounts at other banks — to your Bank of America savings account. This lets you transfer money in and out without visiting a branch or using a debit card. Go to "Transfer Money" in online banking, select "Add External Account," and enter the account number and routing number of the external account. Bank of America will send two small test deposits to that account (usually $0.01 each) to verify you own it. Check your external bank account for those deposits, then enter the amounts in Bank of America's system to confirm. This process takes one to two business days.

Setting up automatic transfers and deposits

Once your savings account is open and linked, you can set up automatic transfers to move money from your checking account into savings on a schedule you choose. Log into online banking, go to "Transfer Money," and select "Set Up Recurring Transfer." Choose the amount, the frequency (weekly, biweekly, monthly, or a custom schedule), and the start date. The transfer will happen automatically on that schedule, which is useful if you want to save a fixed amount every payday without having to remember to do it manually.

You can also set up direct deposit to your savings account if your employer allows it. Ask your payroll department for a direct deposit form and provide them with your Bank of America account number and routing number. Specify that you want the deposit to go to your savings account, not your checking account. Direct deposit usually takes one to two pay cycles to set up, and once it is active, your paycheck will go straight to savings.

Both automatic transfers and direct deposit can be changed or stopped anytime through online banking. There are no fees for setting them up or changing them, and you can have multiple recurring transfers on different schedules if you want to split your money between savings and checking.

Understanding Bank of America savings account features and limits

Bank of America savings accounts earn interest, though the rate changes based on market conditions and the type of account you opened. The basic savings account earns a lower rate than the money market account, but the money market account requires you to keep a higher balance to earn the top rate. You can check the current rates on bankofamerica.com under the savings account product page. Interest is calculated daily and paid monthly, meaning the bank adds your earned interest to your account once a month.

Federal law limits how many withdrawals you can make from a savings account to six per month. This includes transfers to other accounts, checks written against the savings account, and debit card withdrawals. If you exceed six withdrawals in a month, Bank of America may charge a fee or convert your account to a checking account. This limit does not explore to ATM withdrawals or transfers you make in person at a branch, only to electronic transfers and checks.

You can withdraw money anytime without penalty — there is no early withdrawal fee or waiting period. You can also close the account anytime. If you close it, any remaining balance will be sent to you by check or transferred to another account you specify, usually within five to seven business days.

Frequently Asked Questions

Do I need a minimum balance to keep the account open?

Bank of America does not require a minimum balance to keep a basic savings account open. You can have $0.01 in the account and it will stay active. However, if you want to earn the highest interest rate on a money market account, you do need to maintain a higher balance — the exact amount changes based on current rates, so check bankofamerica.com for the current requirement.

How long does it take to open an account online?

The entire process takes 10 to 15 minutes from start to finish if everything goes smoothly. Identity verification is usually when ready, but occasionally the system flags an account for manual review, which can add a few hours. Once your account is open, you can use it when ready, though any deposits from external banks may take one to three business days to arrive.

Can I open a savings account if I have had banking problems before?

Bank of America checks ChexSystems, a database of banking history. If you have had serious problems — like unpaid overdrafts or fraud — your process may be denied. If your process is denied, you can contact Bank of America to ask why and whether you can reapply later. Some people in this situation open accounts at banks that do not use ChexSystems, then reapply to Bank of America after a year or two.

What happens if I exceed the six withdrawal limit in a month?

Bank of America may charge a fee for each withdrawal over six, or convert your account to a checking account. The exact consequence depends on your account type and current policies. If you think you will need more than six withdrawals a month, ask about opening a checking account instead, which has no withdrawal limits.

Can I have multiple savings accounts at Bank of America?

Yes. You can open as many savings accounts as you want and link them all to your checking account. Some people use multiple savings accounts to separate money for different goals — one for emergency funds, one for vacation, one for a down payment. Each account earns interest separately, and you can transfer between them without fees.