What you need to open a Bank of America savings account

Bank of America lets you open a savings account online, by phone, or in a branch. You will need a government-issued photo ID, your Social Security number, and an initial deposit. The minimum opening deposit is $0 for most savings accounts, though some accounts require $25 or more. You can fund the account with a debit card, transfer from another bank, or cash if you open in person.

If you already have a Bank of America checking account, opening a linked savings account takes about five minutes online. If you are new to Bank of America entirely, the process takes longer because the bank will verify your identity and run a background check through ChexSystems, a banking history database.

You will also need a mailing address and a phone number. Bank of America will send you a debit card and statements to your address, and may contact you by phone or email during the account setup.

Key Takeaways

  • You can open a Bank of America savings account online at bankofamerica.com, by calling 1-800-432-1000, or in any Bank of America branch with a photo ID and Social Security number.
  • Most Bank of America savings accounts have no minimum opening deposit, though some specialty accounts require $25 or $100 to start.
  • If you are a new customer, Bank of America will check your banking history through ChexSystems and verify your identity before your account is active.
  • You can fund your new account immediately with a debit card, a transfer from another bank, or cash deposited in a branch.
  • Bank of America savings accounts earn interest, but the rate changes and is currently very low; compare the rate to other banks before deciding where to save.

Opening online through Bank of America's website

Go to bankofamerica.com and click "Open an Account" in the top menu. Select "Savings" as the account type. You will see several savings account options: the regular Savings Account, the Premium Savings Account (which requires a higher balance to avoid a monthly fee), and specialty accounts tied to specific goals.

Choose the account that fits your situation. The regular Savings Account has no monthly fee and no minimum balance requirement. The Premium Savings Account charges $25 per month unless you keep $10,000 or more in the account or meet other conditions like having a linked checking account with direct deposit.

Enter your personal information: full name, date of birth, Social Security number, address, phone number, and email. Bank of America will ask whether you are opening this as an individual, joint account, or trust. For most people, individual is the right choice. Then choose how you want to fund the account—debit card, transfer from another bank, or wire transfer—and enter those details. The account opens immediately if you are an existing Bank of America customer, or within one to two business days if you are new.

Opening in a Bank of America branch

Find your nearest branch at bankofamerica.com/locator or by calling 1-800-432-1000. Bring your photo ID, Social Security number, and initial deposit (cash or debit card). You do not need an appointment, though you may wait during busy hours.

Tell the banker you want to open a savings account. They will ask the same questions as the online form: your name, address, phone, Social Security number, and how you want to fund the account. They will verify your ID and run the ChexSystems check. If you are opening in person with cash, the deposit posts immediately. If you use a debit card, it may take one to two business days.

The banker will give you a temporary debit card or account number on the spot so you can start using the account right away. Your permanent debit card arrives by mail within seven to ten business days.

Opening by phone

Call Bank of America at 1-800-432-1000 and say you want to open a savings account. A representative will walk you through the same questions as the online form. They will verify your identity by asking security questions based on your credit report or banking history.

You will need to provide your initial deposit information—a debit card number, a bank account to transfer from, or a wire transfer. If you are a new customer, the phone representative will explain that your account will be verified and may take one to two business days to fully activate.

After you hang up, you will receive a confirmation email with your account number and temporary access details. You can log into your account online or through the Bank of America mobile app while you wait for your debit card to arrive.

What happens after you open the account

Your savings account is ready to use immediately if you opened it online or by phone as an existing customer. If you are new to Bank of America, the account is active but may have a hold on deposits while the bank completes its verification—usually one to two business days.

You can transfer money into the account from another bank using the Bank of America app or website. Go to "Transfer Money," select "From another bank," and enter the other bank's routing number and your account number there. The transfer takes three to five business days.

Your debit card arrives by mail. Until it arrives, you can access your money through the Bank of America app, at any Bank of America ATM, or by visiting a branch. Interest begins accruing on your balance immediately, though the rate is set by Bank of America and changes over time. You can check the current rate at bankofamerica.com or by calling 1-800-432-1000.

Bank of America savings account types and their differences

Bank of America offers three main savings accounts. The Savings Account has no monthly fee, no minimum balance, and no minimum opening deposit. It earns interest at a rate Bank of America sets. This is the right choice for most people.

The Premium Savings Account charges $25 per month unless you keep $10,000 or more in the account, have a linked checking account with direct deposit of at least $250 per month, or meet other conditions. It earns a slightly higher interest rate than the regular Savings Account, but only if you can meet the balance requirement. For most savers, the regular account is cheaper.

Bank of America also offers Money Market Accounts, which work like savings accounts but may offer higher interest rates if you keep a large balance. These typically require $2,500 or more to open and charge a monthly fee if your balance falls below a certain level. Compare the interest rate and fees to the regular Savings Account before choosing this option.

Comparing Bank of America to other banks

Bank of America's savings account interest rate is typically lower than rates at online banks or credit unions. As of now, Bank of America's regular Savings Account earns a very low rate—check bankofamerica.com for the current rate, as it changes frequently. Online banks like Marcus, Ally, and American Express often pay two to three times more interest on savings accounts.

Bank of America's advantage is convenience: you can walk into a branch, use thousands of ATMs nationwide, and manage your money through a familiar app. If you already bank with Bank of America and value that convenience, the lower interest rate may be worth it. If you are opening a savings account purely to earn interest and do not need branch access, an online bank will pay you more.

Consider opening your savings account where you already bank if you use that bank's checking account and paycheck deposits. If you are starting fresh and want the highest interest rate, research online banks and credit unions in your area before deciding.

Frequently Asked Questions

Can I open a Bank of America savings account if I have been denied a bank account before?

Bank of America uses ChexSystems to check your banking history. If you were denied before because of unpaid fees, fraud, or too many overdrafts, you may be denied again. You can request your ChexSystems report at consumerdebit.equifax.com to see what is on file. Some banks offer second-chance accounts if you have a history of problems.

How much money do I have to put in to open the account?

Most Bank of America savings accounts require $0 to open. You can open the account and fund it later, or fund it with $1 if you want to start earning interest right away. The Premium Savings Account also requires $0 to open but charges a $25 monthly fee unless you keep $10,000 or more in it.

Can I open a joint savings account with someone else?

Yes. When you open the account online, by phone, or in a branch, select "Joint Account" instead of "Individual." Both people will need to provide their Social Security number and photo ID. Both owners can access the money and make withdrawals.

How long does it take to start using my account?

If you open online or by phone as an existing Bank of America customer, your account is ready immediately. If you are new to Bank of America, the account is active but may have a temporary hold on deposits while the bank verifies your identity—usually one to two business days. In-branch accounts are ready to use the same day.

What is the difference between a savings account and a money market account at Bank of America?

A money market account typically requires a higher opening deposit and minimum balance, charges higher fees, but pays a higher interest rate. A regular savings account has no minimums and lower fees but pays less interest. Choose the regular savings account unless you have several thousand dollars to deposit and want to earn more interest.