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

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

Blog

Bank of America – Student Account Benefits, Age, Minimum Balance & Interest Rate: Its main office is in Charlotte, North Carolina, at the Bank of America Corporate Center. The investment banking and other departments are based in Manhattan. In San Francisco, California, the bank was first opened.

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

Which Bank of America college student account does it offer?

Here’s everything you need to know about the different products that Bank of America suggests for students.

Bank of America student savings account

  • Even though Bank of America doesn’t have a specific account just for students, they will waive the monthly fee on some savings accounts for those who qualify.
  • To be eligible, you must be younger than 25 and in high school, college, university, or a vocational program.

Benefits of Students Account

A great place to start for teens and young adults. There are many benefits and advantages to opening a student account at Bank of America. There are following…

  • Accounts with owners younger than 25 don’t have to pay a monthly fee.
  • Keep your account with a balance of at least $500 every day.
  • Are a member of our Preferred Rewards Club Note to self.
  • Not having overdraft fees helps you not spend more than you have.
  • In-app banking on your phone means you don’t have to write checks. Note to self.
  • We also have thousands of financial centers and ATMs to help you when you need them.

Age limit

The Good Things About Bank of America If you are under 25 and in school or a vocational or educational program, a SafeBalance Banking checking account is a good choice for you because there is no monthly maintenance fee.

Minimum Balance Needed to opening a Student Account

Fees Advantage SafeBalanceā¶
Minimum opening balance 25 USD
Minimum daily balance n/a
ATM No fees at BoA ATMs 2.50 USD for non-BoA ATMs 5 USD for ATMs abroad
Overdraft n/a

Interest rate details

  • Why Bank of America Is Better Safebalance Banking doesn’t pay interest and requires a $25 deposit to open an account. With this item, you can’t get checks or an overdraft.
  • Bank of America Advantage Plus Banking: doesn’t pay interest and requires a $100 deposit to open.

Bank of America credit cards for students

You can choose from the Cash Rewards Card, the Travel Rewards Card, or the BankAmericard for Students if you are interested in one of the student-oriented credit cards that Bank of America has available.

Before deciding which card will serve your needs in the most optimal manner, it is important to read the card’s fine print because each one comes with a unique set of benefits, features, and fees.

What does “overdraft protection” mean?

If you have overdraft protection, the bank will, for a fee, cover the cost of your transactions in the event that you run out of money before they are paid for.

Either an overdraft protection service, in which you link another account or credit card to your student account in order to cover payments when your balance is low, or the regular overdraft service, in which you do not have protection, will be available to you as an option to choose from.

If you select the option to Have overdraft protection, you will be charged an additional fee of ten dollars for each transaction that is paid for with funds from a linked account.

What are the Bank of America student bank account requirements?

To get a free monthly account from Bank of America, you must be younger than 25 and enrolled in a course that qualifies at a high school, college, or university.

This choice is open to people who are taking both academic and vocational classes. Non-US citizens can open accounts, but they’ll need to show proof of where they legally live as part of the application process.

You’ll need to go to a branch to open an account if you don’t have a Social Security Number (SSN) or are younger than 18. It should be possible to open an account online if you are older and have your SSN. However, you may still need to go to a branch to show your paperwork.

How can you tell which choice is best for you?

When you are first getting started with your personal finances, selecting an account to keep your money in can be a difficult and important decision.

Make sure that you read the account offers very carefully and that you go over all of the potential fees that may be applicable.

You should also take into consideration the payments that you’ll have to make in your day-to-day life (for example, it’s possible that certain organizations or housing will require you to send a check), and select the bank account that provides the features that come the closest to meeting all of your requirements in this regard.

Leave a Reply

Your email address will not be published. Required fields are marked *