I am from South Africa and starting school this fall in the US. Please advise about bank/saving as a student?
Am an international student returning to school this fall and interested to know about ways to save money and/or best ways to open bank accounts and if there are ways to get interest on your savings. Thank you.
Personal Finance - 4 Answers
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1 :
Just go to the bank and tell them you want to open an account, checking or savings, or both. Savings accounts pay interest as do many checking accounts although the latter usually also charge a monthly service fee if the balance drops below a specific limit. The bank will tell you if there are restrictions on foreign nationals (you) regarding opening accounts. If you are planning on leaving some money in a savings account for some time then ask about a "Certificate of Deposit", or CD. (I know, this is confusing because it isn't a music CD). These are special savings arrangements and normally pay a lot better interest than a savings account. You make one deposit, generally in a specific amount, i.e. $100, $500, etc. and for a specific time usually 1 year. If you cash in (redeem) the CD before the end of that time, the CD reverts to an ordinary savings account and only the lower interest is paid.
2 :
It depends on how long you are coming here for, where you are going to school, for how long, and how much money you plan to bring. If you plan to bring a large sum (over $10000)- Consider tucking some away as a CD to get faster interest and keep yourself from spending it. If you are needing to take a little to run a long time- look into the school having a federal credit union account. That may have less burden than opening an account with a big bank that often charges high fees.
3 :
im the first answerer. yay. i like money, its fun. to my limited knowledge i think there are several options for a yeilding savings account. the ones i know about are similar in the rate they give you and find a bank that is offering some $$$ if you open an account with them. find as many as possible and open all of them. i really like free money. "thats all I have to say about that"
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