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. The fastest route is online if you already have a Bank of America checking account — you can add a savings account in minutes without leaving home. If you're a new customer, you'll need a government-issued ID, your Social Security number, and an initial deposit (which varies by account type, but is often $0 for their basic savings account).

The process differs slightly depending on whether you're opening an account as an individual, a minor, or a joint account holder. Bank of America requires you to be at least 18 years old to open an account on your own, though they offer accounts for minors with a parent or guardian as co-owner.

You'll also need a way to fund the account — either a debit card, a check, or a transfer from another bank. If you're opening online, Bank of America can verify your identity using information from your credit report, which speeds up approval.

Key Takeaways

  • You can open a Bank of America savings account online in minutes if you're an existing customer, or in person at any branch with your ID and Social Security number.
  • New customers opening online will need to provide personal information that Bank of America verifies against your credit report, and approval usually takes one business day.
  • Bank of America's basic savings account (called the Regular Savings account) has no monthly maintenance fee and no minimum opening deposit.
  • You'll need to fund your account with an initial deposit, which can come from a debit card, another bank account, or a check.
  • If you want to open an account for a minor, a parent or guardian must be the primary account holder and co-own the account.

Opening Online as an Existing Bank of America Customer

If you already have a checking account with Bank of America, opening a savings account online takes about five minutes. Log into your Bank of America online banking portal, look for the option to "Add an Account" or "Open a New Account," and select savings. You'll choose which type of savings account you want (Bank of America offers the Regular Savings account, the Premium Savings account, and the Money Market account, each with different interest rates and minimum balance requirements).

After you select your account type, you'll confirm your personal information, choose how much to deposit initially, and decide where that money comes from — either a linked Bank of America account or an external bank account. If you transfer from an external account, the money usually arrives within one to two business days. Once you submit, your account opens immediately, and you can start using it right away.

Opening Online as a New Bank of America Customer

New customers can open a savings account online without visiting a branch, but the process takes longer because Bank of America needs to verify your identity. You'll go to the Bank of America website, select "Open an Account," and choose savings. You'll enter your name, address, date of birth, Social Security number, and employment information.

Bank of America uses this information to verify your identity against credit bureaus and other databases — they do not pull your credit score, but they do check your credit report. This verification usually takes a few minutes, but sometimes Bank of America flags an application for manual review, which can add a day or two. Once you're verified, you'll fund your account and choose your account type.

If Bank of America cannot verify you online, they'll ask you to visit a branch in person with your ID, or they may call you to confirm information. Having your Social Security card or a copy of your tax return handy can speed this up.

Opening a Savings Account in Person at a Branch

You can walk into any Bank of America branch and open a savings account on the spot. Bring a government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit. The banker will ask you which type of savings account you want, verify your information, and set up the account while you wait.

In-person opening is useful if you prefer to ask questions face-to-face, if you want to deposit cash immediately, or if you've had trouble verifying your identity online. The whole process usually takes 15 to 30 minutes. You'll leave with your account number and can start using the account the same day.

To find a branch near you, use the Bank of America branch locator on their website or call 1-800-432-1000.

Opening a Joint Savings Account

A joint account means two people own the account and both can deposit, withdraw, and manage it. Bank of America allows joint accounts for spouses, family members, or any two people who want to share an account. Both account holders must be present (in person or online together) to open the account, and both must provide their Social Security numbers and government-issued IDs.

If you're opening online, both people log in separately to complete their portions of the application. If you're opening in person, both people should visit the branch together, though some branches allow one person to start the process and the other to complete it within a set time frame — call ahead to confirm your branch's policy.

On a joint account, either person can withdraw all the money or close the account without the other person's permission, so only open a joint account with someone you trust completely.

Opening a Savings Account for a Minor

Bank of America offers accounts for minors (children under 18) through their Youth Banking program. A parent or legal guardian must be the primary account holder and co-own the account with the minor. The parent provides their own ID and Social Security number, and the minor provides theirs.

You can open a youth account online or in person. The parent can set spending limits and controls through the online banking portal, and the minor gets a debit card and online access. When the minor turns 18, the account automatically converts to a regular adult account, and the parent's name can be removed if both parties agree.

Choosing Your Account Type and Understanding Fees

Bank of America offers three main savings account types. The Regular Savings account has no monthly maintenance fee, no minimum opening deposit, and no minimum balance requirement — it's the simplest option if you're just starting out. The Premium Savings account requires a higher minimum balance (currently $10,000) but pays a higher interest rate. The Money Market account combines savings and checking features, requires a higher minimum balance, and offers tiered interest rates based on how much you keep in the account.

Bank of America charges no monthly maintenance fee on the Regular Savings account, but they do charge fees for certain actions: $3 for each withdrawal or transfer beyond six per month (a federal limit that applies to most savings accounts), and $35 for overdrafts if you somehow overdraw the account. You can avoid the withdrawal fee by limiting yourself to six transfers or withdrawals per month, which is easy to do if you're using the account mainly to save.

Interest rates change frequently and vary based on the Federal Reserve's actions. Check Bank of America's website for current rates before you open, so you know what to expect.

What Happens After You Open Your Account

Once your account is open, you can start using it immediately if you opened in person or online with instant verification. If your application needed manual review, Bank of America will contact you by phone or email once it's approved, usually within one business day.

You'll receive a debit card in the mail within 7 to 10 business days (though you can use your account online or at ATMs before the card arrives). You can set up direct deposit, transfer money from other accounts, or deposit checks using the Bank of America mobile app. If you have questions about your account, you can call 1-800-432-1000, visit a branch, or use the chat feature in their mobile app.

Frequently Asked Questions

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

The Regular Savings account requires no minimum opening deposit — you can open it with $0 and deposit money later. The Premium Savings account and Money Market account do have minimum opening deposits (currently $10,000 and $2,500 respectively, though these amounts can change). Check Bank of America's website or call 1-800-432-1000 to confirm current minimums.

Can I open a Bank of America savings account without 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 either, you'll need to obtain one before you can open an account. Non-citizens may be able to use an ITIN instead of a Social Security number — call 1-800-432-1000 to ask about your specific situation.

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

If you're an existing customer, opening takes about 5 minutes and your account is ready to use immediately. If you're a new customer, the application takes 10 to 15 minutes, but Bank of America may need a few hours to a full business day to verify your identity. In rare cases, they may ask you to visit a branch or provide additional documents.

Can I have multiple savings accounts at Bank of America?

Yes, you can open as many savings accounts as you want at Bank of America. Some people open multiple accounts to separate savings goals — for example, one account for an emergency fund and another for a vacation fund. Each account has its own account number and debit card (if you request one).

What if I already have a Bank of America account but forgot my login information?

Go to the Bank of America login page and select "Forgot Username" or "Forgot Password." You'll verify your identity using your Social Security number and other personal information, and Bank of America will send you a reset link by email or text. If you can't reset it online, visit a branch with your ID or call 1-800-432-1000.