Bank of America Student Account: A Detailed Exploration

For students in the USA who wish to manage their banking or savings, a Bank of America Student Account can be a great option.

It offers various benefits and provides investment advice as well as numerous saving opportunities.

Bank of America Student Account Facilities

The benefits offered by Bank of America make students interested in opening an account with them. Some of the advantages provided by Bank of America include:

• Students under 25 can have the monthly maintenance fees waived on selected accounts.
• Various transactions can be completed through the bank account’s mobile app and Zelle.
• Students are issued a credit card after opening a student account.
• If parents have an account with Bank of America, a joint account can be opened for the student.

Disadvantages

Despite the benefits, there are some disadvantages to a Bank of America student account, such as:

• Some services require fees.
• No interest benefits for student bank accounts.

Who Can Open a Student Account with Bank of America?

Students under 25 years old who are studying at a high school, college, university, or vocational course can open a student account at Bank of America.

Both domestic and international students can open a student account at this bank, but international students must meet additional requirements discussed below.

Types of Student Accounts at Bank of America

Bank of America offers various types of student accounts. Students can choose any account based on their eligibility criteria. The two main types of student banking accounts at Bank of America are:

Advantage SafeBalance Banking

• No checks or overdraft facilities.
• A minimum deposit of $25 is required to open this account.

Advantage Plus Banking

• Higher level of banking services than Advantage SafeBalance Banking.
• Overdraft protection is available.
• A minimum deposit of $100 is required to open this account.

Learn also about the Chase Student Bank Account

Bank of America Student Account Opening Online

Now, let’s learn how to open a student account at Bank of America.

A student account can be opened online, but it must be finalized by visiting a nearby branch. Here are the steps to open a student account online:

• Visit the Bank of America website.

• Provide your ZIP code and press the “Go” Button.
• Choose the type of student bank account you want to open.

• For Advantage SafeBalance Banking, book an appointment.
• For Advantage Plus Banking, click on “Start Saving” to proceed online.
• On the next page, click on the “Open Now” option.

• Answer two questions about your status and click “Go to Application“

• Submit the application form and visit your nearest branch to finalize the account opening.

Account Opening with Appointment

It is advisable to schedule an appointment to open a student bank account.

• To book an appointment online, visit the Schedule An Appointment website, and select “Open a New Account“

• After that, click “Continue“, and submit the required information to schedule the appointment.
• Then, visit the branch on the specified date to complete the account opening process.

Fees For Student Account Bank of America

As mentioned, Bank of America student accounts have some fees associated with them. The fees for maintaining a student bank account are:

Monthly Maintenance Fees

• Advantage SafeBalance: Waived for students.
• Advantage Plus: Waived for students; otherwise, $12 per month.

Minimum Opening Balance

• Advantage SafeBalance: $25.
• Advantage Plus: $100.

ATM Fees

• BoA ATMs: No fees.
• Non-BoA ATMs: $2.50 per transaction.
• International ATMs: $5 per transaction.

Overdraft Fees

• Advantage SafeBalance: No overdraft service available.
• Advantage Plus: $10 per transaction for each item over $1.

Bank of America Credit Cards For Students

The biggest benefit of a Bank of America student account is the credit card. Bank of America generally offers three types of credit cards to students:

Cash Rewards Card

This card is used for everyday purchases and offers cash rewards. It is suitable for students who want to save money while making daily transactions.

Travel Rewards Card

This card is for students who have travel-related expenses. It offers cash rewards for travel-related costs and is particularly suitable for those studying abroad or frequently traveling.

BankAmericard for Students

This credit card provides a lower fee compared to other credit cards and is suitable for students new to credit, offering a manageable way to start building a credit score.

Bank of America for International Student Account

Bank of America offers student banking facilities not only to domestic students but also to international students.

However, international students need to meet different requirements and provide specific documents, which are listed below:

Eligibility

• You have a physical U.S. address.
• You are not a U.S. citizen.
• You are not a permanent resident of the U.S.*

Required Documents

To open a bank account at Bank of America, international students need to provide specific documentation. Here’s a simple and clear list of the required documents:

Addresses:

• Foreign Home or Permanent Residence Address: Must include building name/number, street name, city/town, state/province, and country.
• U.S. Physical Address: Only one of the following is needed:

1. A government-issued ID with photo
2. Student ID with address and photo
3. Current utility bill with your name and address
4. Other (e.g., rental agreement)

Identification:

• Foreign passport (with or without visa) with photo
• U.S. Non-Immigrant Visa and Border Crossing Card (DSP-150) with photo
• Mexican, Guatemalan, Dominican, or Colombian Consular ID with photo
• Canadian Citizenship Certificate Card with photo

Secondary ID (one of the following):

• Foreign or U.S. driver’s license with photo
• U.S. student ID for the current term or school year with photo
• Debit or major credit card with Visa® or Mastercard® logo
• Major retail credit card from a nationally recognized company
• U.S. Department of State Diplomat ID
• Mexican Voter Registration Card with photo

Tax Identification Number:

• An FTIN issued by a country other than the U.S.
• A U.S. TIN/ITIN is not required unless you have been issued one.

Account Opening Process

For international students, opening a bank account at Bank of America is not available online; it must be done through an appointment.

You must bring the required documents to the appointment. To schedule an appointment online, visit the “Schedule an Appointment” page.

To learn the Bank of America Studnet Account opening process for International students, visit Bank of America International

Final Words

Getting a student account with Bank of America can help you manage your finances effectively, saving you money and making your life easier while studying.