Bank of America student account review

Gabriela Peratello

If you’re looking for an account to help you manage your money while at school, college or university, you’re in the right place.

This guide will take a look at the accounts available for students from Bank of America® — one of the largest retail banks in the US.

Getting your student account sorted means one less thing to worry about. Let’s get started.


Does Bank of America have a student account?

Bank of America doesn’t offer specific student checking or saving accounts. Instead, it waives the monthly maintenance fees on some of the most popular — and appropriate — account products, for students aged under 25.

This means you get access to some of the best standard account products for checking and saving, and won’t need to pay a maintenance fee until you turn 25 or finish your education.

It’s also possible to open an account with Bank of America in joint names, which means students who don’t want or need an account of their own can get a joint account with a parent or guardian for ease.¹

If you need a credit card, or want to build credit history while you study, you can also apply for a student specific credit card from Bank of America.

Bank of America pros and cons for students

✅ Pros❌ Cons
  • Waived annual fees for students

  • Mobile app and Zelle® access available

  • An array of credit card options

  • Service fees can be costly

  • No interest bearing account options

What kind of student bank account does Bank of America offer?

Here’s all you need to know about the different products recommended to students, from Bank of America.

Bank of America Advantage Banking

There are 2 different types of Advantage Banking checking accounts — and the monthly fee is waived on each of them for students under the age of 25.

You’ll get access to mobile banking, easy domestic payments to friends using Zelle, and lots of resources to help manage your money²:

Choose between³:
  • Bank of America Advantage Safebalance Banking: non interest bearing with a minimum opening deposit of $25. You can’t get checks or an overdraft with this product

  • Bank of America Advantage Plus Banking: non interest bearing with a minimum opening deposit of $100

Other fees and charges apply for some services when you use these accounts — more on that a little later.

Bank of America student savings account

Although there are no specific student savings accounts on offer, Bank of America will waive the monthly fee on some savings accounts for eligible students.

You’ll need to be under 25 and enrolled in highschool, college, university or a vocational program to qualify⁴.

Bank of America credit cards for students

Bank of America offers several credit cards⁵ which are specifically for students — you can choose the Cash Rewards Card, Travel Rewards Card or the BankAmericard for Students.

Each card comes with different perks, features and fees, so read the small print before deciding which will work best for you.

Advantage SafeBalance vs Advantage Plus

Within the Advantage range, Bank of America offers a few account options that are suitable for students.

Let's take a look at how these compare in terms of features and pricing:

FeaturesAdvantage SafeBalanceAdvantage Plus
OverdraftsDoesn't offer overdraft protectionOffers overdraft protection
Money transferDirect depositDirect deposit
ATM withdrawalsDebit card availableDebit card available
InterestNon-interest bearingNon-interest bearing
Fraud liabilityOffered — report to fraudulent transactions have to be done promptly to qualifyOffered — report to fraudulent transactions have to be done promptly to qualify
ChecksNot availableAvailable

What is overdraft protection?

Having overdraft protection means that if you run short of funds the bank will cover the cost of transactions — for a fee⁶.

You’ll be able to choose to have an overdraft protection service, where you 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.

If you choose the Having overdraft protection service, you’ll pay an additional fee of 10 USD per transaction paid through a linked account.

Bank of America student account fees

As you’d expect, there are fees to pay for some services, even if your monthly charges are waived by the bank. Here’s what you need to know.

FeesAdvantage SafeBalance⁶Advantage Plus⁶
Monthly maintenanceWaived for students12 USD — or waived if minimum daily balance is reached
Minimum opening balance25 USD100 USD
Minimum daily balancen/a1,500 USD
  • 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

Overdraftn/a10 USD for each item over 1 USD
International transactionNot disclosedNot disclosed
Money transfersNot disclosedNot disclosed

How do you know which is the right option for you?

If you're just starting your financial life, choosing an account can be an important decision.

Make sure you carefully read the account offers and go over all the costs that might be applicable.

You'll also want to consider the payments you'll have to make in your daily life — it could be that some institutions or housing require you to send a check, for example — and pick the account that has the most complete match to your needs.

Thinking of that semester abroad? Get a Wise Account

If you have a craving for international experiences, Bank of America might not be the best option for you to move your money abroad.

But don't worry, Wise is here to help. Wise is an international money services provider, which allows you to pay for your international expenses by sending money via wire transfer, ACH or with a credit or debit card.

So, not a bank, but a nice alternative for you to manage your international money.

The Wise Account also offers you

  • The possibility to hold money in over 50 currencies

  • Local account details to receive in up to 10 different currencies

  • A linked debit card to spend in over 170 countries

  • The mid-market exchange rate for all cross-currency operations

  • The Wise app or website to keep track of your spend

Get your Wise Account now

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

What are the requirements to open a student bank account with Bank of America?

If you want to open an account with Bank of America, and benefit from the monthly fee waiver, you’ll need to be aged under 25 and in an eligible course at highschool, college or university.

This option is open to those taking both academic and vocational courses. Accounts are available for non-US citizens, but you’ll need to provide proof of your legal residency as part of the application

If you don’t have a Social Security Number (SSN), or if you’re under 18, you’ll have to visit a branch to get your account opened. If you’re older, and have access to your SSN, you should be able to start to open your account online — although you might still have to call into a branch to show your paperwork.

Expect to be asked for the following documents⁷:
  • Government issued ID such as a passport or driver’s license

  • A second form of ID such as a Social Security Card or credit or debit card from another US bank

  • Proof of student status, such as valid student ID, transcript or acceptance letter

There’s no doubt that getting a student account can save you money and make life a little easier.

Doing some research into the different options — and thinking carefully about how you might use your account will make sure you get the best product for your personal needs.

And if you're planning on studying or sending money abroad, make sure to get a Wise Account for all your international money needs

Learn more about Wise


  1. Bank of America - Student account FAQ
  2. Bank of America - Student checking
  3. Bank of America - Advantage banking
  4. Bank of America - Students savings account
  5. Bank of America - Student credit cards
  6. Bank of America - Personal fee schedule
  7. Bank of America - Before you apply

Sources checked on 03.21.2023

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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