🏦
Bank Accounts
Boston Student Banking Guide
Welcome to Boston, the land of opportunity—and a lot of banks! Managing your money is crucial, but don't worry, we've got your back. Here's a fun and easy guide to help you navigate the world of banking in Beantown. Let's make sure your money stays safe and sound while you focus on acing those classes and enjoying the city!
🏦 Choosing the Right Bank
Picking a bank is like choosing your favorite coffee shop—it needs to be convenient! Here’s what to keep in mind:
Location, Location, Location: Make sure your bank has branches and ATMs near your school or dorm. No one likes a long trek just to grab some cash.
Fees & Charges: Look out for monthly fees, ATM charges, and minimum balance requirements. Some banks have sneaky fees that can eat into your savings.
Bank Hours: Most banks are open Monday to Friday from 9:00 AM to 5:00 PM. Some offer Saturday hours or late evenings—perfect for those with busy schedules.
Online Services: Many banks offer online and mobile banking, so you can check your balance, transfer money, and pay bills without leaving your bed. Score!
🏦 Opening a Bank Account
Ready to get started? Here’s what you need:
Visit a Branch: Pop into a local branch and chat with a customer service rep.
Bring Your ID: You’ll need two forms of identification, like a passport and driver’s license.
Proof of Address: You’ll also need a local address to open your account.
💳 Checking vs. Savings Accounts
Not sure which one’s for you? Here’s a quick breakdown:
Checking Accounts: These are your go-to for everyday expenses—writing checks, paying bills online, and making purchases. Keep an eye on your balance to avoid overdraft fees.
Savings Accounts: Perfect for stashing away your cash for the future. While you can’t write checks, you’ll earn some interest on your savings.
🏧 Debit & Credit Cards
Debit Cards: When you open a bank account, you’ll get a debit card. It works like a credit card but pulls money directly from your account. Handy for daily expenses!
Credit Cards: Many banks offer credit cards. You'll usually need a Social Security Number (SSN) to apply, but some banks have options for those without one. Remember, credit cards are great for building your credit history, but keep an eye on spending to avoid debt.
🔒 Lost or Stolen Cards?
If your checks, debit card, or credit card go missing, report it to your bank ASAP to prevent any unauthorized transactions.
🏛 Bank Options Near each Universities
Boston University
Chase Bank
Total Checking: $12 or $0 monthly fee.
Ways to Waive: Direct deposits totaling $500, maintain a daily balance of $1,500, or an average balance of $5,000.
College Checking: Free for students 17-24 years old with no monthly fee while enrolled in college.
Address: 880 Commonwealth Ave, Boston, MA 02215
Phone: (617) 487-6054
Santander
Monthly Fee: $10, waived with one transaction per month or if under 26 years old.
Minimum Balance: None
Address: 552 Commonwealth Avenue, Boston, MA 02215
Phone: (617) 236-0236
MIT
Cambridge Trust: New International Students and Scholars Account—open before you arrive and wire money ahead of time. Perfect for a smooth start at MIT.
MIT Federal Credit Union: Exclusively for MIT students and staff. Conveniently located in the Stratton Student Center.
Santander
Address: 599 Massachusetts Ave, Cambridge, MA 02139
Bank of America Financial Center
Address: 92 Ames St, Cambridge, MA 02142
Hours: Closed ⋅ Opens 10 AM Fri
Harvard University
HUECU (Harvard University Employees Credit Union): Offers debit and credit cards and operates as a co-op. Just make sure to use the account yearly, or your funds might head to the U.S. Treasury.
Harvard Square Metro Credit Union: No Harvard ID needed—just proof of residence in Cambridge/Somerville. Great for those who like a personal touch!
Northeastern University
Bank of America
133 Massachusetts Avenue, Boston, MA 02115
CitiBank
532 Commonwealth Avenue, Boston, MA 02215
Santander Bank
279 Massachusetts Ave, Boston, MA 02115
Citizens Bank
141 Massachusetts Ave, Boston, MA 02115
TD Bank
535 Boylston St, Boston, MA 02116