best bank accounts for students in the usa

Today we are going to give you an idea of the best bank accounts for students in the USA. This list depends on the needs and preferences of each students. We do not claim this list is exhaustive, but it will certainly give you an idea if you are a student looking for open a bank account in the US.

Bank	Bank account name	Monthly service fee	Minimum initial deposit	Who is it available to	Other perks
Bank of America	Bank of America Advantage Banking	No fee for eligible students	$25	Students under 24 and enrolled in school	Online and mobile bankingDebit card lock/unlock$0 Liability guarantee
Chase	Chase college checking account	$6 monthly service fee or $0 for 5 years in college	$25	College students aged 17 to 24 years old with proof of student status	Get $100 when you open a new accountAccess to 16,000 ATMs and nearly 5,000 branchesChase quickpay with Zelle® (send money in moments)Chase Mobile® appZero Liability protection
Wells Fargo	Student checking account	$10 monthly service fee or $0 for 17-24 year olds	$25	17- 24 year old college students	Access to more than 13,000 ATMsWells Fargo Mobile® appZero Liability Protection24/7 Fraud monitoringChip technology
HSBC USA	HSBC Student accounts	No monthly maintenance fee for six years	$25	Over 18 US students and international students studying in the US	Receive $100 welcome deposit
HSBC USA	HSBC USA International student checking account	No monthly maintenance fee for six years	$25	Available for international students until December 31st 2019	30-day sim card with unlimited international calls, 2GB data plan, 200 text messagesAccess to exclusive offers and services, including travel, transportation and airport services and moreNo minimum deposit balance required with account opening
US Bank	U.S. Bank Student Checking Account	No monthly maintenance fee (unless you wish to receive paper statements, which cost $42 per month)	$25	US or international students	Free U.S. Bank ATM transactionsNo minimum balanceNo bank fee on first four non-US ATM transactions per statement periodOnline banking with free credit score access
Santander	Student Value Checking	No monthly fee for students	$10	Students aged 14-25	Apple PayReduced ATM feesNo incoming wire fees
TD Bank	TD Convenience Checking	$15 or $0 if between 17-23	$0	Students aged 17-23	Until December 2nd, 2019, $150 bonus with direct deposits of $500 or more in 60 daysFree at TD ATMsSend money with Zelle®
Keybank	Key Student Checking	$5 or $0 if you make at least 5 posted transactions or deposit at least $200 to waive the monthly maintenance fee.	$50	Students ages 16 to 24 who are high school juniors or seniors or are enrolled in post high school education	Online bankingZero fee overdraft protection transfers if linked to a KeyBank savings accountFinancial wellness tool

What are the 5 things you need to open a bank account in the usa?

Requirements to open a bank account in the United States vary from bank to bank. However, most will ask you about these five points, starting with two types of identification:

• Original ID – such as a passport, United States immigrant visa, or other acceptable ID.²
• Secondary ID – such as your driver’s license, US-issued employment ID, or a Visa/Mastercard debit or credit card in your name.²
• Your US Social Security number. If you don’t have one, you’ll need to provide your Tax Identification Number (ITIN). Proof of address – such as a recent salary.
• Deposit – usually between US$25 and US$100. How to open a bank account in USA? (Step by step)
• Collect your books. It may be a good idea to contact the bank to check if additional documentation is required.
• Apply online if your bank accepts online applications. You can also make an appointment at your local branch.
• Wait for your request to be processed and your account to be activated.

Are US bank accounts free?

Most US bank accounts are free to open, but come with monthly maintenance fees. However, you can opt out if certain conditions are met. For example, investing a certain amount every month or keeping a minimum balance every month. There may be additional fees for using your account, which we will review next.

Monthly maintenance fee

A monthly fee is charged for maintaining the account in a US bank. This can vary from bank to bank, but you can expect to pay between $10³ and $12⁴ for a standard checking account.

But with most banks, you can avoid paying these fees if you jump through a few hoops. For example, with Citibank’s Current Account package, each monthly fee will be waived if you make one direct deposit or one eligible monthly payment and maintain an account balance. per month of $1,500³.

ATM and personal bank charges

US banks may also charge fees for ATM or branch withdrawals. These fees usually apply when you use another bank’s ATM.

For example, Bank of America charges $5 per transaction when you withdraw money from a non-Bank of America ATM. It charges this $5 fee (or 3% of the transaction amount, whichever is greater) when you authorize other financial institutions to use your card for transactions⁵.

Initial closing costs

You may also be charged by the bank for closing the account early. It is important to check the fine print before creating an account, to see how long you will need to keep the account open.

For example, you may have to pay an early closing fee if you open and close an account with a fixed interest rate or a short term with no interest.

International transfer fees

If you’re planning to send money outside the United States, it’s important to check how much your chosen bank will charge for international transfers. It can be expensive. For example, it can cost anywhere from $40 to send a wire transfer internationally to Chase Bank and $15 to receive one⁶.