What you need to open a Bank of America savings account
Bank of America lets you open a savings account online, by phone, or in person at a branch. You will need a valid government-issued ID, your Social Security number, and an initial deposit. The deposit amount depends on the account type you choose — some accounts require a minimum opening deposit, while others do not.
If you already have a Bank of America checking account, the process is faster because the bank already has your information on file. You can add a savings account to your existing profile without repeating identity verification. If you are opening your first account with Bank of America, expect the process to take 10 to 15 minutes online or about the same in a branch.
You will also need a way to fund the account — either a debit card, another bank account for a transfer, or cash if you go to a branch. Bank of America does not charge a fee to open a savings account, though some account types have monthly maintenance fees that you can avoid by meeting balance or deposit requirements.
Key Takeaways
- You can open a Bank of America savings account online, by phone at 1-800-432-1000, or at any branch with a valid ID and Social Security number.
- The minimum opening deposit varies by account type — some accounts have no minimum, while others require $100 or more.
- If you already have a Bank of America checking account, you can add a savings account in minutes without repeating identity verification.
- Monthly maintenance fees explore to some savings accounts but can be waived if you maintain a minimum balance or set up regular deposits.
Opening a savings account online
The online route is the fastest if you have a computer or smartphone and a way to verify your identity. Go to bankofamerica.com, click "Open an Account," and select "Savings Account." You will be asked to choose which type of savings account you want — Bank of America offers several, including a basic savings account and accounts with higher interest rates for larger balances.
During the online process, you will enter your personal information, Social Security number, and initial deposit method. Bank of America will verify your identity by asking security questions based on your credit history. This verification usually takes a few minutes. Once approved, your account opens when ready, and you can begin using it the same day.
If you are funding the account from another bank, you will provide that bank's routing number and your account number. Bank of America will make a small deposit to that account and ask you to confirm the amount — this is a security step that takes one to two business days. After you confirm, your savings account is fully set up and ready to use.
Opening a savings account at a Bank of America branch
Walking into a branch works if you prefer to speak with someone in person or do not have online access. Bring your government-issued ID, Social Security number, and your initial deposit. A Bank of America representative will walk you through the account options and help you choose the right savings account for your situation.
The branch process takes about 15 to 20 minutes. The representative will enter your information into the system, verify your identity, and process your opening deposit. You will receive a debit card on the spot or within a few business days, depending on the branch. Your account is active when ready, and you can start making deposits and withdrawals right away.
If you do not have cash or a debit card with you, you can still open the account and fund it later. Bank of America will give you your account number and routing number so you can transfer money from another bank or set up direct deposit from your employer.
Opening a savings account by phone
Call Bank of America at 1-800-432-1000 to open a savings account over the phone. A representative will guide you through the account types, answer questions about fees and interest rates, and collect the information needed to open your account. This process typically takes 15 to 20 minutes.
You will need your ID and Social Security number ready when you call. The representative will verify your identity by asking questions about your credit history and personal background. Once verified, they will process your opening deposit and send you a debit card by mail, which usually arrives within 5 to 7 business days.
Your account becomes active when ready after the phone call, even though your physical debit card has not arrived yet. You can access your account online or through the Bank of America mobile app to check your balance, make transfers, and set up direct deposit.
Understanding Bank of America savings account types and fees
Bank of America offers several savings account options, each with different features and fee structures. The Basic Savings Account has no minimum opening deposit and a low monthly maintenance fee that is waived if you maintain a $300 minimum balance or set up a monthly direct deposit of any amount. The Advantage Savings Account requires a higher opening deposit but offers a better interest rate and waives the monthly fee at a higher balance threshold.
Monthly maintenance fees range from $4 to $12 depending on the account type, but most can be waived by meeting one of these conditions: maintaining a minimum balance (usually $300 to $500), setting up a monthly direct deposit, or linking the account to a Bank of America checking account. If you do not meet any of these conditions, the monthly fee will be charged to your account.
Interest rates on Bank of America savings accounts are typically low compared to online banks, but they change based on Federal Reserve decisions. When you open your account, the representative or website will show you the current rate for the account type you choose. You can compare rates across different Bank of America savings accounts before deciding which one fits your needs.
What happens after your account opens
Once your savings account is open, you can begin depositing money when ready. If you opened online or by phone, your debit card will arrive by mail within 5 to 7 business days. In the meantime, you can access your account through the Bank of America website or mobile app to transfer money, check your balance, and set up automatic transfers.
Many people set up a recurring transfer from their checking account to their savings account to build savings automatically. You can do this through the Bank of America app or website by selecting "Transfer Money" and choosing the amount and frequency. The transfer usually happens the same day if you schedule it before the daily cutoff time, or the next business day if you schedule it after.
If your employer offers direct deposit, you can split your paycheck between your checking and savings accounts. Contact your employer's payroll department and provide them with your Bank of America routing number and savings account number. Direct deposits typically post within one to two business days of your regular pay date.
Frequently Asked Questions
Can I open a Bank of America savings account without going to a branch?
Yes. You can open an account online at bankofamerica.com or by calling 1-800-432-1000. Both methods take about 15 minutes and require only your ID, Social Security number, and an initial deposit method. You do not need to visit a branch unless you prefer to.
What is the minimum deposit to open a Bank of America savings account?
The minimum opening deposit depends on the account type. Some accounts have no minimum, while others require $100 or more. When you start the opening process online or by phone, the system will show you the minimum for each account type before you commit.
How long does it take to open a Bank of America savings account?
Online and phone openings take 10 to 15 minutes. Branch openings take about 15 to 20 minutes. Your account becomes active when ready, though your debit card arrives by mail within 5 to 7 business days. You can use your account online or through the app before the card arrives.
Can I avoid the monthly maintenance fee?
Yes. Most Bank of America savings accounts waive the monthly fee if you maintain a minimum balance (usually $300 to $500), set up a monthly direct deposit, or link the account to a Bank of America checking account. Check the specific requirements for the account type you choose.
What do I do if I have questions after opening my account?
Contact Bank of America at 1-800-432-1000, visit a branch, or use the chat feature in the Bank of America mobile app or website. Representatives are available Monday through Friday during business hours and Saturday mornings. You can also message through the app 24 hours a day.