Do you want to learn about all the Bank of America student checking account features? At Responsible Economy, we’ll take a close look at the unique features and benefits that this account provides to students, as well as the eligibility criteria and limitations that come with it.
Bank of America’s Advantage SafeBalance Banking is designed with the specific needs of students in mind.
Features
Let’s explore the key features that make this account stand out:
- No Overdraft Item Fees: Unlike traditional checking accounts, the Advantage SafeBalance Banking account shields you from the burden of overdraft item fees. This feature ensures that you won’t be charged if your account balance falls short for a particular transaction.
- No Paper Checks: In a digital age, the reliance on paper checks is diminishing. This account embraces modern banking trends by not supporting paper checks. While this may limit certain payment options, it streamlines your banking experience.
- Use Direct Deposit: The Advantage SafeBalance Banking account encourages the use of direct deposit, making it convenient to receive funds and manage your finances seamlessly.
- Non-Interest Bearing Account: It’s important to note that this account is non-interest bearing, meaning it does not accrue interest on your deposited funds.
- Sole Ownership for Ages 16+: Students aged 16 and above can enjoy sole ownership of their Advantage SafeBalance Banking account, providing a sense of independence in managing their finances.
- Minimum to Open: To kickstart your banking journey, a nominal initial deposit of $25 is required.
Fees
Monthly Maintenance Fee and How to Avoid It: Understanding the financial implications of your account is crucial. The Advantage SafeBalance Banking account incurs a monthly maintenance fee of $4.95. However, Bank of America offers various ways to waive this fee:
- Qualify as a Student: If you are enrolled in school or an educational/vocational program and are under 25 years old, you qualify for the Student waiver. This means the monthly maintenance fee will be waived during each statement cycle that you meet these criteria.
- Owner Under the Age of 18: For those under the age of 18, the monthly maintenance fee is automatically waived.
- Preferred Rewards Program: Enrolling in the Preferred Rewards program and achieving the Gold, Platinum, or Platinum Honors tier (for the first 4 checking accounts) or Diamond or Diamond Honors tier (unlimited) also qualifies you for a fee waiver.
Best student checking accounts
We’ve created a table featuring the best student checking accounts available for opening in the United States:
- It is very easy to avoid monthly commissions.
- Welcome bonus of 100 dollars fulfilling conditions.
- More than 16,000 ATMs in the United States.
- $25 minimum deposit.
- Very low interest rates.
- It is very easy to avoid monthly commissions.
- $0 welcome bonus.
- More than 70,000 ATMs in the United States.
- $0 minimum deposit.
- Very low interest rates.
- $0 fees up to 23 years old.
- $0 welcome bonus
- Two withdrawals free
- $0 minimum deposit
- Very low interest rates
- $0 Annual fees
- $0 welcome bonus
- ATMs free: BMO and Allpoints
- $0 minimum deposit
- Very low interest rates
- Easy to avoid monthly commissions
- $0 welcome bonus
- ATMs free: U.S. Bank
- $0 minimum deposit
- Very low interest rates
- Easy to avoid monthly commissions
- $0 welcome bonus
- ATMs free: TD Bank
- $0 minimum deposit
- Very low interest rates
- No monthly fees
- $0 welcome bonus
- More than 70,000 ATMs in the United States
- $0 minimum deposit
- High interest rates.
- It is very easy to avoid monthly commissions
- $0 welcome bonus
- fulfilling conditions
- More than 60,000 ATMs in the United States
- $25 minimum deposit ($0 online)
- Very low interest rates
- It is very easy to avoid monthly commissions
- No welcome bonus
- More than 16,000 ATMs in the United States
- $100 minimum deposit
- No welcome bonus
- High interest rates if you have a lot of savings
- It is very easy to avoid monthly commissions
- Nearly 12,000 ATMs
- $25 minimum deposit
- Welcome bonus of 300 dollars fulfilling conditions
- High interest rates on CDs
Considerations
Limitations and Considerations: It’s important to be aware of the account’s limitations to ensure it aligns with your banking needs:
- No Paper Checks: As previously mentioned, the absence of paper checks might impact certain payment methods.
- Overdraft Services: The Advantage SafeBalance Banking account is set to a “Decline All Overdraft Setting.” This means that if your account lacks sufficient funds for a transaction, the item will be declined, preventing overdrawing. Keep this in mind to avoid potential fees from merchants.
- Balance Connect for Overdraft Protection: Overdraft protection to or from a linked account is not available with this account.
More information about Bank of America
We have made a table with interesting information about Bank of America:
| Information | Description |
|---|---|
| Website | https://www.bankofamerica.com/ |
| https://twitter.com/BankofAmerica | |
| https://www.facebook.com/BankofAmerica | |
| YouTube | https://www.youtube.com/user/bankofamerica |
| https://www.linkedin.com/company/bank-of-america/ | |
| Phone | 1 (800) 432-1000 |
Anothers product of Bank of America
You also have a list of all the products offered by Bank of America:
- Checking accounts: here you have Bank of America checking accounts.
- Advantange plus: Bank of America Advantage Plus is the most popular checking account in BoA
- Bank of America Advantage Relationship Banking is a premier checking account.
- Bank of America Advantage safeBalance Banking.
- Bank of America certificate of deposit.
- Bank of America savings account.
Conclusion
Bank of America’s Advantage SafeBalance Banking account caters to the unique financial requirements of students. With features like no overdraft fees, direct deposit support, and fee waiver options for students, this account offers a practical and cost-effective solution for managing your finances during your educational journey. Remember to consider both the advantages and limitations of this account to determine if it’s the right fit for you.
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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