What you need to open a Bank of America savings account

Bank of America lets you open a savings account in person at a branch, online through their website, or by phone. You will need a government-issued photo ID, your Social Security number, and an initial deposit. The deposit amount depends on which savings product you choose — some accounts have no minimum, while others require $100 or more to start.

You will also need either a current mailing address in the United States or a U.S. military address. If you are opening online or by phone, Bank of America will verify your identity using information from your credit report and other sources. This process usually takes a few minutes.

Key Takeaways

  • Bank of America offers multiple savings account types, including a basic savings account with no monthly fee and a tiered account that pays higher interest on larger balances.
  • You can open an account online, at a branch, or by phone using your ID, Social Security number, and an initial deposit.
  • Online account opening typically takes 10 to 15 minutes and you can begin using the account the same day.
  • Bank of America charges a monthly maintenance fee on some accounts unless you meet balance or deposit requirements, so compare the account types before you choose.

Opening an account online

Go to bankofamerica.com and select "Open an Account" from the homepage. Choose the savings account type you want — Bank of America offers a basic Savings Account and a Premium Savings Account with tiered interest rates. The online form will ask for your name, date of birth, Social Security number, address, phone number, and email.

Bank of America will verify your identity by checking your credit report. You do not need a perfect credit score to open a savings account, but the bank uses this information to confirm who you are. Once verification is complete, you will link a funding source — either a debit card or an external bank account — to make your initial deposit. The account opens immediately, and you can log in and start using it the same day.

Opening an account at a Bank of America branch

Find your nearest branch using the branch locator on bankofamerica.com. Bring your government-issued photo ID, your Social Security number (or an ITIN if you do not have an SSN), and the money for your initial deposit. You can bring cash, a check, or a debit card to fund the account.

A banker will walk you through the account setup, answer questions about the different savings products, and help you choose the right account for your situation. Opening in person takes about 15 to 20 minutes. Your account will be active immediately, and you will receive a debit card in the mail within 7 to 10 business days if you request one.

Opening an account by phone

Call Bank of America at 1-800-432-1000 to open a savings account over the phone. A representative will ask for your ID information, Social Security number, and details about your initial deposit. You will need to have a debit card or external bank account ready to fund the account.

The phone process takes about 15 minutes. Bank of America will mail you account documents and a debit card (if you request one) within 7 to 10 business days. Your account is active as soon as the call ends, and you can access it online or through the mobile app right away.

Understanding Bank of America savings account types and fees

Bank of America's basic Savings Account has no monthly maintenance fee if you maintain a $300 minimum balance or have a Bank of America checking account. If your balance falls below $300 and you do not have a linked checking account, you pay $12 per month. There is no minimum deposit required to open.

The Premium Savings Account charges $25 per month unless you maintain a $10,000 minimum balance or have a Bank of America checking account with a $500 minimum balance. This account pays higher interest rates on larger balances — the rate increases as your balance grows. Compare the interest rates on both accounts before you open, because the higher rate on the Premium account may not offset the $25 monthly fee if you cannot maintain the balance requirement.

What happens after you open your account

Once your account is open, you can deposit money by transferring from another bank account, depositing a check through the mobile app, or visiting a branch with cash. Bank of America's mobile app lets you check your balance, set up automatic transfers, and monitor your savings progress.

You can also set up automatic transfers from a checking account to your savings account on a schedule you choose — weekly, biweekly, or monthly. This is a simple way to build savings without thinking about it. If you opened online or by phone, your debit card will arrive in the mail, but you do not need it to use your savings account — you can access your money through the app, online banking, or by visiting a branch.

Frequently Asked Questions

Do I need a Bank of America checking account to open a savings account?

No, you can open a savings account without a checking account. However, having a Bank of America checking account waives the monthly maintenance fee on the basic Savings Account and helps you avoid the fee on the Premium Savings Account by meeting the balance requirement more easily.

Can I open a savings account if I do not have a Social Security number?

Yes. You can use an Individual Taxpayer Identification Number (ITIN) instead. Bring your ITIN documentation along with your ID when you open the account in person, or provide the ITIN when you open online or by phone.

How long does it take to access my money after I open the account?

Your account is active immediately after you open it online, by phone, or in person. You can transfer money into it right away and access it through online banking or the mobile app. If you deposit a check through the mobile app, it typically clears within one to two business days.

What is the interest rate on a Bank of America savings account?

Interest rates change based on market conditions and vary between the basic Savings Account and the Premium Savings Account. Check bankofamerica.com for current rates before you open, since the rate you earn affects how much your savings will grow over time.

Can I have multiple savings accounts at Bank of America?

Yes. You can open more than one savings account if you want to save for different goals — one for an emergency fund, one for a vacation, one for a down payment. Each account is separate, and you can name them to keep track of what you are saving for.