Your salary, rent and most bills move through a bank account. Open one in your first week if you can.
Checking account: your everyday account. Your debit card, salary and bill payments use it.
Savings account: for money you keep. It pays interest (money the bank pays you for keeping your money there). Online banks usually pay more interest than branch banks.
Most people open both at the same bank and move money between them in the app.
At a bank, look for "Member FDIC". At a credit union, look for "NCUA insured".
Both protect up to $250,000 per person, per bank, per type of account if the bank fails. You do not need to sign up for this.
Money in a payment app balance (Venmo, Cash App, PayPal) is not the same as money in a bank. Move it to your bank.
An SSN (Social Security number) helps, but many people open an account without one.
Without an SSN: many banks accept your passport and visa documents, such as your I-20 or DS-2019, or your I-94. Some also accept an ITIN (a tax number from the IRS for people who cannot get an SSN). Some banks require you to open the account in a branch, not online.
With an SSN: you can usually open the account online in about 10 minutes.
Your visa document: I-20, DS-2019, I-797 approval notice, or green card.
Your US address: a lease, a utility bill, or a letter from your school or employer.
Your SSN or ITIN, if you have one.
A US phone number. Banks send security codes by text.
Money for the first deposit. Some accounts need $25 to $100 to open; many need nothing.
Book an appointment online, or walk in and say "I want to open a checking account."
Ask: "What is the monthly fee, and how do I avoid it?"
Ask: "Can you turn off overdraft?" (see the guide on bank fees).
Sign the forms. You get a temporary card or your card arrives by mail in about 7 to 10 days.
Download the bank's app and set up a login.
Bank, credit union or online bank
Big banks: many branches and ATMs. More monthly fees if you do not meet the rules.
Credit unions: owned by their members. Usually lower fees. You must be eligible, for example by living, working or studying in an area. Many universities and employers have one.
Online banks: no branches, usually no monthly fee and higher interest on savings. Depositing cash can be hard.
Giving the bank an old foreign address. Use your US address so the card and letters reach you.
Not updating the bank when you get an SSN. Tell them so your tax forms are correct.
Closing your account at home too quickly. Keep it until your US account works well.