Bank of America requires a minimum opening deposit, but the amount depends on the account type you choose
Bank of America does not have a single opening deposit requirement across all accounts. The amount you need to bring depends on which checking or savings account you open. Some accounts require $0 to open; others require $100 or $500. The account you choose affects not just the opening deposit but also monthly fees, interest rates, and features like overdraft protection.
Before you go to a branch or open an account online, you should know which account type fits your situation. The difference between a basic checking account and a premium one can mean the difference between paying $12 a month in fees and paying nothing.
Key Takeaways
- Bank of America's most basic checking account (Advantage SafePass) requires no opening deposit and has no monthly maintenance fee if you use direct deposit.
- Premium accounts like Preferred Rewards require higher opening deposits ($500 or more) but offer benefits like higher interest rates and fee waivers.
- You can meet the opening deposit requirement by transferring money from another bank account or depositing cash at a branch.
- If you set up direct deposit, many Bank of America accounts waive their monthly maintenance fee regardless of opening deposit amount.
- The opening deposit is your own money — it stays in the account and counts toward your balance.
Bank of America account types and their opening deposit requirements
Bank of America offers several checking and savings accounts, each with different opening deposit rules. The Advantage SafePass checking account requires $0 to open and has no monthly maintenance fee if you receive direct deposits. This is the account most people new to Bank of America should consider first, because it has no hidden costs and no deposit barrier.
The Advantage Plus checking account also requires $0 to open but charges a $12 monthly maintenance fee unless you meet one of several conditions: maintaining a $1,500 minimum balance, setting up direct deposit, or having a linked Bank of America savings account with $500 in it. If you use direct deposit, the fee is waived.
The Preferred Rewards checking account requires a $500 opening deposit and is designed for customers who want premium features. It waives the $12 monthly fee if you maintain a $500 minimum balance or receive direct deposits. This account offers higher interest rates on linked savings accounts and other perks, but only if you meet the opening deposit and ongoing balance requirements.
Bank of America also offers savings accounts with varying opening deposit requirements. A basic savings account may require $0, while higher-yield savings accounts tied to Preferred Rewards may require $500 or more. Ask a representative which savings account pairs with your checking account choice.
How to meet the opening deposit requirement
The opening deposit is simply the money you put into the account when you open it. You can meet this requirement in several ways. If you are opening the account online, you can transfer money from another bank account you own — Bank of America will ask for your other bank's routing number and your account number. The transfer typically takes one to three business days to complete.
If you are opening the account at a Bank of America branch in person, you can bring cash or a check. A teller will deposit it immediately, and the money is available right away. You can also bring a debit card from another bank and ask the teller to transfer funds from that account to your new Bank of America account.
The opening deposit counts as part of your account balance. If you open an account with a $500 opening deposit, that $500 is now in your account and available to use. It is not a separate fee or charge — it is your money.
When direct deposit waives the opening deposit requirement
If you plan to set up direct deposit (your employer or benefit provider sends your paycheck or payment directly to your Bank of America account), you may be able to waive the opening deposit on some accounts. Bank of America sometimes runs promotions that eliminate opening deposit requirements if you commit to receiving direct deposits.
However, these promotions change frequently and vary by location and account type. The safest approach is to assume you need to meet the stated opening deposit requirement when you open the account, then set up direct deposit afterward. Once direct deposit is active, it will waive any monthly maintenance fees on may have access to accounts going forward.
If you are opening an account specifically because you have direct deposit coming, mention this to the Bank of America representative. They can tell you whether a current promotion applies to you and which account makes the most sense for your situation.
Opening a Bank of America account online versus in person
Opening online is faster and requires no travel. You can complete the process in 10 to 15 minutes using Bank of America's website or mobile app. You will need a valid government-issued ID, your Social Security number, and a way to fund the account (another bank account for a transfer, or a debit card). The account is usually ready to use within one business day, though transfers from other banks take longer.
Opening in person at a branch takes longer but gives you a chance to ask questions and understand your options before committing. A representative can explain which account type fits your needs, help you set up direct deposit on the spot, and answer questions about fees and features. Bring your ID, Social Security number, and the opening deposit (cash, check, or debit card).
Both methods require you to meet the opening deposit requirement for the account type you choose, unless a promotion waives it. Online accounts and in-person accounts have the same rules and fees.
What happens if you cannot meet the opening deposit
If the opening deposit is a barrier, open the Advantage SafePass account instead. It requires $0 to open and has no monthly fee if you use direct deposit. You can start with this account and switch to a different one later if your situation changes.
Another option is to ask a Bank of America representative whether you can open an account with a smaller deposit than the stated requirement. Some branches have flexibility, especially if you are opening an account to receive direct deposit. It never hurts to ask, but do not count on it — the stated requirement is what you should plan for.
If you are opening an account to receive a government benefit (Social Security, unemployment, tax refund), Bank of America participates in programs that may waive opening deposit requirements. Ask the representative whether you are opening the account for this purpose, and they can tell you whether a waiver applies.
Frequently Asked Questions
Can I open a Bank of America account with no money at all?
Yes, if you choose the Advantage SafePass checking account. It requires $0 to open and has no monthly maintenance fee if you receive direct deposits. You can add money to the account after opening it, either by transferring from another bank or by depositing cash at a branch.
Does the opening deposit stay in my account?
Yes. The opening deposit is your money and becomes your account balance. You can spend it, transfer it, or leave it there. It is not a fee or a separate charge.
What if I transfer money to meet the opening deposit and then move it to another account?
You can withdraw or transfer the opening deposit once the account is open. However, if your account requires a minimum balance to waive monthly fees, withdrawing the deposit may trigger the fee. For example, if you open Advantage Plus with a $1,500 transfer and then withdraw it, you will owe the $12 monthly maintenance fee unless you meet another waiver condition (like direct deposit).
How long does it take to open a Bank of America account?
Online accounts are usually ready to use within one business day. In-person accounts are ready immediately, though transfers from other banks to fund the account take one to three business days. Direct deposit setup can take one to two pay cycles to activate.
Do I need to open a savings account at the same time as checking?
No. You can open just a checking account. However, linking a savings account with $500 in it is one way to waive the monthly maintenance fee on some checking accounts, so it may be worth considering if you plan to save money anyway.