How To Open a Bank of America Account: Step-By-Step Guide

Whether you choose a Bank of America CD, checking account or savings account, the process for opening an account will be very similar. You’ll need to complete an application either on the Bank of America website or at a local financial center. Here are the steps to follow for a seamless experience.

1. Decide what account you want
2. Garther required documentation and information
3. Begin the application process
4. Finish the application and deposit funds

1. Decide Which Type of Account You Want

First, know which type of account you want to open. You can read the descriptions and terms for each account option in this article or on the Bank of America website. If you’re unsure or would rather get advice from a Bank of America representative, you can chat online, call customer support or visit a local financial center.

You can then decide on features. For example, if you opt for a CD, choose the right term and deposit amount since you won’t be able to change these after the grace period ends. For a checking account, you must decide whether you want paper checks and overdraft protection.

Finally, decide how you’ll apply for your Bank of America account: online or in person. Applying through the website is convenient, and you can fund your new account from home with a bank transfer or debit card. Applying in person at your local financial center is a more personalized experience and makes it easier to fund your new account with cash, a money order or a check.

2. Gather Required Information and Documentation

When you apply for an account, Bank of America requires basic information for each account holder. Examples include the following:

• Name
• Social Security number
• Physical address
• Phone number
• Email address
• Birthdate
• Citizenship information
• Employment and income information

The bank will do an identity verification check, so you may need a state ID or U.S. driver’s license. If you apply online and the check fails, you’ll need to bring your state ID or driver’s license and another form of ID to a local financial center.

You should also get information for your opening deposit. This could be your debit card details or another bank account’s routing and account numbers for an online application. Cash, checks and money orders are options for in-person initial deposits.

3. Start the Bank of America Account Application

To apply at a financial center, you can schedule an appointment or visit without one. Bank of America recommends making an appointment since it limits your wait time. When you arrive, the specialist will walk you through the whole application.

If you’d rather apply online, find the webpage for the banking product you want and look for a button prompting you to start an application or open an account. This will bring up a screen asking you to confirm the selected account type and any specifics like a CD term and opening deposit.

Once you confirm, you’ll see an initial application page. It may ask if you’d like another account type too or if you have an offer code. You can then either proceed as a new customer or log in with an existing Bank of America account and prefill some application information.

Whether you apply online or in person, you’ll need to provide the same personal information listed in step two.

Note that you can expect identity checks before moving forward. The online application sends authorization codes to your phone and email, while a Bank of America specialist would likely use your ID for verification.

4. Finish the Application and Fund Your Account

Next, you’ll provide your opening deposit, such as debit card or bank account details for an online application. You’ll need to apply in person to make a deposit with cash, a check or a money order. Bank of America won’t deposit the funds until it approves your new account.

Depending on the account, you may get further questions about getting a debit card or overdraft protection. You might join the Preferred Rewards program too.

Finally, you’ll agree to your new account’s terms, verify your information and submit the application. It will be processed in one or two business days, and you’ll get an email or letter that will tell you whether your account was approved. It can also take four to six business days for a debit card to arrive.

Dating back to the early 1900s, Bank of America has grown to serve around 68 million customers nationwide, as well as those in 35 other countries. It has around 3,900 financial centers where you can open and manage accounts, get advice and access other banking services. Plus, Bank of America has about 15,000 ATMs across the U.S.

The bank has received several industry awards for its digital banking experience, loyalty program, customer service and more. It also earned the top spot in the J.D. Power 2023 U.S. Retail Banking Advice Satisfaction Study℠. Bank of America has been accredited by the Better Business Bureau since 1949 and holds an A- rating from the organization.

Besides Bank of America’s positive reputation and large presence, it offers many banking products in one place. Here are some of the options you can choose from:

• Savings accounts and CDs
• Checking accounts
• Individual retirement accounts
• Home loans
• Auto loans
• Brokerage accounts
• Credit cards

Becoming a Bank of America customer also gives you access to many mobile and digital banking features, including these:

• Mobile check deposits
• Credit score monitoring
• Online transfers
• Customizable account alerts

You can also use the mobile banking app to send people money through Zelle or track your budget and spending.

Also notable is the Preferred Rewards program, which is reserved for checking customers who have a three-month average daily balance of at least $20,000 combined across all of their Bank of America and Merrill accounts. After enrolling, you can get perks such as these:

• Lower interest rates on loans
• Higher interest rates on deposit accounts
• Monthly fee waivers
• Extra cash back with certain credit cards

“When considering which financial provider to choose, look for a bank that will grow with you as your financial needs evolve throughout your lifetime. It’s important to evaluate the range of offerings and benefits they provide – from managing your banking and investing in one place to planning for milestones like buying a home or saving for retirement. Make sure to also select a bank that stays ahead of the curve in providing seamless, intuitive digital solutions so you can easily get the help or service you need through whatever channel you prefer.” – Heather Housley, Client Services Executive, Consumer Investments at Bank of America

If you’re interested in learning more about Bank of America, check out the full MarketWatch review of Bank of America.

Bank of America’s deposit accounts include savings, checking and CD options. You can find accounts suitable for students, everyday spenders and those who want to get the best guaranteed return on their money.

All of the bank’s accounts require a minimum opening deposit. While some of them have a monthly fee, the bank offers multiple ways to waive it.

Bank of America Advantage SafeBalance Banking

As a basic checking option, the Bank of America Advantage SafeBalance Banking account doesn’t allow you to write paper checks. This means you’ll use your debit card or your digital wallet for purchases. You can also pay people through Zelle.

The account has a $25 minimum opening deposit and a $4.95 monthly maintenance fee. You can have the fee waived if you’re a Preferred Rewards program member, a student under 25 or a minor. Downsides to this account include that deposits don’t earn interest and there’s no overdraft protection.

Bank of America Advantage Plus Banking

The Bank of America Advantage Plus Banking account supports paper checks along with the methods the Advantage SafeBalance Banking option allows. You must make an opening deposit of at least $100 for this checking account. You’ll earn no interest. The monthly service fee is $12 unless you meet one of these requirements:

• Preferred Rewards member
• Minimum daily balance of $1,500
• Have at least one qualifying direct deposit of $250 or more per month

Unlike the Advantage SafeBalance Banking account, Advantage Plus Banking offers overdraft protection if you link it to another Bank of America account. If you don’t opt into this service and don’t set your account to decline transactions when you don’t have enough money, you’ll pay a $10 overdraft fee when a transaction exceeds your balance by more than $1. Up to two overdraft fees are charged per day.

Bank of America Advantage Relationship Banking

Unlike the other online checking account options, the Bank of America Advantage Relationship Banking account lets you earn interest. You get a 0.01% APY if your balance is under $50,000 and a 0.02% APY for a higher account balance. It supports the same payment methods and overdraft protection that the Advantage Plus Banking account has.

The minimum opening deposit is $100, and the monthly fee is $25. You can avoid the fee with a Preferred Rewards membership or a $10,000 minimum combined balance in your Bank of America accounts. (As of April 23, 2024, you’ll need to either be a Preferred Rewards member or keep a minimum daily balance of $20,000 in your Advantage Relationship Banking account.)

If you want a free checking account, read our review of the best no-cost checking accounts.

Bank of America Advantage Savings

The Bank of America Advantage Savings account suits everyday savings needs when you don’t need the return a high-yield savings account provides. Its standard APY is 0.01%, but it can earn between 0.02% and 0.04% depending on your tier as a Preferred Rewards member.

You must deposit at least $100 to open an Advantage Savings account. While there’s an $8 monthly maintenance fee, the bank automatically waives it for six months. You can continue to have the fee waived if you meet one of the following requirements:

• Maintain a $500 minimum daily balance.
• Link a Bank of America Advantage Relationship Banking account.
• You’re a Preferred Rewards member.
• You’re a minor.
• An account owner is a student younger than 25.

This option has perks to help you meet your savings goals. If you also have a Bank of America checking account and debit card, you can use the Keep the Change option to round purchases up to the nearest dollar and have the “change” put in your savings account. Bank of America’s mobile app and online banking platform also have a savings goal-setting and tracking tool called Life Plan®.

Bank of America Featured CD

The Bank of America featured CD lets you earn a fixed interest rate on a deposit of at least $1,000. The term options are seven, 10, 13, 25 and 37 months. Depending on the term and opening deposit, the APY ranges from 0.05% to 4.75%. You can select a seven- or 13-month term for the most competitive interest rates. The rates below are for a deposit of less than $10,000:

This account is ideal for funds you can leave untouched for at least several months since you could lose up to 180 days’ worth of interest on the amount you withdraw if you take money out before the CD matures. Also, keep in mind that after the initial deposit, you can only add money during the grace period. For CD terms that are at least 28 days, the grace period is seven calendar days.

At the end of the term, the bank will automatically renew the CD unless you decline. If you renew, you’ll get a fixed-term CD with your original term. There’s no annual fee or transfer fee.

Bank of America Fixed-Term CD

The Bank of America fixed-term CD offers 120 term options for flexibility. Your term can be anywhere from one month to 10 years. While most terms have a 0.03% fixed APY, it jumps to 4% with a three-, four- or five-month term. This makes this CD ideal for a high return on short-term savings.

This account works similarly to the featured CD, and it doesn’t have an annual fee or a transfer fee. You’ll need to deposit at least $1,000 and keep it in the account until maturity to avoid losing interest. You also won’t have the option to add more money after the seven-day grace period ends. It automatically renews to the same term and CD type unless you opt out.

Bank of America Flexible CD

The Bank of America flexible CD stands out for giving you access to your money early without a penalty. Making an early withdrawal won’t cost you any of the interest you’ve earned as long as you wait at least seven days after making your opening deposit or a partial withdrawal. If you remove money before six days pass, the bank does charge you seven days’ worth of interest.

The flexible CD has a one-year term and a competitive 4.00% APY. The minimum opening deposit is $1,000. As with the other Bank of America CDs, you can’t make further deposits after the grace period, and there are no annual or transfer fees. When your flexible CD’s term ends, the bank renews it with a nine-month term.

Before opening your Bank of America account, you should understand how the different accounts have specific uses. You should also think about minimum balance requirements, monthly fees and the opening deposit amount you can afford.

Checking Accounts

For everyday spending, the checking accounts offer the most flexibility. You can use your debit card for purchases and ATM transactions and take advantage of options such as online bill pay and money transfers. As long as you don’t choose the Advantage SafeBalance Banking account, you can also write paper checks. The downside is that only the Advantage Relationship Banking account earns interest.

Read our list of the best checking accounts of 2024.

Savings Accounts

Bank of America’s regular savings account works best if you want something with a low minimum opening deposit and don’t mind earning a low interest rate. It’s ideal for setting up automatic transfers from your checking account to save for a specific goal. Your money is easy to access immediately.

Read our list of the best savings accounts of 2024.

CDs

If you have a larger amount to save and prefer a high yield, a Bank of America CD is likely a better fit. Consider which CD type, term and deposit amount are best for you since those factors affect your return. Also think about whether you may need that money early, as you’ll likely pay a penalty unless you choose the flexible CD.

Check out our choices for the best CD rates of 2024.

**Data accurate at time of publication

Editor’s Note: Before making significant financial decisions, consider reviewing your options with someone you trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.