What You Need to Open a Bank of America Savings Account

You can open a Bank of America savings account in person at a branch, online through their website, or by phone. The process takes about 10 to 15 minutes online or over the phone, and slightly longer in a branch because you'll also verify your identity in person. You'll need a valid government-issued ID, your Social Security number, and an initial deposit — the amount varies by account type, but many accounts require $0 to open.

Bank of America offers several savings account types, each with different features and minimum balance requirements. The most common option for new savers is the Regular Savings account, which has no monthly fee if you maintain a $300 minimum balance or set up a monthly automatic transfer of $25 or more. If you don't meet those requirements, the account carries a $3 monthly maintenance fee. Other options include the Premium Savings account (higher minimum balance, higher interest rate) and accounts designed for students or young adults with lower minimums.

Key Takeaways

  • You can open online, by phone, or in person; online is fastest and requires only your ID, Social Security number, and an initial deposit.
  • The Regular Savings account has no monthly fee if you keep $300 on hand or transfer $25 automatically each month.
  • You'll need a valid government-issued ID and your Social Security number to verify your identity during the process.
  • Once your account opens, you can deposit money immediately through direct deposit, transfers from another bank, or in-branch deposits.

Opening an Account Online

The online route is the fastest way to open a Bank of America savings account. Go to bankofamerica.com, click "Open an Account," and select "Savings" from the account type menu. You'll be asked to choose which savings product fits your needs — Regular Savings is the standard choice for most people. The form will ask for your name, address, date of birth, Social Security number, phone number, and email address.

After you enter your personal information, Bank of America will verify your identity using information from credit bureaus and public records. This usually takes a few minutes. You'll then choose your initial deposit method — you can link an existing bank account and transfer money, use a debit card, or arrange a wire transfer. Once your deposit clears, your account is active and you can start using it immediately. You'll receive your debit card in the mail within 7 to 10 business days.

Opening an Account in Person at a Branch

If you prefer to open your account face-to-face, visit any Bank of America branch during business hours. Bring your valid government-issued ID (driver's license, passport, or state ID card) and your Social Security number. A banker will walk you through the account setup, answer questions about the different savings products, and help you decide which account type matches your goals.

In-branch opening takes longer than online — typically 20 to 30 minutes — because the banker will verify your identity in person and may discuss other Bank of America products like checking accounts or credit cards. You can make your initial deposit at the branch using cash, a check, or a transfer from another account. Your account opens immediately, and you can use it the same day. You'll still receive a debit card by mail, but you can request a temporary card at the branch if you need one right away.

Opening an Account by Phone

Bank of America also allows you to open a savings account by calling 1-800-432-1000. A representative will guide you through the same questions you'd answer online — personal information, account type selection, and initial deposit method. The phone process typically takes 15 to 20 minutes. You'll need to have your ID and Social Security number ready when you call.

The main advantage of opening by phone is that you can ask questions in real time and get immediate clarification on account features or fees. The disadvantage is that you can't see the account options visually, so some people find it harder to compare. Like the online process, your account opens within minutes once your identity is verified, and your debit card arrives by mail within a week or so.

What Happens After Your Account Opens

Once your Bank of America savings account is active, you can start depositing money right away. You have several options: set up direct deposit from your employer, transfer money from another bank account, deposit cash or checks at a Bank of America branch or ATM, or arrange a wire transfer. Direct deposit is the easiest if your employer supports it — you'll just need to provide your new account number and routing number to your payroll department.

Your debit card will arrive in the mail within 7 to 10 business days. Until it arrives, you can still access your account online or through the Bank of America mobile app to check your balance, transfer money, and pay bills. You can also withdraw cash at any Bank of America ATM or branch using your account number. If you need cash before your debit card arrives, visit a branch and ask a teller to withdraw from your new savings account.

Avoiding Monthly Fees on Your Savings Account

The Regular Savings account charges a $3 monthly maintenance fee unless you meet one of two conditions: keep a $300 minimum balance at all times, or set up an automatic monthly transfer of at least $25 from another account (usually a checking account). Many people choose the automatic transfer route because it's easier to maintain than watching a balance, and it also builds a savings habit by moving money automatically.

If you're opening your first savings account and don't have $300 to deposit upfront, the automatic transfer option is your path to a fee-free account. Set it up during account opening or add it later through the Bank of America app or website. The transfer can happen on any day of the month you choose — pick a day right after you get paid so the money is there when the transfer runs.

Frequently Asked Questions

Do I need to be a Bank of America customer already to open a savings account?

No. You can open a Bank of America savings account even if you've never banked with them before. You don't need an existing checking account or any other Bank of America product. Your ID and Social Security number are all you need to get your free guide.

What's the difference between the Regular Savings account and the Premium Savings account?

The Premium Savings account requires a higher minimum balance (usually $10,000 or more) but pays a higher interest rate. The Regular Savings account has a lower minimum ($300) and lower interest rate. For most people starting out, the Regular Savings account is the right choice. You can always move to Premium later if your balance grows.

Can I open a savings account if I don't have a Social Security number?

Bank of America requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you don't have one, you'll need to obtain one before you can open an account. Non-citizens may be able to use an ITIN instead — contact Bank of America directly to confirm what documentation they'll accept.

How long does it take to receive my debit card after opening?

Bank of America typically mails debit cards within 7 to 10 business days of account opening. You can use your account online and at ATMs before the card arrives. If you need cash urgently, you can withdraw from your savings account at any Bank of America branch or ATM using your account number.

What if I want to close my savings account after opening it?

You can close your Bank of America savings account at any time by visiting a branch, calling 1-800-432-1000, or using the mobile app. Withdraw any remaining balance or arrange a transfer to another account. There's no penalty for closing, though you should make sure you've moved your money first.