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Bank of America’s student banking options
The bank doesn’t offer an account specifically for those in school — but students are privy to other perks.
What student banking products does Bank of America offer?
The banking giant doesn’t have any dedicated student bank accounts. However, it waives the monthly maintenance fee for students under the age of 24 who are enrolled in a high school, college, university or vocational program.
This perk is linked to select accounts and the savings can stack up.
- Bank of America Advantage SafeBalance Banking. Ideal for budgeters, this checking account rejects transactions when your balance is low. You need $25 to open it, and the monthly maintenance fee is typically $4.95 per month — unless you’re an eligible student or enrolled in Preferred Rewards.
- Bank of America Advantage Plus Banking. With this mid-range checking account, you have check-writing privileges and the ability to opt into overdraft protection. It typically has a hefty $12 monthly maintenance fee.
- Bank of America Advantage Savings. The more you save, the more interest you’ll earn with this tiered savings account. It has a minimum opening deposit of $100 and a monthly maintenance fee of $8.
To waive the fee on these accounts, you may be required to show proof of enrollment. Once you turn 24 or leave school, the student waiver no longer applies.
Compare Bank of America student accounts
Why should I open an account with Bank of America?
As a student, you’ll also score the same benefits as all account holders when you open an account with Bank of America. These include:
- Sophisticated app. Manage your money from your smartphone and use Zelle for online payments.
- Wide physical presence. Bank of America has one of the largest networks in the nation, with 4,475 branches and 16,300 ATMs across the US.
- Access to Bank of America’s Keep the Change Savings Program. If you sign up for Rewards Savings, you’ll qualify for this program, which rounds up your debit card purchases to the nearest dollar and transfers the difference to your savings account.
- Extensive financial advice. When you can’t make it into a financial center, the bank’s interactive blog, Better Money Habits, is full of useful information.
What should I look out for?
While BofA is a financially strong institution, it has its drawbacks:
- No student bank accounts. It has a string of student credit cards, but not one account that’s specifically designed for students.
- Shorter customer service window. Unlike major competitors like Chase and Wells Fargo, Bank of America doesn’t offer round-the-clock customer service.
- Lower interest rates. Bank of America‘s APYs aren’t the most competitive on the market, especially when compared to online-only banks like Ally Bank.
Bank of America customer service
There are a few ways to reach the customer service team:
- Phone. Call 800-432-1000 on weekdays from 8 a.m. to 11 p.m. and weekends from 8 a.m. to 8 p.m. ET.
- Spanish speaker? Dial 800-688-6086.
- Live chat. Access real-time help online during business hours.
- Social. The bank is responsive on Twitter and Facebook.
- In person. Sign in to your customer portal to schedule an appointment at a financial center, or simply walk in.
- Mail. Send regular mail to Bank of America, PO Box 25118, Tampa FL 33622.
Compare with other student bank accounts
If Bank of America’s student banking options aren’t quite what you’re looking for, explore these alternatives:
Bottom lineBank of America doesn’t have a dedicated student bank account. But it does waive the monthly maintenance fee for eligible students on three of its key bank accounts.
When it comes to APY rates, you’ll want to check other banks as Bank of America offers lower rates than the competition.
If you’re looking for an account dedicated for students, you’ll want to keep looking. As always, compare your options when looking for a checking account.
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