Ibrahim Gardner
As an international student in Boston, you may want to open a bank account to make managing your finances easier. When choosing a bank, you should consider the location of branch offices and ATMs, monthly fees, fees for writing checks, and minimum balance requirements. While Bank of America and Citibank have a large number of branches in the US, they may charge you for incoming transfers. If you're looking for a smaller bank with solid interest rates, Webster Bank's Premier Savings Extra® account is a good option. For a credit union, you can consider Metro Credit Union, which offers cards and does not require a Harvard ID to open an account.
| Characteristics | Values |
|---|---|
| Bank account opening | Open a bank account in Boston before arrival or bring funds in the form of traveller's cheques. |
| International students can apply for a new bank account online or in person at a bank branch. | |
| Identification | To open an account, you will need a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). |
| If you do not have either of these, you can work with the bank to open an account without one. | |
| Present two forms of identification to open an account: a passport, visa, or foreign identification, and proof of a local address bill or bank statement. | |
| Types of accounts | There are two main types of bank accounts: the checking account and the savings account. |
| Checking accounts are used for daily transactions and provide a safe place to store money. | |
| Savings accounts are used for longer-term deposits and allow you to earn interest on your savings. | |
| Bank options | Larger banks like Citibank, Bank of America, and Citizens Bank have a wide presence in Boston and are familiar with international students' needs. |
| Regional banks like Cambridge Savings Bank, Wainwright, and Webster Bank offer high-yield checking accounts, fee-free ATM usage, and solid interest rates. | |
| Fees | Compare banks' monthly fees, fees for writing cheques, and minimum balance requirements. |
| Active students under 23 can have the minimum balance requirement waived by presenting a student ID or visa. | |
| ATM access | Consider the location of branch offices and ATMs for convenient cash withdrawals. |
| Some banks offer reimbursement for out-of-network ATM fees. | |
| Credit cards | International students should carefully review the credit terms and may need a Social Security Number for the application. |
| Notify the credit card company before travelling to avoid a sudden lack of credit. |
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What You'll Learn
Bank accounts for international students
As an international student, having a bank account in the US will make managing your finances much easier. There are two main types of bank accounts in the US: the checking account and the savings account. A checking account is one that you will use on a day-to-day basis, allowing you to access your money whenever you want and providing a safe place to store it. Savings accounts, on the other hand, are used for longer-term deposits and allow you to gain interest on your savings.
When choosing a bank, there are a few things to keep in mind. Firstly, look at the location of the branch offices and ATMs. Secondly, compare banks' monthly fees, fees for writing checks, and whether they require a minimum balance. Minimum balance requirements should be waived for active students under 23 by presenting a student ID or visa. Most banking operations are done online, but to open an account, you should go to the nearest bank office and speak to a customer service representative. Present two forms of identification, such as your passport, visa, or foreign identification, and proof of a local address (a bill or bank statement).
Some banks recommended for international students in Boston include Cambridge Savings Bank, which has no minimum balance requirements and offers a high-yield checking account (3%) along with fee-free foreign ATM usage. Citibank and HSBC are also reported to be good at transferring money from an existing UK account to a US account. Citizens Bank is another option, with over 200 branches and ATMs in Boston and a presence in 10 other states. However, accessing your account may be more difficult if you travel beyond these areas. Bank of America has 170 branches in the Boston area and thousands more throughout 36 US states, making it a convenient option for those who want easy access to their money while travelling.
If you are unable to open a bank account before arriving in Boston, it is recommended to bring funds in the form of traveller's checks, as it is not safe to travel with large amounts of cash.
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ATM availability
When it comes to choosing a bank in Boston as an international student, one of the most important factors to consider is ATM availability. Here is a detailed overview of the ATM options offered by some of the popular banks in Boston:
Bank of America
Bank of America has a wide presence in Boston, with many branches and ATMs available. They offer a variety of account options, including savings accounts, checking accounts, and IRAs. While they may charge monthly service fees, these can often be waived by maintaining a certain balance or setting up direct deposits. Bank of America also offers other benefits such as easy locking and unlocking of debit cards and insured accounts. Their extensive branch and ATM network makes them a convenient choice for students who want easy access to their money.
Citibank
Citibank is a large bank with a presence in Boston. They have locations in high-traffic areas of Cambridge and offer surcharge-free ATMs at 7-Eleven stores. Citibank offers a range of accounts, but their EZ-Checking account has a minimum balance requirement of $1500 to avoid monthly fees. Citibank is a good option for students who want convenient access to ATMs and don't mind the minimum balance requirements.
Citizens Bank
Citizens Bank has a strong presence in Boston, with over 200 branches and ATMs available. They offer a GreenSense reward of 10 cents per transaction, and there is no monthly account fee. While they operate seven days a week, some users have reported sneaky ATM fees. Citizens Bank is a good choice for students who value widespread ATM availability and don't mind keeping an eye on potential fees.
TD Bank
TD Bank has a mixed presence in Boston, with more branches and ATMs available in the suburbs than in the city centre. They offer a Convenience Checking account that waives monthly maintenance fees for students between 17 and 23 years old. TD Bank operates seven days a week and has a minimum balance requirement of $100 for their Convenience Checking account to avoid monthly fees. Their wide regional coverage makes them a good option for students who travel outside of Boston and want easy access to ATMs.
Cambridge Savings Bank
Cambridge Savings Bank has a strong presence in Cambridge and the surrounding communities. They offer ATM fee waivers when rewards checking qualifications are met or for accounts with a balance of $2500 or more. They also have no monthly fee accounts available and are a member of the SUM network, which provides surcharge-free ATMs. Cambridge Savings Bank is a good choice for students who live or spend a lot of time in Cambridge and want convenient access to ATMs without incurring extra charges.
Ally
Ally is an online and mobile-only bank, so they do not have any physical branches. However, they have joined the Allpoint ATM network, which provides their customers with access to 55,000 fee-free ATMs worldwide. If customers cannot access an in-network ATM, Ally will reimburse them for up to $10 in ATM fees per statement cycle. Ally is a good option for students who are comfortable with digital banking and still want the convenience of widespread ATM access.
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Monthly fees
When choosing a bank, it is important to consider the monthly fees associated with their accounts. Some banks in Boston offer accounts with no monthly fees, such as Cambridge Savings Bank, which offers a high-yield checking account with no monthly fees and fee-free foreign ATM usage. Similarly, Citizens Bank offers checking and savings accounts with no minimum deposit requirements, although most of their accounts do charge a monthly fee. However, these fees can be waived by meeting certain requirements, such as making at least one deposit each statement cycle.
While some banks may not charge monthly fees, they may have other fees for specific services. For example, some banks may charge a fee for writing checks or for using another bank's ATM. Additionally, some banks may have a minimum balance requirement and charge a fee if this balance is not maintained. Active students under 23 can usually have this requirement waived by presenting a student identification card or visa.
It is also worth noting that some banks may offer accounts with specific benefits for students, such as overdraft protection, which can save students from non-sufficient funds (NSF) fees. Furthermore, some banks may offer higher interest rates on savings accounts, which can help students grow their savings over time.
Overall, when considering monthly fees, it is important to look at the specific features and requirements of each account to find one that aligns with your financial needs and preferences.
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Interest rates
When it comes to interest rates, it's worth noting that larger banks like Bank of America may not offer the most competitive rates. Smaller banks like Webster Bank may provide better interest rates, with their Premier Savings Extra® account offering solid rates that depend on your account balance. For accounts with a balance of $25,000 or below, you can expect an APY of 0.02%, which still outperforms the rates of bigger banks.
If you're open to online-only banking, Ally Bank offers high-interest rates with no monthly maintenance fees. Their Online Savings Account has a 3.60% APY, and their Spending Account (the checking counterpart) offers a 0.25% APY for accounts with a minimum daily balance of over $15,000.
Additionally, consider banks that offer benefits like reducing fees for using other banks' ATMs, as these fees can add up over time. Also, look out for accounts with no monthly fees, as these can help you maximise your savings.
When choosing a bank, it's essential to research each bank's savings account interest rate and understand the different perks and benefits they offer. Compare the interest rates, fees, and rules regarding minimum balances to make an informed decision.
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Online banking
As an international student in Boston, you may find it beneficial to open a bank account in the city to efficiently manage your finances. Most banking operations in the US are conducted online. However, to open an account, you will need to visit the nearest bank branch and present two forms of identification, such as your passport, visa, or other accepted documents, along with proof of a local address.
When considering online banking, it is essential to evaluate the fees associated with the account. Monthly service fees, charges for writing checks, and minimum balance requirements are some of the key factors to consider. For instance, Rockland Trust Bank offers low monthly fees and minimum balance requirements, making it an attractive option.
Additionally, you may want to explore the interest rates offered by different banks on their savings accounts. While Rockland Trust Bank provides competitive rates on their CDs and money market accounts, Ally Bank stands out for its Online Savings Account with a high APY of 3.60% and no monthly maintenance fees.
Lastly, consider the convenience of accessing your funds through ATMs. Ally Bank, for example, provides its customers with access to the Allpoint ATM network, which includes 55,000 fee-free ATMs worldwide. Bank of America also boasts an extensive network of thousands of ATMs across 36 US states, making it a popular choice for those seeking easy access to their money while travelling.
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Frequently asked questions
There is no definitive answer to this question as it depends on your personal needs and preferences. However, here are some good options to consider:
- Bank of America: They offer a range of account options, including savings accounts, checking accounts, and IRAs. They also have the largest ATM network in the US and a vast number of branches across the country.
- Citibank: They have a large international presence, including many branches in the US that are open during the weekends. Transfers within the Citibank network are free.
- Citizens Bank: This regional bank has an extensive presence in Boston, with many branches and ATMs.
- Ally: This is a good option for those comfortable with an online-only bank. They offer high-interest rates and have joined the Allpoint ATM network, giving access to 55,000 ATMs worldwide for free.
- HUECU: This is a credit union and the default for Harvard loans. It is free and offers cards, but it has limited opening hours and some students have reported issues with setting up an account.
There are two main types of bank accounts for international students in the US: savings accounts and checking accounts. A checking account is ideal if you want to be able to frequently deposit, withdraw, and transfer money. With a savings account, you can earn interest on your balance, but there are usually no check-writing privileges.
You will typically need to present two forms of identification, such as your passport, visa, or foreign identification, as well as proof of a local address. Some banks may also require a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN).
Yes, there are several apps that can be useful for international payments, such as Venmo for cross-friend payments and Transferwise for international wire transfers, which offers low fees.
Consider the location of branch offices and ATMs, monthly fees, fees for writing checks, and whether the bank requires a minimum balance. Also, think about the interest rates offered and whether you prefer a national or regional bank.
