How to Open a Bank of America Account

Bank of America has several checking, savings, and CD accounts, and they can be opened online, in person, or over the phone. In this article, we'll take a step-by-step look at how you can open a Bank of America account quickly and easily.

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:

• Your Social Security number
• Your current address
• Your phone number and email address
• Information about your current bank account for your opening deposit (if applicable)
• All of this information for your co-applicant, if you're opening a joint account

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.

1. Decide which account is best for you

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:

• Bank of America Advantage Savings: The standard savings account offered by Bank of America. The Bank of America Advantage Savings account has a low monthly maintenance fee that is easy to waive by meeting certain requirements.
• Bank of America Standard CD: The bank's standard CD product, with terms ranging from six months to five years.
• Bank of America Featured CD: Bank of America's promotional CDs, which offer higher APYs but have higher minimum deposit requirements.
• Bank of America Advantage Banking: Bank of America's checking account product, which comes in three different varieties. There's the Bank of America Advantage SafeBalance Banking basic account, the Bank of America Advantage Plus Banking account with more features, or the Bank of America Advantage Relationship account for those with larger balances.

In addition to these, there are two types of business checking accounts, as well as 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.

2. Fill out the new account application

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.

3. Make your opening deposit

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:

• Transfer money from an account you have at another bank
• Transfer money from an existing Bank of America account
• Deposit cash or check at a Bank of America branch
• Mail in a check or money order
• Use a debit card

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.