Heading off to university in the United States this year? This handy guide walks you through picking the best bank account for your needs.
One of the biggest things you’ll need to handle when starting university in the US is your finances. Having a secure place to keep your money takes one worry off your shoulders. With so many banks and different account types across the country, it’s good to know your options.
Whether you’re an international or domestic student, it’s worth exploring what kind of bank accounts are available for students like you.
1. Picking the right bank
The US has tons of banks, so the easiest way to narrow things down is by comparing what different banks offer students (check out our handy table below). Here are a few things to keep in mind when choosing:
- Monthly fees or service charges – Many accounts have these, though they’re sometimes waived for students. Fees often depend on how much money you transfer and the minimum balance you keep, so think about how you’ll use the account while researching. Some banks may also charge extra for things like paper statements.
- Are there ATMs near your campus? – If you withdraw money from an ATM that isn’t from your bank, you might get hit with a fee. Banks with ATMs on campus may have some kind of partnership with your university.
- State bank or national bank? – If you’re an international or out-of-state student, a national bank (like Bank of America or Chase) could be better since you’ll have access to ATMs nationwide. But if you’re staying in-state for university, sticking with a local bank—especially if you already have an account—might make more sense.
- Is the bank FDIC-insured? – It’s smart to choose a bank backed by the Federal Deposit Insurance Corporation (FDIC), so your money stays safe even if the bank runs into trouble.
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2. Choosing the right account
In the US, there are two main types of bank accounts: checking and savings.
- Checking account – Lets you deposit and withdraw money as often as you need. You’ll usually get a chequebook and debit card when you open one. For most international students, a checking account is all you’ll need to cover daily expenses.
- Savings account – A place to stash money long-term. Some students open one if they’re working, saving for travel, or setting aside funds for emergencies.
Many banks offer special checking accounts for students, like the Chase College Checking Account or the Santander Student Value Checking Account.
3. Bank account breakdown
With hundreds of banks across the US, it’s worth doing some digging to find the best fit. Here at THE Student, we’ve checked out some major banks to see what they offer students.
| Bank | Account Name | Monthly Fee | Extras |
| Chase | Chase College Checking Account | $6/month (waived for up to 5 years of college) | $100 sign-up bonus (conditions apply), mobile banking, online budgeting tool, quick transfers, optional student credit card, access to savings |
| Bank of America | Bank of America Student Banking | $0 for students under 24 | Mobile banking, nationwide ATMs, round-up savings, no overdraft fees, foreign exchange calculator |
| Wells Fargo | Student Everyday Checking | $0 (ages 17-24) | Mobile banking, easy transfers, nationwide ATMs, 24/7 fraud monitoring, Campus Card program |
| HSBC USA | HSBC Premier U.S. Account | $0 for 6 years | Link to HSBC home country account, mobile banking, easy international transfers, $100 welcome deposit (conditions apply), 30-day free SIM card |
| U.S. Bank | Student Checking Account | $0 | 4 free non-U.S. Bank ATM transactions per month, free checks, mobile banking, campus banking |
| TD Bank | TD Student Checking | $0 (ages 17-23) | Mobile banking, nationwide ATMs, $100 bonus (conditions apply), digital wallet |
| Capital One | 360 Checking Account | $0 | Mobile banking, online bill pay, overdraft options, access to 40+ currencies |
| Santander | Student Value Checking | $0 (ages 14-15) or waived with 1 monthly transaction | Mobile banking, savings discounts, no minimum balance, international transfers |
Some banks are state-specific (like the Bank of California), so check what’s available in your university’s state. There are also online-only banks like Ally, Simple, and Chime that offer great student accounts.
4. Opening your bank account
You can open an account online or over the phone, but if you’re an international student, doing it in person might be easier in case of any hiccups. When you go to the bank, bring:
- Your full name, home address, home/campus phone numbers, and college address
- Your passport
- An I-20 (certificate of eligibility for non-immigrant students) or I-797 approval notice
- A second form of ID (student ID, birth certificate, driver’s license, or a letter from your university’s international student office)
- Your university acceptance letter
- Some money to deposit (amount varies by bank)
Requirements can differ slightly between banks, so double-check what yours needs before heading over.
