You don't need a certain credit score to open a Bank of America checking or savings account, as there is no credit score requirement. Bank of America does not require a credit score for these accounts because they are deposit accounts, not loans or lines of credit. This means you can only withdraw or spend money you've deposited into the account, so your creditworthiness isn't really relevant.
To open a Bank of America checking or savings account, you must be at least 16 years old with a valid SSN or Individual Taxpayer Identification Number. Bank of America requires a minimum deposit of $25 to $100 to open an account.
Popular Bank of America Deposit Accounts
- Bank of America Advantage SafeBalance Banking
- Advantage Plus Banking
- Advantage Relationship Banking
- Bank of America Advantage Savings
Information Bank of America Could Check Before You Open a Deposit Account
While Bank of America doesn't require a specific credit score to open an account, they will likely check to see if you have an existing ChexSystems report. ChexSystems is like the credit reporting agencies, but for bank accounts.
If you've mishandled a bank account in the past - for example, by bouncing checks or failing to pay fees - you may have a ChexSystems report. Based on the information contained in this report, Bank of America may refuse to accept you as a customer.
In addition, even though there is no credit score requirement to open a Bank of America account, Bank of America may still gather your credit history from all three major credit reporting agencies as per their account disclosures. Bank of America may also report information regarding your account to these agencies.
Improve Your Credit With a Bank of America Credit Card
If you're concerned about improving your credit score or beginning to build your credit history, you could consider opening a credit card. It's possible to get a Bank of America credit card account even if you have bad credit. If you're unsure of where you stand, you can check your credit score (and review your credit report) for free on WalletHub.
This answer was first published on 11/28/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
