You can open a bank account at Bank of America at a branch, over the phone, on your desktop computer or on a mobile device. Show Whichever way you decide, you’ll want to follow these four steps. 1. Choose which accounts best suit youThe national bank offers three main options for checking and one for savings. CheckingBank of America Advantage SafeBalance Banking®. This account is for someone who keeps a low balance and doesn’t need checks. Eligible students under age 24 can avoid the monthly fee. Bank of America Advantage Plus Banking®. This is the standard checking option with four ways to avoid the monthly fee, including receiving direct deposits. Paper checks are available for a fee. This account has overdraft programs that help you cover transactions if you don’t have enough money in checking. (Compare overdraft fees by bank.) Bank of America Advantage Relationship Banking®. This account is for customers who keep high balances and, unlike the other two accounts, offers some interest. Overdraft programs and checks are available. SavingsBank of America Advantage Savings. The interest rate is low and the monthly fee is high for a savings account, though there are multiple ways to waive it. You don’t have to open both checking and savings at the same bank. If you’re looking for high rates, compare Bank of America’s savings option with those at online banks: Other bank accountsCertificates of deposit and kids savings accounts are available. CD terms range from 28 days to 10 years, but rates are low. 2. Gather materialsHere are things you’ll need. Your information:
Your identification: This isn’t part of the online-opening process, but if you open an account at a bank branch, you’ll need two forms of ID, which can include a driver’s license, passport or state ID. 3. Fill out the applicationYou can do this through Bank of America’s website on a computer or mobile device, over the phone or at a branch. If you’re missing some materials and can’t complete an application online, visit the nearest Bank of America branch. 4. Fund the accountSet up a transfer from your existing checking or savings account, or you can pay with cash, a debit card, money order or check at a local branch. The minimum opening deposit for many Bank of America accounts is $100. Standard Term CDs require $1,000.
sshepard / Getty Images Whether you need a convenient way to pay bills, track your finances or provide proof of payment, having a checking account can come in handy. It also serves as a more secure method of payment than cash. Although there’s no shortage of financial institutions to choose from when you’re interested in opening an account, Bank of America, Member FDIC, is ranked as one of the best national banks of 2022. So it’s not by accident that the bank has several good checking account options for you to consider. Read on for the full details of the bank’s Advantage Banking checking accounts and what you’ll need to open an account. What Do You Need To Open an Account at Bank of America?To open a checking account with Bank of America, you’ll need to provide your personal information to complete the application, including:
You’ll be required to show two forms of identification. Acceptable primary forms of ID include:
Your second form of ID verifies your primary ID. Types of acceptable secondary IDs include:
Decide Which Bank of America Account Is Best for YouOnce you’ve gathered your documents, you’ll need to choose the Bank of America checking account that best suits your needs. Bank of America currently offers three options:
Now that you’ve reviewed what Bank of America’s Advantage Banking checking settings have to offer, you can make an informed decision as to whether one suits your needs. If you’re still not sure or want to read more before you decide, check out a review of the bank that covers its products, fees and how it compares to its competitors. Bank of America Checking Account FAQAlthough the basic idea behind a checking account can be simple to understand, there are still many common questions surrounding them, in part because there are so many different kinds. Here are the answers to some of the most frequently asked questions regarding checking accounts.
This article has been updated with additional reporting since its original publication. Information is accurate as of Sept. 28, 2022. Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article. Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article. Alicia Bodine is a New Jersey-based writer specializing in finance, travel, gardening and education. With more than 13 years of experience, her work has appeared in Chron.com, Livestrong, eHow, USA TODAY, GlobalPost, Education.com and wiseGEEK. Learn More |