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 — you can open the account and fund it later, though some account types have monthly maintenance fees if your balance stays below a certain amount.

You will also need either a debit card or an existing Bank of America checking account to link to your new savings account. If you do not have either, you can provide a second form of ID (like a passport or state ID) and a current address. Bank of America will verify your identity using information from credit bureaus, so the process takes a few minutes but does not require a hard credit pull.

Key Takeaways

  • You can open a Bank of America savings account online in about 10 minutes using your phone or computer, with no branch visit required.
  • You need a government photo ID, Social Security number, and an initial deposit of $0 or more, depending on the account type you choose.
  • Bank of America offers three main savings accounts: Regular Savings, Money Market, and CDs, each with different interest rates and minimum balance requirements.
  • Once your account is open, you can deposit money online, at an ATM, through a transfer from another bank, or in person at a branch.

The three savings account options at Bank of America

Bank of America offers three types of savings accounts, each designed for different goals. Regular Savings is the most basic option — no minimum balance required, no monthly fee if you keep the account open, and you can withdraw money anytime. The interest rate is low, but it is a straightforward place to park money you want to keep separate from checking.

Money Market Accounts offer a higher interest rate than Regular Savings, but they require a higher opening deposit (typically $2,500) and charge a monthly fee if your balance drops below that threshold. You get a debit card and can write checks, making it more flexible than a regular savings account if you need to access your money frequently.

Certificates of Deposit (CDs) lock your money away for a set term — usually 3 months, 6 months, 1 year, or longer. In exchange, you earn a higher interest rate than either savings or money market accounts. You cannot withdraw the money before the term ends without paying a penalty, so CDs work best for money you know you will not need for a specific period.

Opening your account online

Go to bankofamerica.com and click "Open an Account" at the top of the page. Select "Savings" and then choose which type of account you want. You will be asked to enter your name, date of birth, Social Security number, and current address. Bank of America will verify this information against credit bureaus — this takes a few minutes and does not affect your credit score.

Next, you will set up login credentials and choose a username and password. Bank of America will ask you to verify your identity by answering security questions based on your credit history, or by uploading a photo of your ID. Once that is done, you can fund the account by linking a bank account from another institution, transferring from an existing Bank of America account, or providing a debit card number.

The entire process takes about 10 minutes. Your account opens immediately, and you can start using it right away. You will receive a debit card in the mail within 7 to 10 business days if you opened a Money Market Account; Regular Savings accounts do not come with a debit card unless you request one.

Opening your account by phone or in a branch

If you prefer to speak with someone, call Bank of America at 1-800-432-1000. A representative can walk you through the account opening process over the phone. You will still need to provide your ID, Social Security number, and initial deposit information, but the representative can answer questions as you go. Phone opening takes about 15 to 20 minutes.

You can also visit a Bank of America branch in person. Bring your government photo ID, Social Security number, and the initial deposit (cash, check, or debit card). A banker will open the account while you wait and can answer questions about features and fees. In-branch opening usually takes 20 to 30 minutes, depending on how busy the branch is.

What happens after your account opens

Your savings account is active immediately, even if you opened it online. You can start depositing money right away through several methods: transfer from another bank account (takes 1 to 3 business days), deposit at a Bank of America ATM (posts immediately for cash, next business day for checks), or in-person deposit at a branch. You can also set up direct deposit from your employer or another source.

Bank of America will mail you account statements and a debit card (if applicable) within 7 to 10 business days. You can view your balance and transaction history online or through the Bank of America mobile app as soon as your account opens. Interest accrues daily and is credited to your account monthly, though the exact rate depends on the account type and current market conditions.

Monthly fees and how to avoid them

Regular Savings accounts have no monthly maintenance fee. Money Market Accounts charge a monthly fee (typically $12) if your balance falls below the required minimum, usually $2,500. CDs do not have monthly fees — you pay a penalty only if you withdraw before the term ends.

To avoid fees on a Money Market Account, keep your balance at or above the minimum at all times. If your balance drops below the threshold temporarily, the fee will post at the end of the month. You can waive the fee by setting up direct deposit of at least $250 per month, or by maintaining a linked Bank of America checking account with a minimum balance. Check your account terms when you open it to see which fee-waiver options apply to your specific account.

Frequently Asked Questions

Can I open a Bank of America savings account if I do not have a checking account with them?

Yes. You do not need an existing Bank of America account to open a savings account. You will need a government photo ID, Social Security number, and an initial deposit. If you do not have a debit card, bring a second form of ID and proof of address.

How much interest will I earn on a Bank of America savings account?

Interest rates vary by account type and change based on market conditions. Regular Savings accounts earn the lowest rate, Money Market Accounts earn more, and CDs earn the highest rate. Check bankofamerica.com for current rates before you open, since they are updated regularly.

What is the difference between a savings account and a Money Market Account at Bank of America?

Money Market Accounts earn higher interest and come with a debit card and check-writing ability, but require a higher minimum balance and charge a monthly fee if you fall below it. Regular Savings accounts have no minimum, no fee, and no debit card, but earn less interest.

Can I open a savings account for someone else, like a child or family member?

You can open a custodial account for a minor by visiting a branch in person with the child's birth certificate and Social Security number, plus your own ID. For adults, each person must open their own account using their own ID and Social Security number.

How long does it take to open a Bank of America savings account?

Online opening takes about 10 minutes. Phone opening takes 15 to 20 minutes. In-branch opening takes 20 to 30 minutes. Your account is active immediately, though debit cards and mailed statements arrive within 7 to 10 business days.