Once you are admitted into any college or tertiary institution in the United states, you are expected to be in control of your finances. This requires you to open a US Students bank account. A lot of persons often do not know how to go about this. As a result, they are totally frustrated on how to go about it. But here, we will show you all you need to know.
Every student in the United States, be you an American indigene/citizen or an international student, your students bank account is one of your prized asset. You need to be properly guide on how to go about this. This is because there are different types of accounts offered by different banks. This requires you to study them well and make your choice appropriately.
How To Open US Students Bank Account
The steps in opening a student bank account in the US isn’t that too difficult. However, we will break them down for easy understanding for you.
1. Choose Your Bank
Like we pointed out above, there are many banks offering different services for students in the US. Each of these banks are very unique in the services and offers. It is therefore very necessary to know what each banks offer and see how you will work with them. One way of doing this is by visiting the website of the particular bank and research their students bank account offers.
It is advisable to open your bank account with a national bank such as Bank of America or Chase, rather than a state-specific bank, so that you can use ATMs located across the country if you are an international or an out-of-state student. However, if you are staying in-state to go to university then it may be worth sticking with your local bank, particularly if you already have an account with them.
Also See: Top Major Reasons To Study Abroad
2. Choose Account Type
There are two different types of bank accounts in the US: a checking account and a savings account. We will treat them below in full.
3. Go Ahead & Apply
After choosing your bank and the type of account to open, then go ahead and open the account by supplying the required details. Application for bank account opening could always be done on the website of the bank you are applying to. All details and guidelines will be explained on their portal. All you need to do is to follow the guidelines. But, if you are an international student it might be easier to open your account in person in case there are any complications.
Also See: Top 5 Best American Universities Ranked
Requirements Opening For US Students Bank Account
Here they are…
- Your full name, home address, home telephone number, your campus telephone number and your college address
- Your passport
- An I-20 (certificate of eligibility for non-immigrant student status) or I-797 approval notice
- Any secondary form of identification (such as your student ID card, birth certificate, driver’s license, or a letter from the international students and scholars office at your university)
- A letter of acceptance from your university
- An amount of money to deposit into the account (this will vary between banks)
These requirements may be slightly different across banks, so make sure you check what your bank requires before heading over.
Types Of US Bank Accounts
We said there are two different types of accounts in the US. They are detailed below.
1. Checking account: a checking account allows you to deposit and withdraw money as often as you like. Usually when you open a checking account you receive a chequebook and a debit card. Most international students will only need to open a checking account to pay for their living costs while studying in the US.
2. Savings accounts: a savings account is a place to collect money over a longer term. Some students may consider opening one of these, if they are working or want to save money for travel or emergencies.
Student Account Details In Different Banks
Here is what different banks offer to students in account opening.
|Bank||Account name||Monthly fee||Extras|
|Chase College Checking Account||$6 a month, but this is waived for up to five years of college enrolment||A $100 sign-up bonus (dependent on criteria), mobile banking app|
Bank of America
|Bank of America Core Checking Account||$0||Mobile banking app, thousands of ATMS across the country|
|Student Checking Account||$0 if aged between 17-24 years old||Mobile banking and easy money transfers|
|International Student Account||$0||Can connect to a HSBC account in your home country, mobile banking|
|Student Checking Account||$0||Four non-U.S. Bank ATM transactions per statement period, free personal checks, mobile banking|
|TD Student Checking||$0||Discount on first order of checks, mobile banking, thousands of ATMs across the country|
|360 Checking Account||$0||Mobile banking, online bill pay, overdraft options|
|Student Value Checking||$0||Mobile banking, discounts on Santander savings accounts, no minimum balance, transfer money internationally|
You have seen the full details on how to apply for students Bank accounts in the US. if you still have any question you want to ask, please use the comment box below and we shall attend to them immediately.