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 person at 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 at a branch.

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 the bank, the process takes longer because Bank of America will verify your identity and run a background check through ChexSystems, which screens for banking history issues.

Key Takeaways

  • You can open a Bank of America savings account online, by phone, or in a branch with a photo ID, Social Security number, and an opening deposit.
  • Bank of America offers three main savings products: the Regular Savings Account (no monthly fee), the Advantage Savings Account (requires $500 minimum balance), and the Premium Savings Account (requires $10,000 minimum balance).
  • Interest rates on Bank of America savings accounts are typically lower than online-only banks, so compare rates before deciding where to save.
  • If you open online, verification takes one to two business days; in-branch opening is immediate.

The three Bank of America savings account types

Bank of America offers the Regular Savings Account, which has no monthly maintenance fee and no minimum balance requirement. This account earns interest, though the rate is set by the bank and changes over time. There is no limit on how many deposits or withdrawals you can make each month.

The Advantage Savings Account requires a $500 minimum balance and charges a $4 monthly fee if your balance falls below that threshold. It earns a higher interest rate than the Regular account. The Premium Savings Account requires a $10,000 minimum balance and charges a $25 monthly fee if you fall short. It offers the highest interest rate of the three.

For most people starting out, the Regular Savings Account is the right choice because there is no fee and no balance requirement. Move to an Advantage or Premium account only if you have the money to maintain the minimum and want the slightly higher interest rate.

Opening your account online

Go to bankofamerica.com and click "Open an account" or "Open a savings account." You will be asked to enter your Social Security number, date of birth, and address. Bank of America will ask whether you want to link the savings account to an existing Bank of America checking account or open both accounts at once.

Next, you will choose which savings account type you want and decide how to fund it. You can transfer money from another bank account (you will need the routing and account number), use a debit card, or wait to deposit cash at a branch. Bank of America will then verify your identity, which usually takes one to two business days. You will receive an email when your account is ready to use.

If you are opening an account as a minor (under 18), a parent or guardian must be present in a branch or complete the process with you online using their own identity verification.

Opening your account in person at a branch

Find your nearest Bank of America branch using the branch locator on bankofamerica.com. Bring your photo ID, Social Security number, and your opening deposit (cash, check, or debit card). A banker will walk you through the account setup, which takes about 15 minutes.

Opening in person means your account is active immediately and you can use your debit card the same day if you request one. You will also leave with a temporary debit card or a card number you can use right away. If you open online, you will wait one to two business days for the account to be verified before you can withdraw or transfer money.

Opening by phone

Call Bank of America at 1-800-432-1000 to open a savings account over the phone. You will need your Social Security number, photo ID information, and an opening deposit method ready. A representative will guide you through the application and verify your identity during the call.

Phone opening takes about 20 minutes and your account will be active within one to two business days. This option works well if you cannot visit a branch and prefer to talk to a person rather than complete the process online.

What happens after you open your account

Once your account is open, you can log into your Bank of America online banking or mobile app to check your balance, transfer money, and set up automatic transfers. If you opened online or by phone, your debit card will arrive in the mail within 7 to 10 business days. You can request expedited delivery for a fee.

Bank of America will send you a welcome packet with your account number, routing number, and information about online banking. You can also set up direct deposit to your savings account through your employer, which is useful if you want to automatically move a portion of each paycheck into savings.

Interest on your savings account is calculated daily and deposited monthly. The amount you earn depends on the account type and the current interest rate, which Bank of America can change at any time. Check your monthly statement to see how much interest you earned.

Comparing Bank of America to other banks

Bank of America's savings account interest rates are typically lower than rates at online-only banks like Marcus, Ally, or American Express Personal Savings. As of recent months, online savings accounts often pay 4% or higher, while Bank of America's rates are usually below 1%. The trade-off is convenience: Bank of America has physical branches where you can deposit cash and speak to someone in person.

If your main goal is to earn interest on your savings, an online bank will grow your money faster. If you value having a branch nearby and want to keep all your banking in one place, Bank of America's lower rate may be worth the convenience. Many people use both: a Bank of America checking account for everyday spending and an online savings account for money they want to grow.

Frequently Asked Questions

Can I open a Bank of America savings account without a Social Security number?

No, Bank of America requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you do not have a Social Security number, you may be able to open an account with an ITIN, but you will need to visit a branch in person to verify your identity.

What is the minimum opening deposit at Bank of America?

The Regular Savings Account has no minimum opening deposit. The Advantage Savings Account requires $500 to open, and the Premium Savings Account requires $10,000. You can fund your account with a transfer from another bank, a debit card, or cash at a branch.

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

The application itself takes 5 to 10 minutes, but Bank of America needs one to two business days to verify your identity before the account is active. In-person opening at a branch is immediate.

Can I have multiple savings accounts at Bank of America?

Yes, you can open more than one savings account. Some people open separate accounts for different goals (emergency fund, vacation, down payment) to make it easier to track progress. Each account earns interest separately.

What happens if I do not make a deposit right away?

Your account will remain open even if you do not deposit money immediately. However, if you open an Advantage or Premium account, you will be charged a monthly fee if your balance stays below the minimum. The Regular Savings Account has no fee, so you can open it and fund it whenever you are ready.