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Bank of America – Student Account Benefits, Age, Minimum Balance & Interest Rate

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Bank of America - Student Account Benefits, Age, Minimum Balance & Interest Rate
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Bank of America – Student Account Benefits, Age, Minimum Balance & Interest Rate: You’ve found the right account to manage your money in school, college, or university. One of the largest US retail banks, Bank of America, offers student accounts. Sorting out your student account reduces stress. Let’s begin.

Bank of America – Student Account Benefits, Age, Minimum Balance & Interest Rate

Has Bank of America a student account?

  • Student checking and savings accounts are not offered by Bank of America. Instead, it waives monthly maintenance fees on some of the most popular and appropriate account products for under-25 students.
  • This means you can check and save with some of the best standard account products and don’t pay a maintenance fee until you’re 25 or finish school.
  • Bank of America allows students to open accounts in joint names with parents or guardians for convenience. Bank of America offers student credit cards if you need one or want to build credit while studying.

Bank of America student savings

  • Despite not offering student savings accounts, Bank of America will waive the monthly fee on some accounts for eligible students.
  • You must be under 25 and in high school, college, university, or vocational school to qualify.

Student Bank of America credit cards

  • Bank of America offers student-specific credit cards, including the Cash Rewards Card, Travel Rewards Card, and Bank America card for Students.
  • Check the fine print before choosing a card because they all have different benefits, features, and fees.

Advantage Plus vs. Safe Balance

Bank of America offers student accounts in its Advantage range.

Features Advantage Safe Balance Advantage Plus
Overdrafts Doesn’t offer overdraft protection Offers overdraft protection
Money transfer Direct deposit Direct deposit
ATM withdrawals Debit card available Debit card available
Interest Non-interest bearing Non-interest bearing
Fraud liability Offered — report to fraudulent transactions have to be done promptly to qualify Offered — report to fraudulent transactions have to be done promptly to qualify
Checks Not available Available

Defining overdraft protection

  • With overdraft protection, the bank will cover transaction costs for a fee if you run out of money.
  • You can link another account or credit card to your student account to cover payments when your balance is low or use the regular overdraft service without protection.
  • Having overdraft protection costs 10 USD per linked account transaction.
  • Even if the bank waives your monthly charges, some services have fees. You should know this.

Bank of America student fees

Choose an account carefully if you’re just starting out financially.

 

Fees Advantage SafeBalance⁶ Advantage Plus⁶
Monthly maintenance Waived for students 12 USD — or waived if minimum daily balance is reached
Minimum opening balance 25 USD 100 USD
Minimum daily balance n/a 1,500 USD
ATM
  • No fees at BoA ATMs
  • 2.50 USD for non-BoA ATMs
  • 5 USD for ATMs abroad
  • No fees at BoA ATMs
  • 2.50 USD for non-BoA ATMs
  • 5 USD for ATMs abroad
Overdraft n/a 10 USD for each item over 1 USD
International transaction Not disclosed Not disclosed
Money transfers Not disclosed Not disclosed

Which option is best for you?

Read the account offers and all applicable costs carefully.

  • Consider your daily payments—some institutions or housing may require you to send a check—and choose the account that best meets your needs.
  • If you want international experiences, Bank of America may not be the best choice for moving your money abroad.
  • Don’t worry—Wise can help. Wise lets you pay for international expenses with wire transfers, ACH, or credit or debit cards.
  • A good alternative to a bank for international money management.

Considering a semester abroad? Be Smart About Your Account

  • To open a Bank of America account and receive the monthly fee waiver, you must be under 25 and in an eligible high school, college, or university course.
  • This option is for academic and vocational students. Non-US citizens can apply for accounts, but they must prove their legal residency.
  • If you don’t have an SSN or are under 18, you must visit a branch to open an account. If you’re older and have your SSN, you can open your account online, but you may need to show your paperwork in person.

Bank of America student bank account requirements?

  • Yes, a student account can save you money and simplify your life.
  • Researching your options and considering how you’ll use your account will help you choose the best product.

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