What Do You Need to Open a Student Bank Account?
Even if you don't have a lot of monthly expenses, opening a bank account as a student can provide a way to begin saving your money or learning how to manage funds. Several banks and credit unions offer student bank accounts. You can open an account by simply visiting a branch.
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Review Bank Terms
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Each bank offers varying terms for student bank accounts. They may or may not charge a monthly fee, for example. Visit two or three bank branches in your area and inquire about student checking or savings accounts. Compare bank services prior to making a decision.
Bring a Parent
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Discuss the minimum age requirement for opening a student checking or savings account with the bank or credit union. Minimum age requirements vary and some financial institutions will not allow you to open an account without a parent or guardian present. Students over the age of 18 can open an account without a parent, but if you're under 18, the bank may require a parent's name on the account.
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Proof of Identification
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You cannot open a student checking or savings account without proof of identity. The bank or credit union chosen will accept your application for a new account. But before processing your application, they'll request a copy of your driver's license or another state-approved identification card. Banks and credit unions are also likely to request a copy of your Social Security card. Other information necessary to open a student account include providing your home address; if opening an account with a parent, your parent will need to provide proof of identity.
Make a Deposit
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Every new bank account requires an opening deposit. Deposit minimums vary according to the type of account. For example, Wells Fargo requires a minimum deposit of $50 for student checking accounts, whereas Bank of America has a minimum deposit of $100 for student savings accounts. Depositing the initial funds activates the account. Write a check from an existing account to fund the new account, or bring cash when opening the account.
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