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%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT'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 |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
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 |
3.70%
Rate info
3.70% annual percentage yield as of April 17, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or 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 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. Only SoFi Plus members are eligible for other SoFi Plus benefits. 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. 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.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
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.
