How to Open Up a Bank Account in the US
As an international student studying in the United States, having a US bank account will make managing your finances significantly easier. With a US bank account, you can deposit your financial aid awards, loans, and stipends—all of which are typically paid by check—as well as money from home.
Why Have a U.S. Bank Account
With a bank account, you can pay all of your bills by check, and manage your bill payments online. In addition, many banks issue debit cards with a MasterCard or Visa emblem, which enables you to use the card to make purchases anywhere that accepts credit cards.
Types of Bank Accounts
There are two main types of bank accounts in the US. They are:
These allow you to frequently deposit and withdraw money. They are a great way to pay your monthly bills. When you open a checking account, it usually comes with a checkbook and a bank card. There are usually minimum monthly balances and service fees, and these vary depending on the type of account you open. Most international students only need a checking account, which they use for managing living expenses while at school
These are for long term deposits for accruing interest. The interests, minimum balances, and service fees will vary from bank to bank. As an international student, you will probably not need a savings account.