The main materials required to open an account in a U.S. bank are:

Two documents, which can be passport, U.S. driver’s license, student ID (and I20), bank card, work card, U.S. ID card (available at DMV), etc., valid legal visa or residence certificate, place of residence, contact number, workplace or school, etc.

There are two main types of bank accounts commonly used by American students and new immigrants, savings accounts and checking accounts. If you live in the United States for a long time in the future, you can consider various investment accounts.

1. Checking account

It is equivalent to a current account in China and can be accessed and withdrawn at any time. Interest-bearing checking accounts generally require the account to be kept above a certain amount, otherwise a monthly fee will be charged Account maintenance fees of tens of dollars. It is recommended that international students open an interest-free checking account. This kind of account generally has no account balance requirements or very low requirements. After opening an account, you will be given an ATM card. The ATM card requires you to enter a password when swiping the card for consumption.

2. Savings account

As the name suggests, you can deposit temporary cash in the bank to earn a little interest (the annual interest rate in the United States is generally 2.5-6). Different banks have different rates at different times. Interest rates vary, and there are usually amount and deposit period requirements.

If parents are worried that students will need money temporarily after arriving in the United States, students may wish to open a checking account and a savings account, and put a small amount of money in the checking account for daily use, in case there is an emergency or the money runs out. Money can be transferred from a savings account to a checking account. Multiple accounts opened by a depositor at the same bank can be reflected on one ATM card and can be operated at will on the teller machine.