Bank of America's minimum deposit requirements vary by account type

Bank of America does not require a minimum deposit to open most checking or savings accounts. You can open a Basic Checking account, Advantage Checking account, or Savings account with zero dollars and begin using it when ready. The bank's focus is on getting you to open the account, not on how much money you bring in on day one.

What matters more than the opening deposit is what happens after. Some accounts charge monthly fees unless you meet certain conditions—like keeping a minimum balance, setting up direct deposit, or maintaining a linked savings account. Those conditions are where the real cost lives, not in the deposit itself.

Key Takeaways

  • Bank of America's standard checking and savings accounts have no minimum deposit requirement to open.
  • Monthly maintenance fees explore to most accounts unless you meet balance or activity requirements that waive them.
  • Basic Checking charges $12 per month unless you maintain a $1,500 minimum balance or set up direct deposit.
  • Advantage Checking charges $15 per month unless you maintain a $2,000 minimum balance or have a linked savings account with $10,000.
  • The minimum balance requirement is what you must keep in the account after opening, not what you need to deposit upfront.

How the monthly fee waiver works for Basic Checking

Basic Checking costs $12 per month, but you can avoid the fee in two ways. The first is to keep at least $1,500 in the account at all times. The second is to set up direct deposit of your paycheck or other regular income. If either condition is met, the monthly fee disappears.

The $1,500 is a minimum balance requirement, not an opening deposit. You can open the account with $1, then deposit $1,500 later and keep it there. The balance is checked at the end of each statement cycle. If you drop below $1,500 on the last day of the month and have no direct deposit set up, you pay the $12 fee that month.

How the monthly fee waiver works for Advantage Checking

Advantage Checking costs $15 per month and is designed for people who want more features—like higher ATM reimbursement and better interest rates on linked savings. The fee waives if you maintain a $2,000 minimum balance in the checking account itself, or if you have a linked savings account with $10,000 in it.

The linked savings account option is useful if you prefer to keep most of your money in savings. You can open both accounts with zero dollars, deposit $10,000 into savings, and the checking account fee waives even if the checking balance stays low. The two accounts must be linked, which Bank of America does automatically when you open them together.

Savings accounts and their balance requirements

Bank of America's Savings account has no opening deposit requirement and no monthly maintenance fee. You can open it with zero dollars and keep it that way indefinitely. Interest accrues on whatever balance you maintain, though the rate is typically very low—often less than 0.01% annually, depending on market conditions.

The only reason to worry about balance in a savings account is if you want to earn interest. The more you keep in the account, the more interest you earn, but the amount is small. A $10,000 balance might earn a few dollars per year at current rates.

What happens if you cannot meet the minimum balance

If you open Basic Checking and cannot maintain $1,500 or set up direct deposit, you pay $12 per month. If you open Advantage Checking and cannot maintain $2,000 in checking or $10,000 in linked savings, you pay $15 per month. These fees are charged automatically on your statement date each month.

You can close the account at any time without penalty. If you are paying fees you do not want, switching to a different bank or moving to a different account type at Bank of America may make sense. Some online banks offer checking accounts with no monthly fees and no balance requirements, though they may have fewer physical branches.

How to open an account with Bank of America

You can open a checking or savings account online, on the Bank of America mobile app, or in person at a branch. Online and app-based opening takes about 10 minutes. You will need a valid government ID, your Social Security number, and a way to verify your identity—usually a phone number or email address you have used before.

You do not need to bring money with you or have a deposit ready. After the account opens, you can fund it by transferring money from another bank, depositing a check through the mobile app, or visiting a branch with cash. The account is active and ready to use as soon as the opening process completes, even if the balance is zero.

Frequently Asked Questions

Do I need to deposit money the same day I open the account?

No. You can open the account with zero dollars and deposit money whenever you want. The account is fully functional when ready after opening, even with a zero balance.

What is the difference between a minimum opening deposit and a minimum balance requirement?

A minimum opening deposit is money you must have when you open the account. A minimum balance requirement is money you must keep in the account after it is open to avoid monthly fees. Bank of America has no opening deposit requirement, but does have balance requirements for some accounts.

Can I waive the Basic Checking fee with direct deposit instead of keeping $1,500?

Yes. Direct deposit alone waives the $12 monthly fee, regardless of your balance. Direct deposit means your employer or another source deposits money into the account automatically on a regular schedule.

What if I link a savings account to my checking account to waive the Advantage Checking fee?

The linked savings account must have $10,000 in it. The checking account balance can be anything. Both accounts must be linked through Bank of America's system, which happens automatically when you open them together or manually if you open them separately.

Are there any other Bank of America accounts with different deposit requirements?

Bank of America offers money market accounts and certificates of deposit (CDs) that may have different requirements. Money market accounts typically have higher minimum balances, and CDs require you to deposit a specific amount upfront. Check the current terms on Bank of America's website, as requirements change.