How to Open A Bank Of America Account: Minimum Deposit and Other Requirements

Bank of America is the second largest bank in the U.S., with more than $3 trillion in assets. With around 6,000 convenient branch locations across the country, Bank of America often comes to mind when considering a new bank. The company offers multiple accounts to serve its customers and provides traditional and modern banking services, including desktop mobile access, bill pay, and mobile check deposit. Follow these steps when you’re ready to open an account with Bank of America.

6 steps to open an account with Bank of America

Step 1: Select an account

Bank of America provides checking, savings, and certificates of deposits (CDs) for individual and joint accounts. Accounts have some variations (outlined in the next section). For example, the “Bank of America Advantage” account offers three flexible tiers. Bank of America CDs also have varying terms, depending on the customers' objectives.

Most new customers will start with a checking account, but Bank of America allows you to open a savings account simultaneously. Unfortunately, its savings account interest rates range from just 0.01% to 0.04%, whereas CD savings rates range from 0.03% to 4.75%. In other words, CDs are a better option than savings accounts for earning interest if you do not need to access the funds immediately.

Step 2: Enter and verify your personal information

New customers can open a Bank of America in person at a branch location or on the website. Once you decide on the account you wish to open, the online application process will ask for the following personal information.

• Name.
• Date of birth.
• Address.
• Phone number.
• Email.
• Citizenship.
• SSN.
• Country of residence.*
• Employment status.
• Primary source of income.
• Occupation.
• Co-applicant for joint accounts.

* You are required to have a physical U.S. address to open an account.

If you are only opening a CD account, you must first enter the CD term and initial deposit amount.

Upon completing the personal information form, you will be prompted to continue. At this point, you’ll be asked to authorize Bank of America to obtain a credit report (or additional information) from other sources to verify the personal information you provided. Applications must meet certain requirements to proceed.

Step 3: Account setup

After clicking “Continue,” the applicant is required to choose how to make their first deposit from these three choices:

• Transfer from another bank.
• Use a debit card from another bank.
• Deposit by cash or check.

Next, select if you want a debit card with your account. You’ll be asked to input and verify a personal identification number (PIN) for your debit card, which will arrive at your address in four to six business days.

Customers can opt into early enrollment in the “Preferred Rewards” program. This only applies if you expect to deposit $20,000 or more within the first 30 days of opening an account. Preferred Rewards provides exclusive benefits to boost earnings and reduce certain fees.

Step 4: Review disclosures, terms, and conditions

Applicants must review and agree to a series of disclosures and terms and conditions before submitting the final application. The list includes:

• eCommunications Disclosure for receiving account information
• Tax Certification Form to ensure your tax information is accurate and reported to the IRS correctly
• Deposits Product Legal Documents
• Privacy Notice
• Affiliate Marketing Notice

Only applicants who agree to the terms can open accounts.

Step 5: Review and submit

The second last step is to review your application summary and click the final “Submit” button. You'll receive confirmation that your application is under review, plus an email confirmation and confirmation number. Bank of America will send another email when they've approved your account application. Check your email inbox and spam folder to ensure you receive the message.

Step 6: Enroll in online banking

The final step is to enroll in online banking. You'll need your account, Social Security number, or Taxpayer Identification Number (TIN). Enter the number, and then, enter your email address for verification. The system will send an authorization number to your email address, which you'll enter on the next page. You'll be asked to verify your 16-digit ATM/debit card number and your debit card PIN.

After submission, you must review and agree to the terms and conditions, and then, select an online ID and passcode. Then, confirm you are using a trusted device. Now, your online account access is ready.

You can log in to your account and start banking online.

Types of Bank of America accounts

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Checking accounts

Bank of America offers three types of checking accounts with flexible benefits for your banking needs. Please note: “Minimum daily balance” indicates the amount the balance cannot fall below for the monthly fee to be waived.

Bank of America Advantage SafeBalance

The “Advantage SafeBalance” is a checking account with no overdraft fees and $0 liability for unauthorized transactions. It’s designed for those with limited banking needs: generally, those ages 16-24, who primarily conduct their banking online and through the mobile app. (There are no check-writing privileges with this account.) The account has a $25 minimum deposit and does not pay interest.

The $4.95 monthly fee is waived if the account holder:

• Is under age 25.
• Maintains a $500 minimum daily balance.
• Is a Preferred Rewards member.

Bank of America Advantage Plus Banking

The “Advantage Plus” account is a step up, offering the same services as the SafeBalance plan—plus paper check writing capabilities. The minimum opening deposit is $100.  

The $12 monthly fee is waived if the account holder:

• Makes at least one monthly qualifying direct deposit of $250 or more.
• Maintains a $1,500 minimum daily balance.
• Is a Preferred Rewards member.

Bank of America Advantage Relationship Banking

The “Advantage Relationship” account offers the same services as the Advantage Plus account with a few extra perks. It has a $100 minimum deposit amount, and funds in the account earn interest (albeit only 0.01%-0.02%). The account also charges no fees for incoming domestic wire transfers, stop payments, and other services.

The $25 monthly fee is waived if the account holder:

• Maintains a $20,000 minimum daily balance.
• Is a Preferred Rewards member.

Bank of America Advantage Savings

The “Advantage Savings” account connects to your primary checking account and earns interest. Rates are not competitive, and we recommend using CDs instead of a savings account if you have sufficient funds in your checking account to cover expenses. The account has a $100 minimum deposit amount.

The $8 monthly fee is waived if the account holder:

• Is under the age of 25.
• Maintains a $500 minimum daily balance.
• Links their account to their Bank of America Advantage Relationship Banking account, Bank of America Advantage with Tiered Interest Checking account, or Bank of America Advantage Regular Checking account.
• Is a Preferred Rewards member and qualifies for the Gold, Platinum, Platinum Honors, Diamond, or Diamond Honors tiers.

CDs

Bank of America offers three types of CDs: Featured CDs, Fixed CDs, and Flexible CDs. Each type requires a minimum deposit of $1,000. CDs have no monthly fees, but Bank of America will charge an early withdrawal fee if deposits are taken out before the end of the term.

Featured CDs

Bank of America’s Featured CDs offer the most compelling savings rates. The terms available are 7-month, 10-month, 13-month, 25-month, and 37-month. Interest rates range from 0.05% to 4.80% APY.

Fixed CDs

Bank of America’s Fixed CDs give savers more term options. However, the interest rates are less compelling than Featured CD rates. CD terms range from one month to 19 months, and rates range from 0.03% to 4.00% APY; however, most rates are at the low end.

Flexible CD

Bank of America’s Flexible CD is a 12-month savings product that pays 4.25% APY. Its main advantage is that the early withdrawal penalty is waived if a customer withdraws funds after the first six days of opening an account.

How to choose the right account at Bank of America

When selecting a checking account, determine whether you’ll need to write paper checks. Only the Advantage Plus Banking or Advantage Relationship Banking account offers this service. Of these two accounts, the Advantage Plus Banking account is the most appropriate account for most people because the Advantage Relationship Banking account has a high threshold to avoid monthly fees and pays a noncompetitive interest rate.

For those who seek to earn interest on excess cash, the Bank of America Advantage Savings account is not recommended because of its noncompetitive savings rates. It’s advisable to choose one of Bank of America’s Featured CDs, instead. CD interest rates vary dramatically by term and rates, and the auto-renewal policy will reinvest mature CDs into fixed CDs, which pay significantly lower rates. A 7-day grace period is in place to allow customers to renew matured CDs manually.

If you need frequent access to savings, want to earn meaningful interest, and do not want to risk an early withdrawal penalty from a CD, savers should look to other banks that offer savings accounts with more compelling interest rates.

Why choose Bank of America

Bank of America is one of the nation's largest consumer banks. Like many of its larger peers, its personal banking accounts have limitations, fees, and low rates. The bank stands out for its in-person access, with thousands of locations in 39 U.S. states and territories. If you prefer convenient branch access near your home—or across the country when you’re traveling—Bank of America is a good choice for your basic banking needs.

The company provides all the standard banking services, such as online and mobile banking, bill pay, mobile check deposit, and money transfer capabilities. So, if branch access is convenient and important, Bank of America provides sufficient checking account services (assuming you can avoid the monthly fee). However, the savings options are disappointing and may not be suitable for those who value liquidity and competitive interest rates.

TIME Stamped

Bank of America has a straightforward process for opening an account online. Follow the steps outlined in this article to open an account. Research available account offerings and how they can help you achieve your financial objectives. Note that the savings account may not be suitable for those who expect competitive interest rates. CDs can provide better rates, but beware of the auto-renewal policies to avoid your money getting tied up in accounts with noncompetitive rates.

Frequently asked questions (FAQs):

Can a foreigner open a bank account in the USA?

Foreign professionals with physical U.S. addresses who are not U.S. citizens or permanent U.S. residents can open an account. Accounts must be opened in person, and applicants must present two forms of identification, a foreign address and a Foreign Tax Identification Number (FTIN) to qualify.

How much money do you need to open a bank account in America?

U.S. bank account minimums typically range from $0 to $100. Remember that many traditional banks will charge a monthly fee, requiring customers to maintain higher minimums to avoid fees. Bank accounts with premium services may require higher minimums to receive advanced benefits.

What documentation do I need to open a bank account?

Banks vary on the specific information they require and collect from new customers. U.S. citizens will typically need to provide personal information, such as legal name, physical address, date of birth, address, phone number, email address, and Social Security number. A government-issued photo ID and document to verify your address may also be required.