The quickest way to check your account type
Open the Bank of America app or website and sign in. On your accounts page, you will see your account listed with its name — it will say "Checking" or "Savings" right there. If you are looking at a physical statement, the account type appears near the top, usually next to your account number. You can also call Bank of America at 1-800-432-1000 and a representative will tell you in seconds.
The reason this matters: checking and savings accounts have different rules about how often you can withdraw money, what fees you might pay, and how much interest (if any) you earn. Knowing which one you have helps you understand what to expect.
Key Takeaways
- Your account type appears on your statement, in the app under account details, or by calling 1-800-432-1000.
- Checking accounts are designed for frequent deposits and withdrawals, while savings accounts limit how often you can take money out.
- Checking accounts typically earn no interest, while savings accounts earn a small amount of interest on your balance.
- Bank of America charges different monthly fees depending on account type and how you use the account.
What a checking account is designed to do
A checking account is built for everyday money movement. You deposit your paycheck, write checks, use a debit card, set up automatic bill payments, and withdraw cash from an ATM as often as you need. There is no limit on how many times you can do these things in a month.
Most Bank of America checking accounts earn no interest on your balance. The tradeoff is that you get the flexibility to move money in and out whenever you want. Bank of America offers several checking products — the basic one is called "Advantage SafePass Checking," and there are premium versions with higher monthly fees but more perks.
What a savings account is designed to do
A savings account is meant to hold money you are not spending right now. It earns interest — a small percentage that Bank of America pays you on the money sitting in the account. The catch is that federal rules limit you to six withdrawals per month (though this rule is less strictly enforced than it once was).
Bank of America savings accounts earn interest at a rate that changes based on what the Federal Reserve does with interest rates. The rate is typically very small — often less than 0.01% per year — but it is still more than a checking account earns. If you keep a larger balance, some accounts offer slightly higher rates.
How to read your statement to find the account type
Pull up your most recent statement — either the paper one in your mail or the digital version in your online account. Look at the top section where your account information is listed. You will see your account number, and right next to it or just below it, the account type will be printed. It will say either "Checking" or "Savings" clearly.
If you have multiple accounts with Bank of America, each one will be listed separately with its own type. This is the most reliable way to check if you do not have access to the app or phone right now.
Why Bank of America might have given you one type instead of the other
When you opened your account, you chose which type to open — or a banker helped you decide. If you were new to banking or opening an account for the first time, you may have opened a checking account because that is what most people use for daily expenses. If you specifically wanted to save money and earn interest, you would have opened a savings account.
Some people have both: a checking account for bills and everyday spending, and a savings account for money they want to keep separate and let grow. You can open a second account at any time if you want to switch things around.
Monthly fees and what they depend on
Bank of America charges a monthly maintenance fee on most accounts, but the amount depends on your account type and how you use it. Checking accounts typically have a monthly fee (often around $12), but you can waive it by meeting certain requirements like setting up direct deposit or keeping a minimum balance.
Savings accounts also have monthly fees, though they are often lower than checking fees. Again, you can usually waive the fee by maintaining a minimum balance or by having a checking account linked to it. The exact fee structure changes, so check your account details in the app or ask a representative what applies to your specific account.
What to do if you want to switch account types
If you have a checking account but realize you want a savings account instead, or vice versa, you do not have to close anything. You can open a second account of the other type. Go to a Bank of America branch with your ID, call 1-800-432-1000, or open a new account through the app.
If you want to close your current account and replace it with a different type, you can do that too — just move your money out first, then close the old account. A banker can walk you through the steps if you are not sure how to do it.
Frequently Asked Questions
Can I use my savings account like a checking account?
Technically yes, but it is not designed for that. You can withdraw money, but federal rules limit you to six withdrawals per month. If you go over that limit, Bank of America may charge a fee or convert your account. For daily spending, a checking account works better.
Do I earn interest on a Bank of America checking account?
No. Checking accounts earn no interest. If earning interest matters to you, you would need a savings account. Some checking accounts offer very small interest rates, but they are rare and usually require very high minimum balances.
What if I see two different account numbers on my statements?
You likely have two separate accounts — one checking and one savings, or two of the same type. Each account has its own number and its own balance. Check the label next to each number to see which is which.
Can I transfer money between my checking and savings accounts?
Yes. You can transfer money between your own Bank of America accounts through the app, online, by phone, or at a branch. Transfers between your own accounts are free and usually happen right away or within one business day.