While stashing money in a piggy bank may work for children, a personal safe or hiding place might not be the best place for an adult to store hard-earned cash. Bank accounts are insured by the federal government to up to $250,000 per depositor, making them one of the safest places to keep your money. It generally doesn't cost anything to open a bank account, though you may have to meet deposit requirements and pay fees to keep one open. Show
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Minimum DepositsBanks usually don't charge customers to open accounts for a simple reason: they want clients to deposit cash so they can use it to make loans. Charging people would make it harder to attract the money they need to operate, which is counterproductive to a bank's desired bottom line. However, banking institutions will typically require a minimum deposit in order for you to open an account with them. For instance, a bank might require you to put at least $100 into a new account. Those requirements help ensure banks don't waste time and resources dealing with very small accounts. But, you often are given time to come up with the deposit, and this varies by bank. Maintenance FeesWhile it doesn't cost anything to open an account, a bank can charge fees once you've done so. Some charge maintenance or account fees which are monthly costs you have to pay for having an account. Savings accounts often don't have maintenance fees, though many banks have maintenance charges for checking accounts. Some banks let you avoid monthly fees if you meet certain requirements, such as keeping your balance above a minimum level, or utilizing direct deposit. Additional CostsBanks may use a variety of fees above and beyond normal maintenance fees. These may include extra costs for canceling an account too soon after opening it and for receiving paper statements instead of opting to have them delivered via email. It's important to read the terms and conditions carefully to understand the fees that apply to your account. Always ask if you're not sure. Interest PaymentsBanks usually pay interest on the cash you put into an account, which allows your balance to grow over time, even if you don't make more deposits. For instance, if you put $1,000 in an account with a 3 percent annual interest rate, you'll receive $30 in interest over the first year just for letting your cash sit in the account, which can help cover the cost of any fees. Skip to main content Bank of America Advantage Banking Which is best for you?
SafeBalance®Checkless banking with flexible ways to pay Advantage PlusEveryday banking with more ways to waive the monthly fee Advantage RelationshipPerks for higher balances, like fee waivers and interest Bank of America Advantage SafeBalance Banking®Checkless banking with flexible ways to pay $XXXX or $0 Avoid the monthly fee We’ll waive the monthly maintenance fee each statement cycle that you:
OR OR OR Bank of America Advantage Plus Banking®Everyday banking with more ways to waive the monthly fee $XXXX or $0 Avoid the monthly fee We'll waive the $XXXX monthly fee each statement cycle that you:
OR OR OR Bank of America Advantage Relationship Banking®Perks for higher balances, like fee waivers and interest $XXXX or $0 Avoid the monthly fee We'll waive the $XXXX monthly fee each statement cycle that you:
OR OR Here's how it worksBank of America Advantage Banking is a checking account layer with three settings. Pick the one that works. If life changes, just switch it up. What is a checking account?A checking account is a type of deposit account that enables you to deposit and withdraw available funds on demand, typically by writing a check or using a debit card. Checking accounts are sometimes interest-bearing. SafeBalance®Checkless banking with flexible ways to pay Advantage PlusEveryday banking with more ways to waive the monthly fee Advantage RelationshipPerks for higher balances, like fee waivers and interest Bank of America Advantage SafeBalance Banking®About SafeBalance®:
$XXXX or $0 monthly feeWe'll waive the monthly maintenance fee each statement cycle that you: Are an owner of this account under age 25 and qualify as a Student OR Are an owner of this account under age 18 OR Are enrolled in Preferred Rewards To view all fees see the Personal Schedule of Fees. You can also refer to our Clarity Statement for additional information. About SafeBalance®:
$XXXX or $0 monthly feeWe'll waive the monthly maintenance fee each statement cycle that you: Are an owner of this account under age 25 and qualify as a Student OR Are an owner of this account under age 18 OR Are enrolled in Preferred Rewards To view all fees see the Personal Schedule of Fees. You can also refer to our Clarity Statement for additional information. Bank of America Advantage Plus Banking®About Advantage Plus:
Bank of America Advantage Plus Banking®About Advantage Plus:
Bank of America Advantage Relationship Banking®About Advantage Relationship:
Bank of America Advantage Relationship Banking®About Advantage Relationship:
Which is best for you?Easy, anytime accessEasy, anytime accessVisit us at thousands of financial centers and ATMs or have a quick chat with Erica, your virtual banking assistant. Visit us at thousands of financial centers and ATMs or have a quick chat with Erica, your virtual banking assistant. Visit us at thousands of financial centers and ATMs or have a quick chat with Erica, your virtual banking assistant. Convenient ways to pay24/7 securityUse your debit card, a digital wallet, or pay friends securely with Zelle® right from your phone. Total Security Protection® and fraud monitoring. Safer login, card locking features and more. Total Security Protection® and fraud monitoring. Safer login, card locking features and more.  24/7 securityConvenient ways to payTotal Security Protection® and fraud monitoring. Safer login, card locking features and more. Use your debit card, a digital wallet, or pay friends securely with Zelle® right from your phone. Use your debit card, a digital wallet, or pay friends securely with Zelle® right from your phone. Smart money management toolsSmart money management toolsSet custom alerts and savings goals. Get cash back deals and rewards customized for you. Set custom alerts and savings goals. Get cash back deals and rewards customized for you. Set custom alerts and savings goals. Get cash back deals and rewards customized for you.
Here's what you'll get with each account setting Our $0 Liability Guarantee credits fraudulent transactions made with your debit card back to your account as soon as the next business day if your card is lost or stolen. Deposit a check into your account using the camera on your smartphone or tablet and the Mobile Banking app. Don't worry: Check images are stored securely at the bank and never on your device. You can see the big picture with our interactive Spending and Budgeting tool. Track your habits and set up budgets to take more control over your money. Lock a missing card quickly and easily to prevent unauthorized use. Need your new card fast? Request a digital card through our mobile app. Cards can be added to a digital wallet for use at stores, cardless ATMs and more. Know now and react fast to important account changes. You can set custom alerts via email or text for things like a low balance, a pending deposit, an upcoming bill and more. Need to access your account quickly? Log in to the Bank of America Mobile Banking app using the fingerprint feature on your mobile device. Here's what you'll get with each account settingOur $0 Liability Guarantee credits fraudulent transactions made with your debit card back to your account as soon as the next business day if your card is lost or stolen. Deposit a check into your account using the camera on your smartphone or tablet and the Mobile Banking app. Don't worry: Check images are stored securely at the bank and never on your device. You can see the big picture with our interactive Spending and Budgeting tool. Track your habits and set up budgets to take more control over your money. Lock a missing card quickly and easily to prevent unauthorized use. Need your new card fast? Request a digital card through our mobile app. Cards can be added to a digital wallet for use at stores, cardless ATMs and more. Know now and react fast to important account changes. You can set custom alerts via email or text for things like a low balance, a pending deposit, an upcoming bill and more. Need to access your account quickly? Log in to the Bank of America Mobile Banking app using the fingerprint feature on your mobile device. The student advantageWe remember what it's like just starting out. That's why there is no monthly maintenance fee for Students under 25. Student waivers for Advantage SafeBalance and Advantage PlusStudents under age 24 are eligible for a waiver of the monthly maintenance fee for the Advantage SafeBalance and the Advantage Plus setting while enrolled in a high school, college, university or vocational program. Please refer to your Personal Schedule of Fees for details. Looking for more?| Top Checking FAQs How can I open a checking account with Bank of America? You can apply online for a checking account, savings account, CD or IRA. Simply select an account, enter your personal information, verify your information and choose features & funding options. You will receive an email once your application is received and a follow-up email telling you whether it has been approved, plus any next steps. Change your mind? No problem. Call us or come in to switch settings. Compare Settings
Please select your countyEnter your zip codePlease enter the zip code for your home address so we can give you accurate rate and fee information for your location. How much money is needed to open a checking account?You might decide that a checking or savings account is the right product for you. If you do, opening an account at a bank or credit union is straightforward. The interest they pay for savings accounts You usually need to make an initial deposit between $25 and $100 to open a savings or checking account.
Can I open a checking account with no money?The short answer is yes. You don't need a deposit to open a bank account, if you choose a bank that doesn't require one. A handful of online-only banks and banks with online banking do not require a deposit. Just make sure to review the features, terms, and fees of the bank to determine if it's the right one for you.
Does making a checking account cost money?Even if your bank doesn't require a minimum deposit, it may still cost you just to have the account open. Many banks charge a monthly maintenance, or service, fee to their customers just for having an account. They can range anywhere from $4 to $25.
What is required to open a checking account?Checking account: A checking account can be opened individually or jointly, and you'll need your basic information, Social Security number, driver's license, and a minimum opening deposit amount. Most checking accounts come with checks, some don't - choose which you'll need.
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How much does it cost to start a checking account
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