The fastest way to check your account type
Open the Bank of America app or website and log in. On your accounts page, you will see each account listed with its type displayed directly underneath the account name — it will say "Checking" or "Savings". If you have multiple accounts, each one shows its type separately.
If you cannot access the app or website, call Bank of America at 1-800-432-1000. A representative can tell you the account type for any account linked to your Social Security number or account number within seconds.
You can also walk into any Bank of America branch with your debit card or ID. A teller will confirm your account type and can explain the differences between what you have and what else is available.
Key Takeaways
- Your account type appears on the Bank of America app or website under your account name.
- Checking accounts are designed for frequent deposits and withdrawals, while savings accounts are designed to hold money and earn interest.
- Bank of America charges different monthly fees depending on account type, so knowing which you have affects what you pay.
- You can have both a checking and a savings account at the same time, and they function separately.
What a checking account is used for
A checking account is designed for regular money movement. You receive paychecks into it, pay bills from it, withdraw cash at ATMs, and use a debit card to make purchases. Bank of America checking accounts come with a debit card and online bill pay as standard features.
Checking accounts typically do not earn interest on your balance. The tradeoff is that you can make as many withdrawals and transfers as you want without penalty. There is no limit on how many times you move money out.
Bank of America checking accounts have a monthly maintenance fee unless you meet certain conditions — usually a minimum balance, a direct deposit, or a combination of both. The specific fee and the way to waive it depends on which checking product you have; the app will show both the fee and the waiver requirement for your account.
What a savings account is used for
A savings account is designed to hold money and earn interest on it. The interest rate varies based on market conditions and the specific savings product, but any interest earned gets added to your account balance monthly or daily depending on the account.
Savings accounts have withdrawal limits. Federal rules historically capped withdrawals at six per month, though that rule changed in 2020 and limits now vary by bank and account type. Bank of America's current limits appear in your account details online or in the app.
Like checking, savings accounts may have a monthly maintenance fee. Bank of America waives the fee on most savings accounts if you maintain a minimum balance — typically $300 to $500 depending on the specific product. The app shows your account's exact requirement.
Why the difference matters for fees and features
Your account type determines what you pay each month. A checking account fee is usually $12 to $15 per month if you do not meet the waiver requirement, while a savings account fee is typically $5 to $8. If you have both accounts, you pay both fees unless you meet the waiver for each one separately.
The account type also determines what tools you get. Checking accounts include a debit card and bill pay. Savings accounts do not come with a debit card, so you cannot use them for everyday purchases — you have to transfer money to checking first or withdraw cash.
Interest is only paid on savings accounts. If you keep money in a checking account, it earns nothing no matter how long it sits there. This is why people keep their emergency fund or short-term savings in a savings account rather than checking.
How to switch account types if you have the wrong one
You cannot convert an existing account from checking to savings or vice versa. Instead, you open a new account of the type you want, then transfer your money from the old account to the new one.
You can open a new Bank of America account through the app, the website, or in a branch. The process takes about 10 minutes online. Once the new account is open and funded, you can close the old account if you no longer need it — closing takes one phone call or a visit to a branch.
If you want to keep both types, you can. Many people maintain a checking account for daily spending and a savings account for money they want to set aside. Both accounts are separate and show up on your account list with their own balances.
Reading your account details online
Log into your Bank of America account and look at the accounts page. Each account shows a name (like "My Checking" or "Savings"), the account type directly below it, your current balance, and your available balance. The account type label is always visible and always clear.
If you have renamed your accounts with custom names, the type still appears underneath. For example, you might see "Emergency Fund" as the account name and "Savings" as the type. The type is what matters for fees and features, not the name you gave it.
You can also see your account type on your monthly statement. The statement header shows the account name and type, and lists the monthly fee (if any) and any interest earned that month.
Frequently Asked Questions
Can I have both a checking and savings account at Bank of America?
Yes. You can open and maintain both types at the same time. Each account has its own balance, its own debit card (if applicable), and its own monthly fee. Many people use this setup to separate spending money from savings.
What happens if I withdraw too much from my savings account?
Bank of America's current withdrawal limits are shown in your account details. If you exceed the limit, the bank may charge a fee per excess withdrawal or close the account. Check your account online to see your specific limit before making frequent withdrawals.
Does Bank of America charge the same fee for all checking accounts?
No. Bank of America offers different checking products with different fees and waiver requirements. Your specific fee appears in the app under your account details. Some accounts have no monthly fee if you maintain a minimum balance or set up direct deposit.
If I transfer money from savings to checking, does it count as a withdrawal?
Transfer rules vary by account type and have changed over time. Bank of America's current policy appears in your account details online. Contact the bank directly if you are unsure whether a specific transfer counts against your limit.
Why does my savings account show no interest earned this month?
Interest rates change based on market conditions and may be very low. If your balance is small, the monthly interest may round to zero cents. You can see your current interest rate in the account details section of the app or website.