One of the biggest things you'll have to manage when you go to college in the US is your finances. A safe place to keep money is one difficulty in your mind. There are many banks and different types of accounts in the United States.
Whether you are an international student or a domestic student in the US, it is worth looking at what bank accounts are available for students there.
1. Choose a Bank
There are many banks in the US, so the best way to narrow it down is to look at what different banks offer students (see the handy table below). A few more things to consider when choosing a bank:
2. Choose an account
There are many banks in the US, so the best way to narrow it down is to look at what different banks offer students (see the handy table below). A few more things to consider when choosing a bank:
- Monthly or service fees - although sometimes waived for students, many bank accounts include them. Fees often depend on the amount of money you're transferring and the minimum amount you want to keep in your account, so be sure to research what you'll be using your account for. Some banks may charge additional fees, for example for a paper statement.
- Does a bank have an ATM near your campus? - If you use another bank's ATM to withdraw money from the bank where you have an account, you may be charged a withdrawal fee. It is possible that the bank that has ATMs on your campus may have some connection with your university.
- Is a state bank or a national bank better? - It is recommended to open a 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 throughout the country if you are a foreigner or expat. state student However, if you're staying in the state for college, it might be helpful to approach a local bank, especially if you already have an account there.
- Does the FDIC Run a Bank? - It is wise to contact an FDIC protected bank to ensure that you will still receive your funds even if the bank fails.
2. Choose an account
There are two different types of bank accounts in the United States: a checking account and a savings account.
Checking account: With a checking account, you can deposit and withdraw money as often as you want. You usually get a check and a debit card when you open a checking account. Most international students only need to open a checking account to pay for living expenses while studying in the US.
Savings Accounts: A savings account is a place to save money for the long term. Some students may consider opening them if they work or want to save money for travel or emergencies.
Most banks have special checking accounts for students, such as the Chase College Checking Account and the Santander Student Value Checking Account.
Checking account: With a checking account, you can deposit and withdraw money as often as you want. You usually get a check and a debit card when you open a checking account. Most international students only need to open a checking account to pay for living expenses while studying in the US.
Savings Accounts: A savings account is a place to save money for the long term. Some students may consider opening them if they work or want to save money for travel or emergencies.
Most banks have special checking accounts for students, such as the Chase College Checking Account and the Santander Student Value Checking Account.
3. Scope of Bank Accounts
There are hundreds of banks in the United States, so you need to do your research to find the right bank account for you. At THE Student, we looked at some of the big banks to see what they have to offer students.
- Chase
- Bank of America
Mobile banking app, thousands of ATMs nationwide, round up money for savings, no overdraft fees, currency calculator
- Wells Fargo
- HSBC USA
You can connect an HSBC account in your home country, mobile banking services, easy money transfer between different countries, $100 welcome deposit as a new HSBC user (subject to terms), 1 year subscription to Headspace
- US Bank
Four non-US ATMs for statement, free personal checks, mobile banking, campus banking
- TD Bank
Mobile Banking, Thousands of ATMs Nationwide, $100 Bonus (Based on Criteria), Digital Wallet
- Capital One
Mobile banking, online bill payment, overdraft options, over 40 currencies and local bank details in selected countries
- Santander
Mobile Banking, Santander Savings Account Rebates, No Minimum Balance, Transfer Money Internationally
There are also state banks like Bank of California, so it's always worth checking out what your college state has to offer. There are also several online banks that offer great student bank accounts, such as Ally, Simple and Chime.
4. Opening a bank account
There are also state banks like Bank of California, so it's always worth checking out what your college state has to offer. There are also several online banks that offer great student bank accounts, such as Ally, Simple and Chime.
4. Opening a bank account
Although it is possible to open a bank account over the phone or online, it may be easier for an international student to open an account in person if problems arise. When you go to the bank to open an account, you will need:
- Your full name, home address, home phone number, campus phone number and university address
- Passport
- I-20 (Certificate of Acquisition of Non-Immigrant Student Status) or I-797 Notice of Admission
- Any secondary form of identification (such as a student ID, birth certificate, driver's license or letter from your university's Office of International Students and Scholars)
Acceptance - Acceptance letter from your university
- The amount of money to be transferred to the account (it varies from bank to bank)
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