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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.

Updated

Fact checked
Many banks lend students a helping hand by offering lower fees, higher APYs or easy access to branches near campuses. While Bank of America lacks a student-specific bank account, it does waive key fees for eligible students.

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.

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

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
Bank of America Advantage SafeBalance Banking
$25
16,000 fee-free ATMs nationwide
$2.50
Customize your account to fit your needs and experience our full scope of services
Bank of America Advantage Plus Banking
$100
Over 16,000 ATMs
$2.50
Everyday banking with more ways to waive the monthly fee.
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$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
Bank of America Advantage Savings
0.01%
$8 per month
(can be waived)
$100
Read review
View details
A savings account that lets you earn cashback at participating retailers and rewards depending on your balance.
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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:

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
Chase College Checking
$0
16,000 Chase ATMs and nearly 4,900 branches nationwide
$2.50
New Chase customers can get a $100 signup bonus when they complete 10 qualifying transactions within 60 days of account opening. Plus no monthly service fee as long as you’re between 17-24 years and a student for up to 5 years.
Capital One MONEY
$0
39,000+ Capital One and Allpoint ATMs nationwide
A teen checking account with zero fees.
Wells Fargo Teen Checking
$25
$2.50
Everyday checking made easy. Open with $25.
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Bottom line

Bank 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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