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Before you apply
Your application process should take around 10 minutes.
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Where can I find my offer code?
Not all offers require an offer code. If you received an offer code in the mail/email or at a Bank of America event, it will be prominently displayed. Enter your code here.
What you'll need to apply
- Name, date of birth, Social Security number (all applicants)
- Phone number and email address
- Physical U.S. address (no PO boxes)
Depending on various factors, we may also ask for a U.S. driver's license or state ID card during your application.
Verifying your identity
If we can't verify your identity online, we'll need to see at a financial center to open an account. Examples of when this may happen:
- You've had issues with your checking history
- You have limited credit/work history in the U.S.
- You (or your co-applicant) are under age 16
Prefer to apply at a financial center? Schedule an appointment
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Why add a savings account?
- Whether you're new to saving or an experienced saver, you can enjoy a wide-range of benefits with a Bank of America Advantage Savings account
- Easily transfer money from your checking account to build your balance.
- Enroll in our Keep the Change® savings program and we'll round up the difference when you make everyday purchases with your Bank of America debit card and transfer the difference from your checking account to the enrolled savings accountFootnote[1]
- Use it as a linked backup account to help cover your payments and purchases through Balance Connect® for overdraft protectionFootnote[2]. Fees may apply. Please refer to your Personal Schedule of Fees (PDF) for more information.
Rates & Fees
Bank of America Advantage Savings Account
| Account balance amount | Standard Annual Percentage Yield (APY) |
|---|---|
| Less than $2,500 | 0.01%Footnote[3] |
| $2,500 and over | 0.01%Footnote[3] |
Effective on or about May 26, 2026, the Preferred Rewards program will become BofA Rewards. At that time, the Preferred Rewards interest rate booster on a Bank of America Advantage Savings account will be discontinued.For more information about BofA Rewards program eligibility, review the Preferred Rewards section of the Personal Schedule of Fees and for a summary of new BofA Rewards benefits, refer to: bankofamerica.com/BofARewards
Preferred Rewards clients get extra interest based their relationship tier.
To enroll in Preferred Rewards you need an eligible Bank of America® personal checking account and a 3-month average combined balance of $20,000 or more in qualifying Bank of America® banking accounts and/or Merrill Edge® and Merrill Lynch® investment accounts. Learn more about Preferred Rewards
|
$8 or $0
For new accounts, we will waive the monthly maintenance fee for six months from account openingFootnote[4]
$0 for each statement cycle that:
You maintain a minimum daily balance of $500 or more in your account
OR
You own a Bank of America Advantage Relationship Banking® accountFootnote[5]
OR
An owner of this account is a member of the Preferred Rewards programFootnote[6]
Effective on or about May 26, 2026, the Preferred Rewards program will become BofA Rewards, and an account owner will need to be enrolled in BofA Rewards and qualify for the Preferred Plus, Preferred Honors, or Premier tiers to waive their monthly maintenance fee. For more information about BofA Rewards program eligibility, review the Preferred Rewards section of the Personal Schedule of Fees and for a summary of new BofA Rewards benefits, refer to: bankofamerica.com/BofARewards
OR
An owner of this account is under the age of 25Footnote[5]
To view all fees, see the Personal Schedule of Fees (PDF). You can also refer to our Clarity Statement (PDF) or Deposit Agreement and Disclosures (PDF) for additional information.
- If you enroll in Balance Connect® for overdraft protection with your credit card, overdraft transfers will be Bank Cash Advances under your Credit Card Agreement and will accrue interest at the APR stated in your Credit Card Agreement. Please refer to your Credit Card Agreement for additional details.
- Annual Percentage Yield (APY) is accurate as of February 26, 2026. These rates may change at any time without prior notice. Fees could reduce earnings on the account.
- For new Bank of America Advantage Savings accounts, we will waive the monthly maintenance fee for six months from account opening. This waiver does not apply if your account has been converted or changed to a Bank of America Advantage Savings account.
- Fiduciary accounts, including trust and estate accounts, do not qualify for the Advantage Relationship Banking additional account benefit or the under the age of 25 requirement to waive the monthly maintenance fee. Additionally, accounts do not qualify for the under the age of 25 requirement to waive the monthly fee based on the age of the Payable on Death beneficiary. When you add an owner under the age of 25 to an existing account, it may take 3 business days before your account meets the requirement to have the monthly maintenance fee waived. Please refer to the Personal Schedule of Fees for more information.
- For Preferred Rewards members in the Gold, Platinum, or Platinum Honors tiers, the monthly maintenance fee waiver applies to the first 4 checking and 4 savings accounts. The monthly maintenance fee waiver is unlimited for clients in the Diamond Honors tier. For Preferred Rewards program eligibility requirements, go to Preferred Rewards.
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Helping you stay protected with ID verification
We take your privacy and security seriously. That's why we may ask to see you at a financial center to verify two forms of ID.
You'll need one primary and one secondary ID per applicant. Your primary ID is a government-issued photo ID like a U.S. driver's license, learner's permit, state ID card or passport. Your secondary ID can include a student or work ID, proof of insurance, or bank card from another financial institution.
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