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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.

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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.


  • 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 activate Balance Connect, BofA’s overdraft protection service. If you choose to activate it, you can link up to five other BofA accounts as backup funding sources in case you make a purchase that exceeds your balance. There’s a $12 fee each time you need to use Balance Connect, but that’s better than the $35 fee BofA would otherwise charge.


  • 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.

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 Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
Discover® Cashback Debit
Finder Score: 4.8 / 5: ★★★★★
Discover® Cashback Debit
$0 per month
The Discover® Cashback Debit account earns 1% cash back on up to $3,000 in debit card purchases each month.
Current teen banking
Finder Score: 4.4 / 5: ★★★★★
Current teen banking
$0 per month
Current’s Teen Banking card allows parents to track their teens’ chores, allowance, and spending. Requires parent to have a Current account. FDIC insured.
Finder Score: 4.2 / 5: ★★★★★
$5.95 per month
(can be waived)
Kids earn rewards points when they play the financial literacy games, courses and quizzes in Jassby‘s app. Teach your child spending, saving, and giving with strong parental controls. Includes chores and allowance features.
Axos Bank First Checking
Finder Score: 3.5 / 5: ★★★★★
Axos Bank First Checking
$0 per month
Made for teens ages 13 to 17, this account earns 0.1% APY and has no monthly fees. FDIC insured.
Cash App for kids
Finder Score: 4.7 / 5: ★★★★★
Cash App for kids
$0 per month
With Cash App for families you can easily customize safety settings and see real-time transactions of your teens, all while they learn how to set savings goals and invest with as little as $1 dollar.

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.

Frequently asked questions

  • Does Bank of America offer an account for students under 24?The Bank of America Minor Savings Account is a strong option, but parents have joint ownership. It has a minimum opening deposit of $25 and earns interest as the account balance grows. When the student turns 18, it automatically converts to a Rewards Savings account — which qualifies for the student waiver.
  • Are there any Bank of America credit cards for students?
    Yes. The bank has a range of credit cards that are designed for students:
    • Bank of America® Customized Cash Rewards for Students. A credit card that offers cashback on a category of your choice, plus no annual fees.
    • Bank of America® Travel Rewards for Students. With this card, you can earn points for every $1 spent and forgo foreign transaction fees.
    • BankAmericard® Credit Card for Students. A no-annual-fee card with a lengthy intro APR period on balance transfers and purchases.
  • What’s Bank of America’s routing number?
    It depends on the state in which your account was opened and the transaction you’re trying to make. To find the correct routing number, sign into online banking and navigate to Account Details. Otherwise, go to the FAQs section on the site to search by state.For example, these are the routing numbers for New York:
    • Electronic and paper payments (direct deposits, ACH transfers and checks): 021000322
    • Wire transfers: 026009593

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