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 with no money and fund it later, though some account types have monthly fees if you don't maintain a minimum balance.

You'll also need either a U.S. address or a U.S. phone number. If you're opening online, you can complete the entire process in about 10 minutes. If you go to a branch, bring your ID and be ready to answer questions about your employment and income — Bank of America uses this information for fraud prevention, not to decide whether to open your account.

Key Takeaways

  • Bank of America offers three main savings account types: Basic Savings, Advantage Savings, and Premium Savings, each with different monthly fees and minimum balance requirements.
  • You can open an account online with just an ID, Social Security number, and initial deposit, or visit a branch or call 1-800-432-1000.
  • Monthly maintenance fees range from $0 to $25 depending on the account type, but can be waived by maintaining a minimum balance or setting up direct deposit.
  • Your account is typically active within one business day, and you can start using your debit card and online banking immediately after opening.

The three Bank of America savings account types

Bank of America offers Basic Savings, Advantage Savings, and Premium Savings. Basic Savings has a $12 monthly maintenance fee (waived if you keep $500 or more in the account or set up direct deposit of at least $250 per month). Advantage Savings costs $25 per month but waives the fee if you maintain $2,500 or link it to a Bank of America checking account. Premium Savings is for customers with higher balances and has different fee structures.

Most people starting out choose Basic Savings because the $500 minimum balance is easier to maintain than Advantage's $2,500. If you already have a Bank of America checking account, Advantage Savings becomes free, making it worth considering even if you don't have $2,500 saved yet.

Opening your account online

Go to bankofamerica.com and click "Open an Account." Select "Savings" and choose which account type you want. You'll enter your name, address, date of birth, Social Security number, and phone number. Bank of America will verify your identity using information from credit bureaus — this is not a credit check and won't affect your credit score.

Next, you'll choose how much to deposit initially. You can link a bank account you already have and transfer money, or you can mail in a check or deposit cash at a branch later. Once you submit, you'll receive a confirmation number. Your account opens immediately, though it may take one to two business days for transfers from another bank to arrive.

Opening your account at a branch or by phone

Visit any Bank of America branch with your photo ID and Social Security number. A banker will walk you through the account setup, answer questions about your savings goals, and process your initial deposit on the spot. This takes about 15 minutes. You can also call 1-800-432-1000 to open an account by phone, though you'll need to visit a branch within 30 days to verify your identity with your ID.

Opening in person is useful if you want to ask questions about which account type fits your situation, or if you prefer not to provide your information online. It's also the fastest way to get a debit card, since you can request one immediately and pick it up at the branch.

What happens after you open your account

Your savings account number and routing number are available immediately in your online banking portal or mobile app. You can set up direct deposit from your employer using these numbers, or transfer money from another bank account. If you opened online and want a debit card, you can request one through your online account and it will arrive in 7 to 10 business days, or pick one up at a branch.

Your account is fully functional right away — you can move money in and out, set up automatic transfers, and earn interest on your balance. Bank of America's savings interest rates vary and are typically lower than online-only banks, so check the current rate before opening if earning interest is important to your savings plan.

Avoiding monthly fees

The easiest way to avoid fees is to maintain the minimum balance for your account type. For Basic Savings, keep $500 or more. For Advantage Savings, keep $2,500 or more, or link it to a Bank of America checking account. Alternatively, set up direct deposit of at least $250 per month to your Basic Savings account — this waives the $12 fee even if your balance drops below $500.

If you're not sure you can maintain a minimum balance, ask about linking accounts or setting up direct deposit before you open. Some people open a Basic Savings account specifically to use the direct deposit waiver, since $250 per month is often easier to commit to than keeping $500 sitting in savings.

Moving money into your new account

You have several ways to fund your account. If you opened online, you can link another bank account and transfer money immediately (though it may take one to two business days to arrive). You can also deposit cash or checks at any Bank of America ATM or branch. If you have direct deposit set up through your employer, provide your new Bank of America account number and routing number to your payroll department.

Bank of America's routing number is 026009593 for most accounts, but confirm this in your online banking portal since it can vary by region. Once money arrives, it earns interest at Bank of America's current savings rate, which you can check on their website.

Frequently Asked Questions

Can I open a Bank of America savings account if I don't have a checking account?

Yes. You can open a savings account on its own without any other Bank of America products. However, if you later open a checking account, linking them together will waive the monthly fee on Advantage Savings, so it's worth considering.

What's the difference between Bank of America's savings account and a money market account?

Bank of America's money market accounts typically offer higher interest rates than savings accounts but require larger minimum balances (usually $2,500 or more) and limit how many withdrawals you can make per month. A savings account is simpler if you want to move money in and out frequently.

How long does it take to receive my debit card?

If you order online, your debit card arrives in 7 to 10 business days. If you open at a branch, you can request a card immediately and pick it up at that branch the same day, or have it mailed to you.

Can I open an account for someone else, like a child?

Bank of America offers Youth Savings accounts for children under 18, which require a parent or guardian to open and co-own. Visit a branch with your ID and the child's birth certificate to set this up.

What if I don't meet the minimum balance and can't set up direct deposit?

You'll pay the monthly maintenance fee. However, you can close the account anytime without penalty. If fees are a concern, consider online-only banks that offer savings accounts with no monthly fees and no minimum balance.