Bank of America Advantage Banking: Open a Checking Account Today

Q: How are checking, savings and certificate of deposit (CD) accounts different?

A checking account is for using your money for everyday needs, like making purchases or payments. Checking accounts usually offer a debit card to use online, at stores and at ATMs. Some checking accounts offer paper checks for making payments. A savings account is for setting aside money for longer-term goals. Savings accounts earn interest and may offer an ATM card for making deposits and getting cash. If you have a Bank of America checking and savings account , you can link them together and access both accounts at ATMs with your debit card. However, debit card payments and purchases withdraw from your checking account. A certificate of deposit (CD) account is for setting aside money for a set time — from 1 month to several years. CDs may pay more interest, but your access to your money is limited until the end of the set time.

Question 1

What is a checking account and how does it work?

Accepted Answer

A checking account is a bank account where you can deposit and withdraw your money when you want. It's the account you'll likely use to deposit paychecks, pay bills, get cash and transfer funds. Checking accounts usually offer a debit card to use online, at stores and at ATMs. Some checking accounts offer paper checks for making payments. Some checking accounts may earn interest.

Question 2

How are checking, savings and certificate of deposit (CD) accounts different?

Accepted Answer

A checking account is for using your money for everyday needs, like making purchases or payments. Checking accounts usually offer a debit card to use online, at stores and at ATMs. Some checking accounts offer paper checks for making payments.

A savings account is for setting aside money for longer-term goals. Savings accounts earn interest and may offer an ATM card for making deposits and getting cash.

If you have a Bank of America checking and savings account, you can link them together and access both accounts at ATMs with your debit card. However, debit card payments and purchases withdraw from your checking account.

A certificate of deposit (CD) account is for setting aside money for a set time — from 1 month to several years. CDs may pay more interest, but your access to your money is limited until the end of the set time.

Question 3

How do I open a Bank of America checking account? Can I open one online?

Accepted Answer

You can apply for a Bank of America checking account online or at a financial center, with a few exceptions.

For SafeBalance Banking® for Family Banking
You can only apply online. This account is for existing Bank of America customers. You must already have a personal checking or savings account with us and an Online Banking account login.

For all other Bank of America checking accounts
If you're applying with someone under age 13, you must apply at a financial center. Otherwise, you can apply online.

How to apply online
1. Select an account and choose Open now to go to the application.
2. Enter and verify your information.
3. Choose features you want to add, like a debit card.
4. Once approved, make the minimum opening deposit of $25 or $100, depending on the account.
5. Check your email for next steps.

How to find a financial center
We have thousands of financial centers and ATMs across the U.S.
Find a financial center or ATM

Question 4

What does FDIC-insured mean?

Accepted Answer

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government. If an FDIC-insured bank or savings association fails, the FDIC protects depositors against the loss of their insured deposits. Deposits are automatically insured up to at least $250,000 per depositor, per FDIC-insured bank, per ownership category.

FDIC deposit insurance is backed by the United States government. FDIC insurance covers all types of deposit accounts — checking, savings, money market savings and CDs — as well as bank individual retirement accounts (IRAs).

Visit the FDIC for more information.

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