The U.S. financial market is highly developed, with over 5,000 banks insured by the Federal Deposit Insurance Corporation (FDIC). To attract customers in this competitive landscape, banks frequently offer substantial sign-up bonuses, unique user experiences, and differentiated service products. This guide highlights valuable banking options for international students and new immigrants to make informed choices.
Banking Basics
- Checking Account: Similar to standard bank accounts in other countries, primarily used for daily payments and expenses.
- Savings Account: A U.S.-specific account type typically limited to six transactions per month but offering higher interest rates than checking accounts.
- Debit Card: Usually provided when opening a checking account, used for withdrawals and purchases.
- Credit Card: A payment card tied to your credit score, with banks setting a credit limit for purchases repaid later.
Major Bank Recommendations
The "Big Four" U.S. banks—JPMorgan Chase (Chase), Bank of America (BOA), Citibank (Citi), and Wells Fargo—offer similar checking accounts with extensive branch networks and convenient ATM access.
However, monthly maintenance fees and hidden charges can be problematic. We recommend selecting one as your primary account to avoid dual management hassles. Chase and BOA also provide modest cashback shopping rewards.
Sign-Up Bonuses
- Chase: $200 bonus [invitation link]
- BOA: $100 bonus [invitation link]
- Citi: $300-$700 bonus depending on account requirements [invitation link]
- Wells Fargo: Limited-time $400 offers—check promotions before applying [invitation link]
High-Yield Accounts
With near-zero interest rates on Big Four checking accounts, investors often seek alternatives for emergency funds. Since the 2022 Federal Reserve rate hikes, many banks now offer rates exceeding 5%, attracting significant deposits.
Top high-yield options include:
- Wealthfront Cash Account: 4% APY (boostable to 4.5% via referral) [invitation link]
- Ally Savings Account: 4.2% APY with $100 referral bonus [invitation link]
- SoFi Checking/Savings: Up to 3.8% APY with potential $470 bonus [invitation link]
- Discover Savings: 4% APY plus $200 limited-time bonus [invitation link]
Specialized Accounts
U.S. bank accounts offer diverse functionalities. Specialty accounts can provide particular conveniences, especially for international transactions and ATM access.
Students and frequent travelers should consider fee-free global ATM withdrawal accounts for easy cash access in currency-dependent situations. Strategic account selection can reduce living expenses, enhance financial flexibility, and prepare for unforeseen needs—whether for daily spending or travel.
Understanding the U.S. banking system and different account benefits allows you to maximize interest earnings and sign-up bonuses while streamlining financial management for smoother daily living.