How to Open a Bank of America Account
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Bank of America has several checking, savings, and CD accounts, and they can be opened online, in person, or over the phone.
Here's a step-by-step look at how you can open a Bank of America account quickly and easily.
Bank of America Advantage SafeBalance Banking
Bank of America has over 4,300 branches and 16,000 fee-free ATM locations across the U.S. One of the largest banks in the country, there is no monthly maintenance fee for students under 25 who are enrolled in school or an educational or vocational program. Bank of America has also partnered with Khan Academy to offer financial courses through its "Better Money Habits" program, which is well known for its educational materials across a wide range of topics.
The exact list of documents and information you'll need depends on the account type you choose and whether you're opening the account as an individual or jointly with another person. But in general, you should expect to need:
There is no cost associated with opening a Bank of America account, in the sense that there is no application fee or anything like that.
However, Bank of America accounts all have minimum opening deposit requirements, which range from $25 for the Bank of America Advantage SafeBalance Banking checking account to $1,000 or more for Bank of America CDs. So, the amount of money you'll need to open an account depends on the account type you choose (more on that in the next section).
You can open a Bank of America account online, over the phone, or in person at any of the thousands of branches Bank of America operates.
Depending on which method you choose, the process differs slightly, but here are the general steps to take.
The first step to opening a bank account online with Bank of America is to decide which deposit account is the best fit for your needs.
There are a few main account types that you can open. You can read our full Bank of America review for a more complete overview, but here is a list and some general information about each one:
In addition to these, there are two types of business checking accounts, as well as Bank of America credit cards and a variety of loan types that can be opened through Bank of America. But for our purposes, we'll focus on checking accounts, savings accounts, and CDs.
You can apply online for any of Bank of America personal checking, savings, or CD accounts. Head to Bank of America's website, navigate to the page for the account type you want, and click the "open an account" button.
This will take you to the online application, where you'll enter your personal information, choose your account type, and select how you want to make your initial deposit. You can also apply by calling the bank at 800-432-1000, and account opening help is available Monday to Friday from 8 a.m. until 11 p.m. ET, and on weekends from 8 a.m. until 8 p.m. ET. Alternatively, you can schedule an appointment at your local branch, which you can do online from Bank of America's website.
After you apply online or by phone, it will take one to two business days to process your application. Alternatively, you can schedule an appointment with a banker at your local branch, who can open an account during your visit.
Once you've filled out the new account application, there are several ways to make your initial deposit into a Bank of America account. These include, but are not limited to:
The minimum initial deposit and ongoing balance requirements vary, depending on which account you choose. For checking accounts, the Advantage Checking account has a $100 minimum opening deposit, while the SafeBalance account has a minimum opening deposit of just $25.
It's worth noting that you'll be asked to set up your initial deposit method during the account application process, but the money won't actually be transferred (if you're moving money from another account) until the account application is approved.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%
Rate info
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.30%
Rate info
The annual percentage yield (APY) is accurate as of May 2, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn: $500 to open, $0.01 for max APY
|
N/A
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Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
Open Account for Barclays Tiered Savings
On Barclays' Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.00%
Rate info
Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
|
N/A
|
Open Account for Barclays Tiered Savings
On Barclays' Secure Website. |
Yes, you can open a Bank of America account online, if it is a checking account, savings account, CD, or IRA. You can also open a Bank of America credit card account online. However, some account types -- specifically business bank accounts -- cannot be opened completely online.
Bank of America offers several different savings and CD accounts, all of which pay interest. There's also one interest-bearing checking account, designed for customers with high balances. For the most part, Bank of America APYs are on the lower end of the spectrum, and aren't likely to be competitive with online banks. There are some products, however, such as Bank of America's Featured CDs, which pay reasonably high interest rates.
Yes, Bank of America allows customers to open joint bank accounts, including checking accounts, savings accounts, and CDs. There are some accounts that cannot be held jointly, such as IRAs (the "I" stands for individual), but most accounts can be opened with another person.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
