How to open an account at Bank of America and its requirements

In the United States it is almost impossible to live nowadays without having at least one checking account, since many day-to-day transactions are difficult to do without it, besides making your life easier.

Among the hundreds of banks that exist in the country, several stand out for their size and expansion, such as Bank of America, which has offices in most states of the union.

If you are interested in opening an account with Bank of America, we explain what it takes, the requirements they ask for and what the process is like.

How to open an account at Bank of America?

To open a checking or savings account at Bank of America you can do it in person or online, through their website or mobile app. Depending on the method used, the steps may vary:

Online

By accessing Bank of America's website you can access a list of their accounts so you can compare them and choose the one that suits you best. By clicking on the blue "Get Started" or "Open Now" button, you will be taken to an application form.

How to open an account at Bank of America?

Follow the steps, filling in your personal details, which should take no more than 10 minutes. You may need to send some documentation to verify your data.

If you have any doubts in the process you can call 844-375-7031 for an agent to help you complete the form. You can also call Bank of America's customer service phone number: 800-432-1000.

From your branch

Another option for opening an account at Bank of America is to go to the branch nearest you or the one you prefer, where you will have to contact an agent who will guide you through the process.

Whether you open the account online or at a branch, the last step will be to transfer or deposit the initial deposit needed to complete the opening.

Requirements for opening a Bank of America account

This financial institution is quite permissive when it comes to accepting account opening applications, so you don't need to meet many requirements, just the following:

  • You must be at least 18 years of age or, if you are a minor, be accompanied by a responsible adult (parent or legal guardian).
  • You must have a U.S. residence address (even if you are not a permanent resident).
  • You need to have an identity document (with a photo if you are not a permanent resident) such as a Social Security Number (SSN), ITIN, driver's license, passport, or foreign identification document, if applicable.
  • If you want to access online banking, you will also need a cell phone and an email account.

Opening a BofA account if you are not a permanent resident

First of all, we want to tell you that Bank of America is one of the best options to open an account if you do not have citizenship or green card (for permanent resident aliens).

This is because it is one of the largest banks in the United States and its policies regarding non-residents are more flexible compared to most financial institutions.

The process is the same as what we have seen above, except for the fact that you have to go to a branch to do the process, you can't do it online.

Whether you are going to study/work in this country or you are there for business reasons, the most important requirement will be an address (your own or a relative's) in the United States and your permanent address abroad.

In addition, you will need to provide an Individual Tax Identification Number (ITIN). There is also the possibility of opening an account without an ITIN, but then you would have to contribute a much larger initial amount, which can be in excess of $10,000.

Bank of America Checking Accounts

This bank groups its checking accounts under the name Advantage Banking, as if it were a single account with different versions, although in practice they are different products.

With all of them you can enjoy free access to online banking through the bank's website or mobile app, free debit card, alerts, anti-fraud protection and many other features.

In addition, Bank of America allows you to use Zelle, the platform to make free payments to family, friends and acquaintances who have a U.S. bank account.

Here we summarize the most important information of each one, but you can learn all the details of their accounts on the Bank of America website.

Advantage SafeBalance Banking Checking Account

This is Bank of America's most basic account, although it offers you full functionality, except for the ability to write checks, and can be opened with an initial deposit of only $25.

The monthly maintenance fee is $4.95 and can be avoided by meeting any of these requirements:

  • Be a student and under the age of 25.
  • Be enrolled in the Preferred Rewards program.

Advantage Plus Banking Account

With this account you have full operability, including the option to purchase paper checks to pay for purchases and payments. It allows you to set up the Balance Connect option to protect against overdrafts by using the balance of other accounts in the bank.

It has a $12 per month handling fee and you have more options than the SafeBalance account to avoid this fee:

  • Be a student and under the age of 25.
  • Be enrolled in the Preferred Rewards program.
  • Maintain a minimum balance of $1,500.
  • Make a direct deposit of at least $250 each month.

You may be interested in: Bank of America Credit Cards

Advantage Relationship Banking Account

This Bank of America instrument is designed for customers with high balances and who want to earn interest. It also has physical checks and an overdraft protection program.

It can be opened with an initial deposit of $100 and the return on the account depends on the balance:

  • Up to $50,000 the interest rate is 0.01% APY.
  • Above $50,000 the interest rate is 0.02% APY.

The maintenance fee is $25 per month and the options to waive it are as follows:

  • Have a combined balance of $10,000 in Bank of America checking and savings accounts.
  • Be enrolled in the Preferred Rewards program.

Bank of America Savings Accounts

This financial institution offers a variety of demand and time deposits designed to save, both for medium-term projects and for retirement.

Thus, we can find savings accounts as well as certificates of deposit and IRA accounts for retirement once we stop working.

Advantage Savings Account

This interest-bearing account to save those savings that you are not going to need in the short term, has the money fully available to transfer it to another account when you need it, although with a limit of 6 free withdrawals each month.

You can open it as low as $100 and the current yield is a minimum of 0.01% APY, which can go up to 0.04% APY if you are a Platinum Honors member of the Preferred Rewards program.

The monthly fee for the Bank of America Advantage Savings account is $8, and if you want to avoid it, you have the following options:

  • Minimum balance of $500.
  • Be an Advantage Relationship Banking account holder at BofA.
  • Be enrolled in the Preferred Rewards program.
  • Be a student under the age of 25 or under the age of 18 (in the latter case, an adult is required to open the account).

Bank of America Preferred Rewards Program

If you have an account with Bank of America you can enroll in their Preferred Rewards program if you have a combined balance between BofA and Merrill accounts of at least $20,000.

This program gives you multiple benefits, such as fee avoidance, higher returns on savings and deposit accounts, and discounts on interest on personal loans and mortgages.

Español: Cómo abrir una cuenta en Bank of America