Opening Bank Accounts for Students in USA

Raghuram Sukumar Personal Finance Leave a Comment

What kind of Bank Account should I open in USA and How do I open a bank account in USA?

Typically banks in USA have 2 types of bank accounts.

  1. Checking Account ( No interest will be paid on balance )
  2. Savings Account ( Small interest, say 0.15% )
  3. Online Savings Account ( About 1% Interest)

Checking Account

You will be opening Checking Account. It will come with Debit Card. You can order check books.

Almost the banks ( local, national, credit union banks) offer free checking account. If not they will have free checking account (without monthly fees) for students.

  • Local Bank: Banks that will be located only within your state, or just in the town where your school is located.
  •  National Banks: These banks will have branch almost all over the United States. To name a few,
    • Bank of America
    • Wells Fargo
    • Chase
    • Citi
    • Sun Trust
  • Credit Unions: Lets talk about that later. Just say its a local community owned bank.

But, it depends on other factors like, how close is that bank to university campus. In some schools, only local bank will have ATM/Branch within the campus. National bank’s ATM/ Branch will be little far to do your banking needs.

In that case you can go ahead and open your account in local bank. If you have any national bank nearby, I strongly recommend to open the account with them.

Savings Account

Instead of opening a traditional Savings account in the same bank as Checking account, you should open an Online Savings Account. Learn why you need to Open an Online Savings account.

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