What Bank of America requires to open and keep a savings account

Bank of America does not require a minimum deposit to open a savings account. You can start one with any amount, even a few dollars. However, once your account is open, Bank of America charges a monthly fee unless you meet certain conditions that waive it.

The fee is $4 per month for most savings accounts. To avoid paying it, you need to do one of three things: keep a minimum balance, set up a direct deposit, or link your savings account to a Bank of America checking account where you maintain a minimum balance. The specific balance amounts vary depending on which account type you choose.

Key Takeaways

  • You can open a Bank of America savings account with no minimum deposit, but a $4 monthly fee applies unless you meet a waiver condition.
  • The most common way to avoid the fee is keeping a $300 minimum balance in your savings account at all times.
  • If you have a Bank of America checking account with $1,500 or more, your linked savings account fee is waived automatically.
  • Direct deposit of any amount into your savings account also waives the monthly fee.
  • The exact balance requirements and fee amounts can change, so confirm the current terms before opening.

The $300 minimum balance option

The simplest way to avoid the monthly fee is to keep at least $300 in your savings account every day of the month. This is called a minimum daily balance. If your balance drops below $300 even once during a statement period, you will be charged the $4 fee that month.

This means you need to treat the $300 as money you cannot touch. If you are saving for an emergency or a specific goal, you would keep that $300 separate from the money you are actually building toward your goal. For someone just starting to save, this can feel like a barrier, but it is a real account with real interest — the money is yours and earns a small amount each month.

Waiving the fee through direct deposit

If you receive a paycheck, government benefit, or regular transfer directly into your Bank of America savings account, the $4 monthly fee is waived. The amount does not matter — even a small direct deposit counts. This is often the easiest path if you already have direct deposit set up for another reason.

To set this up, you give your employer or benefit provider your Bank of America account number and routing number. They deposit money directly into your account instead of giving you a check. Once Bank of America sees one direct deposit hit your savings account, the fee waiver takes effect the following month.

Using a linked checking account to waive the fee

If you have a Bank of America checking account with at least $1,500 in it, your linked savings account fee is automatically waived. You do not need to do anything — the waiver happens on its own once the checking account balance requirement is met.

This option works well if you are already using Bank of America for checking and keeping money there anyway. The $1,500 is a minimum daily balance, meaning it needs to stay above that level throughout the month. If your checking balance drops below $1,500, the savings account fee will start charging again the next month.

What happens if you do not meet any waiver condition

If you do not keep the $300 minimum, set up direct deposit, or link a checking account with $1,500, you will see a $4 charge on your statement each month. Over a year, that adds up to $48. For someone with a small balance, this fee can eat into your savings faster than interest builds it up.

If you fall behind on fees, Bank of America will not close your account when ready, but repeated fees can drain your balance. Some people find that a different bank with no monthly fee works better for their situation, especially if they cannot maintain a minimum balance.

Other Bank of America savings account types

Bank of America offers a few different savings products beyond the standard savings account. A Money Market Account has higher minimum balance requirements — typically $2,500 — but may offer a higher interest rate. A Certificate of Deposit (CD) requires you to lock money away for a set time period, usually three months to five years, in exchange for a may provide interest rate.

These accounts are not right for everyone. If you are building an emergency fund or saving for something in the next year or two, a regular savings account is usually the better choice. CDs and Money Market Accounts make more sense when you have a larger amount saved and know you will not need it for a while.

How to confirm the current terms before you open

Bank of America updates its account terms periodically, so the fees and minimum balances described here may change. Before you open an account, visit the Bank of America website or call 1-800-432-1000 to confirm the current monthly fee, the current minimum balance requirement, and which waiver options are available.

When you call or visit in person, ask specifically: "What is the monthly fee for a savings account?" and "What are all the ways to waive it?" Writing down the answers gives you something to refer back to if you have questions later.

Frequently Asked Questions

Can I open a savings account online with no money?

You can open one with any amount, including a very small deposit. Bank of America does not require a minimum to start the account. However, you will need to fund it with something — even $1 — to complete the opening process.

What if my balance drops below $300 for one day?

You will be charged the $4 monthly fee. The requirement is a minimum daily balance, so even a one-day dip below $300 during the statement period triggers the fee. If you are close to the limit, keep a small cushion above $300 to be safe.

Does the direct deposit have to come from my job?

No. Any recurring direct deposit counts — a paycheck, Social Security, disability benefits, a transfer from another bank, or a regular payment from a family member. The amount does not matter, and it only needs to happen once per month to keep the fee waived.

If I close my checking account, does my savings account fee come back?

Yes. The fee waiver is tied to having an active checking account with the $1,500 minimum. If you close the checking account or the balance falls below $1,500, the savings account fee resumes the next month unless you meet one of the other waiver conditions.

Is the interest rate worth keeping money in a Bank of America savings account?

Interest rates change frequently and vary by account type. Bank of America's rates are typically lower than online banks or credit unions. If earning the most interest possible is your goal, compare rates across several banks before deciding. If convenience and having a physical branch matter to you, the rate difference may be worth it.