Most banks will open a high-yield savings account for you as an international student, but the process and account features depend on your visa status and the bank's rules

International students on an F-1, M-1, or J-1 visa can open a high-yield savings account at most US banks, though you will need a valid passport, proof of your student status (your I-20 or DS-2019 form), and often a Social Security Number or Individual Taxpayer Identification Number (ITIN). Some banks require you to open a checking account first or maintain a minimum balance. The interest rates you earn are the same as any other customer, but your ability to move money in and out of the account depends on whether you have a US bank account already and what your home country's banking rules allow.

The real constraint is not the banks — it is the paperwork and the money itself. You need to prove you are in the country legally, and you need a way to fund the account. If you are sending money from abroad, your home bank may charge fees or limit how much you can transfer at once. If you are earning money in the US (through on-campus work or authorized off-campus employment), you can deposit directly from your paycheque.

Key Takeaways

  • F-1, M-1, and J-1 visa holders can open high-yield savings accounts at major US banks, though requirements vary by institution.
  • You will need a valid passport, proof of student status (I-20 or DS-2019), and either a Social Security Number or an ITIN to open an account.
  • Some banks require a checking account first or a minimum balance; others do not, so calling ahead saves a trip.
  • International transfers into your account may carry fees from both your home bank and the US bank receiving the money.
  • Interest rates on high-yield savings accounts are the same for international students as for US citizens, typically between 4% and 5% annually depending on the bank and current market conditions.

Which banks accept international students and what they ask for

Major banks that openly accept international students include Chase, Bank of America, Wells Fargo, Citibank, and Ally Bank. Each has slightly different rules. Chase requires a valid passport and proof of US address (a lease, utility bill, or school housing letter works); some branches also ask for your I-20. Bank of America asks for a passport and Social Security Number or ITIN. Citibank has a specific international student banking package and requires a passport, proof of student status, and proof of address.

Smaller regional banks and online-only banks like Ally, Marcus, and Discover also accept international students, though online banks cannot verify your identity in person, so the process is slower — you may need to mail copies of your documents or use a video call to confirm your identity. Call the bank's customer service line before you visit a branch; ask specifically whether they accept F-1, M-1, or J-1 visa holders and what documents you need to bring. This saves you a wasted trip if your branch has a policy against it.

A few banks do not accept international students at all, or accept them only if they have a US co-signer or a US bank account already. If you hit a wall at one bank, try another — the landscape changes, and what one branch refuses another may accept.

Getting a Social Security Number or ITIN before you open an account

Many banks ask for a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). If you are working on campus or off-campus with authorization, you can get an SSN from the Social Security Administration. You will need your passport, I-20, proof of employment (a letter from your employer), and proof of address. The process takes about two weeks, and you can apply in person at your local Social Security office or by mail.

If you are not working and do not have an SSN, you can get an ITIN from the IRS. An ITIN is a nine-digit number used for tax purposes and banking. You apply by mail using Form W-7, along with your passport and I-20. The IRS takes four to six weeks to process an ITIN application. Some banks will open an account without an SSN or ITIN if you provide a passport and proof of student status, but this is less common.

Do not wait until you are ready to open the account to apply for an SSN or ITIN. Start the process as soon as you arrive in the US or know you will be working, because the wait time can delay your account opening by weeks.

How to fund your account from outside the US

Once your account is open, you can deposit money in three ways: wire transfer from your home bank, international ACH transfer, or having someone in the US deposit cash or a cheque on your behalf. Each method has different costs and timelines.

A wire transfer is the fastest but the most expensive. Your home bank will charge a fee (typically $15 to $50) to send the money, and your US bank may charge a fee to receive it (typically $10 to $25). The money usually arrives within one to three business days. An international ACH transfer is slower but cheaper — fees are usually $5 to $15 per transfer, and the money takes five to ten business days to arrive. Not all banks offer international ACH, so ask your US bank whether they do before you try.

The cheapest option is to use a money transfer service like Wise (formerly TransferWise), OFX, or Remitly. These services often charge lower fees than banks and offer better exchange rates if you are converting currency. The money goes into your US bank account, and you can then move it to your savings account. The transfer usually takes two to five business days.

Interest rates and account features for international students

High-yield savings accounts for international students earn the same interest rate as accounts for US citizens. As of early 2024, rates range from about 4% to 5.35% annually, depending on the bank and current Federal Reserve policy. The rate changes over time, so check the bank's website or call them to see the current rate before you open an account.

Most high-yield savings accounts have no monthly fees, no minimum balance requirement, and no limit on how many times you can withdraw money per month (though some banks cap withdrawals at six per month, a rule that is less common now). Interest is usually compounded daily and paid monthly. Some banks offer slightly higher rates if you maintain a larger balance or link the account to a checking account with them.

One thing to watch: some banks limit how much you can deposit or withdraw per day or per month if you are sending money internationally. Ask about daily transfer limits when you open the account, especially if you plan to move large amounts of money.

Tax reporting and ITIN requirements

If you earn interest on your savings account, the bank will send you a Form 1099-INT at the end of the year showing how much interest you earned. You will need to report this on your US tax return, even if you are not a US citizen. This is where an ITIN becomes important — the IRS uses it to track your income and tax obligations.

If you do not have an ITIN or SSN, the bank may withhold 24% of your interest as backup withholding and send it to the IRS. You can reclaim this money when you file your tax return, but it is easier to get an ITIN or SSN before you open the account so the bank does not withhold anything in the first place.

Talk to your school's international student office about tax filing requirements. Many schools offer free tax preparation services for international students, and the process is simpler than you might think if you are only reporting interest income.

What happens to your account when you leave the US

Your high-yield savings account does not close when your visa expires or you graduate. You can keep the account open and continue to earn interest, even if you move back to your home country. You can withdraw money by wire transfer, international ACH, or by having someone in the US withdraw it for you and send it abroad.

The main issue is that some banks require you to maintain a US address on file. If your address changes to an international one, call the bank and ask whether they will keep the account open. Most will, but a few may close it or restrict access. It is easier to keep a US address on file (use your school's address or a friend's address) and update it only if the bank requires it.

If you do close the account, the bank will send you any remaining balance by cheque or wire transfer. A cheque takes one to two weeks to arrive internationally and may be difficult to deposit in your home country. A wire transfer is faster and more reliable, though it costs $15 to $50.

Frequently Asked Questions

Do I need a US Social Security Number to open a high-yield savings account?

No, but many banks ask for one. If you do not have an SSN, you can get an ITIN from the IRS, which takes four to six weeks. Some banks will open an account with just a passport and proof of student status, so call ahead to find one that does not require an SSN or ITIN.

Can I open a high-yield savings account online if I am an international student?

Yes, but online banks cannot verify your identity in person, so the process is slower. You will need to mail copies of your passport and I-20, or use a video call to confirm your identity. This can take two to four weeks instead of one day at a branch.

What is the cheapest way to send money from my home country to my US savings account?

Money transfer services like Wise, OFX, or Remitly usually charge lower fees and offer better exchange rates than banks. Wire transfers are faster but more expensive. International ACH transfers are slower but cheaper than wire transfers. Compare fees and exchange rates before you choose.

Will I owe US taxes on the interest I earn in my savings account?

Yes, you must report interest income on your US tax return, even if you are not a US citizen. The bank will send you a Form 1099-INT showing how much interest you earned. Your school's international student office often offers free tax preparation help.

Can I keep my savings account open after I graduate and leave the US?

Yes, most banks allow you to keep the account open and continue earning interest even after you move back to your home country. You can withdraw money by wire transfer or international ACH. Some banks require you to maintain a US address on file, so call and ask before you leave.