You've landed on this page because you're wondering, what exactly am I looking at when I log into my Bank of America account? Is this a checking account or a savings account? It's a common question, and understanding the difference is crucial for managing your money effectively.
Let's dive in and demystify your Bank of America accounts, step by step!
How to Know if Your Bank of America Account is Checking or Savings
Knowing the type of account you have with Bank of America is fundamental to understanding how you can use it, what fees might apply, and how your money grows (or doesn't!). While both checking and savings accounts are designed to hold your money, they serve very different purposes and come with distinct features.
Step 1: Engage with Your Bank of America Online Banking or Mobile App
The quickest and most reliable way to identify your account type is by accessing your Bank of America online banking portal or mobile app.
Accessing Online Banking:
- Open your web browser and navigate to the official Bank of America website (
www.bankofamerica.com - Locate the "Sign In" or "Log In" button, typically found in the top right corner of the homepage.
- Enter your User ID and Passcode to access your accounts. If you haven't set this up yet, you'll need to enroll in online banking first.
Using the Mobile App:
- Open the Bank of America Mobile Banking app on your smartphone or tablet.
- Log in using your credentials, which may include your User ID and Passcode, or even biometric authentication like Face ID or fingerprint.
- The app's dashboard will usually display an overview of your accounts.
Step 2: Identify Account Names and Descriptions
Once you've successfully logged in, look at the list of your accounts. Bank of America typically names its accounts in a straightforward manner.
Sub-heading 2.1: Looking at Account Titles
- You will almost certainly see titles like "Advantage Plus Banking", "SafeBalance Banking", or "Student Banking". These are generally checking accounts.
- For savings accounts, you'll likely see names such as "Advantage Savings" or "Minor Savings".
- Sometimes, the word "Checking" or "Savings" will be explicitly stated next to the account name or number.
Sub-heading 2.2: Checking for Account Nicknames
- Many users customize their account names with nicknames (e.g., "Bills Account," "Emergency Fund"). While helpful for personal organization, these nicknames do not indicate the account type. You'll need to look for the official Bank of America designation next to or under the nickname.
Step 3: Review Account Features and Details
If the account name isn't immediately clear, or if you want to confirm, delve into the details of each account.
Sub-heading 3.1: Checking Account Indicators
- Debit Card Access: If your account is linked to a debit card that you use for everyday purchases and ATM withdrawals, it's almost certainly a checking account. Savings accounts typically do not come with a debit card for direct spending.
- Check Writing: The ability to write paper checks directly from the account is a definitive sign of a checking account. Savings accounts generally do not offer check-writing capabilities.
- Bill Pay: If you can set up online bill payments directly from this account, it's a checking account. Savings accounts are not designed for direct bill payments.
- Frequent Transactions: Checking accounts are designed for frequent deposits and withdrawals, with few, if any, limits on transactions.
- Overdraft Protection/Fees: Checking accounts often have features like overdraft protection (linking to another account to cover insufficient funds) and may incur overdraft fees. Savings accounts usually don't have these features in the same way.
- Interest Earned: Most traditional checking accounts earn little to no interest. If your account shows very minimal or no interest earned, it points towards a checking account.
Sub-heading 3.2: Savings Account Indicators
- Interest Bearing: Savings accounts are designed to earn interest on your deposited funds. Look for an "Interest Earned" section on your account summary or statement. Even if it's a small amount, the presence of interest strongly indicates a savings account.
- Transaction Limits: Savings accounts often have federal regulations (Regulation D, though it has been suspended) that limit the number of certain withdrawals or transfers you can make out of the account per month (typically six). While Bank of America may not enforce this limit with a fee, the restriction itself is a characteristic of a savings account.
- Purpose: Savings accounts are generally intended for long-term goals and less frequent access to funds.
- No Debit Card (for direct spending): As mentioned, you typically won't have a debit card directly linked to a savings account for point-of-sale purchases. Transfers to a checking account are usually required before spending.
Step 4: Check Your Account Statements
Your monthly or quarterly account statements are an official record of your account activity and type.
Sub-heading 4.1: Accessing Digital Statements
- Within your online banking or mobile app, navigate to the "Statements & Documents" section.
- Select the account in question and view a recent statement.
- The account type will be clearly stated at the top of the statement, usually near your name and address. For example, it might say "Bank of America Advantage Plus Banking – Checking Account" or "Bank of America Advantage Savings – Savings Account."
Sub-heading 4.2: Reviewing Paper Statements
- If you receive paper statements, the account type will be prominently displayed on the statement itself.
Step 5: Contact Bank of America Directly (If Still Unsure)
If, after reviewing all the above, you are still unsure about your account type, don't hesitate to reach out to Bank of America directly.
Sub-heading 5.1: Calling Customer Service
- You can call Bank of America's customer service number. The general customer service number is usually found on the back of your debit card or on their official website (e.g., 1-800-432-1000).
- Be prepared to verify your identity with your account number, Social Security Number, and other personal details.
- Simply ask the representative, "Can you please tell me if my account number [your account number] is a checking or a savings account?"
Sub-heading 5.2: Visiting a Financial Center
- For in-person assistance, you can visit any Bank of America financial center.
- A banking specialist can look up your account details and clarify the account type for you. Remember to bring a valid photo ID for verification.
By following these steps, you will be able to definitively determine whether your Bank of America account is a checking or a savings account. Understanding these distinctions will empower you to manage your finances more strategically and make the most of your banking relationship!
10 Related FAQ Questions
How to check my Bank of America account balance?
You can check your Bank of America account balance instantly through the Mobile Banking app (on the main dashboard after logging in), Online Banking (on the "Accounts Overview" page), at any Bank of America ATM, by calling Bank by Phone at 1-800-432-1000, or by visiting a financial center.
How to transfer money between my Bank of America checking and savings accounts?
You can easily transfer money between your linked Bank of America checking and savings accounts using the Mobile Banking app (under "Transfer & Pay"), Online Banking (under the "Transfer" tab), or by visiting a Bank of America ATM or financial center.
How to find my Bank of America account number?
Your full Bank of America account number can be found by logging into Online Banking, selecting the account, and going to the "Information & Services" tab, then clicking the "Show" link in the "Account Details" section. It's also printed on your account statements and on your checks (for checking accounts).
How to set up direct deposit for my Bank of America account?
To set up direct deposit, you'll need to provide your employer or payer with your Bank of America routing number and your account number. You can usually find these details in your Online Banking under the "Account Details" section or on a voided check.
How to order checks for my Bank of America checking account?
You can order checks for your Bank of America checking account through Online Banking (under the "Information & Services" tab for your account), through the Mobile Banking app, by calling customer service, or by visiting a financial center.
How to view my Bank of America statements online?
Log in to Bank of America Online Banking or the Mobile Banking app, navigate to the "Statements & Documents" section, and select the desired account and statement period to view or download your statements.
How to enroll in Bank of America Online Banking?
Visit the Bank of America website (
How to avoid monthly maintenance fees on my Bank of America account?
Monthly maintenance fees for Bank of America checking and savings accounts can often be waived by meeting certain criteria, such as maintaining a minimum daily balance, having qualifying direct deposits, or being a Preferred Rewards member. Check the specific requirements for your account type on the Bank of America website.
How to link a Bank of America savings account to a checking account for overdraft protection?
You can link your Bank of America savings account to your checking account for overdraft protection by enrolling in Balance Connect® through Online Banking, the Mobile Banking app, or by contacting customer service.
How to close a Bank of America account?
To close a Bank of America account, you can typically visit a financial center in person, or in some cases, call customer service. Ensure your balance is zero and consider transferring funds to another account before initiating the closure.
