Bank of America does not have a dedicated student checking account

Bank of America stopped offering a student-specific checking account several years ago. If you are a student looking to open an account with Bank of America, you would open one of their standard checking products instead — most commonly the Advantage SafePass Checking or Advantage Plus Checking. Neither is designed specifically for students, and neither waives monthly fees based on student status.

This matters because other banks do offer student accounts with lower or zero monthly fees, no minimum balance requirements, and fee waivers that last as long as you remain enrolled. If you are comparing options, Bank of America's standard accounts may cost more than what you would pay elsewhere.

Key Takeaways

  • Bank of America's Advantage SafePass Checking and Advantage Plus Checking are the main options for students, but neither is a student-specific product.
  • Both accounts charge a monthly fee ($12 for SafePass, $15 for Advantage Plus) unless you meet balance or deposit requirements that waive it.
  • You do not need to be a student to open either account, and student status does not lower the fee.
  • Many other banks offer accounts with zero monthly fees specifically for students, which may save you money if you do not maintain a high balance.

What the Advantage SafePass Checking account includes

Advantage SafePass Checking charges $12 per month, but the fee is waived if you maintain a $500 minimum daily balance or set up a direct deposit of at least $250 per month. For most students, the direct deposit requirement is the easier path — if you have a job and your paycheck goes directly into the account, the fee disappears.

The account includes a debit card, online banking, mobile banking, and access to Bank of America's ATM network. You can also use ATMs at Allpoint partner locations without a fee. There is no overdraft protection included by default, though you can add it if you link another Bank of America account.

What the Advantage Plus Checking account includes

Advantage Plus Checking costs $15 per month and waives the fee if you maintain a $1,500 minimum daily balance or set up a direct deposit of at least $250 per month. This is Bank of America's mid-tier checking product and includes everything in SafePass plus overdraft protection linked to a savings account (if you have one) and a higher ATM network.

For most students, the difference between SafePass and Advantage Plus is not worth the extra $3 per month unless you already have a Bank of America savings account and want the overdraft protection. SafePass covers the basics.

How to waive the monthly fee as a student

The simplest route is direct deposit. If you work part-time or have a campus job, ask your employer to set up direct deposit to your Bank of America account. Once $250 or more deposits into the account each month, the monthly fee stops. You do not need to maintain any balance, and the direct deposit can be your only transaction that month.

If you do not have a job with direct deposit, the alternative is maintaining the minimum balance — $500 for SafePass or $1,500 for Advantage Plus. For most students, this is harder than setting up direct deposit, because it means money that could go toward tuition or living expenses has to sit in the account instead.

Why other banks might be cheaper for students

Several banks offer checking accounts with zero monthly fees for students, no minimum balance, and no direct deposit requirement. These include Ally Bank, Charles Schwab, and some credit unions. If you do not have a job with direct deposit and cannot maintain a $500 balance, one of these accounts would cost you nothing per month instead of $12 or $15.

The trade-off is that Bank of America has physical branches in most cities, which matters if you need to deposit cash or speak to someone in person. Ally and Charles Schwab are online-only, so you would need to use ATMs or mobile deposit to add cash. If you live near a Bank of America branch and use it regularly, the $12 monthly fee might be worth it for the convenience.

What you need to open an account

You will need a government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit. Bank of America does not require a minimum opening deposit, so you can open the account with $1. You can open online, on the mobile app, or in a branch.

If you are under 18, you may need a parent or guardian to co-sign the account, depending on your state. Bank of America's website will tell you the requirement for your state during the opening process.

Frequently Asked Questions

Can I open a Bank of America checking account as a student without a job?

Yes. You do not need employment to open an account. However, without direct deposit, you would need to maintain a $500 minimum balance to avoid the $12 monthly fee on SafePass Checking. If you cannot maintain that balance, you would pay the fee each month.

Does Bank of America offer any student discounts or perks?

Bank of America does not offer student-specific discounts on checking accounts. Some student credit cards and investment products have student benefits, but the checking accounts themselves are the same for everyone.

What happens to my account after I graduate?

Your account does not change. There is no graduation date or account conversion. You keep the same checking account and continue to pay the monthly fee unless you maintain the balance or direct deposit requirement.

Can I use my Bank of America debit card at other banks' ATMs without a fee?

Bank of America's ATM network is large, and you can also use Allpoint partner ATMs without a fee. However, if you use an ATM outside these networks, Bank of America charges a $2.50 out-of-network fee. Some other banks offer accounts with no out-of-network ATM fees, which can save money if you travel or live far from a Bank of America branch.