Bank of America does not currently offer a dedicated student checking account
Bank of America stopped offering its Student BankAmericard account several years ago. If you are a student looking to open a checking account with Bank of America, you will need to open one of their standard checking products instead — either the Basic Banking account or the Advantage Banking account, both of which are available to anyone regardless of student status.
The choice between these two depends on how often you use your account and whether you want to avoid monthly fees. Neither account has age restrictions or student-specific requirements, so you can open either one as long as you meet Bank of America's general account-opening criteria: you must be at least 18 years old (or have a parent or guardian co-sign if you are younger), have a valid government ID, and provide a Social Security number or ITIN.
Key Takeaways
- Bank of America's Basic Banking account has a $12 monthly maintenance fee that can be waived if you maintain a $500 minimum daily balance or set up direct deposit.
- The Advantage Banking account costs $15 per month but waives the fee if you keep $1,500 in the account or receive direct deposits of at least $250 per month.
- Both accounts include a debit card, online banking, and mobile app access at no extra cost.
- If you are under 18, you can open a student account through a parent or guardian, but Bank of America does not market a separate student product with reduced fees.
- Other banks offer checking accounts specifically designed for students with lower fees or no monthly charges — comparing options before opening may save you money.
Basic Banking vs. Advantage Banking for students
The Basic Banking account charges $12 per month in maintenance fees. You can avoid this fee by keeping a $500 minimum daily balance or by setting up direct deposit of any amount. If you receive a paycheck or student loan disbursement through direct deposit, the fee disappears automatically — this is the easiest path for most students.
The Advantage Banking account costs $15 per month and waives the fee if you maintain a $1,500 daily balance or receive at least $250 per month in direct deposits. This account is designed for people who carry higher balances or have regular income; most students find Basic Banking the better fit because the $500 threshold is easier to meet.
Both accounts come with a debit card, online banking, bill pay, and the Bank of America mobile app. You can transfer money between your own accounts, send money to other people through Zelle (included), and access ATMs at any Bank of America branch or through the Allpoint network of surcharge-free ATMs.
What happens if you are under 18
Bank of America does not have a separate account for minors under 18. If you are younger than 18 and want to open a checking account, a parent or guardian must co-sign and be listed as a co-owner on the account. The adult will have full access to the account and can see all transactions.
Once you turn 18, you can convert the account to your name alone, though the parent or guardian can remain as an authorized user if both of you agree. The conversion does not require closing the account or opening a new one — you can do it online or at a branch.
How to open a Bank of America checking account as a student
You can open an account online, on the mobile app, or at a branch. Online and app applications take about 10 minutes and require your Social Security number, a valid ID, and your contact information. Bank of America will verify your identity instantly in most cases, and your account opens the same day.
If you open online or through the app, you will receive a temporary debit card number that you can use immediately for online purchases. Your physical debit card arrives by mail in 7 to 10 business days. If you need a card faster, you can visit a branch and request one in person.
To avoid the monthly maintenance fee from day one, set up direct deposit before your first paycheck or student loan disbursement arrives. You can add direct deposit information in the mobile app or online banking portal under account settings.
Fees to watch for beyond the monthly charge
Bank of America charges $35 for overdrafts — when you spend more than you have in the account. The overdraft fee applies each time you overdraft, and you can overdraft multiple times in a single day. If you are concerned about overdrafting, you can turn off overdraft protection in your account settings, which will decline transactions instead of charging a fee.
ATM withdrawals at non-Bank of America ATMs cost $2.50 per transaction. The Allpoint network offers surcharge-free ATMs at many retailers and other banks, so using those locations saves money. You can find Allpoint ATMs through the Bank of America app.
Wire transfers, cashier's checks, and stop-payment requests each carry separate fees ranging from $15 to $30. For most students, these are rare transactions, but it is worth knowing they exist if you need them.
Why other banks might be a better choice for students
Several banks and credit unions offer checking accounts with no monthly fees and no minimum balance requirements — something Bank of America does not provide. Ally Bank, Charles Schwab, and many local credit unions offer student-friendly checking with no maintenance fees at all, which means you save $144 per year compared to Bank of America's Basic Banking account.
Some student-focused banks also offer higher interest rates on checking balances, though these rates are typically very low across the industry. If you already use Bank of America for savings or have a parent with a Bank of America account, staying with the same bank may be convenient enough to justify the fee. But if you are opening your first account and want to minimize costs, comparing options takes 15 minutes and could save you significant money over four years of college.
Frequently Asked Questions
Can I get a Bank of America student debit card with no monthly fee?
No. Bank of America's Basic Banking account charges $12 per month unless you maintain a $500 balance or set up direct deposit. If you receive a paycheck or student loan disbursement through direct deposit, the fee waives automatically. Other banks offer no-fee checking accounts for students.
What is the difference between Basic Banking and Advantage Banking?
Basic Banking costs $12 per month and waives the fee at $500 daily balance or any direct deposit. Advantage Banking costs $15 per month and waives the fee at $1,500 daily balance or $250+ monthly direct deposits. Most students find Basic Banking easier to maintain.
Can I open a Bank of America account if I am 16?
No, you must be 18 to open an account in your name alone. If you are under 18, a parent or guardian can open a joint account with you as a co-owner. Once you turn 18, you can convert it to your name only.
Do I have to use direct deposit to avoid the monthly fee?
No. You can avoid the fee by keeping $500 in your account at all times, or by setting up direct deposit of any amount. Direct deposit is usually easier for students because it happens automatically once you set it up with your employer or school.
What happens if I overdraft my Bank of America checking account?
Bank of America charges $35 per overdraft. You can turn off overdraft protection so transactions decline instead of charging a fee. Using the mobile app to monitor your balance helps prevent overdrafts.