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.
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.
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:
While BofA is a financially strong institution, it has its drawbacks:
There are a few ways to reach the customer service team:
If Bank of America’s student banking options aren’t quite what you’re looking for, explore these alternatives:
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
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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These accounts offer high FDIC insurance, making them ideal for those with a million dollars or more in one account.
Learn how to use Zelle with your Bank of America account, including how to enroll, sending limits, fees and more.
Zelle is a peer-to-peer payment app that lets you seamlessly send and receive money from people you know. Find out if Discover supports Zelle.
Chime is a fintech company and not a true bank, so it can’t integrate with Zelle. But you can connect your Chime account to the Zelle app.
Charlie, Chase and SoFi are some of the best free bank accounts for seniors and retirees, with competitive APYs and low deposit requirements.
Chime offers a competitive $100 referral bonus and a $100 direct deposit bonus when you meet certain requirements. See details here.
SoFi offers several bonus offers, including a direct deposit bonus, welcome offers and referral bonuses. See how to snag up to $300.
Close alternatives to Varo include Chime, SoFi, Revolut, Current, Fizz, Dave and Honeydue. See how these banks compare here.
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